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LEASES (Tables)
 12 Months Ended
Jan. 01, 2022
Leases [Abstract]  
Lease Expense
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, 2022January 2, 2021December 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 Information
Supplemental balance sheet information related to leases was as follows:
January 1, 2022January 2, 2021
Weighted average remaining operating lease term (years)4.95.4
Weighted average discount rate for operating leases3.26%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.
Lessee, Operating Lease, Liability, Maturity
As of January 1, 2022, the maturities of lease liabilities were as follows:
(dollars in thousands)Operating leases
2022$164,338 
2023141,248 
2024113,584 
202581,206 
202657,194 
After 202682,197 
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.