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Leases (Tables)
6 Months Ended
Jun. 29, 2024
Leases [Abstract]  
Schedule of Operating Lease Costs Lease costs were as follows (in thousands):
Three Months Ended
Six Months Ended
June 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Operating lease costs(1)
$26,909
$28,083
$53,735
$56,372
Variable lease costs(2)
$8
$129
$(41)
$182
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(1)Includes short-term lease costs which are not significant.
(2)Variable lease costs include adjustments to percentage rent.
Schedule of Maturities of Operating Lease Liabilities The maturities of operating lease liabilities as of June 29, 2024, were as follows(1) (in thousands):
2024 (excluding the six months ended June 29, 2024)
$53,107
2025
100,672
2026
88,780
2027
72,728
2028
60,841
2029
41,075
Thereafter
71,244
Total operating lease payments(2)
488,447
Less: Interest
79,723
Present value of operating lease liabilities
$408,724
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(1)Future payments for real estate taxes and certain building operating expenses for which the Company is obligated are not included in the operating
lease liabilities. Total operating lease payments exclude $19 million of legally binding minimum lease payments for leases signed but not yet
commenced.
(2)Includes the current portion of $81 million for operating lease liabilities.
Schedule of Other Information Related Operating Leases Other information related to operating leases was as follows:
June 29,
2024
December 30,
2023
Weighted-average remaining lease term (in years)
5.7
5.9
Weighted-average discount rate
6.6%
6.5%
Six Months Ended
(in thousands)
June 29,
2024
July 1,
2023
Cash paid for amounts included in present value of operating lease liabilities
$54,300
$53,476
Right-of-use assets obtained in exchange for operating lease liabilities
$16,313
$32,831