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LEASES (Tables) | 6 Months Ended
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Jul. 02, 2022
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 2022 and 2021:
|  | Fiscal quarter ended |  | Two fiscal quarters ended
(dollars in thousands) |  | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Operating lease cost |  | $ | 39,169 |  |  | $ | 42,100 |  |  | $ | 78,626 |  |  | $ | 84,798 |
Variable lease cost(*) |  | 17,173 |  |  | 16,276 |  |  | 34,241 |  |  | 32,674 |
Net lease cost |  | $ | 56,342 |  |  | $ | 58,376 |  |  | $ | 112,867 |  |  | $ | 117,472 |
(*)Includes short-term leases, which are not material, and operating lease asset impairment charges.
Lessee, Operating Lease, Liability, Maturity | As of July 2, 2022, the maturities of lease liabilities were as follows:
(dollars in thousands) | Operating leases |  |  |  |
Remainder of 2022 | $ | 81,872 |  |  |  |  |
2023 | 148,893 |  |  |  |  |
2024 | 120,016 |  |  |  |  |
2025 | 85,642 |  |  |  |  |
2026 | 61,239 |  |  |  |  |
2027 | 39,305 |  |  |  |  |
After 2027 | 51,565 |  |  |  |  |
Total lease payments | $ | 588,532 |  |  |  |  |
Less: Interest | (45,505) |  |  |  |  |
Present value of lease liabilities(*) | $ | 543,027 |  |  |  |  |
(*)As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate is applied based on information available at commencement date to determine the present value of lease payments.

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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=123408670&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=123408670&loc=SL77918701-209980 + Details
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