LEASES |
Lease expense, supplemental cash flow information, and other information related to leases were as follows:
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Second Quarter Ended |
(thousands) |
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June 26, 2022 |
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June 27, 2021 |
Operating lease cost |
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$ |
12,563
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$ |
10,353 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows for operating leases |
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$ |
12,308
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$ |
10,117 |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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$ |
6,007
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$ |
24,806 |
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Six Months Ended |
(thousands) |
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June 26, 2022 |
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June 27, 2021 |
Operating lease cost |
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$ |
24,727
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$ |
19,938 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows for operating leases |
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$ |
24,235
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$ |
19,504 |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
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$ |
29,732
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$ |
39,991 |
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Balance sheet information related to leases was as follows:
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(thousands, except lease term and discount rate) |
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June 26, 2022 |
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December 31, 2021 |
Assets |
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Operating lease right-of-use assets |
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$ |
165,631
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$ |
158,183 |
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Liabilities |
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Operating lease liabilities, current portion |
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$ |
43,211
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$ |
40,301 |
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Long-term operating lease liabilities |
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125,198
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|
120,161 |
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Total lease liabilities |
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$ |
168,409
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$ |
160,462 |
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Weighted average remaining lease term, operating leases (in years) |
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5.2 |
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5.1 |
Weighted average discount rate, operating leases |
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3.8
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% |
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3.8 |
% |
Maturities of lease liabilities were as follows at June 26, 2022:
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(thousands) |
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2022 (excluding the six months ended June 26, 2022) |
$ |
24,868
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2023 |
46,133
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2024 |
38,068
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2025 |
28,319
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2026 |
18,379
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Thereafter |
31,741
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Total lease payments |
187,508
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Less imputed interest |
(19,099) |
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Total |
$ |
168,409
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As of June 26, 2022, outstanding leases have remaining lease terms ranging from 1 year to 17 years.
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