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Leases | 12 Months Ended
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Jan. 02, 2021
Leases [Abstract] |
Leases | LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The Company adopted the new standard on December 30, 2018 using the modified retrospective approach and is using the effective date as the Company's date of initial application and consequently, financial information will not be updated and the disclosures required under the this ASU will not be provided for dates and periods before December 30, 2018. The Company has elected the package of expedients, which permits the Company not to reassess under the new standard the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The Company leases certain real and personal property under non-cancelable operating leases. In addition, the Company leases a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail. In addition, the Company's other variable lease payments are not significant. The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):
| Year Ended | Year Ended
| January 2, 2021 | December 28, 2019
Operating lease expense | $ | 45,362 |  | $ | 48,858 |
Short-term lease costs | 25,868 |  | 18,163 |
Total lease cost | $ | 71,230 |  | $ | 67,021 |
Other information (in thousands, except lease terms and discount rates):
| Year Ended
| January 2, 2021 | December 28, 2019
Cash paid for amounts included in the measurement lease liabilities |  |
Operating cash flows from operating leases | $ | 52,055 |  | $ | 47,691 |
Operating right-of-use assets, net | $ | 146,563 |  | $ | 124,726 |
Operating lease liabilities, current | $ | 39,459 |  | $ | 37,805 |
Operating lease liabilities, non-current | 109,707 |  | 91,424 |
Total operating lease liabilities | $ | 149,166 |  | $ | 129,229 |
Weighted average remaining lease term - operating leases | 6.30 years | 6.46 years
Weighted average discount rate - operating leases | 4.22 | % | 4.55 | %
Future annual minimum lease payments and finance lease commitments as of January 2, 2021 were as follows (in thousands):
Period Ending Fiscal | Operating Leases | Finance Leases
2021 | $ | 44,723 |  | $ | 952 |
2022 | 33,145 |  | 858 |
2023 | 28,182 |  | 637 |
2024 | 21,551 |  | 486 |
2025 | 12,912 |  | 345 |
Thereafter | 27,168 |  | 598 |
| 167,681 |  | 3,876 |
Less amounts representing interest | (18,515) |  | (140) |
Lease obligations included in current and long-term liabilities | 149,166 |  | 3,736 |
As of January 2, 2021, the Company also has additional operating leases that have not yet commenced, primarily for buildings and machinery and equipment, with fixed payments over their noncancellable terms of approximately $1.2 million. These operating leases will commence in 2021 with noncancellable terms of 5 years. Rent expense was approximately $51.8 million for the fiscal year ended December 29, 2018. The Company's finance lease assets are included in property, plant and equipment and the capital lease obligations are included in the Company's current and long-term debt obligations on the consolidated balance sheet.
Leases | LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The Company adopted the new standard on December 30, 2018 using the modified retrospective approach and is using the effective date as the Company's date of initial application and consequently, financial information will not be updated and the disclosures required under the this ASU will not be provided for dates and periods before December 30, 2018. The Company has elected the package of expedients, which permits the Company not to reassess under the new standard the Company's prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The Company leases certain real and personal property under non-cancelable operating leases. In addition, the Company leases a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail. In addition, the Company's other variable lease payments are not significant. The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):
| Year Ended | Year Ended
| January 2, 2021 | December 28, 2019
Operating lease expense | $ | 45,362 |  | $ | 48,858 |
Short-term lease costs | 25,868 |  | 18,163 |
Total lease cost | $ | 71,230 |  | $ | 67,021 |
Other information (in thousands, except lease terms and discount rates):
| Year Ended
| January 2, 2021 | December 28, 2019
Cash paid for amounts included in the measurement lease liabilities |  |
Operating cash flows from operating leases | $ | 52,055 |  | $ | 47,691 |
Operating right-of-use assets, net | $ | 146,563 |  | $ | 124,726 |
Operating lease liabilities, current | $ | 39,459 |  | $ | 37,805 |
Operating lease liabilities, non-current | 109,707 |  | 91,424 |
Total operating lease liabilities | $ | 149,166 |  | $ | 129,229 |
Weighted average remaining lease term - operating leases | 6.30 years | 6.46 years
Weighted average discount rate - operating leases | 4.22 | % | 4.55 | %
Future annual minimum lease payments and finance lease commitments as of January 2, 2021 were as follows (in thousands):
Period Ending Fiscal | Operating Leases | Finance Leases
2021 | $ | 44,723 |  | $ | 952 |
2022 | 33,145 |  | 858 |
2023 | 28,182 |  | 637 |
2024 | 21,551 |  | 486 |
2025 | 12,912 |  | 345 |
Thereafter | 27,168 |  | 598 |
| 167,681 |  | 3,876 |
Less amounts representing interest | (18,515) |  | (140) |
Lease obligations included in current and long-term liabilities | 149,166 |  | 3,736 |
As of January 2, 2021, the Company also has additional operating leases that have not yet commenced, primarily for buildings and machinery and equipment, with fixed payments over their noncancellable terms of approximately $1.2 million. These operating leases will commence in 2021 with noncancellable terms of 5 years. Rent expense was approximately $51.8 million for the fiscal year ended December 29, 2018. The Company's finance lease assets are included in property, plant and equipment and the capital lease obligations are included in the Company's current and long-term debt obligations on the consolidated balance sheet.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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