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LEASES | 12 Months Ended
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Jan. 01, 2022
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for retail stores, distribution centers, corporate offices, data centers, and certain equipment. The Company’s leases generally have initial terms ranging from 1 year to 10 years, some of which may include options to extend the leases for up to 5 years, and some of which may include options to early terminate the lease. As of the periods presented, the Company’s finance leases were not material to the consolidated balance sheets, consolidated statements of operations, or statement of cash flows. The following components of lease expense are included in SG&A expenses on the Company’s consolidated statements of operations for the fiscal periods indicated:
|  | For the fiscal year ended |  |  |  |
(dollars in thousands) |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019 |  |  |  |
Operating lease cost |  | $ | 166,481 |  |  | $ | 180,056 |  |  | $ | 179,982 |  |  |  |  |
Variable lease cost(*) |  | 64,410 |  |  | 71,971 |  |  | 63,043 |  |  |  |  |
Net lease cost |  | $ | 230,891 |  |  | $ | 252,027 |  |  | $ | 243,025 |  |  |  |  |
(*)Includes short-term leases, which are not material, and operating lease impairment charges. Supplemental balance sheet information related to leases was as follows:
|  | January 1, 2022 |  | January 2, 2021
Weighted average remaining operating lease term (years) |  | 4.9 |  | 5.4
Weighted average discount rate for operating leases |  | 3.26% |  | 3.33%
Cash paid for amounts included in the measurement of operating lease liabilities in fiscal 2021 and fiscal 2020 was $209.1 million and $161.7 million, respectively. Operating lease assets obtained in exchange for operating lease liabilities in fiscal 2021 and fiscal 2020 were $39.6 million and $62.6 million, respectively. As of January 1, 2022, the maturities of lease liabilities were as follows:
(dollars in thousands) | Operating leases |  |  |  |
2022 | $ | 164,338 |  |  |  |  |
2023 | 141,248 |  |  |  |  |
2024 | 113,584 |  |  |  |  |
2025 | 81,206 |  |  |  |  |
2026 | 57,194 |  |  |  |  |
After 2026 | 82,197 |  |  |  |  |
Total lease payments | $ | 639,767 |  |  |  |  |
Less: Interest | (50,369) |  |  |  |  |
Present value of lease liabilities(*) | $ | 589,398 |  |  |  |  |
(*)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. As of January 1, 2022, the minimum rental commitments for additional operating lease contracts, primarily for retail stores, that have not yet commenced are $6.8 million. These operating leases will commence between fiscal year 2022 and fiscal year 2023 with lease terms of 3 years to 10 years.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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