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LEASES (Tables) | 6 Months Ended
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Jun. 29, 2019
Leases [Abstract] |
Lease, Cost | The following components of lease expense are included in Selling, general and administrative expenses on the Company's consolidated statements of operations for the second quarter and two quarters of fiscal 2019:
|  | Fiscal quarter ended |  | Two fiscal quarters ended
(dollars in thousands) |  | June 29, 2019 |  | June 29, 2019
Operating lease cost |  | $ | 44,688 |  |  | $ | 87,907 |
Variable lease cost (*) |  | 14,753 |  |  | 31,201 |
Net lease cost |  | $ | 59,441 |  |  | $ | 119,108 |
(*) Includes short-term leases, which are immaterial.
Lessee, Operating Lease, Liability, Maturity | As of June 29, 2019, the maturities of lease liabilities were as follows:
(dollars in thousands) | Operating leases
Remainder of 2019 | $ | 95,860 |
2020 | 182,166 |
2021 | 164,884 |
2022 | 142,413 |
2023 | 117,871 |
After 2023 | 268,026 |
Total lease payments | $ | 971,220 |
Less: Interest | (127,851 | )
Present value of lease liabilities(*) | $ | 843,369 |
(*) As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. We used the incremental borrowing rate on December 30, 2018, for operating leases that commenced prior to that date.
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 29, 2018, the minimum annual rental commitments under current non-cancellable operating leases were as follows:
(dollars in thousands) | Operating leases
2019 | $ | 163,963 |
2020 | 150,010 |
2021 | 134,203 |
2022 | 116,773 |
2023 | 102,487 |
Thereafter | 235,731 |
Total | $ | 903,167 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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