Leases (Tables)
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3 Months Ended |
Apr. 04, 2026 |
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| Leases [Abstract] |
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| Schedule of Right-of-Use Assets and Lease Liabilities |
Right-of-use (“ROU”) assets and lease liabilities balances were as follows (in thousands):
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April 4, 2026 |
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January 3, 2026 |
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Assets: |
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Operating lease right-of-use assets |
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$ |
1,501,223 |
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$ |
1,500,786 |
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Finance lease right-of-use assets |
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3,139 |
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|
3,394 |
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Total lease right-of-use assets |
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$ |
1,504,362 |
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$ |
1,504,180 |
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Liabilities—current: |
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Operating lease liabilities |
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$ |
149,753 |
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$ |
146,594 |
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Finance lease liabilities |
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|
1,030 |
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|
1,022 |
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Total current lease liabilities |
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|
150,783 |
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|
147,616 |
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Liabilities—long-term: |
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Operating lease liabilities |
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1,451,863 |
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|
|
1,447,524 |
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Finance lease liabilities |
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|
2,481 |
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|
2,741 |
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Total long-term lease liabilities |
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|
1,454,344 |
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|
|
1,450,265 |
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Total lease liabilities |
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$ |
1,605,127 |
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|
$ |
1,597,881 |
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| Schedule of Components of Lease Expense |
The components of lease expense were as follows (in thousands):
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Three Months Ended |
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April 4, 2026 |
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March 29, 2025 |
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Lease expense: |
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Operating lease expense |
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$ |
78,182 |
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$ |
73,090 |
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Finance lease expense: |
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|
|
|
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Amortization of right-of-use assets |
|
|
255 |
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|
|
350 |
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Interest on lease liabilities |
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|
78 |
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|
94 |
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Short-term lease expense |
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|
2,482 |
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|
2,775 |
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Variable lease expense |
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21,823 |
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|
17,970 |
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Total lease expense |
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$ |
102,820 |
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$ |
94,279 |
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| Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate |
The weighted average remaining lease term and the weighted average discount rate were as follows:
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April 4, 2026 |
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January 3, 2026 |
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Weighted average remaining lease term (in years) (Operating) |
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9 |
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|
9 |
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Weighted average remaining lease term (in years) (Finance) |
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4 |
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|
5 |
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Weighted average discount rate (Operating) |
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9.1 |
% |
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9.2 |
% |
Weighted average discount rate (Finance) |
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8.5 |
% |
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8.6 |
% |
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| Schedule of Maturity of Lease Liabilities |
The following table summarizes the maturity of lease liabilities as of April 4, 2026 (in thousands):
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Finance Leases |
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Operating Leases |
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Total Leases |
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Remainder of 2026 |
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$ |
967 |
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$ |
209,989 |
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$ |
210,956 |
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2027 |
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|
1,220 |
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|
302,378 |
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|
303,598 |
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2028 |
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|
694 |
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|
|
283,235 |
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|
283,929 |
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2029 |
|
|
418 |
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|
|
263,387 |
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|
|
263,805 |
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2030 |
|
|
388 |
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|
|
244,506 |
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|
|
244,894 |
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Thereafter |
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|
410 |
|
|
|
1,057,374 |
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|
|
1,057,784 |
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Total lease payments |
|
|
4,097 |
|
|
|
2,360,869 |
|
|
|
2,364,966 |
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Less imputed interest |
|
|
586 |
|
|
|
759,253 |
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|
|
759,839 |
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Present value of lease liabilities |
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|
3,511 |
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|
|
1,601,616 |
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|
1,605,127 |
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Less current portion of lease liabilities |
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|
1,030 |
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|
|
149,753 |
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|
|
150,783 |
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Long-term lease liabilities |
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$ |
2,481 |
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$ |
1,451,863 |
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$ |
1,454,344 |
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