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LEASES (Tables) | 6 Months Ended
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Jun. 28, 2020
Leases [Abstract] |
Components of Lease Expense | The following table presents components of lease expense. Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, Selling, general and administrative expense and Interest expense, net of capitalized interest in the Condensed Consolidated Statements of Operations.
| Three Months Ended |  |  |  | Six Months Ended |  |
| June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
| (In thousands) |  |  |  |  |  |
Operating lease cost(a) | $ | 23,274 |  |  | $ | 25,637 |  |  | $ | 45,740 |  |  | $ | 50,431 |
Amortization of finance lease assets | 109 |  |  | 21 |  |  | 218 |  |  | 48 |
Interest on finance leases | 26 |  |  | 3 |  |  | 53 |  |  | 7 |
Short-term lease cost | 14,018 |  |  | 11,892 |  |  | 30,739 |  |  | 26,110 |
Variable lease cost(a) | 1,007 |  |  | 167 |  |  | 2,049 |  |  | 1,036 |
Net lease cost | $ | 38,434 |  |  | $ | 37,720 |  |  | $ | 78,799 |  |  | $ | 77,632 |
(a)Variable lease cost of $0.2 million and $1.0 million during the three months ended and six months ended June 30, 2019 were previously presented in Operating lease cost on our quarterly report on Form 10-Q for the quarterly period ended June 30, 2019. This was reclassified to conform to Variable lease cost presented as of June 28, 2020. Supplemental cash flow information related to leases is as follows:
| Six Months Ended |  |
| June 28, 2020 |  | June 30, 2019
| (In thousands) |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 47,976 |  |  | $ | 49,987 |
Operating cash flows from finance leases | 53 |  |  | 7 |
Financing cash flows from finance leases | 243 |  |  | 48 |
Operating lease assets obtained in exchange for operating lease liabilities | 24,673 |  |  | 17,565 |
Balance Sheet Information Related to Leases | The weighted-average remaining lease term and discount rate for lease liabilities included in our Condensed Consolidated Balance Sheets are as follows:
| Three Months Ended |  |
| June 28, 2020 |  | June 30, 2019
Weighted-average remaining lease term (years): |  |  |
Operating leases | 5.45 |  | 5.89
Finance leases | 4.11 |  | 1.36
Weighted-average discount rate: |  |  |
Operating leases | 4.66% |  | 4.86%
Finance leases | 5.05% |  | 8.50%
Lease liabilities as of June 28, 2020 are included in our Condensed Consolidated Balance Sheets as follows:
| Operating Leases |  | Finance Leases
| (In thousands) |  |
Accrued expenses and other current liabilities | $ | 66,694 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 451 |
Noncurrent operating lease liability, less current maturities | 213,829 |  |  | — |
Long-term debt, less current maturities | — |  |  | 1,456 |
Total lease liabilities | $ | 280,523 |  |  | $ | 1,907 |
Lease liabilities as of December 29, 2019 are included in our Condensed Consolidated Balance Sheets as follows:
| Operating Leases |  | Finance Leases
| (In thousands) |  |
Accrued expenses and other current liabilities | $ | 66,239 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 486 |
Noncurrent operating lease liability, less current maturities | 235,382 |  |  | — |
Long-term debt, less current maturities | — |  |  | 1,664 |
Total lease liabilities | $ | 301,621 |  |  | $ | 2,150 |
Maturities of Finance Lease Liability | Future minimum lease payments under noncancellable leases at June 28, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (In thousands) |  |
Future minimum lease payments: |  |  |
Year 1 | $ | 78,204 |  |  | $ | 537 |
Year 2 | 65,188 |  |  | 494 |
Year 3 | 54,500 |  |  | 494 |
Year 4 | 43,370 |  |  | 494 |
Year 5 | 29,882 |  |  | 99 |
Thereafter | 47,232 |  |  | — |
Total future minimum lease payments | 318,376 |  |  | 2,118 |
Less: imputed interest | (37,853) |  |  | (211) |
Present value of lease liabilities | $ | 280,523 |  |  | $ | 1,907 |
Maturities of Operating Lease Liability | Future minimum lease payments under noncancellable leases at June 28, 2020 are as follows:
| Operating Leases |  | Finance Leases
| (In thousands) |  |
Future minimum lease payments: |  |  |
Year 1 | $ | 78,204 |  |  | $ | 537 |
Year 2 | 65,188 |  |  | 494 |
Year 3 | 54,500 |  |  | 494 |
Year 4 | 43,370 |  |  | 494 |
Year 5 | 29,882 |  |  | 99 |
Thereafter | 47,232 |  |  | — |
Total future minimum lease payments | 318,376 |  |  | 2,118 |
Less: imputed interest | (37,853) |  |  | (211) |
Present value of lease liabilities | $ | 280,523 |  |  | $ | 1,907 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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