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LEASES
 12 Months Ended
Dec. 30, 2023
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 30, 2023December 31, 2022
(in thousands)
Operating leases
Operating lease right-of-use assets, net$394,029 $391,762 
Other current liabilities$54,908 $46,526 
Operating lease right-of-use liabilities419,234 389,745 
Total operating lease liabilities$474,142 $436,271 
Finance leases
Property, plant and equipment, net$29,422$31,875
Current portion of long-term debt and finance leases$2,398$2,330
Long-term debt, net and finance leases26,15228,316
Total finance lease liabilities$28,550$30,646
The following table presents the components of operating and finance lease costs within the Company’s consolidated statements of income for fiscal years 2023, 2022 and 2021:
Fiscal Year
202320222021
(in thousands)
Operating lease costs$65,380 $59,671 $45,728 
Finance lease costs:
Amortization of right-of-use assets2,745 3,035 3,337 
Interest on lease liabilities1,477 1,441 1,280 
Short-term lease costs3,581 2,954 2,441 
Variable lease costs22,159 13,965 4,623 
Sublease income(2,067)(1,912)(2,008)
Total lease costs$93,275 $79,154 $55,401 
Other information related to leases was as follows:
Supplemental cash flow information
Fiscal Year
202320222021
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$60,239 $48,360 $42,576 
Operating cash flows from finance leases1,476 1,442 1,282 
Finance cash flows from finance leases2,297 2,257 3,202 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$75,987 $189,134 $142,764 
Right-of-use lease assets obtained in exchange for new finance lease liabilities— 8,179 1,567 
Lease term and discount rate
December 30, 2023December 31, 2022December 25, 2021
Weighted-average remaining lease term (in years)
Operating lease9.69.89.0
Finance lease12.713.611.7
Weighted-average discount rate
Operating lease4.7 %4.3 %3.6 %
Finance lease5.3 %5.3 %4.4 %
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 30, 2023, 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)
2024$70,578 $3,796 
202563,433 3,513 
202658,494 3,038 
202759,946 2,999 
202857,953 2,988 
Thereafter286,215 23,562 
Total minimum future lease payments596,619 39,896 
Less: Imputed interest122,477 11,346 
Total lease liabilities$474,142 $28,550 
Total minimum future lease payments (predominantly operating leases) of approximately $161 million for leases that have not commenced as of December 30, 2023, 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 2024 and 2025 with lease terms of approximately 5 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 30, 2023December 31, 2022
(in thousands)
Operating leases
Operating lease right-of-use assets, net$394,029 $391,762 
Other current liabilities$54,908 $46,526 
Operating lease right-of-use liabilities419,234 389,745 
Total operating lease liabilities$474,142 $436,271 
Finance leases
Property, plant and equipment, net$29,422$31,875
Current portion of long-term debt and finance leases$2,398$2,330
Long-term debt, net and finance leases26,15228,316
Total finance lease liabilities$28,550$30,646
The following table presents the components of operating and finance lease costs within the Company’s consolidated statements of income for fiscal years 2023, 2022 and 2021:
Fiscal Year
202320222021
(in thousands)
Operating lease costs$65,380 $59,671 $45,728 
Finance lease costs:
Amortization of right-of-use assets2,745 3,035 3,337 
Interest on lease liabilities1,477 1,441 1,280 
Short-term lease costs3,581 2,954 2,441 
Variable lease costs22,159 13,965 4,623 
Sublease income(2,067)(1,912)(2,008)
Total lease costs$93,275 $79,154 $55,401 
Other information related to leases was as follows:
Supplemental cash flow information
Fiscal Year
202320222021
(in thousands)
Cash flows included in the measurement of lease liabilities:
Operating cash flows from operating leases$60,239 $48,360 $42,576 
Operating cash flows from finance leases1,476 1,442 1,282 
Finance cash flows from finance leases2,297 2,257 3,202 
Non-cash leases activity:
Right-of-use lease assets obtained in exchange for new operating lease liabilities$75,987 $189,134 $142,764 
Right-of-use lease assets obtained in exchange for new finance lease liabilities— 8,179 1,567 
Lease term and discount rate
December 30, 2023December 31, 2022December 25, 2021
Weighted-average remaining lease term (in years)
Operating lease9.69.89.0
Finance lease12.713.611.7
Weighted-average discount rate
Operating lease4.7 %4.3 %3.6 %
Finance lease5.3 %5.3 %4.4 %
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 30, 2023, 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)
2024$70,578 $3,796 
202563,433 3,513 
202658,494 3,038 
202759,946 2,999 
202857,953 2,988 
Thereafter286,215 23,562 
Total minimum future lease payments596,619 39,896 
Less: Imputed interest122,477 11,346 
Total lease liabilities$474,142 $28,550 
Total minimum future lease payments (predominantly operating leases) of approximately $161 million for leases that have not commenced as of December 30, 2023, 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 2024 and 2025 with lease terms of approximately 5 to 15 years.