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LEASES (Tables) | 12 Months Ended
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Dec. 27, 2020
Leases [Abstract] |
Components of Lease Expense | The following table presents components of lease expense (in thousands). 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 Consolidated Statements of Income.
| December 27, 2020 |  | December 29, 2019
Operating lease cost(a) | $ | 90,887 |  |  | $ | 99,242 |
Amortization of finance lease assets | 436 |  |  | 167 |
Interest on finance leases | 99 |  |  | 32 |
Short-term lease cost | 64,410 |  |  | 59,225 |
Variable lease cost | 3,839 |  |  | 3,031 |
Net lease cost | $ | 159,671 |  |  | $ | 161,697 |
(a)Sublease income is immaterial and not included in operating lease costs. Supplemental cash flow information related to leases is as follows (in thousands):
| Year Ended
| December 27, 2020 |  | December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 91,254 |  |  | $ | 100,473 |
Operating cash flow from finance leases | 99 |  |  | 32 |
Financing cash flows from finance leases | 486 |  |  | 167 |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 60,776 |  |  | $ | 34,648 |
Finance lease assets obtained in exchange for finance lease liabilities | — |  |  | 2,182 |
Balance Sheet Information Related to Leases | The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:
| December 27, 2020 |  | December 29, 2019
Weighted-average remaining lease term (years): |  |  |
Operating leases | 5.44 |  | 5.77
Finance leases | 3.69 |  | 4.54
Weighted-average discount rate: |  |  |
Operating leases | 4.53% |  | 4.80%
Finance leases | 5.08% |  | 5.21%
Lease liabilities as of December 27, 2020 are included in our Consolidated Balance Sheets as follows (in thousands):
| Operating Leases |  | Finance Leases(a)
Accrued expenses and other current liabilities | $ | 71,592 |  |  | $ | — |
Current maturities of long-term debt | — |  |  | 420 |
Noncurrent operating lease liability, less current maturities | 217,432 |  |  | — |
Long-term debt, less current maturities | — |  |  | 1,244 |
Total lease liabilities | $ | 289,024 |  |  | $ | 1,664 |
(a)Additional information regarding finance lease assets is included in “Note 10. Property, Plant and Equipment.”
Maturities of Finance Lease Liability | Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2021 | $ | 83,116 |  |  | $ | 494 |
2022 | 68,373 |  |  | 494 |
2023 | 56,235 |  |  | 494 |
2024 | 42,328 |  |  | 347 |
2025 | 29,261 |  |  | — |
Thereafter | 46,890 |  |  | — |
Total future minimum lease payments | 326,203 |  |  | 1,829 |
Less: imputed interest | (37,179) |  |  | (165) |
Present value of lease liabilities | $ | 289,024 |  |  | $ | 1,664 |
Maturities of Operating Lease Liability | Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):
| Operating Leases |  | Finance Leases
For the fiscal years ending December: |  |  |
2021 | $ | 83,116 |  |  | $ | 494 |
2022 | 68,373 |  |  | 494 |
2023 | 56,235 |  |  | 494 |
2024 | 42,328 |  |  | 347 |
2025 | 29,261 |  |  | — |
Thereafter | 46,890 |  |  | — |
Total future minimum lease payments | 326,203 |  |  | 1,829 |
Less: imputed interest | (37,179) |  |  | (165) |
Present value of lease liabilities | $ | 289,024 |  |  | $ | 1,664 |

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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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