Leases

12 Months Ended

Jan. 02, 2021

Note 14.

Leases

Qualitative disclosures about our leases, including the significant policy elections, can be found in Note 2, Summary of Significant Accounting Policies. The quantitative disclosures are presented below.

Lease costs incurred by lease type, and/or type of payment for Fiscal 2020 and Fiscal 2019 were as follows (in thousands):

	Fiscal 2020		Fiscal 2019
Lease cost:
Amortization of right-of-use assets	$	7,190	$	7,014
Interest on lease liabilities		846		994
Operating lease cost		69,926		69,525
Short-term lease cost		3,058		2,630
Variable lease cost		24,815		26,359
Total lease cost	$	105,835	$	106,522

Other supplemental quantitative disclosures as of, and for, Fiscal 2020 and Fiscal 2019 were as follows (in thousands):

	Fiscal 2020		Fiscal 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from financing leases	$	846	$	994
Operating cash flows from operating leases	$	74,226	$	67,694
Financing cash flows from financing leases	$	6,715	$	5,937
Right-of-use assets obtained in exchange for new financing lease liabilities	$	79	$	9,854
Right-of-use assets obtained in exchange for new operating lease liabilities	$	16,022	$	44,585
Weighted-average remaining lease term (years):
Financing leases		3.1		3.6
Operating leases		9.4		9.9
Weighted-average IBR (percentage):
Financing leases		3.5		3.6
Operating leases		4.1		4.2

Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of January 2, 2021 (in thousands) were as follows:

	Operating lease liabilities			Financing lease liabilities
2021	$	63,044		$	1,907
2022		51,862			1,748
2023		46,682			1,887
2024		39,006			99
2025		37,061			3
Thereafter		177,081			—
Total minimum lease payments		414,736			5,644
Less: amount of lease payments representing interest		(74,333	)		(285	)
Present value of future minimum lease payments		340,403			5,359
Less: current obligations under leases		(50,139	)		(1,769	)
Long-term lease obligations	$	290,264		$	3,590

The following table details lease modifications and renewals and lease impairments (amounts in thousands):

	Fiscal 2020		Fiscal 2019
Lease modifications and renewals	$	13,818	$	10,912
Lease impairments	$	11,400	$	—
Lease terminations	$	14,817	$	1,248

Lease disclosures prior to adoption of the new standard

Rent expense for all operating leases for fiscal 2018 was as follows (amounts in thousands):

		Rent expense
Fiscal 2018		$	90,660