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LEASES | 9 Months Ended
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Oct. 01, 2023
Leases [Abstract] |
LEASES | LEASES Lease expense, supplemental cash flow information, and other information related to leases were as follows:
|  | Third Quarter Ended |  | Nine Months Ended
($ in thousands) |  | October 1, 2023 |  | September 25, 2022 |  | October 1, 2023 |  | September 25, 2022
Operating lease cost |  | $ | 14,350 |  |  | $ | 12,801 |  |  | $ | 41,602 |  |  | $ | 37,528 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 14,253 |  |  | $ | 12,673 |  |  | $ | 41,286 |  |  | $ | 36,909 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 14,078 |  |  | $ | 10,297 |  |  | $ | 45,420 |  |  | $ | 40,029 |
Balance sheet information related to leases was as follows:
($ in thousands, except lease term and discount rate) |  | October 1, 2023 |  | December 31, 2022
Assets |  |  |  |
Operating lease right-of-use assets |  | $ | 170,128 |  |  | $ | 163,674 |
Liabilities |  |  |  |
Operating lease liabilities, current portion |  | $ | 47,262 |  |  | $ | 44,235 |
Long-term operating lease liabilities |  | 126,231 |  |  | 122,471 |
Total lease liabilities |  | $ | 173,493 |  |  | $ | 166,706 |
Weighted average remaining lease term, operating leases (in years) |  | 4.8 |  | 5.1
Weighted average discount rate, operating leases |  | 5.1 | % |  | 4.4 | %
Maturities of lease liabilities were as follows at October 1, 2023:
($ in thousands) |
2023 (excluding the nine months ended October 1, 2023) | $ | 14,289 |
2024 | 52,997 |
2025 | 43,322 |
2026 | 32,346 |
2027 | 19,684 |
Thereafter | 35,136 |
Total lease payments | 197,774 |
Less imputed interest | (24,281) |
Total | $ | 173,493 |
As of October 1, 2023, outstanding leases have remaining lease terms ranging from one year to 16 years. The Company has additional operating leases that have not yet commenced as of October 1, 2023 and, therefore, were not included as operating right-of-use assets and corresponding operating lease liabilities on our condensed consolidated balance sheet at October 1, 2023. These operating leases are anticipated to commence in the first quarter of fiscal 2024 with lease terms of five years. The estimated fair value of these operating lease right-of-use assets and corresponding operating lease liabilities to be recorded on our balance sheet upon lease commencement is approximately $2.8 million.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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