Lease Commitments (Tables)

6 Months Ended

Jul. 04, 2021

In accordance with ASC 842, the components of lease expense were as follows:

	13 Weeks Ended					26 Weeks Ended
	July 4, 2021		June 28, 2020			July 4, 2021			June 28, 2020
	(In thousands)
Lease expense:
Amortization of right-of-use assets	$	720	$	689		$	1,369		$	1,411
Interest on lease liabilities		62		78			121			167
Finance lease expense		782		767			1,490			1,578
Operating lease expense		20,384		20,318			40,720			40,604
Variable lease expense		4,711		1,465			9,203			5,981
Sublease income		—		(293	)		(78	)		(586	)
Total lease expense	$	25,877	$	22,257		$	51,335		$	47,577

In accordance with ASC 842, other information related to leases was as follows:

	26 Weeks Ended
	July 4, 2021			June 28, 2020
	(In thousands)
Operating cash flows from operating leases	$	43,168		$	37,354
Financing cash flows from finance leases		1,559			1,409
Operating cash flows from finance leases		134			167
Cash paid for amounts included in the measurement of lease liabilities	$	44,861		$	38,930

Right-of-use assets obtained in exchange for new finance lease liabilities	$	4,652		$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	32,529		$	39,986
Weighted-average remaining lease term—finance leases	3.5 years			2.8 years
Weighted-average remaining lease term—operating leases	4.8 years			5.2 years
Weighted-average discount rate—finance leases		3.4	%		4.7	%
Weighted-average discount rate—operating leases		5.6	%		6.4	%

In accordance with ASC 842, maturities of finance and operating lease liabilities as of July 4, 2021 were as follows:

Year Ending:	Finance Leases			Operating Leases
	(In thousands)
2021 (remaining six months)	$	1,952		$	43,414
2022		2,640			81,263
2023		1,772			64,547
2024		900			55,741
2025		434			39,378
Thereafter		388			47,108
Undiscounted cash flows	$	8,086		$	331,451
Reconciliation of lease liabilities:
Weighted-average remaining lease term	3.5 years			4.8 years
Weighted-average discount rate		3.4	%		5.6	%
Present values	$	7,683		$	290,338
Lease liabilities - current		2,847			74,382
Lease liabilities - long-term		4,836			215,956
Lease liabilities - total	$	7,683		$	290,338
Difference between undiscounted and discounted cash flows	$	403		$	41,113