LEASES (Tables)

6 Months Ended

Jun. 28, 2020

Leases [Abstract]

Components of Lease Expense

The following table presents components of lease expense. 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 Condensed Consolidated Statements of Operations.

	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
	(In thousands)
Operating lease cost(a)	$	23,274	$	25,637	$	45,740	$	50,431
Amortization of finance lease assets	109		21		218		48
Interest on finance leases	26		3		53		7
Short-term lease cost	14,018		11,892		30,739		26,110
Variable lease cost(a)	1,007		167		2,049		1,036
Net lease cost	$	38,434	$	37,720	$	78,799	$	77,632

(a)Variable lease cost of $0.2 million and $1.0 million during the three months ended and six months ended June 30, 2019 were previously presented in Operating lease cost on our quarterly report on Form 10-Q for the quarterly period ended June 30, 2019. This was reclassified to conform to Variable lease cost presented as of June 28, 2020.

Supplemental cash flow information related to leases is as follows:

	Six Months Ended
	June 28, 2020		June 30, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	47,976	$	49,987
Operating cash flows from finance leases	53		7
Financing cash flows from finance leases	243		48
Operating lease assets obtained in exchange for operating lease liabilities	24,673		17,565

Balance Sheet Information Related to Leases

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

	Three Months Ended
	June 28, 2020	June 30, 2019
Weighted-average remaining lease term (years):
Operating leases	5.45	5.89
Finance leases	4.11	1.36
Weighted-average discount rate:
Operating leases	4.66%	4.86%
Finance leases	5.05%	8.50%

Lease liabilities as of June 28, 2020 are included in our Condensed Consolidated Balance Sheets as follows:

	Operating Leases		Finance Leases
	(In thousands)
Accrued expenses and other current liabilities	$	66,694	$	—
Current maturities of long-term debt	—		451
Noncurrent operating lease liability, less current maturities	213,829		—
Long-term debt, less current maturities	—		1,456
Total lease liabilities	$	280,523	$	1,907

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

	Operating Leases		Finance Leases
	(In thousands)
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

Maturities of Finance Lease Liability

Future minimum lease payments under noncancellable leases at June 28, 2020 are as follows:

	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	78,204	$	537
Year 2	65,188		494
Year 3	54,500		494
Year 4	43,370		494
Year 5	29,882		99
Thereafter	47,232		—
Total future minimum lease payments	318,376		2,118
Less: imputed interest	(37,853)		(211)
Present value of lease liabilities	$	280,523	$	1,907

Maturities of Operating Lease Liability

Future minimum lease payments under noncancellable leases at June 28, 2020 are as follows:

	Operating Leases		Finance Leases
	(In thousands)
Future minimum lease payments:
Year 1	$	78,204	$	537
Year 2	65,188		494
Year 3	54,500		494
Year 4	43,370		494
Year 5	29,882		99
Thereafter	47,232		—
Total future minimum lease payments	318,376		2,118
Less: imputed interest	(37,853)		(211)
Present value of lease liabilities	$	280,523	$	1,907