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LEASES
 12 Months Ended
Dec. 31, 2022
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:
December 31, 2022December 25, 2021
(in thousands)
Operating leases
Operating lease right-of-use assets, net$391,762 $292,941 
Other current liabilities$46,526 $33,267 
Operating lease right-of-use liabilities389,745 252,972 
Total operating lease liabilities$436,271 $286,239 
Finance leases
Property, plant and equipment, net$31,875$29,437
Current portion of long-term debt and finance leases$2,330$2,694
Long-term debt, net and finance leases28,31624,529
Total finance lease liabilities$30,646$27,223
The components of operating and finance lease costs were as follows:
December 31, 2022December 25, 2021December 26, 2020
(in thousands)
Operating lease costs$59,671 $45,728 $32,965 
Finance lease costs:
Amortization of right-of-use assets3,035 3,337 3,723 
Interest on lease liabilities1,441 1,280 1,306 
Short-term lease costs2,954 2,441 2,349 
Variable lease costs13,965 4,623 5,122 
Sublease income(1,912)(2,008)(1,673)
Total lease costs$79,154 $55,401 $43,792 
Other information related to leases was as follows:
Supplemental cash flow information
December 31, 2022December 25, 2021December 26, 2020
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$48,360 $42,576 $29,961 
Operating cash flows from finance leases1,442 1,282 1,306 
Finance cash flows from finance leases2,257 3,202 4,350 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$189,134 $142,764 $63,499 
Right-of-use lease assets obtained in exchange for new finance lease liabilities8,179 1,567 1,571 
Lease term and discount rate
As ofAs ofAs of
December 31, 2022December 25, 2021December 26, 2020
Weighted-average remaining lease term (in years)
Operating lease9.89.08.5
Finance lease13.611.712.4
Weighted-average discount rate
Operating lease4.3 %3.6 %4.5 %
Finance lease5.3 %4.4 %4.1 %
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 31, 2022, 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)
2023$60,145 $3,793 
202463,679 3,689 
202555,969 3,422 
202651,881 2,962 
202750,329 2,923 
Thereafter257,752 27,031 
Total minimum future lease payments539,755 43,820 
Less: Imputed interest103,484 13,174 
Total lease liabilities$436,271 $30,646 
Total minimum future lease payments (predominantly operating leases) of approximately $83 million for leases that have not commenced as of December 31, 2022, 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 2023 and 2024 with lease terms of approximately 10 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:
December 31, 2022December 25, 2021
(in thousands)
Operating leases
Operating lease right-of-use assets, net$391,762 $292,941 
Other current liabilities$46,526 $33,267 
Operating lease right-of-use liabilities389,745 252,972 
Total operating lease liabilities$436,271 $286,239 
Finance leases
Property, plant and equipment, net$31,875$29,437
Current portion of long-term debt and finance leases$2,330$2,694
Long-term debt, net and finance leases28,31624,529
Total finance lease liabilities$30,646$27,223
The components of operating and finance lease costs were as follows:
December 31, 2022December 25, 2021December 26, 2020
(in thousands)
Operating lease costs$59,671 $45,728 $32,965 
Finance lease costs:
Amortization of right-of-use assets3,035 3,337 3,723 
Interest on lease liabilities1,441 1,280 1,306 
Short-term lease costs2,954 2,441 2,349 
Variable lease costs13,965 4,623 5,122 
Sublease income(1,912)(2,008)(1,673)
Total lease costs$79,154 $55,401 $43,792 
Other information related to leases was as follows:
Supplemental cash flow information
December 31, 2022December 25, 2021December 26, 2020
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$48,360 $42,576 $29,961 
Operating cash flows from finance leases1,442 1,282 1,306 
Finance cash flows from finance leases2,257 3,202 4,350 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$189,134 $142,764 $63,499 
Right-of-use lease assets obtained in exchange for new finance lease liabilities8,179 1,567 1,571 
Lease term and discount rate
As ofAs ofAs of
December 31, 2022December 25, 2021December 26, 2020
Weighted-average remaining lease term (in years)
Operating lease9.89.08.5
Finance lease13.611.712.4
Weighted-average discount rate
Operating lease4.3 %3.6 %4.5 %
Finance lease5.3 %4.4 %4.1 %
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 31, 2022, 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)
2023$60,145 $3,793 
202463,679 3,689 
202555,969 3,422 
202651,881 2,962 
202750,329 2,923 
Thereafter257,752 27,031 
Total minimum future lease payments539,755 43,820 
Less: Imputed interest103,484 13,174 
Total lease liabilities$436,271 $30,646 
Total minimum future lease payments (predominantly operating leases) of approximately $83 million for leases that have not commenced as of December 31, 2022, 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 2023 and 2024 with lease terms of approximately 10 to 15 years.