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LEASES
 12 Months Ended
Dec. 26, 2020
Leases [Abstract]  
LEASES LEASES
Operating and Finance Leases
Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows:
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Operating leases
Operating lease right-of-use assets, net$178,220 $140,085 
Other current liabilities$24,674 $20,357 
Operating lease right-of-use liabilities155,595 116,252 
Total operating lease liabilities$180,269 $136,609 
Finance leases
Property, plant and equipment, net$31,614 $32,519 
Current portion of long-term debt and finance leases$3,018 $2,997 
Long-term debt, net and finance leases26,029 27,530 
Total finance lease liabilities$29,047 $30,527 
The components of operating and finance lease costs were as follows:
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Operating lease costs$32,965 $30,885 
Finance lease costs:
Amortization of right-of-use assets3,723 4,007 
Interest on lease liabilities1,306 1,349 
Short-term lease costs2,349 1,056 
Variable lease costs5,122 3,161 
Sublease income(1,673)(994)
Total lease costs$43,792 $39,464 
Other information related to leases was as follows:
Supplemental cash flow information
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$29,961 $27,153 
Operating cash flows from finance leases1,306 1,406 
Finance cash flows from finance leases4,350 3,766 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$63,499 $24,382 
Right-of-use lease assets obtained in exchange for new finance lease liabilities1,571 4,819 
Lease term and discount rate
As ofAs of
December 26, 2020December 28, 2019
Weighted-average remaining lease term (in years)
Operating lease8.58.2
Finance lease12.413.0
Weighted-average discount rate
Operating lease4.5 %4.4 %
Finance lease4.1 %4.6 %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.
As of December 26, 2020, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
Operating LeasesFinance Leases
(in thousands)
2021$31,326 $4,242 
202227,803 3,673 
202325,014 3,348 
202424,244 3,118 
202521,792 2,841 
Thereafter85,249 20,906 
Total minimum future lease payments215,428 38,128 
Less: Imputed interest35,159 9,081 
Total lease liabilities$180,269 $29,047 
Total minimum future lease payments (predominantly operating leases) of approximately $130 million for leases that have not commenced as of December 26, 2020, as the Company does not yet control the underlying assets, are not included in the consolidated financial statements. These leases are expected to commence between fiscal years 2021 and 2024 with lease terms of approximately 8 to 15 years.
LEASES LEASES
Operating and Finance Leases
Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows:
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Operating leases
Operating lease right-of-use assets, net$178,220 $140,085 
Other current liabilities$24,674 $20,357 
Operating lease right-of-use liabilities155,595 116,252 
Total operating lease liabilities$180,269 $136,609 
Finance leases
Property, plant and equipment, net$31,614 $32,519 
Current portion of long-term debt and finance leases$3,018 $2,997 
Long-term debt, net and finance leases26,029 27,530 
Total finance lease liabilities$29,047 $30,527 
The components of operating and finance lease costs were as follows:
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Operating lease costs$32,965 $30,885 
Finance lease costs:
Amortization of right-of-use assets3,723 4,007 
Interest on lease liabilities1,306 1,349 
Short-term lease costs2,349 1,056 
Variable lease costs5,122 3,161 
Sublease income(1,673)(994)
Total lease costs$43,792 $39,464 
Other information related to leases was as follows:
Supplemental cash flow information
Fiscal Year
December 26, 2020December 28, 2019
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$29,961 $27,153 
Operating cash flows from finance leases1,306 1,406 
Finance cash flows from finance leases4,350 3,766 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$63,499 $24,382 
Right-of-use lease assets obtained in exchange for new finance lease liabilities1,571 4,819 
Lease term and discount rate
As ofAs of
December 26, 2020December 28, 2019
Weighted-average remaining lease term (in years)
Operating lease8.58.2
Finance lease12.413.0
Weighted-average discount rate
Operating lease4.5 %4.4 %
Finance lease4.1 %4.6 %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment.
As of December 26, 2020, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
Operating LeasesFinance Leases
(in thousands)
2021$31,326 $4,242 
202227,803 3,673 
202325,014 3,348 
202424,244 3,118 
202521,792 2,841 
Thereafter85,249 20,906 
Total minimum future lease payments215,428 38,128 
Less: Imputed interest35,159 9,081 
Total lease liabilities$180,269 $29,047 
Total minimum future lease payments (predominantly operating leases) of approximately $130 million for leases that have not commenced as of December 26, 2020, as the Company does not yet control the underlying assets, are not included in the consolidated financial statements. These leases are expected to commence between fiscal years 2021 and 2024 with lease terms of approximately 8 to 15 years.