Leases

12 Months Ended

Jan. 03, 2023

Leases

Leases

11. Leases

Components of lease expense were as follows (in thousands):

		Fiscal year
		2022	2021		2020
Operating	$	140,351	$	131,834	$	129,431
Variable		81,585		73,909		58,863
Short-term		116		283		414
Total	$	222,052	$	206,026	$	188,708

Supplemental information related to leases (in thousands, except percentages):

	Fiscal Year
	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	149,624		$	138,715
Right-of-use assets obtained in exchange for new operating lease liabilities		86,187			50,953
Weighted-average remaining lease term — operating leases (in years)		15.2			15.6
Weighted-average discount rate — operating leases		5.0	%		5.1	%

As of January 3, 2023, the maturities of our operating lease liabilities were as follows (in thousands):

2023	$	142,798
2024		129,087
2025		138,126
2026		136,831
2027		134,632
Thereafter		1,339,573
Total future lease payments		2,021,047
Less: Interest		(648,452)
Present value of lease liabilities	$	1,372,595

Operating lease liabilities include $845.1 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $169.1 million of legally binding minimum lease payments for leases signed but not yet commenced.