Leases (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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:
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For the Year Ended December 31, |
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2023 |
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2022 |
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|
2021 |
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(in thousands) |
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Finance lease cost: |
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Depreciation of right-of-use assets |
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$ |
10,919 |
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|
$ |
12,061 |
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|
$ |
13,393 |
|
Interest on lease liabilities |
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|
16,837 |
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|
|
17,041 |
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|
|
17,515 |
|
Operating lease costs included in store operating expenses |
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|
181,164 |
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|
|
142,730 |
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|
|
131,106 |
|
Operating lease costs included in general and administrative expenses |
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|
2,206 |
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|
|
1,753 |
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|
|
1,652 |
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Lease cost related to variable lease payments, short-term leases
and leases of low value assets |
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|
2,681 |
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|
|
2,390 |
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|
2,037 |
|
Right-of-use asset impairment charges and loss on disposals of leases |
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|
6,116 |
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|
|
1,661 |
|
|
|
1,799 |
|
Total lease costs |
|
$ |
219,923 |
|
|
$ |
177,636 |
|
|
$ |
167,502 |
|
|
| Summary of supplemental balance sheet data related to leases |
Supplemental balance sheet data related to leases was as follows:
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As of December 31, |
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2023 |
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|
2022 |
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(in thousands) |
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Operating leases |
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Assets |
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Right-of-use assets under operating leases |
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$ |
1,384,693 |
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|
$ |
1,203,188 |
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Liabilities |
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|
|
|
|
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Operating leases, current portion |
|
|
67,053 |
|
|
|
57,563 |
|
Operating leases |
|
|
1,395,032 |
|
|
|
1,218,045 |
|
Total operating leases |
|
|
1,462,085 |
|
|
|
1,275,608 |
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Weighted average remaining lease term (in years) |
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|
14.0 |
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|
|
14.1 |
|
Weighted average discount rate |
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|
7.8 |
% |
|
|
7.7 |
% |
Financing leases |
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Assets |
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|
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Right-of-use assets |
|
$ |
215,174 |
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|
$ |
232,986 |
|
Accumulated amortization |
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|
(52,506 |
) |
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|
(50,873 |
) |
Right-of-use assets under financing leases, net |
|
|
162,668 |
|
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|
182,113 |
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Liabilities |
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|
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|
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Financing leases, current portion |
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|
9,186 |
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|
5,457 |
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Financing leases |
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|
213,032 |
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|
225,907 |
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Total financing leases |
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|
222,218 |
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|
231,364 |
|
Weighted average remaining lease term (in years) |
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|
21.2 |
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|
23.4 |
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Weighted average discount rate |
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|
7.9 |
% |
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|
7.2 |
% |
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| 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.
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Operating |
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Financing |
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(in thousands) |
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2024 |
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$ |
176,101 |
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|
$ |
26,032 |
|
2025 |
|
|
177,162 |
|
|
|
26,983 |
|
2026 |
|
|
176,557 |
|
|
|
20,686 |
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2027 |
|
|
174,576 |
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|
|
20,738 |
|
2028 |
|
|
168,259 |
|
|
|
21,038 |
|
Thereafter |
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1,617,287 |
|
|
|
399,181 |
|
Gross lease payments |
|
$ |
2,489,942 |
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|
$ |
514,658 |
|
Less: imputed interest |
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|
(1,027,857 |
) |
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|
(292,440 |
) |
Total lease liabilities |
|
$ |
1,462,085 |
|
|
$ |
222,218 |
|
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| Schedule of Future Minimum Cash Payments to be Received Under Operating Subleases |
As of December 31, 2023, 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:
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Amount |
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(in thousands) |
|
2024 |
|
$ |
25,435 |
|
2025 |
|
|
21,476 |
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2026 |
|
|
18,050 |
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2027 |
|
|
14,936 |
|
2028 |
|
|
10,691 |
|
Thereafter |
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|
34,282 |
|
|
|
$ |
124,870 |
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