The Company has historically entered into operating leases for local branches, its corporate headquarters, and certain equipment. The Company’s current leases have expiration dates through 2030. Certain of these lease arrangements have free rent periods and/or escalating rent payment provisions. Rent is recognized on a straight-line basis over the lease term. Certain of the Company’s leases include termination options and renewal options for periods ranging from one to five years. Because the Company is not reasonably certain to exercise termination options, the options are not considered in determining the lease term, and payments for the full lease term are included in lease payments. Because the Company is not reasonably certain to exercise renewal options, the options are not considered in determining the lease term, and payments associated with the option years are excluded from lease payments. The Company’s leases do not contain material residual value guarantees.

Management exercises judgment in the determination of whether a financial arrangement includes a lease and in determining the appropriate discount rates to be applied to leases. When available, the Company uses the implicit discount rate in the lease contract to discount lease payments to present value. If an implicit discount rate is not available in the lease contract, the Company uses its incremental borrowing rate.

Amounts reported in the accompanying consolidated balance sheets as of December 30, 2023 and December 31, 2022 for operating leases were as follows (amounts in thousands):


	As of
	December 30, 2023		December 31, 2022
Operating lease right of use assets	$	49,499	$	54,601
Current portion of operating lease liabilities	$	14,881	$	13,070
Operating lease liabilities, less current portion		39,818		45,818
Total operating lease liabilities	$	54,699	$	58,888

The components of lease cost for the fiscal years ended December 30, 2023 and December 31, 2022 are as follows (amounts in thousands):


	For the fiscal years ended
	December 30, 2023		December 31, 2022
Operating Lease Costs:
Operating lease cost	$	21,803	$	21,898
Variable lease costs		4,305		3,328
Short-term lease costs		2,460		1,640
Total lease cost	$	28,568	$	26,866

Information related to the Company’s operating lease right of use assets and related operating lease liabilities are as follows (dollar amounts in thousands):


	For the fiscal years ended
	December 30, 2023			December 31, 2022
Cash payments of operating lease liabilities	$	(21,008	)	$	(22,626	)
Operating lease right of use assets obtained in exchange for new operating lease liabilities		11,843			20,273
Weighted average remaining lease term	3.74 years			4.27 years
Weighted average discount rate		8.97	%		7.48	%

Maturities of operating lease liabilities as of December 30, 2023 are as follows (amounts in thousands):


Year Ending:
December 28, 2024	$	18,968
January 3, 2026		17,717
January 2, 2027		12,949
January 1, 2028		7,595
December 30, 2028		4,322
Thereafter		3,374
Total undiscounted lease payments		64,925
Less: Imputed Interest		(10,226	)
Total		54,699