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LEASES (Tables) | 3 Months Ended
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Mar. 30, 2019
Leases [Abstract] |
Lease Cost | Lease cost and other information related to the Company's operating leases are as follows:
| Thirteen weeks ended March 30, 2019
Operating lease cost | $ | 5,296 |
Short-term lease cost | 600 |
Total lease cost | $ | 5,896 |
Operating cash outflows from operating leases | $ | 6,046 |
ROU assets obtained in exchange for lease obligations | $ | 1,236 |
Weighted average remaining lease term | 10 years |
Weighted average discount rate | 3.9 | %
As part of the adoption of ASC 842, the Company evaluated at the historical and projected cash flow generation of the operations at each of its long-term leased facilities. One of those facilities, a galvanizing operation in Melbourne, Australia, will not generate sufficient cash flows on an undiscounted cash flow basis to recover the carrying value of the right of use asset. The Company then estimated a value for this operation using a discounted cash flow model. The result was an impairment of the right-of-use lease asset of approximately $12,063. The after-tax balance of $8,444 was recorded as a reduction to retained earnings for the transition adjustment of adoption. (9) LEASES (Continued) Supplemental balance sheet information related to operating leases for the first quarter of 2019 is as follows:
| Classification | March 30, 2019
Operating lease assets | Other assets | $ | 93,871 |
Operating lease short-term liabilities | Accrued expenses | 15,145 |
Operating lease long-term liabilities | Operating lease liabilities | 88,492 |
Total lease liabilities |  | $ | 103,637 |
Future Minimum Lease Payments | Minimum lease payments under operating leases expiring subsequent to March 30, 2019 are as follows:
Fiscal year ending |
2019 (excluding the three months ended March 30, 2019) | $ | 14,443 |
2020 | 17,190 |
2021 | 14,333 |
2022 | 11,894 |
2023 | 9,183 |
Subsequent | 59,860 |
Total minimum lease payments | $ | 126,903 |
The below table as of December 29, 2018 is carried forward, including certain amounts that were historically included in the table as a result of the historical lease term conclusions but were not included in the initial ROU asset and lease liability measurement as of December 30, 2018 due to the Company's election of the hindsight practical expedient. The Company also determined one of its leases with escalating rent payments should be expensed using the straight-line method over a longer-term and the result was an additional reduction to retained earnings of $442 for a transition adjustment. Minimum lease payments for operating leases under ASC 840 expiring subsequent to December 29, 2018 are as follows:
Fiscal year ending |
2019 | $ | 18,757 |
2020 | 16,830 |
2021 | 13,992 |
2022 | 11,932 |
2023 | 8,866 |
Subsequent | 76,438 |
Total minimum lease payments | $ | 146,815 |

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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=77888426&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=77888426&loc=SL77918701-209980 + Details
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