Property and Equipment

6 Months Ended

Jun. 29, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from 3 to 40 years. Property and equipment under financing leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining terms of the related leases or the estimated useful lives of the assets, if reasonably assured the Company will purchase the assets at the end of the lease terms. As of June 29, 2024 and December 30, 2023, property and equipment-net included accumulated depreciation of $3,298 million and $3,219 million, respectively. Depreciation expense was $96 million and $84 million for the 13 weeks ended June 29, 2024 and July 1, 2023, respectively, and $189 million and $171 million for the 26 weeks ended June 29, 2024 and July 1, 2023, respectively.