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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Workers’ compensation commitments We have provided our insurance carriers and certain states with commitments in the form and amounts listed below:
(in thousands) | March 31, 2019 | December 30, 2018
Cash collateral held by workers’ compensation insurance carriers | $ | 22,800 |  | $ | 22,264 |
Cash and cash equivalents held in Trust | 30,354 |  | 28,021 |
Investments held in Trust | 147,649 |  | 156,618 |
Letters of credit (1) | 6,677 |  | 6,691 |
Surety bonds (2) | 21,881 |  | 21,881 |
Total collateral commitments | $ | 229,361 |  | $ | 235,475 |
(1) | We have agreements with certain financial institutions to issue letters of credit as collateral.
(2) | Our surety bonds are issued by independent insurance companies on our behalf and bear annual fees based on a percentage of the bond, which are determined by each independent surety carrier. These fees do not exceed 2.0% of the bond amount, subject to a minimum charge. The terms of these bonds are subject to review and renewal every one to four years and most bonds can be canceled by the sureties with as little as 60 days’ notice.
Legal contingencies and developments We are involved in various proceedings arising in the normal course of conducting business. We believe the liabilities included in our financial statements reflect the probable loss that can be reasonably estimated. The resolution of those proceedings is not expected to have a material effect on our results of operations or financial condition. Operating leases We have contractual commitments in the form of operating leases related to office space, vehicles and equipment. Our leases have remaining terms of up to 14 years. Most leases include one or more options to renew, which can extend the lease term up to 10 years. The exercise of lease renewal options are at our sole discretion. Typically, at the commencement of a lease, we are not reasonably certain we will exercise renewal options, and accordingly they are not considered in determining the initial lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We rent or sublease real estate to third parties in limited circumstances. Operating lease costs were comprised of the following:
| Thirteen weeks ended
(in thousands) | March 31, 2019
Operating lease costs | $ | 4,272 |
Short-term lease costs | 1,890 |
Other lease costs (1) | 1,486 |
Total lease costs | $ | 7,648 |
(1) | Other lease costs include immaterial variable lease costs and sublease income.
Other information related to our operating leases was as follows:
| Thirteen weeks ended
| March 31, 2019
Weighted average remaining lease term in years | 3.5
Weighted average discount rate | 5.1%
Future non-cancelable minimum lease payments under our operating lease commitments as of March 31, 2019, are as follows for each of the next five years and thereafter:
(in thousands) |
Remainder of 2019 | $ | 12,680 |
2020 | 14,209 |
2021 | 10,045 |
2022 | 5,298 |
2023 | 3,045 |
2024 | 853 |
Thereafter | 1,374 |
Total undiscounted future non-cancelable minimum lease payments (1) | 47,504 |
Less: Imputed interest (2) | 6,143 |
Present value of lease liabilities | $ | 41,361 |
(1) | Operating lease payments exclude approximately $2 million of legally binding minimum lease payments for leases signed but not yet commenced.
(2) | Amount necessary to reduce net minimum lease payments to present value calculated using our incremental borrowing rates, which are consistent with the lease terms at adoption date (for those leases in existence as of the adoption date of the new lease standard) or lease inception (for those leases entered into after the adoption date).
Future non-cancelable minimum lease payments under our operating lease commitments as of December 30, 2018 were as follows for each of the next five years and thereafter:
(in thousands) |
2019 | $ | 8,337 |
2020 | 7,192 |
2021 | 4,990 |
2022 | 2,442 |
2023 | 1,324 |
Thereafter | 699 |
Total future non-cancelable minimum lease payments | $ | 24,984 |

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