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Leases (Tables)

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Lease Cost

The components of lease expense were as follows:

	Three Months Ended								Six Months Ended
	June 27, 2020				June 29, 2019				June 27, 2020				June 29, 2019
	(In thousands)								(In thousands)
Operating lease cost:	$	2,977			$	2,991			$	6,098			$	6,135
Finance lease cost:
Amortization of right-of-use assets	$	3,513			$	3,220			$	6,878			$	6,117
Interest on lease liabilities	6,557				4,130				12,721				7,378
Total finance lease costs	$	10,070			$	7,350			$	19,599			$	13,495

Supplemental cash flow information related to leases was as follows:

	Three Months Ended								Six Months Ended
	June 27, 2020				June 29, 2019				June 27, 2020				June 29, 2019
	(In thousands)								(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,860			$	3,064			$	5,633			$	5,967
Operating cash flows from finance leases	6,557				3,236				12,721				6,484
Financing cash flows from finance leases	2,403				2,216				4,583				4,403
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—			$	—			$	—			$	—
Finance leases	—				3,462				—				4,250

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:

	June 27, 2020				December 28, 2019
	(In thousands)
Finance leases
Property and equipment	$	204,431			$	172,720
Accumulated depreciation	(51,255		)		(30,798		)
Property and equipment, net	$	153,176			$	141,922
Weighted Average Remaining Lease Term (in years)
Operating leases	11.66				11.71
Finance leases	16.58				17.12
Weighted Average Discount Rate
Operating leases	9.40		%		9.34		%
Finance leases	9.75		%		10.11		%

The major categories of our finance lease liabilities as of June 27, 2020 and December 28, 2019 are as follows:

	June 27, 2020				December 28, 2019
	(In thousands)
Equipment and vehicles	$	29,162			$	32,471
Real estate	243,418				165,540
Total finance leases	$	272,580			$	198,011

The following table presents our assets and liabilities related to our leases as of June 27, 2020 and December 28, 2019:

		June 27, 2020				December 28, 2019
		(In thousands)
Assets	Classification
Operating lease right-of-use assets	Operating lease right of use assets	$	50,802			$	54,408
Finance lease right-of-use assets (1)	Property and equipment, net	153,176				141,922
Total lease right-of-use assets		$	203,978			$	196,330
Liabilities
Current portion
Operating lease liabilities	Operating lease liabilities - short term	$	6,633			$	7,317
Finance lease liabilities	Finance lease liabilities - short term	5,958				6,486
Non-current portion
Operating lease liabilities	Operating lease liabilities - long term	44,169				47,091
Finance lease liabilities	Finance lease liabilities - long term	266,622				191,525
Total lease liabilities		$	323,382			$	252,419

⁽¹⁾ Finance lease right-of-use assets are presented net of accumulated amortization of $51.3 and $30.8 million as of June 27, 2020 and December 28, 2019, respectively.

Operating Lease Maturities

As of June 27, 2020, maturities of lease liabilities were as follows:

	Operating leases				Finance leases
	(In thousands)
2020	$	11,109			$	15,385
2021	8,821				29,150
2022	7,876				28,449
2023	6,794				28,121
2024	6,441				27,793
Thereafter	47,514				408,524
Total lease payments	$	88,555			$	537,422
Less: imputed interest	(37,753		)		(264,842		)
Total	$	50,802			$	272,580

On December 28, 2019, maturities of lease liabilities were as follows:

	Operating leases				Finance leases
	(In thousands)
2020	$	11,348			$	24,002
2021	10,111				23,052
2022	8,048				22,230
2023	7,330				21,854
2024	6,413				21,380
Thereafter	50,901				327,439
Total lease payments	$	94,151			$	439,957
Less: imputed interest	(39,743		)		(241,946		)
Total	$	54,408			$	198,011

Finance Lease Maturities

As of June 27, 2020, maturities of lease liabilities were as follows:

	Operating leases				Finance leases
	(In thousands)
2020	$	11,109			$	15,385
2021	8,821				29,150
2022	7,876				28,449
2023	6,794				28,121
2024	6,441				27,793
Thereafter	47,514				408,524
Total lease payments	$	88,555			$	537,422
Less: imputed interest	(37,753		)		(264,842		)
Total	$	50,802			$	272,580

On December 28, 2019, maturities of lease liabilities were as follows:

	Operating leases				Finance leases
	(In thousands)
2020	$	11,348			$	24,002
2021	10,111				23,052
2022	8,048				22,230
2023	7,330				21,854
2024	6,413				21,380
Thereafter	50,901				327,439
Total lease payments	$	94,151			$	439,957
Less: imputed interest	(39,743		)		(241,946		)
Total	$	54,408			$	198,011

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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=121609121&loc=SL77918701-209980

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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=121609121&loc=SL77918686-209980

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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=121609121&loc=SL77918701-209980

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