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Leases, Supplemental Lease Liability (Tables)

12 Months Ended

Dec. 30, 2023

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


		Fiscal Year Ended
	Statement of Income Location	December 30, 2023		December 31, 2022
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	3,379	$	3,351
Interest on lease liabilities	Interest expense, net	1,632		1,787
Operating lease cost	Selling, general and administrative expenses	465,850		434,313
Variable lease cost	Selling, general and administrative expenses	99,044		89,026
Net lease cost		$	569,905	$	528,477

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


	Operating Leases (a)		Finance Leases		Total
2024	$	491,956	$	4,823	$	496,779
2025	476,632		4,750		481,382
2026	446,265		4,720		450,985
2027	414,955		4,802		419,757
2028	377,553		4,812		382,365
After 2028	1,803,385		18,510		1,821,895
Total lease payments	4,010,746		42,417		4,053,163
Less: Interest	(738,428)		(7,718)		(746,146)
Present value of lease liabilities	$	3,272,318	$	34,699	$	3,307,017

(a) Operating lease payments exclude $320.5 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 30, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows used for finance leases	$	4,808	$	4,057
Operating cash flows used for finance leases	1,632		1,787
Operating cash flows for operating leases	466,748		430,396

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


	December 30, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Finance leases	9.6		10.1
Operating leases	10.1		10.1
Weighted-average discount rate:
Finance leases	4.7	%	4.6	%
Operating leases	4.1	%	3.8	%