Leases

12 Months Ended

Dec. 26, 2020

14. Leases

The following table represents lease costs recognized in the Company’s Consolidated Statements of Income for the 52-weeks ended December 26, 2020. Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income.

	Fiscal Year Ended
	December 26, 2020		December 28, 2019
Operating lease cost ⁽¹⁾	$	29,894	$	25,238

⁽¹⁾Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period presented.

Prior to the adoption of the new lease standard, lease expense for the year ended December 29, 2018 was $21,096.

The following table represents the components of leases that are recognized on the Company’s Consolidated Balance Sheets as of December 26, 2020 and December 28, 2019.

	December 26, 2020			December 28, 2019
Operating lease right-of-use assets	$	94,626		$	63,589

Other accrued expenses	$	18,874		$	14,762
Noncurrent operating lease liabilities		75,958			49,238
Total lease liabilities	$	94,832		$	64,000

Weighted average remaining lease term	6.3 years			5.7 years
Weighted average discount rate		3.6	%		4.1	%

The following table represents the maturity of lease liabilities.

Year	Amount
2021	$	22,900
2022		19,251
2023		17,714
2024		14,289
2025		10,676
Thereafter		23,029
Total		107,859
Less: imputed interest		(13,027	)
Present value of lease liabilities		94,832

The following table presents supplemental cash flow and noncash information related to leases.

	Fiscal Year Ended
	December 26, 2020		December 28, 2019
Cash paid for amounts included in the measurement of operating lease liabilities ⁽²⁾	$	20,401	$	18,636
Right-of-use assets obtained in exchange for new operating lease liabilities	$	39,009	$	18,248

⁽²⁾Included in Net cash provided by operating activities on the Company's Statements of Cash Flows