Leases (Tables)

6 Months Ended

Jun. 27, 2020

Schedule of components of lease expense, lease term, and discount rate

The components of lease costs for the three months ended June 27, 2020 and June 29, 2019 are as follows:


	Three Months Ended June 27, 2020							Three Months Ended June 29, 2019
	Cost of Goods Sold		Selling, General and Administrative	Total		Cost of Goods Sold	Selling, General and Administrative	Total
Operating lease costs
Fixed	$	5,888	25,830	31,718		8,169	22,807	30,976
Short-term	2,497		3,880	6,377		1,552	3,577	5,129
Variable	2,121		7,294	9,415		2,093	9,348	11,441
Sub-leases	(121)		(127)	(248)		(41)	(151)	(192)
	$	10,385	36,877	47,262		11,773	35,581	47,354


	Three Months Ended June 27, 2020							Three Months Ended June 29, 2019
	Depreciation and Amortization		Interest	Total		Depreciation and Amortization	Interest	Total
Finance lease costs
Amortization of leased assets	$	1,476	—	1,476		392	—	392
Interest on lease liabilities	—		154	154		—	58	58
	$	1,476	154	1,630		392	58	450
Net lease costs				$	48,892			47,804

The components of lease costs for the six months ended June 27, 2020 and June 29, 2019 are as follows:


	Six Months Ended June 27, 2020							Six Months Ended June 29, 2019
	Cost of Goods Sold		Selling, General and Administrative	Total		Cost of Goods Sold	Selling, General and Administrative	Total
Operating lease costs
Fixed	$	13,289	50,643	63,932		15,857	47,262	63,119
Short-term	5,138		7,685	12,823		2,991	6,486	9,477
Variable	4,390		15,420	19,810		4,371	14,548	18,919
Sub-leases	(218)		(268)	(486)		(125)	(284)	(409)
	$	22,599	73,480	96,079		23,094	68,012	91,106


	Six Months Ended June 27, 2020							Six Months Ended June 29, 2019
	Depreciation and Amortization		Interest	Total		Depreciation and Amortization	Interest	Total
Finance lease costs
Amortization of leased assets	$	2,730	—	2,730		824	—	824
Interest on lease liabilities	—		303	303		—	89	89
	$	2,730	303	3,033		824	89	913
Net lease costs				$	99,112			92,019

Lease term and discount rate are as follows:


	At June 27, 2020		At December 31, 2019
Weighted Average Remaining Lease Term
Operating Leases	4.35 years		4.27 years
Finance Leases	7.75 years		8.44 years

Weighted Average Discount Rate
Operating Leases	3.1	%	3.3	%
Finance Leases	1.5	%	1.4	%

Schedule of supplemental balance sheet information

Supplemental balance sheet information related to leases is as follows:


	Classification	At June 27, 2020		At December 31, 2019
Assets
Operating Leases
Right of use operating lease assets	Right of use operating lease assets	$	318,047	323,003
Finance Leases
Property, plant and equipment, gross	Property, plant and equipment	40,346		35,271
Accumulated depreciation	Accumulated depreciation	(8,358)		(5,664)
Property, plant and equipment, net	Property, plant and equipment, net	31,988		29,607
Total lease assets		$	350,035	352,610

Liabilities
Operating Leases
Other current	Current operating lease liabilities	$	118,296	101,945
Non-current	Non-current operating lease liabilities	226,555		228,155
Total operating liabilities		344,851		330,100
Finance Leases
Short-term debt	Short-term debt and current portion of long-term debt	5,714		4,835
Long-term debt	Long-term debt, less current portion	27,064		25,214
Total finance liabilities		32,778		30,049
Total lease liabilities		$	377,629	360,149

Schedule of finance lease maturities

Maturities of lease liabilities are as follows:


Year ending December 31,	Finance Leases		Operating Leases	Total
2020 (excluding the six months ended June 27, 2020)	$	3,164	73,856	77,020
2021	5,984		103,633	109,617
2022	5,641		76,115	81,756
2023	4,951		46,717	51,668
2024	3,548		28,461	32,009
Thereafter	12,184		44,124	56,308
Total lease payments	35,472		372,906	408,378
Less imputed interest	2,694		28,055
Present value, Total	$	32,778	344,851

Schedule of operating lease maturities

Maturities of lease liabilities are as follows:


Year ending December 31,	Finance Leases		Operating Leases	Total
2020 (excluding the six months ended June 27, 2020)	$	3,164	73,856	77,020
2021	5,984		103,633	109,617
2022	5,641		76,115	81,756
2023	4,951		46,717	51,668
2024	3,548		28,461	32,009
Thereafter	12,184		44,124	56,308
Total lease payments	35,472		372,906	408,378
Less imputed interest	2,694		28,055
Present value, Total	$	32,778	344,851

Schedule of supplemental cash flow information

Supplemental cash flow information related to leases was as follows:


	Six Months Ended
	June 27, 2020		June 29, 2019
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	61,535	63,910
Operating cash flows from finance leases	230		26
Financing cash flows from finance leases	2,819		732
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	50,270		90,091
Finance leases	3,675		195
Amortization:
Amortization of right of use operating lease assets⁽¹⁾	60,324		56,950

⁽¹⁾ Amortization of Right of use operating lease assets during the period is reflected in Other assets and prepaid expenses on the Condensed Consolidated Statements of Cash Flows.