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LEASES (Tables)

9 Months Ended

Sep. 26, 2020

Lease Cost and Supplementary Information

The following components of lease expense are included in Selling, general and administrative expenses on the Company's consolidated statements of operations for the third quarter and first three quarters of fiscal 2020 and 2019:



	Fiscal quarter ended				Three fiscal quarters ended
(dollars in thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Operating lease cost	$	44,230	$	45,584	$	136,180	$	133,491
Variable lease cost ^(*)	19,635		15,492		55,139		46,692
Net lease cost	$	63,865	$	61,076	$	191,319	$	180,183


(*)	Includes operating lease asset impairment charges, and short-term leases which are immaterial.

Supplemental balance sheet information related to leases was as follows:



	Fiscal quarter ended
	September 26, 2020	September 28, 2019
Weighted average remaining operating lease term (years)	5.6	6.1
Weighted average discount rate for operating leases	3.71%	4.39%

Lessee, Operating Lease, Liability, Maturity

As of September 26, 2020, the maturities of lease liabilities were as follows:



(dollars in thousands)	Operating leases
Remainder of 2020	$	48,575
2021	194,335
2022	158,594
2023	130,414
2024	105,059
2025	76,501
After 2025	128,220
Total lease payments	$	841,698
Less: Interest	(82,235		)
Present value of lease liabilities^(*)	$	759,463

(*)

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.