LEASES (Tables)

12 Months Ended

Dec. 27, 2020

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 Statements of Income.

	December 27, 2020		December 29, 2019
Operating lease cost(a)	$	90,887	$	99,242
Amortization of finance lease assets	436		167
Interest on finance leases	99		32
Short-term lease cost	64,410		59,225
Variable lease cost	3,839		3,031
Net lease cost	$	159,671	$	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):

	Year Ended
	December 27, 2020		December 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	91,254	$	100,473
Operating cash flow from finance leases	99		32
Financing cash flows from finance leases	486		167
Operating lease assets obtained in exchange for operating lease liabilities	$	60,776	$	34,648
Finance lease assets obtained in exchange for finance lease liabilities	—		2,182

Balance Sheet Information Related to Leases

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

	December 27, 2020	December 29, 2019
Weighted-average remaining lease term (years):
Operating leases	5.44	5.77
Finance leases	3.69	4.54
Weighted-average discount rate:
Operating leases	4.53%	4.80%
Finance leases	5.08%	5.21%

Lease liabilities as of December 27, 2020 are included in our Consolidated Balance Sheets as follows (in thousands):

	Operating Leases		Finance Leases(a)
Accrued expenses and other current liabilities	$	71,592	$	—
Current maturities of long-term debt	—		420
Noncurrent operating lease liability, less current maturities	217,432		—
Long-term debt, less current maturities	—		1,244
Total lease liabilities	$	289,024	$	1,664

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

Maturities of Finance Lease Liability

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):

	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664

Maturities of Operating Lease Liability

Future minimum lease payments under noncancelable leases as of December 27, 2020 are as follows (in thousands):

	Operating Leases		Finance Leases
For the fiscal years ending December:
2021	$	83,116	$	494
2022	68,373		494
2023	56,235		494
2024	42,328		347
2025	29,261		—
Thereafter	46,890		—
Total future minimum lease payments	326,203		1,829
Less: imputed interest	(37,179)		(165)
Present value of lease liabilities	$	289,024	$	1,664