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Leases (Tables)

12 Months Ended

Jan. 02, 2021

Leases included in the Condensed Consolidated Balance Sheets

Leases included in the Consolidated Balance Sheets consisted of the following (in thousands):


Classification	January 2, 2021		December 28, 2019
Assets
Right-of-use operating leases	$	70,219	$	72,883
Right-of-use finance leases	6,095		2,129
Total Right-of-use operating / finance leases	$	76,314	$	75,012

Liabilities
Current lease obligations - operating	$	19,970	$	22,219
Current lease obligations - finance	1,589		563
Total Current lease obligations - operating / finance	21,559		22,782

Long-term lease obligations - operating	53,249		58,233
Long-term lease obligations - finance	4,516		1,581
Total Long-term lease obligations - operating / finance	57,765		59,814

Total lease obligations - operating / finance	$	79,324	$	82,596

Lease Costs Included in the Condensed Consolidated Statements on Comprehensive Income

Lease costs included in the Consolidated Statements of Comprehensive Income consisted of the following (in thousands):


	Classification	2020		2019
Operating lease costs
Fixed	Cost of sales	$	1,819	$	1,803
	Selling and administrative expenses	25,357		24,149
Short-term / variable	Cost of sales	434		700
	Selling and administrative expenses	1,772		1,140
Finance lease costs
Amortization	Cost of sales, selling and administrative, and interest expense	738		480
Less: Sublease income		130		181
Total lease costs		$	29,990	$	28,091

The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities (in thousands):


	2020		2019
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases	$	31,461	$	26,446
Financing cash flows from finance leases	$	674	$	419
Leased assets obtained in exchange for new operating / finance lease liabilities	$	27,260	$	25,268

Maturities of Finance Lease Liabilities

Maturity of lease liabilities as of January 2, 2021 is as follows (in thousands):


	Operating Leases (a)		Finance Leases (b)		Total
2021	$	22,292	$	1,696	$	23,988
2022	16,513		1,482		17,995
2023	12,986		1,387		14,373
2024	8,912		1,047		9,959
2025	7,485		737		8,222
Thereafter	12,403		—		12,403
Total lease payments	80,591		6,349		86,940
Less: Interest	7,372		244		7,616
Present value of lease liabilities	$	73,219	$	6,105	$	79,324

(a)At this time there are no operating lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has no legally binding minimum lease payments for operating leases signed but not yet commenced.

(b)At this time there are no finance lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $4.6 million of legally binding minimum lease payments for finance leases signed but not yet commenced, which are excluded from finance lease liabilities.

Maturities of Operating Lease Liabilities

Maturity of lease liabilities as of January 2, 2021 is as follows (in thousands):


	Operating Leases (a)		Finance Leases (b)		Total
2021	$	22,292	$	1,696	$	23,988
2022	16,513		1,482		17,995
2023	12,986		1,387		14,373
2024	8,912		1,047		9,959
2025	7,485		737		8,222
Thereafter	12,403		—		12,403
Total lease payments	80,591		6,349		86,940
Less: Interest	7,372		244		7,616
Present value of lease liabilities	$	73,219	$	6,105	$	79,324

Weighted Average Lease Terms and Discount Rates, Lessee

The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of January 2, 2021:


	Weighted-Average Discount Rate (percent)		Weighted-Average Remaining Lease Term (years)
Operating leases	3.5	%	4.9
Finance leases	1.9	%	4.3