Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Summary of components of lease cost recorded on the consolidated statements of operations

The components of lease cost recorded on the consolidated statements of operations were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Finance lease cost:

 

 

 

 

 

 

Depreciation of right-of-use assets

 

$

13,393

 

 

$

12,743

 

Interest on lease liabilities

 

 

17,515

 

 

 

17,391

 

Operating lease costs included in store
   operating expenses

 

 

131,106

 

 

 

112,541

 

Operating lease costs included in general and
   administrative expenses

 

 

1,652

 

 

 

1,404

 

Lease cost related to variable lease payments,
   short-term leases and leases of low value
   assets

 

 

2,037

 

 

 

1,153

 

Right-of-use asset impairment charges

 

 

1,799

 

 

 

2,352

 

Total lease costs

 

$

167,502

 

 

$

147,584

 

Summary of supplemental balance sheet data related to leases

Supplemental balance sheet data related to leases was as follows:

 

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Operating leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets under operating leases

 

$

1,064,982

 

 

$

961,561

 

Liabilities

 

 

 

 

 

 

Operating leases, current portion

 

 

51,261

 

 

 

48,878

 

Operating leases

 

 

1,076,905

 

 

 

973,695

 

Total operating leases

 

 

1,128,166

 

 

 

1,022,573

 

Weighted average remaining lease term
   (in years)

 

 

14.1

 

 

 

13.4

 

Weighted average discount rate

 

 

7.3

%

 

 

7.7

%

Financing leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets

 

$

236,963

 

 

$

237,740

 

Accumulated amortization

 

 

(44,585

)

 

 

(39,423

)

Right-of-use assets under financing leases, net

 

 

192,378

 

 

 

198,317

 

Liabilities

 

 

 

 

 

 

Financing leases, current portion

 

 

6,383

 

 

 

7,834

 

Financing leases

 

 

229,215

 

 

 

226,440

 

Total financing leases

 

 

235,598

 

 

 

234,274

 

Weighted average remaining lease term
   (in years)

 

 

23.8

 

 

 

23.7

 

Weighted average discount rate

 

 

7.3

%

 

 

7.7

%

Operating & Finance Leases, Liability, Maturity The minimum lease payments presented below

include periods where an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements.

 

 

 

Operating

 

 

Financing

 

 

 

(in thousands)

 

2022

 

$

130,841

 

 

$

23,388

 

2023

 

 

131,437

 

 

 

21,833

 

2024

 

 

132,293

 

 

 

20,778

 

2025

 

 

132,759

 

 

 

20,896

 

2026

 

 

131,829

 

 

 

20,522

 

Thereafter

 

 

1,185,934

 

 

 

447,743

 

Gross lease payments

 

$

1,845,093

 

 

$

555,160

 

Less: imputed interest

 

 

(716,927

)

 

 

(319,562

)

Total lease liabilities

 

$

1,128,166

 

 

$

235,598

 

Schedule of Future Minimum Cash Payments to be Received Under Operating Subleases

As of December 31, 2021, the future minimum cash payments to be received under these operating subleases that have initial or remaining non-cancelable terms in excess of one year were as follows:

 

 

 

Amount

 

 

 

(in thousands)

 

2022

 

$

19,001

 

2023

 

 

12,847

 

2024

 

 

10,525

 

2025

 

 

9,394

 

2026

 

 

8,061

 

Thereafter

 

 

21,668

 

 

 

$

81,496