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Leases

9 Months Ended

Oct. 01, 2019

5. Leases

Components of lease expense were as follows (in thousands):


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	October 1, 2019		October 1, 2019
Operating	$	26,270	$	77,875
Variable		15,768		48,529
Short-term		81		234
Total	$	42,119	$	126,638

Rent expense on all operating leases (under ASC 840) was as follows (in thousands):


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	October 2, 2018		October 2, 2018
Straight-lined minimum base rent	$	21,078	$	62,051
Contingent rent		4,980		15,187
Common area maintenance and taxes		10,110		29,948
Total	$	36,168	$	107,186

Supplemental cash flow information related to leases (in thousands, except percentages):


	Thirty-Nine Weeks Ended
	October 1, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	73,163
Right-of-use assets obtained in exchange for new operating lease liabilities		35,271
Weighted-average remaining lease term — operating leases (in years)		17.1
Weighted-average discount rate — operating leases		5.3	%

As of October 1, 2019, the maturities of our operating lease liabilities are as follows (in thousands):


2019	$	18,474
2020		100,442
2021		98,794
2022		97,528
2023		96,003
Thereafter		1,230,956
Total future lease payments	$	1,642,197
Less: Interest		592,538
Present value of lease liabilities	$	1,049,659

As of January 1, 2019, the aggregate minimum annual lease payments under operating leases (under ASC 840), including amounts characterized as deemed landlord financing payments, were as follows (in thousands):


2019	$	93,792
2020		91,808
2021		88,829
2022		86,925
2023		81,929
Thereafter		495,091
Total	$	938,374

During the first three quarters of fiscal 2019, five leases were executed; three have initial terms of 20 years plus two five-year renewal options, one has an initial term of 10 years and four five-year renewal options and one has a term of 20 years. All but one include allowances for tenant improvements. Four of these leases commenced in the third quarter of fiscal 2019, two with reasonably certain lease terms of 20 years and two with reasonably certain lease terms of 30 years. The remaining lease is expected to commence in the fourth quarter of fiscal 2019 with undiscounted fixed payments over the initial term of $14.1 million. We will assess the reasonably certain lease term at lease commencement.