Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.4
Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases

Balance sheet information related to leases consisted of the following for the periods presented:

 

 

 

 

 

As of

 

 

 

Classification

 

December 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating right of use assets, net

 

$

776,689

 

 

$

718,533

 

Finance

 

Property and equipment, net

 

 

14,320

 

 

 

15,204

 

Total lease assets

 

 

 

$

791,009

 

 

$

733,737

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Current maturities of operating lease liability

 

$

40,367

 

 

$

37,345

 

Finance

 

Current maturities of finance lease liability

 

 

668

 

 

 

559

 

Long-term

 

 

 

 

 

 

 

 

Operating

 

Operating lease liability

 

 

759,775

 

 

 

717,552

 

Finance

 

Financing lease liability

 

 

14,779

 

 

 

15,359

 

Total lease liabilities

 

 

 

$

815,589

 

 

$

770,815

 

Summary of Components of Total Lease Cost

Components of total lease cost, net, consisted of the following for the periods presented:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Operating lease expense(1)

 

$

89,250

 

 

$

79,420

 

Finance lease expense

 

 

 

 

 

 

Amortization of lease assets

 

 

991

 

 

 

970

 

Interest on lease liabilities

 

 

1,129

 

 

 

1,164

 

Short-term lease expense

 

 

32

 

 

 

50

 

Variable lease expense(2)

 

 

15,156

 

 

 

12,045

 

Total

 

$

106,558

 

 

$

93,649

 

 

(1)
Operating lease expense includes an immaterial amount of sublease income and is included in other store operating expenses and general and administrative on the consolidated statement of operating and comprehensive income (loss).
(2)
Variable lease costs consist primarily of property taxes, property insurance, and common area or other maintenance costs for the Company’s building leases.
Summary of Supplemental Information of Leases

The following includes supplemental information for the periods presented:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Operating cash flows from operating leases

 

$

89,573

 

 

$

80,831

 

Operating cash flows from finance leases

 

$

1,130

 

 

$

1,164

 

Financing cash flows from finance leases

 

$

577

 

 

$

495

 

 

 

 

 

 

 

 

Operating lease ROU assets obtained in exchange for lease liabilities

 

$

92,048

 

 

$

72,944

 

Finance lease ROU assets obtained in exchange for lease liabilities

 

$

107

 

 

$

-

 

 

 

 

 

 

 

 

Weighted-average remaining operating lease term

 

 

14.11

 

 

 

14.44

 

Weighted-average remaining finance lease term

 

 

16.37

 

 

 

17.30

 

 

 

 

 

 

 

 

Weighted-average operating lease discount rate

 

 

7.34

%

 

 

6.61

%

Weighted-average finance lease discount rate

 

 

7.33

%

 

 

7.33

%

Schedule of Lease Obligation Maturities

As of December 31, 2022, lease obligation maturities were as follows:

 

Fiscal Year Ending:

 

Operating Leases

 

 

Finance Leases

 

2023

 

$

95,239

 

 

$

1,755

 

2024

 

 

95,164

 

 

 

1,780

 

2025

 

 

94,977

 

 

 

1,786

 

2026

 

 

93,910

 

 

 

1,792

 

2027

 

 

90,523

 

 

 

1,819

 

Thereafter

 

 

843,312

 

 

 

20,271

 

Total future minimum obligations

 

$

1,313,125

 

 

$

29,203

 

Less: Present value discount

 

 

(512,983

)

 

 

(13,756

)

Present value of net future minimum lease obligations

 

$

800,142

 

 

$

15,447

 

Less: current portion

 

 

(40,367

)

 

 

(668

)

Long-term obligations

 

$

759,775

 

 

$

14,779