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Leases
 12 Months Ended
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 EndedYear Ended
January 2, 2021December 28, 2019
Operating lease expense$45,362 $48,858 
Short-term lease costs25,868 18,163 
Total lease cost$71,230 $67,021 

Other information (in thousands, except lease terms and discount rates):
Year Ended
January 2, 2021December 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-current109,707 91,424 
Total operating lease liabilities$149,166 $129,229 
Weighted average remaining lease term - operating leases6.30 years6.46 years
Weighted average discount rate - operating leases4.22 %4.55 %

Future annual minimum lease payments and finance lease commitments as of January 2, 2021 were as follows (in thousands):
Period Ending FiscalOperating LeasesFinance Leases
2021$44,723 $952 
202233,145 858 
202328,182 637 
202421,551 486 
202512,912 345 
Thereafter27,168 598 
167,681 3,876 
Less amounts representing interest(18,515)(140)
Lease obligations included in current and long-term liabilities149,166 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 EndedYear Ended
January 2, 2021December 28, 2019
Operating lease expense$45,362 $48,858 
Short-term lease costs25,868 18,163 
Total lease cost$71,230 $67,021 

Other information (in thousands, except lease terms and discount rates):
Year Ended
January 2, 2021December 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-current109,707 91,424 
Total operating lease liabilities$149,166 $129,229 
Weighted average remaining lease term - operating leases6.30 years6.46 years
Weighted average discount rate - operating leases4.22 %4.55 %

Future annual minimum lease payments and finance lease commitments as of January 2, 2021 were as follows (in thousands):
Period Ending FiscalOperating LeasesFinance Leases
2021$44,723 $952 
202233,145 858 
202328,182 637 
202421,551 486 
202512,912 345 
Thereafter27,168 598 
167,681 3,876 
Less amounts representing interest(18,515)(140)
Lease obligations included in current and long-term liabilities149,166 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.