A lease is defined as an arrangement that contractually specifies the right to use and control an identified asset for a specific period of time in exchange for consideration. Operating leases are included in operating lease assets, portion of operating lease liabilities due within one year, and long-term operating lease liabilities in the Company’s consolidated balance sheets. Finance leases are included in property and equipment, net, other accrued liabilities, and other long-term liabilities in the Company’s consolidated balance sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, using the Company’s incremental borrowing rate commensurate with the lease term, since the Company’s lessors do not provide an implicit rate, nor is one readily available. The incremental borrowing rate is calculated based on the Company’s credit yield curve and adjusted for collateralization, credit quality and economic environment impact, all where applicable. The lease asset includes scheduled lease payments and excludes lease incentives, such as free rent periods and tenant improvement allowances. The Company has certain leases that may include an option to renew and when it is reasonably probable to exercise such option, the Company will include the renewal option terms in determining the lease asset and lease liability. The Company does not have any renewal options that would have a material impact on the terms of the leases and that are also reasonably expected to be exercised as of June 27, 2020. A lease may contain both fixed and variable payments. Variable lease payments that are linked to an index or rate are measured based on the current index or rate at the implementation of the lease accounting standard, or lease commencement date for new leases, with the impact of future changes in the index or rate being recorded as a period expense. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company’s operating and finance leases are primarily for its studios, corporate offices, data centers and certain equipment, including automobiles.

At June 27, 2020 and December 28, 2019, the Company’s lease assets and lease liabilities were as follows:

	June 27, 2020		December 28, 2019
Assets:
Operating lease assets	$	140,723	$	151,983
Finance lease assets		268		259
Total leased assets	$	140,991	$	152,242

Liabilities:
Current
Operating	$	37,829	$	33,236
Finance		132		126
Noncurrent
Operating	$	117,254	$	128,464
Finance		90		96
Total lease liabilities	$	155,305	$	161,922

For the three and six months ended June 27, 2020 and June 29, 2019, the components of the Company’s lease expense were as follows:

	Three Months Ended					Six Months Ended
	June 27,			June 29,		June 27,			June 29,
	2020			2019		2020			2019
Operating lease cost:
Fixed lease cost	$	12,499		$	12,363	$	25,140		$	25,735
Variable lease cost		(15	)		0		(4	)		0
Total operating lease cost	$	12,484		$	12,363	$	25,136		$	25,735
Finance lease cost:
Amortization of leased assets		41			138		106			218
Interest on lease liabilities		3			5		6			13
Total finance lease cost	$	44		$	143	$	112			231
Total lease cost	$	12,528		$	12,506	$	25,248		$	25,966

At June 27, 2020 and December 28, 2019, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:

	June 27, 2020		December 28, 2019
Weighted Average Remaining Lease Term (years)
Operating leases		6.91		7.06
Finance leases		2.40		2.43

Weighted Average Discount Rate
Operating leases		6.94		7.02
Finance leases		5.60		5.97

The Company’s leases have remaining lease terms of 0 to 12 years with a weighted average lease term of 6.91 years as of June 27, 2020.

At June 27, 2020, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:

	Operating Leases		Finance Leases		Total
Remainder of fiscal 2020	$	24,854	$	69	$	24,923
2021		41,038		84		41,122
2022		29,712		55		29,767
2023		21,542		24		21,566
2024		16,169		5		16,174
Thereafter		65,826		0		65,826
Total lease payments	$	199,141	$	237	$	199,378
Less imputed interest		44,058		15		44,073
Present value of lease liabilities	$	155,083	$	222	$	155,305

Supplemental cash flow information related to leases for the six months ended June 27, 2020 and June 29, 2019 were as follows:

	Six Months Ended
	June 27,		June 29,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	24,997	$	25,738
Operating cash flows from finance leases	$	6	$	13
Financing cash flows from finance leases	$	106	$	218

Leased assets obtained in exchange for new operating lease liabilities	$	8,881	$	12,084
Leased assets obtained in exchange for new finance lease liabilities	$	118	$	92