Leases (Tables)

3 Months Ended

Mar. 30, 2019

Leases [Abstract]

Leases included in the Condensed Consolidated Balance Sheets

Leases included in the Condensed Consolidated Balance Sheets consisted of the following (in thousands):

	Classification	March 30, 2019
Assets
Operating	Operating lease assets	$	72,875
Finance	Finance lease assets	50
Total leased assets		$	72,925
Liabilities
Current
Operating	Current maturities of other long-term liabilities	$	22,698
Finance	Current maturities of long-term debt and other liabilities	21
Non-current
Operating	Non-current operating lease liabilities	58,660
Finance	Long-term debt and other borrowings	28
Total leased liabilities		$	81,407

Lease Costs Included in the Condensed Consolidated Statements on Comprehensive Income

The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities (in thousands):

	Three Months Ended
	March 30, 2019
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases	$	6,411
Financing cash flows from finance leases	$	4
Leased assets obtained in exchange for new operating / finance lease liabilities	$	4,652

Lease costs included in the Condensed Consolidated Statements on Comprehensive Income consisted of the following (in thousands):

		Three Months Ended
	Classification	March 30, 2019
Operating lease costs
Fixed	Cost of sales	$	518
	Selling and administrative expenses	6,092
Short-term / variable	Cost of sales	83
	Selling and administrative expenses	215
Finance lease costs
Amortization	Cost of sales, selling and administrative, and interest expenses	4
Less: Sublease income (a)		38
Total lease costs		$	6,874

(a)

Excludes rental income from owned properties of $0.0 million for the three months ended March 30, 2019, which is reflected in "Selling and administrative expenses" in the Condensed Consolidated Statements of Comprehensive Income.

Maturities of Operating Lease Liabilities

Maturity of lease liabilities is as follows (in thousands):

Operating leases (a)	Maturity of lease liabilities
2019 (remaining portion of year)	$	19,805
2020	22,176
2021	15,382
2022	10,301
2023	8,298
Thereafter	15,150
Total lease payments	91,112
Less: Interest	9,755
Present value of operating lease liabilities	81,357
Finance leases 2019 (remaining portion of year) - 2023 (b)	50
Total leases	$	81,407

(a) Operating lease payments include $1.6 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $0.7 million of legally binding minimum lease payments for leases signed but not yet commenced.

(b)

At this time there are no finance lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $0.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Maturities of Finance Lease Liabilities

Maturity of lease liabilities is as follows (in thousands):

Operating leases (a)	Maturity of lease liabilities
2019 (remaining portion of year)	$	19,805
2020	22,176
2021	15,382
2022	10,301
2023	8,298
Thereafter	15,150
Total lease payments	91,112
Less: Interest	9,755
Present value of operating lease liabilities	81,357
Finance leases 2019 (remaining portion of year) - 2023 (b)	50
Total leases	$	81,407

(a) Operating lease payments include $1.6 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $0.7 million of legally binding minimum lease payments for leases signed but not yet commenced.

(b)

At this time there are no finance lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $0.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Weighted-average Remaining Lease Terms and Discount Rates

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases as of March 30, 2019:

	Weighted-Average Discount Rate (percent)		Weighted-Average Remaining Lease Term  (years)
Operating leases	4.50	%	5.0
Finance leases	4.42	%	2.7

Operating Leases

Commitments for minimum rentals under non-cancelable leases were as follows (in thousands):

	Operating Leases
2019	$	24,387
2020	18,250
2021	13,324
2022	9,082
2023	6,228
Thereafter	10,469
Total minimum lease payments	$	81,740

Rent expense under ASC 840 was as follows (in thousands):

	2018		2017		2016
Rent expense	$	31,027	$	32,158	$	35,288