Leases (Tables)

12 Months Ended

Dec. 27, 2020

The table below presents the lease-related assets and liabilities recorded on the balance sheet:


(In thousands)	Classification in the Consolidated Balance Sheet	December 27, 2020		December 29, 2019
Operating lease right-of-use assets	Miscellaneous assets	$	52,304	$	53,549
Current operating lease liabilities	Accrued expenses and other	$	9,056	$	7,853
Noncurrent operating lease liabilities	Other	52,695		55,136
Total operating lease liabilities		$	61,751	$	62,989

Operating Lease Costs

The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:


	For the Twelve Months Ended
(In thousands)	December 27, 2020		December 29, 2019
Operating lease cost	$	11,467	$	9,980
Short term and variable lease cost	1,776		1,814
Total lease cost	$	13,243	$	11,794

The table below presents additional information regarding operating leases:



(In thousands, except lease term and discount rate)	December 27, 2020			December 29, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	11,533		$	9,101
Right-of-use assets obtained in exchange for operating lease liabilities	$	9,004		$	61,270
Weighted-average remaining lease term	8.7 years			9.7 years
Weighted-average discount rate	4.41		%	4.64		%

Operating Lease Liability Maturity

Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 27, 2020, were as follows:


(In thousands)	Amount
2021	$	11,356
2022	10,331
2023	9,135
2024	8,015
2025	6,873
Later Years	28,639
Total lease payments	$	74,349
Less: Interest	(12,598)
Present value of lease liabilities	$	61,751

Operating Lease, Lease Income

We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:


	For the Twelve Months Ended
(In thousands)	December 27, 2020		December 29, 2019
Building rental revenue (1)	$	28,516	$	30,595

(1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019. In December 2019, the Company exercised its option under the Lease Agreement, dated March 6, 2009, with an affiliate of W.P. Carey & Co. LLC (the “Lease”) to repurchase for $245.3 million a portion of the Company’s leasehold condominium interest consisting of approximately 750,000 rentable square feet in the Company Headquarters (the “Condo Interest”). The Lease was part of a transaction in 2009 under which the Company sold (for approximately $225 million) and simultaneously leased back the Condo Interest. As a result of the repurchase, the Company did not have sublease income for the fiscal year ended December 27, 2020.

Cash Flows To Be Received

Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 27, 2020, were as follows:


(In thousands)	Amount
2021	$	27,766
2022	30,327
2023	28,774
2024	28,823
2025	29,294
Later Years	135,413
Total building rental revenue from operating leases	$	280,397