LEASES

9 Months Ended

Sep. 25, 2022

Leases [Abstract]

LEASES

11. LEASES

Lease expense, supplemental cash flow information, and other information related to leases were as follows:

	Third Quarter Ended
(thousands)	September 25, 2022		September 26, 2021
Operating lease cost	$	12,801	$	10,760
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	12,673	$	10,440
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	10,297	$	12,573

	Nine Months Ended
(thousands)	September 25, 2022		September 26, 2021
Operating lease cost	$	37,528	$	30,697
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	36,909	$	29,945
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	40,029	$	52,564

Balance sheet information related to leases was as follows:

(thousands, except lease term and discount rate)	September 25, 2022		December 31, 2021
Assets
Operating lease right-of-use assets	$	164,725	$	158,183
Liabilities
Operating lease liabilities, current portion	$	43,352	$	40,301
Long-term operating lease liabilities	124,289		120,161
Total lease liabilities	$	167,641	$	160,462

Weighted average remaining lease term, operating leases (in years)	5.2		5.1
Weighted average discount rate, operating leases	4.1	%	3.8	%

Maturities of lease liabilities were as follows at September 25, 2022:

(thousands)
2022 (excluding the nine months ended September 25, 2022)	$	12,678
2023	47,805
2024	39,505
2025	29,934
2026	21,242
Thereafter	36,903
Total lease payments	188,067
Less imputed interest	(20,426)
Total	$	167,641

As of September 25, 2022, outstanding leases have remaining lease terms ranging from 1 year to 17 years. The Company has additional operating leases that have not yet commenced as of September 25, 2022 and, therefore, were not included as operating right-of-use assets and corresponding operating lease liabilities on our condensed consolidated balance sheet at September 25, 2022. These operating leases are anticipated to commence between the fourth quarter of fiscal 2022 and the second quarter of fiscal 2023 with lease terms of 5 years to 7 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 $9.2 million.