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LEASES (Tables)
 9 Months Ended
Sep. 27, 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 Income.
Three Months EndedNine Months Ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
(In thousands)
Operating lease cost(a)
$22,210 $25,021 $67,951 $75,452 
Amortization of finance lease assets109 64 327 111 
Interest on finance leases24 15 77 22 
Short-term lease cost16,684 13,826 47,423 39,936 
Variable lease cost(a)
797 864 2,845 1,900 
Net lease cost$39,824 $39,790 $118,623 $117,421 
(a)Variable lease cost of $0.8 million and $1.9 million during the three months ended and nine months ended September 29, 2019 were previously presented in Operating lease cost on our quarterly report on Form 10-Q for the quarterly period ended September 29, 2019. This was reclassified to conform to Variable lease cost presented as of September 27, 2020.
Supplemental cash flow information related to leases is as follows:
Nine Months Ended
September 27, 2020September 29, 2019
(In thousands)
Cash paid for amounts included in the measurement of
lease liabilities:
Operating cash flows from operating leases$69,627 $74,988 
Operating cash flows from finance leases77 22 
Financing cash flows from finance leases367 111 
Operating lease assets obtained in exchange for operating lease liabilities42,986 24,290 
Finance lease assets obtained in exchange for finance lease liabilities— 1,435 
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:
September 27, 2020September 29, 2019
Weighted-average remaining lease term (years):
Operating leases5.625.82
Finance leases3.904.54
Weighted-average discount rate:
Operating leases4.56%4.86%
Finance leases5.05%5.31%
Lease liabilities as of September 27, 2020 are included in our Condensed Consolidated Balance Sheets as follows:
Operating LeasesFinance Leases
(In thousands)
Accrued expenses and other current liabilities$67,496 $— 
Current maturities of long-term debt— 432 
Noncurrent operating lease liability, less current maturities215,924 — 
Long-term debt, less current maturities— 1,351 
Total lease liabilities$283,420 $1,783 
Lease liabilities as of December 29, 2019 are included in our Condensed Consolidated Balance Sheets as follows:
Operating LeasesFinance Leases
(In thousands)
Accrued expenses and other current liabilities$66,239 $— 
Current maturities of long-term debt— 486 
Noncurrent operating lease liability, less current maturities235,382 — 
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 September 27, 2020 are as follows:
Operating LeasesFinance Leases
(In thousands)
Future minimum lease payments:
Year 1$78,963 $513 
Year 265,771 494 
Year 354,493 494 
Year 442,446 440 
Year 529,175 29 
Thereafter50,445 — 
Total future minimum lease payments321,293 1,970 
Less: imputed interest(37,873)(187)
Present value of lease liabilities$283,420 $1,783 
Maturities of Operating Lease Liability
Future minimum lease payments under noncancellable leases at September 27, 2020 are as follows:
Operating LeasesFinance Leases
(In thousands)
Future minimum lease payments:
Year 1$78,963 $513 
Year 265,771 494 
Year 354,493 494 
Year 442,446 440 
Year 529,175 29 
Thereafter50,445 — 
Total future minimum lease payments321,293 1,970 
Less: imputed interest(37,873)(187)
Present value of lease liabilities$283,420 $1,783