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Leases, Supplemental Lease Liability (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes the Company’s classification of lease cost (in thousands):


		Fiscal Year Ended
	Statement of Income Location	December 31, 2022		December 25, 2021
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	3,351	$	5,085
Interest on lease liabilities	Interest expense, net	1,787		1,740
Operating lease cost	Selling, general and administrative expenses	434,313		400,908
Variable lease cost	Selling, general and administrative expenses	89,026		79,479
Net lease cost		$	528,477	$	487,212

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):


	Operating Leases (a)		Finance Leases		Total
2023	$	453,562	$	4,808	$	458,370
2024	436,059		4,823		440,882
2025	412,422		4,750		417,172
2026	379,691		4,720		384,411
2027	342,620		4,802		347,422
After 2027	1,675,592		22,816		1,698,408
Total lease payments	3,699,946		46,719		3,746,665
Less: Interest	(632,534)		(8,889)		(641,423)
Present value of lease liabilities	$	3,067,412	$	37,830	$	3,105,242

(a) Operating lease payments exclude $289.1 million of legally binding minimum lease payments for leases signed, but not yet commenced.

The following table summarizes the other information related to the Company’s lease liabilities (in thousands):


	Fiscal Year Ended
	December 31, 2022		December 25, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows used for finance leases	$	4,057	$	4,580
Operating cash flows used for finance leases	1,787		1,740
Operating cash flows for operating leases	430,396		404,864

The following table summarizes the Company’s lease term and discount rate:


	December 31, 2022		December 25, 2021
Weighted-average remaining lease term (years):
Finance leases	10.1		10.5
Operating leases	10.1		10.0
Weighted-average discount rate:
Finance leases	4.6	%	4.8	%
Operating leases	3.8	%	3.6	%