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Leases

12 Months Ended

Dec. 31, 2020

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	December 31, 2020		December 29, 2019
Weighted average remaining lease term:
Operating leases	9.4 years		10.2 years
Financing leases	13.4 years		4.8 years
Weighted average discount rate:
Operating leases	4.0	%	4.1	%
Financing leases	3.2	%	5.7	%

Following is a summary of the Company’s leases within the Company’s consolidated statements of operations:


	Fiscal Year
(in thousands)	2020		2019
Operating lease costs	$	24,823	$	18,820
Short-term and variable leases	15,305		13,605
Depreciation expense from financing leases(1)	4,678		5,967
Interest expense on financing lease obligations(1)	1,728		2,714
Total lease cost	$	46,534	$	41,106

(1)During 2018, the Company had depreciation expense from capital leases of $5.9 million and interest expense on capital lease obligations of $3.3 million.

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:


(in thousands)	Operating Leases		Financing Leases		Total
2021	$	24,056	$	7,079	$	31,135
2022	20,970		7,145		28,115
2023	18,125		7,201		25,326
2024	15,330		7,396		22,726
2025	13,747		7,593		21,340
Thereafter	77,353		55,827		133,180
Total minimum lease payments including interest	$	169,581	$	92,241	$	261,822
Less: Amounts representing interest	29,892		16,397		46,289
Present value of minimum lease principal payments	139,689		75,844		215,533
Less: Current portion of lease liabilities - operating and financing leases	19,766		5,860		25,626
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984	$	189,907

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:


(in thousands)	Operating Leases		Financing Leases		Total
2020	$	19,236	$	10,611	$	29,847
2021	16,815		6,215		23,030
2022	14,016		2,694		16,710
2023	11,704		2,750		14,454
2024	10,989		2,808		13,797
Thereafter	67,556		5,406		72,962
Total minimum lease payments including interest	$	140,316	$	30,484	$	170,800
Less: Amounts representing interest	27,527		3,678		31,205
Present value of minimum lease principal payments	112,789		26,806		139,595
Less: Current portion of lease liabilities - operating and financing leases	15,024		9,403		24,427
Noncurrent portion of lease liabilities - operating and financing leases	$	97,765	$	17,403	$	115,168

Following is a summary of the Company’s leases within the consolidated statements of cash flows:


	Fiscal Year
(in thousands)	2020		2019
Cash flows from operating activities impact:
Operating leases	$	24,718	$	18,138
Interest payments on financing lease obligations(1)	1,728		2,714
Total cash flows from operating activities impact	$	26,446	$	20,852

Cash flows from financing activities impact:
Principal payments on financing lease obligations(1)	$	5,861	$	8,656
Total cash flows from financing activities impact	$	5,861	$	8,656

(1)During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million.

As of December 31, 2020, the Company did not have future lease commitments that had not yet commenced.

Leases