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LEASES (Tables)
 6 Months Ended
Jul. 03, 2021
Leases [Abstract]  
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 second quarter and first two quarters of fiscal 2021 and 2020:
Fiscal quarter endedTwo fiscal quarters ended
(dollars in thousands)July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Operating lease cost$42,100 $45,527 $84,798 $91,950 
Variable lease cost (*)
16,276 19,219 32,674 35,504 
Net lease cost$58,376 $64,746 $117,472 $127,454 
(*)Includes short-term leases, which are not material, and operating lease asset impairment charges.
Supplemental balance sheet information related to leases was as follows:
Fiscal quarter ended
July 3, 2021June 27, 2020
Weighted average remaining operating lease term (years)5.25.7
Weighted average discount rate for operating leases3.30%3.95%
Lessee, Operating Lease, Liability, Maturity
As of July 3, 2021, the maturities of lease liabilities were as follows:
(dollars in thousands)Operating leases
Remainder of 2021$93,535 
2022159,881 
2023132,257 
2024105,945 
202576,952 
202654,170 
After 202678,074 
Total lease payments$700,814 
Less: Interest(57,663)
Present value of lease liabilities(*)$643,151 
(*)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.