Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.0.1
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:

 

 

 

For the Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Depreciation of right-of-use assets

 

$

10,919

 

 

$

12,061

 

 

$

13,393

 

Interest on lease liabilities

 

 

16,837

 

 

 

17,041

 

 

 

17,515

 

Operating lease costs included in store operating expenses

 

 

181,164

 

 

 

142,730

 

 

 

131,106

 

Operating lease costs included in general and administrative expenses

 

 

2,206

 

 

 

1,753

 

 

 

1,652

 

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

 

 

2,681

 

 

 

2,390

 

 

 

2,037

 

Right-of-use asset impairment charges and loss on disposals of leases

 

 

6,116

 

 

 

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:

 

 

 

As of December 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Operating leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets under operating leases

 

$

1,384,693

 

 

$

1,203,188

 

Liabilities

 

 

 

 

 

 

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

 

Weighted average remaining lease term (in years)

 

 

14.0

 

 

 

14.1

 

Weighted average discount rate

 

 

7.8

%

 

 

7.7

%

Financing leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets

 

$

215,174

 

 

$

232,986

 

Accumulated amortization

 

 

(52,506

)

 

 

(50,873

)

Right-of-use assets under financing leases, net

 

 

162,668

 

 

 

182,113

 

Liabilities

 

 

 

 

 

 

Financing leases, current portion

 

 

9,186

 

 

 

5,457

 

Financing leases

 

 

213,032

 

 

 

225,907

 

Total financing leases

 

 

222,218

 

 

 

231,364

 

Weighted average remaining lease term (in years)

 

 

21.2

 

 

 

23.4

 

Weighted average discount rate

 

 

7.9

%

 

 

7.2

%

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)

 

2024

 

$

176,101

 

 

$

26,032

 

2025

 

 

177,162

 

 

 

26,983

 

2026

 

 

176,557

 

 

 

20,686

 

2027

 

 

174,576

 

 

 

20,738

 

2028

 

 

168,259

 

 

 

21,038

 

Thereafter

 

 

1,617,287

 

 

 

399,181

 

Gross lease payments

 

$

2,489,942

 

 

$

514,658

 

Less: imputed interest

 

 

(1,027,857

)

 

 

(292,440

)

Total lease liabilities

 

$

1,462,085

 

 

$

222,218

 

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:

 

 

 

Amount

 

 

 

(in thousands)

 

2024

 

$

25,435

 

2025

 

 

21,476

 

2026

 

 

18,050

 

2027

 

 

14,936

 

2028

 

 

10,691

 

Thereafter

 

 

34,282

 

 

 

$

124,870