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Leases | 12 Months Ended
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Dec. 27, 2020
Leases [Abstract] |
Lessee, Operating and Finance Leases | Leases Adoption of FASB Accounting Standards Update ("ASU") 2016-02 On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) ("Topic 842") along with related clarifications and improvements using the modified retrospective approach without application to prior periods. This guidance requires the recognition of liabilities for lease obligations and corresponding right of use assets on the balance sheet and disclosure of key information about leasing arrangements. We applied the practical expedients that do not require us to reassess existing contracts for embedded leases, to separate leases and non-lease components for our population of real estate assets, or to reassess lease classification or initial direct costs. The effects of the changes made to our consolidated balance sheet as of December 30, 2018 as a result of the adoption of Topic 842 was as follows (in thousands):
| Balance at December 30, 2018 |  | Adjustments due to Topic 842 |  | Balance at December 30, 2018
Balance Sheet |  |  |  |  |
Non-current assets |  |  |  |  |
Right of use assets, net | $ | — |  |  | $ | 478,268 |  |  | $ | 478,268 |
Prepaid expenses and other current assets | 27,576 |  |  | (6,592) |  |  | 20,984 |
Current liabilities |  |  |  |  |
Current portion of lease obligations | 786 |  |  | 40,606 |  |  | 41,392 |
Non-current liabilities |  |  |  |  |
Deferred rent | 75,675 |  |  | (75,675) |  |  | — |
Long-term portion of lease obligations | 9,414 |  |  | 506,745 |  |  | 516,159 |
Stockholders' equity |  |  |  |  |
Retained earnings | $ | 376,341 |  |  | $ | (15,172) |  |  | $ | 361,169 |
Leases - Topic 842 Leases are included in right of use assets, net, current portion of lease obligations, and long-term portion of lease liabilities on our consolidated balance sheet as of December 27, 2020 and December 29, 2019 as follows (in thousands):
December 27, 2020 |  | Finance |  | Operating |  | Total
Right of use assets, net |  | $ | 9,644 |  |  | $ | 415,929 |  |  | $ | 425,573 |
Current portion of lease obligations |  | 1,078 |  |  | 54,197 |  |  | 55,275 |
Long-term portion of lease obligations |  | 10,937 |  |  | 454,296 |  |  | 465,233 |
Total |  | $ | 12,015 |  |  | $ | 508,493 |  |  | $ | 520,508 |
December 29, 2019 |  | Finance |  | Operating |  | Total
Right of use assets, net |  | $ | 7,552 |  |  | $ | 418,696 |  |  | $ | 426,248 |
Current portion of lease obligations |  | 725 |  |  | 41,974 |  |  | 42,699 |
Long-term portion of lease obligations |  | 8,822 |  |  | 456,613 |  |  | 465,435 |
Total |  | $ | 9,547 |  |  | $ | 498,587 |  |  | $ | 508,134 |
The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in Occupancy on our consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | Year Ended |  |
|  | December 27, 2020 |  | December 29, 2019 |  |
Operating lease cost |  | $ | 67,320 |  |  | $ | 75,496 |  |  |
Finance lease cost: |  |  |  |  |  |
Amortization of right of use assets |  | 845 |  |  | 793 |  |  |
Interest on lease liabilities |  | 534 |  |  | 544 |  |  |
Total finance lease cost |  | $ | 1,379 |  |  | $ | 1,337 |  |  |
Variable lease cost |  | 24,482 |  |  | 29,300 |  |  |
Total lease costs |  | $ | 93,181 |  |  | $ | 106,133 |  |  |
Maturities of our lease liabilities as of December 27, 2020 were as follows (in thousands):
| Finance Leases |  | Operating Leases |  | Total
2021 | $ | 1,581 |  |  | $ | 86,111 |  |  | $ | 87,692 |
2022 | 1,314 |  |  | 75,885 |  |  | 77,199 |
2023 | 1,244 |  |  | 73,457 |  |  | 74,701 |
2024 | 1,264 |  |  | 71,368 |  |  | 72,632 |
2025 | 1,283 |  |  | 66,520 |  |  | 67,803 |
Thereafter | 8,793 |  |  | 346,676 |  |  | 355,469 |
Total future lease liability | $ | 15,479 |  |  | $ | 720,017 |  |  | $ | 735,496 |
Less imputed interest | 3,464 |  |  | 211,524 |  |  | 214,988 |
Present value of lease liability | $ | 12,015 |  |  | $ | 508,493 |  |  | $ | 520,508 |
Supplemental cash flow information in thousands (except other information) related to leases is as follows:
|  | Year Ended
|  | December 27, 2020 |  | December 29, 2019
Cash flows from operating activities |  |  |  |
Cash paid related to lease liabilities |  |  |  |
Operating leases |  | $ | 47,164 |  |  | $ | 78,260 |
Finance leases |  | 534 |  |  | 512 |
Cash flows from financing activities |  |  |  |
Cash paid related to lease liabilities |  |  |  |
Finance leases |  | 270 |  |  | 817 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 47,968 |  |  | $ | 79,589 |
Right of use assets obtained in exchange for operating lease obligations |  | $ | 56,014 |  |  | $ | 12,580 |
Right of use assets obtained in exchange for finance lease obligations |  | $ | 2,918 |  |  | $ | 1,606 |
Other information related to operating leases as follows: |  |  |  |
Weighted average remaining lease term |  | 10.24 years |  | 10.70 years
Weighted average discount rate |  | 6.90 | % |  | 7.38 | %
Other information related to financing leases as follows: |  |  |  |
Weighted average remaining lease term |  | 11.76 years |  | 12.37 years
Weighted average discount rate |  | 4.56 | % |  | 4.90 | %

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