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LEASES | 12 Months Ended
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Dec. 30, 2023
LEASES |
LEASES | F.LEASES We determine if an arrangement is a lease at inception. We lease certain real estate under non-cancelable operating lease agreements with typical original terms ranging from one to ten years. We are required to pay real estate taxes and other occupancy costs under certain leases, which are variable in nature and not included in the right of use asset or lease liability. Certain leases carry renewal options of five to fifteen years. We believe that future leases will likely have similar terms. We also lease motor vehicles, equipment, and an aircraft under operating lease agreements for periods of one to ten years. We do not typically enter into leases with residual value guarantees. There were no restrictions or covenants imposed by any lease agreements. ​ We believe finance leases have no significant impact to our consolidated balance sheet and statement of earnings as of December 30, 2023. ​ As of December 30, 2023, we have no leases that have not yet commenced that would significantly impact the rights, obligations, and our financial position. ​ There were no lease transactions between related parties as of December 30, 2023. The rates implicit in our leases are primarily not readily available. To determine the discount rate used to present value the lease payments, we utilize the 7-year treasury note rate plus a blend of rate spreads associated with our 10 to 15 year senior notes along with estimated spreads based on current market conditions. We feel the determined rate is a reasonable representation of our lease population. ​ Lease costs under non-cancelable operating leases on December 30, 2023 and December 31, 2022 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | ​ | 2022
Operating lease cost | ​ | $ | 33,829 | ​ | $ | 32,458
Short-term lease cost | ​ |  | 9,525 | ​ |  | 10,490
Variable lease cost | ​ |  | 6,332 | ​ |  | 5,291
Sublease income | ​ |  | (2,267) | ​ |  | (2,876)
Total lease cost | ​ | $ | 47,419 | ​ | $ | 45,363
​ Rent expense was approximately $49.7 million, $48.2 million, and $40.1 million in 2023, 2022, and 2021, respectively. The amounts paid for operating leases, included in the measurement of lease liabilities, were $32.4 million in the year ended December 30, 2023 and $30.2 million in the year ended December 31, 2022. In addition, right-of-use assets obtained in exchange for new operating lease liabilities were approximately $35.4 million and $32.0 million, respectively, for the years ended December 30, 2023 and December 31, 2022. ​ Future minimum payments under non-cancelable operating leases on December 30, 2023 are as follows (in thousands):
​ | ​ | ​ | ​
​ |  | Operating
​ | ​ | Leases
2024 | ​ | $ | 32,796
2025 | ​ |  | 29,435
2026 | ​ |  | 27,104
2027 | ​ |  | 17,998
2028 | ​ |  | 13,517
Thereafter | ​ |  | 31,686
Total minimum lease payments | ​ | $ | 152,536
Less present value discount | ​ | ​ | (44,674)
Total lease liability | ​ | $ | 107,862
​ As of December 30, 2023 and December 31, 2022, the weighted average lease term for operating leases was 7.21 years and 6.78 years, respectively. Similarly, the weighted average discount rate for operating leases was 4.53% and 3.70%, respectively.

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- Definition The entire disclosure of information about leases. + References No definition available. + Details
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- References No definition available. + Details
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