Leases

12 Months Ended

Dec. 26, 2020

The Company has operating leases for real estate and automobiles. For the year ended December 26, 2020, operating lease expense was $34.0 million (including $9.9 million of rent expense due to restructuring resulting in abandonment of certain lease facilities). During the year ended December 28, 2019, operating lease expense was approximately $41.5 million (including $15.9 million of accelerated rent expense due to restructuring resulting in abandonment of lease facilities). Variable lease cost, short-term lease cost and sublease income were immaterial during the year ended December 26, 2020 and December 28, 2019.

As of December 26, 2020, $14.9 million was included in accrued expenses and other current liabilities and $76.1 million as long term operating lease liabilities. As of December 28, 2019, $18.1 million was included in accrued expenses and other current liabilities and $64.2 million as long term operating lease liabilities.

The following table presents maturity of lease liabilities under the Company's non-cancelable operating leases as of December 26, 2020 (in thousands):



2021	$	22,866
2022	20,972
2023	17,400
2024	15,244
2025	14,238
Thereafter	31,178
Total lease payments	$	121,898
Less: interest(1)	30,887
Present value of lease liabilities	$	91,011

(1) Calculated using the interest rate for each lease.

The following table presents supplemental information for the Company's non-cancelable operating leases for the year ended December 26, 2020 (in thousands, except for weighted average and percentage data):


Weighted average remaining lease term	6.63
Weighted average discount rate	9.18		%
Cash paid for amounts included in the measurement of operating lease liabilities	$	26,565
Leased assets obtained in exchange for new operating lease liabilities	$	18,023

Financing Lease Obligations

During the year ended December 26, 2020, there were no new finance lease arrangements. The lease term for existing arrangements range from three to five years with option to purchase at the end of the term.

Finance lease expense was approximately $0.9 million for the year ended December 26, 2020 out of which $0.7 million was amortization of right of use asset and $0.2 million was interest cost. As of December 26,

2020, $1.1 million was included in accrued expenses and other current liabilities and $1.4 million as long term finance lease obligation related to these equipment finance lease arrangements.

Finance lease expense was approximately $0.5 million for the year ended December 28, 2019 out of which $0.4 million was amortization of right of use asset and $0.1 million was interest cost. As of December 28, 2019, $1.4 million was included in accrued expenses and other current liabilities and $2.4 million as long term finance lease obligation related to these equipment finance lease arrangements.

The following table presents maturity of lease liability under the Company's finance leases as of December 26, 2020 (in thousands):



2021	$	1,253
2022	984
2023	446
Thereafter	—
Total lease payments	$	2,683
Less: interest	161
Present value of lease liabilities	$	2,522

The following table presents supplemental information for the Company's finance leases for the year ended December 26, 2020 (in thousands, except for weighted average and percentage data):


Weighted average remaining lease term	2.18
Weighted average discount rate	6.40		%
Cash paid for amounts included in the measurement of finance lease liabilities	$	1,588
Leased assets obtained in exchange for new finance lease liabilities	$	—