LEASES (Tables)

12 Months Ended

Dec. 29, 2019

Leases [Abstract]

Components of Lease Expense

The following table presents components of lease expense (in thousands). Operating lease cost, finance lease amortization and finance lease interest are respectively included in Cost of sales, Selling, general and administrative expense and Interest expense, net of capitalized interest in the Consolidated and Combined Statements of Income.

	Fifty-Two Weeks Ended
	December 29, 2019
Operating lease cost(a)	$	99,242
Amortization of finance lease assets	167
Interest on finance leases	32
Short-term lease cost	59,225
Variable lease cost	3,031
Net lease cost	$	161,697

(a)

Sublease income is immaterial and not included in operating lease costs.

Supplemental cash flow information related to leases is as follows (in thousands):

	Fifty-Two Weeks Ended
	December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	100,473
Operating cash flow from finance leases	32
Financing cash flows from finance leases	167
Operating lease assets obtained in exchange for operating lease liabilities	$	34,648
Finance lease assets obtained in exchange for finance lease liabilities	2,182

Balance Sheet Information Related to Leases

Lease liabilities as of December 29, 2019 are included in our Consolidated Balance Sheets as follows (in thousands):

	Operating Leases		Finance Leases(a)
Accrued expenses and other current liabilities	$	66,239	$	—
Current maturities of long-term debt	—		486
Noncurrent operating lease liability, less current maturities	235,382		—
Long-term debt, less current maturities	—		1,664
Total lease liabilities	$	301,621	$	2,150

(a)

Additional information regarding finance lease assets is included in “Note 10. Property, Plant and Equipment.”

The weighted-average remaining lease term and discount rate for lease liabilities included in our Consolidated Balance Sheets are as follows:

	December 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5.77
Finance leases	4.54
Weighted-average discount rate:
Operating leases	4.80	%
Finance leases	5.21	%

Maturities of Finance Lease Liability

Future minimum lease payments under noncancellable leases as of December 29, 2019 are as follows (in thousand

Maturities of Operating Lease Liability

Future minimum lease payments under noncancellable leases as of December 29, 2019 are as follows (in thousand

Maturities of Capital Lease Liability

Future minimum lease payments under capital and noncancellable operating leases with terms exceeding one year as of December 30, 2018 were as follows (in thousands):

	Capital Lease Obligations			Noncancellable Operating Lease Obligations
For the fiscal years ending December:
2019	$	2,971		$	84,220
2020	1,033			63,196
2021	36			53,908
2022	3			45,557
2023	—			36,136
Thereafter	—			66,637
Net minimum lease payments	4,043			$	349,654
Amount representing interest	(337		)
Present value of net minimum lease payments	$	3,706

Noncancellable Operating Lease Obligations

Future minimum lease payments under capital and noncancellable operating leases with terms exceeding one year as of December 30, 2018 were as follows (in thousands):

	Capital Lease Obligations			Noncancellable Operating Lease Obligations
For the fiscal years ending December:
2019	$	2,971		$	84,220
2020	1,033			63,196
2021	36			53,908
2022	3			45,557
2023	—			36,136
Thereafter	—			66,637
Net minimum lease payments	4,043			$	349,654
Amount representing interest	(337		)
Present value of net minimum lease payments	$	3,706