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LEASES (Tables)
 6 Months Ended
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 endedTwo fiscal quarters ended
(dollars in thousands)July 2, 2022July 3, 2021July 2, 2022July 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 
2023148,893 
2024120,016 
202585,642 
202661,239 
202739,305 
After 202751,565 
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.