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Leases (Tables)

12 Months Ended

Dec. 29, 2019

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases

Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases as of December 29, 2019:

	Operating Leases			Financing Leases
Weighted average remaining lease term	10.2 years			4.8 years
Weighted average discount rate		4.1	%		5.7	%

Summary of Balances Related to Lease Portfolio within Consolidated Statement of Operations

Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of operations:

(in thousands)	2019
Cost of sales impact:
Operating lease costs	$	5,396
Short-term and variable leases		10,267
Depreciation expense from financing leases⁽¹⁾		1,414
Total cost of sales impact	$	17,077

Selling, delivery and administrative expenses impact:
Operating lease costs	$	13,424
Short-term and variable leases		3,338
Depreciation expense from financing leases⁽¹⁾		4,553
Total selling, delivery and administrative expenses impact	$	21,315

Interest expense, net impact:
Interest expense on financing lease obligations⁽²⁾	$	2,714
Total interest expense, net impact	$	2,714

Total lease cost	$	41,106

(1)	During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively.

(2)	The Company had interest expense on capital lease obligations of $3.3 million during 2018 and $3.9 million during 2017.

Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases

The future minimum lease payments related to the Company’s lease portfolio include renewal options the Company has determined to be reasonably assured 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 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

Summary of Future Minimum Lease Payments For Noncancelable Operating And Capital Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and capital leases as of December 30, 2018:

(in thousands)	Operating Leases		Capital Leases		Total
2019	$	14,146	$	10,434	$	24,580
2020		13,526		10,613		24,139
2021		12,568		6,218		18,786
2022		11,161		2,697		13,858
2023		10,055		2,753		12,808
Thereafter		33,805		8,106		41,911
Total minimum lease payments including interest	$	95,261	$	40,821	$	136,082
Less: Amounts representing interest				5,573
Present value of minimum lease principal payments				35,248
Less: Current portion of lease liabilities - capital leases				8,617
Noncurrent portion of lease liabilities - capital leases			$	26,631

Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow

Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of cash flows:

(in thousands)	2019
Cash flows from operating activities impact:
Operating leases	$	18,138
Interest payments on financing lease obligations⁽¹⁾		2,714
Total cash flows from operating activities impact	$	20,852

Cash flows from financing activities impact:
Principal payments on financing lease obligations⁽¹⁾	$	8,656
Total cash flows from financing activities impact	$	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. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million.