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LEASES
3 Months Ended
Mar. 28, 2020
Leases [Abstract]  
LEASES LEASES
Operating and Finance Leases
Right-of-use lease assets and lease liabilities are reported in the Company’s unaudited condensed consolidated balance sheets as follows:
March 28, 2020December 28, 2019
(in thousands)
Operating leases
Operating lease right-of-use assets, net$155,568  $140,085  
Other current liabilities$22,469  $20,357  
Operating lease right-of-use liabilities133,440  116,252  
Total operating lease liabilities$155,909  $136,609  
Finance leases
Property, plant and equipment, net$30,859  $32,519  
Current portion of long-term debt and finance leases$2,929  $2,997  
Long-term debt, net and finance leases25,879  27,530  
Total finance lease liabilities$28,808  $30,527  

The components of operating and finance lease costs were as follows:
Three Months Ended
March 28, 2020March 30, 2019
(in thousands)
Operating lease costs$8,077  $7,706  
Finance lease costs:
Amortization of right-of-use assets951  921  
Interest on lease liabilities340  296  
Short-term lease costs589  192  
Variable lease costs1,045  335  
Sublease income(586) (46) 
Total lease costs$10,416  $9,404  
Other information related to leases was as follows:
Supplemental cash flow information
Three Months Ended
March 28, 2020March 30, 2019
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,974  $6,533  
Operating cash flows from finance leases340  352  
Finance cash flows from finance leases1,572  838  
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$25,407  $1,688  
Right-of-use lease assets obtained in exchange for new finance lease liabilities593  —  

Lease term and discount rate
As of
March 28, 2020
Weighted-average remaining lease term (in years)
Operating lease8.40
Finance lease12.71
Weighted-average discount rate
Operating lease4.24  
Finance lease4.54  

At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate.
As of March 28, 2020, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
Operating LeasesFinance Leases
(in thousands)
2020 (excluding the three months ended March 28, 2020)$21,347  $3,063  
202127,308  3,804  
202223,483  3,754  
202319,810  2,898  
202419,168  2,146  
Thereafter76,170  22,531  
Total minimum future lease payments187,286  38,196  
Less: Imputed interest31,377  9,388  
Total lease liabilities$155,909  $28,808  
Total minimum future lease payments (predominantly operating leases) of approximately $48 million for leases that have not commenced as of March 28, 2020, as the Company does not yet control the underlying assets, are not included in the unaudited condensed consolidated financial statements. These leases are expected to commence between fiscal years 2020 and 2024 with lease terms of approximately 2 to 15 years.
LEASES LEASES
Operating and Finance Leases
Right-of-use lease assets and lease liabilities are reported in the Company’s unaudited condensed consolidated balance sheets as follows:
March 28, 2020December 28, 2019
(in thousands)
Operating leases
Operating lease right-of-use assets, net$155,568  $140,085  
Other current liabilities$22,469  $20,357  
Operating lease right-of-use liabilities133,440  116,252  
Total operating lease liabilities$155,909  $136,609  
Finance leases
Property, plant and equipment, net$30,859  $32,519  
Current portion of long-term debt and finance leases$2,929  $2,997  
Long-term debt, net and finance leases25,879  27,530  
Total finance lease liabilities$28,808  $30,527  

The components of operating and finance lease costs were as follows:
Three Months Ended
March 28, 2020March 30, 2019
(in thousands)
Operating lease costs$8,077  $7,706  
Finance lease costs:
Amortization of right-of-use assets951  921  
Interest on lease liabilities340  296  
Short-term lease costs589  192  
Variable lease costs1,045  335  
Sublease income(586) (46) 
Total lease costs$10,416  $9,404  
Other information related to leases was as follows:
Supplemental cash flow information
Three Months Ended
March 28, 2020March 30, 2019
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$6,974  $6,533  
Operating cash flows from finance leases340  352  
Finance cash flows from finance leases1,572  838  
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$25,407  $1,688  
Right-of-use lease assets obtained in exchange for new finance lease liabilities593  —  

Lease term and discount rate
As of
March 28, 2020
Weighted-average remaining lease term (in years)
Operating lease8.40
Finance lease12.71
Weighted-average discount rate
Operating lease4.24  
Finance lease4.54  

At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate.
As of March 28, 2020, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
Operating LeasesFinance Leases
(in thousands)
2020 (excluding the three months ended March 28, 2020)$21,347  $3,063  
202127,308  3,804  
202223,483  3,754  
202319,810  2,898  
202419,168  2,146  
Thereafter76,170  22,531  
Total minimum future lease payments187,286  38,196  
Less: Imputed interest31,377  9,388  
Total lease liabilities$155,909  $28,808  
Total minimum future lease payments (predominantly operating leases) of approximately $48 million for leases that have not commenced as of March 28, 2020, as the Company does not yet control the underlying assets, are not included in the unaudited condensed consolidated financial statements. These leases are expected to commence between fiscal years 2020 and 2024 with lease terms of approximately 2 to 15 years.