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Lease Commitments | 12 Months Ended
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Jan. 01, 2022
Leases [Abstract] |
Lessee, Operating Leases | LEASE COMMITMENTS Accounting Policy At the commencement date of a lease, the company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term, including variable fees that are known or subject to a minimum floor. The lease liability includes lease component fees, while non-lease component fees are expensed as incurred for all asset classes. The company's lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. When a contract excludes an implicit rate, the company utilizes an incremental borrowing rate based on information available at the lease commencement date including lease term and geographic region. The initial valuation of the right-of-use (“ROU”) asset includes the initial measurement of the lease liability, lease payments made in advance of the lease commencement date and initial direct costs incurred by the company and excludes lease incentives. Operating lease ROU assets are included in other assets and operating lease liabilities are included accrued expenses and other non-current liabilities. Leases with an initial term of 12 months or less are classified as short-term leases and are not recorded on the Consolidated Balance Sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term. Leases The company leases warehouse space, office facilities and equipment under operating leases. The company has operating lease costs of $31.5 million, $30.1 million and $30.6 million in fiscal 2021, 2020 and 2019 respectively, including short-term lease expense and variable lease costs, which were immaterial in the year.
Leases (in thousands) | January 1, 2022 |  | January 2, 2021
Operating lease right-of-use assets: |  |  |
Other assets | $ | 93,388 |  |  | $ | 97,193 |
Operating lease liabilities: |  |  |
Accrued expenses | 22,753 |  |  | 22,493 |
Other non-current liabilities | 74,202 |  |  | 76,529 |
Total Liability | $ | 96,955 |  |  | $ | 99,022 |
Total Lease Commitments (in thousands) | Operating Leases
2022 | $ | 24,903 |
2023 | 21,458 |
2024 | 17,588 |
2025 | 12,581 |
2026 | 10,122 |
2027 and thereafter | 19,062 |
Total future lease commitments | 105,714 |
Less imputed interest | 8,759 |
Total | $ | 96,955 |
Other Lease Information (in thousands, except lease term and discount rate) | Twelve Months Ended January 1, 2022 |  | Twelve Months Ended January 2, 2021
Supplemental cash flow information |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 25,957 |  |  | $ | 26,024 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | 16,353 |  |  | 25,433 |
| January 1, 2022 |  | January 2, 2021
Weighted-average remaining lease terms - Operating | 5.6 years |  | 6.0 years
Weighted-average discount rate - Operating | 2.8 | % |  | 3.0 | %

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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