Leases (Tables)

12 Months Ended

Jan. 02, 2021

The components of lease cost were as follows:

	2020			2019
(In thousands)	(53 Weeks)			(52 Weeks)
Operating lease cost	$	55,955		$	54,798
Short-term lease cost		8,698			7,131
Finance lease cost
Amortization of assets		4,045			3,330
Interest on lease liabilities		3,194			3,084
Variable rent		333			10
Sublease income		(3,994	)		(4,014	)
Total net lease cost	$	68,231		$	64,339

Supplemental balance sheet information related to leases was as follows:

	January 2,			December 28,
(In thousands)	2021			2019
Operating leases:
Operating lease assets	$	289,173		$	268,982

Current portion of operating lease liabilities	$	45,786		$	42,440
Noncurrent operating lease liabilities		278,859			267,350
Total operating lease liabilities	$	324,645		$	309,790
Finance leases:
Property and equipment, at cost	$	53,932		$	67,206
Accumulated amortization		(14,971	)		(27,131	)
Property and equipment, net	$	38,961		$	40,075

Current portion of finance lease liabilities	$	4,030		$	4,401
Noncurrent finance lease liabilities		39,602			40,565
Total finance lease liabilities	$	43,632		$	44,966

Weighted average remaining lease term (in years):
Operating leases		8.4			8.9
Finance leases		11.3			9.9

Weighted average discount rate:
Operating leases		5.5	%		5.7	%
Finance leases		7.3	%		7.0	%

Supplemental cash flow and other information related to leases was as follows:

	2020		2019
(In thousands)	(53 Weeks)		(52 Weeks)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	62,008	$	62,455
Operating cash flows used for finance leases		3,173		3,047
Financing cash flows used for finance leases		4,075		5,453

Lease assets obtained in exchange for lease liabilities:
Total operating lease liabilities		62,500		34,346
Total finance lease liabilities		3,602		3,679

The Company’s total future lease commitments under operating and finance leases in effect at January 2, 2021 are as follows:

	Operating		Finance
(In thousands)	Leases		Leases		Total
2021	$	61,536	$	6,973	$	68,509
2022		55,883		6,390		62,273
2023		50,805		6,010		56,815
2024		43,708		5,648		49,356
2025		39,220		5,489		44,709
Thereafter		156,182		33,338		189,520
Total		407,334		63,848		471,182
Less interest		82,689		20,216		102,905
Present value of lease liabilities		324,645		43,632		368,277
Less current portion		45,786		4,030		49,816
Long-term lease liabilities	$	278,859	$	39,602	$	318,461

Owned assets, included in property and equipment, which are leased to others are as follows:

	January 2,		December 28,
(In thousands)	2021		2019
Land and improvements	$	7,141	$	7,077
Buildings		27,864		29,287
Owned assets leased to others		35,005		36,364
Less accumulated amortization and depreciation		11,190		10,895
Net owned assets leased to others	$	23,815	$	25,469

Future minimum rentals to be received under leases in effect at January 2, 2021 are as follows: