LEASES |
Lease expense, supplemental cash flow information, and other information related to leases were as follows:
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First Quarter Ended |
(thousands) |
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March 28, 2021 |
|
March 29, 2020 |
Operating lease cost |
|
$ |
9,585
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|
|
$ |
8,176 |
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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 |
|
$ |
9,387
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|
|
$ |
8,084 |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
|
$ |
15,185
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|
|
$ |
12,428 |
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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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March 28, 2021 |
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December 31, 2020 |
Assets |
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Operating lease right-of-use assets |
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$ |
124,384
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|
|
$ |
117,816 |
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Liabilities |
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Operating lease liabilities, current portion |
|
$ |
32,513
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|
|
$ |
30,901 |
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Long-term operating lease liabilities |
|
93,327
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|
|
88,175 |
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Total lease liabilities |
|
$ |
125,840
|
|
|
$ |
119,076 |
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Weighted average remaining lease term, operating leases (in years) |
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5.1 |
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5.3 |
Weighted average discount rate, operating leases |
|
4.0
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% |
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4.1 |
% |
Maturities of lease liabilities were as follows at March 28, 2021:
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|
(thousands) |
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2021 (excluding the three months ended March 28, 2021) |
$ |
27,792
|
|
2022 |
33,939
|
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2023 |
27,840
|
|
2024 |
20,307
|
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2025 |
12,054
|
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Thereafter |
18,862
|
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Total lease payments |
140,794
|
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Less imputed interest |
(14,954) |
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Total |
$ |
125,840
|
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As of March 28, 2021, outstanding leases have remaining lease terms ranging from one year to 18 years.
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