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Leases
6 Months Ended
Jul. 02, 2021
Leases [Abstract]  
Leases Leases
Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

July 2, 2021December 31, 2020
Weighted average remaining lease term:
Operating leases9.0 years9.4 years
Financing leases13.0 years13.4 years
Weighted average discount rate:
Operating leases3.9 %4.0 %
Financing leases3.2 %3.2 %

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

Second QuarterFirst Half
(in thousands)2021202020212020
Operating lease costs$6,565 $6,095 $12,819 $12,149 
Short-term and variable leases4,494 3,508 8,371 6,998 
Depreciation expense from financing leases1,414 924 2,828 1,849 
Interest expense on financing lease obligations579 241 1,163 507 
Total lease cost$13,052 $10,768 $25,181 $21,503 

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:

(in thousands)Operating LeasesFinancing Leases
Remainder of 2021$12,240 $3,547 
202222,383 7,145 
202320,050 7,201 
202416,405 7,396 
202514,471 7,593 
Thereafter77,887 55,828 
Total minimum lease payments including interest$163,436 $88,710 
Less:  Amounts representing interest27,441 15,234 
Present value of minimum lease principal payments135,995 73,476 
Less:  Current portion of lease liabilities19,956 5,959 
Noncurrent portion of lease liabilities$116,039 $67,517 

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)Operating LeasesFinancing Leases
2021$24,056 $7,079 
202220,970 7,145 
202318,125 7,201 
202415,330 7,396 
202513,747 7,593 
Thereafter77,353 55,827 
Total minimum lease payments including interest$169,581 $92,241 
Less:  Amounts representing interest29,892 16,397 
Present value of minimum lease principal payments139,689 75,844 
Less:  Current portion of lease liabilities19,766 5,860 
Noncurrent portion of lease liabilities$119,923 $69,984 
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

First Half
(in thousands)20212020
Cash flows from operating activities impact:
Operating leases$13,689 $8,633 
Interest payments on financing lease obligations1,163 507 
Total cash flows from operating activities impact$14,852 $9,140 
Cash flows from financing activities impact:
Principal payments on financing lease obligations$2,368 $3,001 
Total cash flows from financing activities impact$2,368 $3,001 

As of July 2, 2021, the Company had five operating lease commitments that had not yet commenced. These lease commitments have lease terms of approximately three to 10 years and are expected to commence during the third quarter of 2021. The additional lease liability associated with these lease commitments is expected to be $4.6 million.
Leases Leases
Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

July 2, 2021December 31, 2020
Weighted average remaining lease term:
Operating leases9.0 years9.4 years
Financing leases13.0 years13.4 years
Weighted average discount rate:
Operating leases3.9 %4.0 %
Financing leases3.2 %3.2 %

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

Second QuarterFirst Half
(in thousands)2021202020212020
Operating lease costs$6,565 $6,095 $12,819 $12,149 
Short-term and variable leases4,494 3,508 8,371 6,998 
Depreciation expense from financing leases1,414 924 2,828 1,849 
Interest expense on financing lease obligations579 241 1,163 507 
Total lease cost$13,052 $10,768 $25,181 $21,503 

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:

(in thousands)Operating LeasesFinancing Leases
Remainder of 2021$12,240 $3,547 
202222,383 7,145 
202320,050 7,201 
202416,405 7,396 
202514,471 7,593 
Thereafter77,887 55,828 
Total minimum lease payments including interest$163,436 $88,710 
Less:  Amounts representing interest27,441 15,234 
Present value of minimum lease principal payments135,995 73,476 
Less:  Current portion of lease liabilities19,956 5,959 
Noncurrent portion of lease liabilities$116,039 $67,517 

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)Operating LeasesFinancing Leases
2021$24,056 $7,079 
202220,970 7,145 
202318,125 7,201 
202415,330 7,396 
202513,747 7,593 
Thereafter77,353 55,827 
Total minimum lease payments including interest$169,581 $92,241 
Less:  Amounts representing interest29,892 16,397 
Present value of minimum lease principal payments139,689 75,844 
Less:  Current portion of lease liabilities19,766 5,860 
Noncurrent portion of lease liabilities$119,923 $69,984 
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

First Half
(in thousands)20212020
Cash flows from operating activities impact:
Operating leases$13,689 $8,633 
Interest payments on financing lease obligations1,163 507 
Total cash flows from operating activities impact$14,852 $9,140 
Cash flows from financing activities impact:
Principal payments on financing lease obligations$2,368 $3,001 
Total cash flows from financing activities impact$2,368 $3,001 

As of July 2, 2021, the Company had five operating lease commitments that had not yet commenced. These lease commitments have lease terms of approximately three to 10 years and are expected to commence during the third quarter of 2021. The additional lease liability associated with these lease commitments is expected to be $4.6 million.