v3.22.2.2
Leases
9 Months Ended
Oct. 08, 2022
Leases [Abstract]  
Leases Leases
Substantially all of our leases are for facilities and vehicles. The initial term for facilities is typically five to ten years, with renewal options at five-year intervals, with the exercise of lease renewal options at our sole discretion. Our vehicle and equipment leases are typically three to six years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease liabilities consisted of the following:
October 8, 2022January 1, 2022
Total operating lease liabilities$2,713,940 $2,802,772 
Less: Current portion of operating lease liabilities(462,380)(465,121)
Noncurrent operating lease liabilities$2,251,560 $2,337,651 

The current portion of operating lease liabilities is included in Other current liabilities in the accompanying Condensed Consolidated Balance Sheets.
Total lease cost is included in Cost of sales and Selling, general and administrative expenses (“SG&A”) in the accompanying Condensed Consolidated Statements of Operations and is recorded net of immaterial sublease income. Total lease cost was comprised of the following:
Twelve Weeks EndedForty Weeks Ended
October 8, 2022October 9, 2021October 8, 2022October 9, 2021
Operating lease cost$130,108 $124,084 $433,147 $410,253 
Variable lease cost40,910 35,144 136,183 112,864 
Total lease cost$171,018 $159,228 $569,330 $523,117 

The future maturity of lease liabilities as of October 8, 2022 were as follows:

Remainder of 2022$71,651 
2023564,385 
2024504,295 
2025470,989 
2026360,570 
Thereafter1,085,608 
Total lease payments3,057,498 
Less: Imputed interest(343,558)
Total operating lease liabilities$2,713,940 

As of October 8, 2022, our operating lease liabilities included $54.0 million related to options to extend lease terms that are reasonably certain of being exercised and excluded $100.0 million of legally binding minimum lease payments for leases signed but not yet commenced.

The weighted-average remaining lease term and weighted-average discount rate for our operating leases were 7.0 years and 3.3% as of October 8, 2022. We calculated the weighted-average discount rates using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.

Other information relating to our lease liabilities is as follows:
Forty Weeks Ended
October 8, 2022October 9, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$478,658 $418,596 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$343,950 $460,351