| LEASES |
Lease expense, supplemental cash flow information, and other information related to leases were as follows:
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Third Quarter Ended |
| (thousands) |
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September 26, 2021 |
|
September 27, 2020 |
| Operating lease cost |
|
$ |
10,760
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|
|
$ |
8,525 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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|
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| Operating cash flows for operating leases |
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$ |
10,440
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|
|
$ |
8,317 |
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| Right-of-use assets obtained in exchange for lease obligations: |
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|
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| Operating leases |
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$ |
12,573
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|
|
$ |
17,091 |
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Nine Months Ended |
| (thousands) |
|
September 26, 2021 |
|
September 27, 2020 |
| Operating lease cost |
|
$ |
30,697
|
|
|
$ |
25,093 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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|
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| Operating cash flows for operating leases |
|
$ |
29,945
|
|
|
$ |
24,680 |
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|
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|
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| Right-of-use assets obtained in exchange for lease obligations: |
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|
|
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| Operating leases |
|
$ |
52,564
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|
|
$ |
34,993 |
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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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September 26, 2021 |
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December 31, 2020 |
| Assets |
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| Operating lease right-of-use assets |
|
$ |
142,719
|
|
|
$ |
117,816 |
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| Liabilities |
|
|
|
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| Operating lease liabilities, current portion |
|
$ |
36,955
|
|
|
$ |
30,901 |
|
| Long-term operating lease liabilities |
|
107,753
|
|
|
88,175 |
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| Total lease liabilities |
|
$ |
144,708
|
|
|
$ |
119,076 |
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| Weighted average remaining lease term, operating leases (in years) |
|
5.1 |
|
5.3 |
| Weighted average discount rate, operating leases |
|
3.9
|
% |
|
4.1 |
% |
Maturities of lease liabilities were as follows at September 26, 2021:
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| (thousands) |
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2021 (excluding the nine months ended September 26, 2021) |
$ |
10,617
|
|
| 2022 |
41,015
|
|
| 2023 |
35,238
|
|
| 2024 |
27,629
|
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| 2025 |
18,787
|
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| Thereafter |
27,681
|
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| Total lease payments |
160,967
|
|
| Less imputed interest |
(16,259) |
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| Total |
$ |
144,708
|
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As of September 26, 2021, outstanding leases have remaining lease terms ranging from 1 year to 18 years. The Company has additional operating leases that have not yet commenced as of September 26, 2021 and, therefore, were not included as operating lease right-of-use assets and corresponding operating lease liabilities on our balance sheet at September 26, 2021. These operating leases will commence between the fourth quarter of fiscal 2021 and the second quarter of fiscal 2022 with lease terms of 5 years to 10 years. The estimated fair value of these operating lease right-of-use assets and corresponding operating lease liabilities to be recorded on our balance sheet upon lease commencement is approximately $5.8 million.
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