Leases (Tables)

12 Months Ended

Dec. 29, 2019

Leases [Abstract]

Lease cost

The following table summarizes the components of lease expense recorded in the consolidated statements of comprehensive income for the periods indicated:

(In thousands)	Year Ended
	December 29, 2019		December 30, 2018		December 31, 2017
Operating lease expense	$	39,025	$	32,306	$	28,844
Finance lease expense
Amortization of leased assets	649		—		—
Interest on lease liabilities	1,063		—		—
Total lease expense	$	40,737	$	32,306	$	28,844

The following table includes a detail of lease assets and liabilities included in the consolidated balance sheet as of the period indicated:

(In thousands)	December 29, 2019
Operating lease right-of-use assets	$	121,367
Finance lease right-of-use assets (1)	25,677
Total lease assets, net	$	147,044
Current portion of operating lease liabilities	20,980
Long-term operating lease liabilities	110,497
Long-term finance lease liabilities	$	26,861
Total lease liabilities	$	158,338

____________

(1) Net of accumulated amortization of $0.6 million.    

The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases as of the period indicated:

	December 29, 2019
Weighted-average remaining lease term (years)
Operating leases	11.4
Finance leases	29.7
Weighted-average discount rate (1)
Operating leases	4.6	%
Finance leases	5.4	%

____________

(1) Based on the Company's incremental borrowing rate at lease commencement.

Maturities of operating lease liabilities

As of December 29, 2019, the future minimum lease payments under non-cancelable leases are as follows:

(In thousands)
Fiscal year:	Operating Leases			Finance Leases
2020	$	27,197		$	1,393
2021	20,058			1,326
2022	17,276			1,365
2023	14,212			1,287
2024	13,515			1,445
Thereafter	87,088			52,981
Total minimum lease payments	179,346			59,797
Less imputed interest	(47,869		)	(32,936		)
Present value of future lease payments	$	131,477		$	26,861

Maturities of finance lease liabilities

As of December 29, 2019, the future minimum lease payments under non-cancelable leases are as follows:

(In thousands)
Fiscal year:	Operating Leases			Finance Leases
2020	$	27,197		$	1,393
2021	20,058			1,326
2022	17,276			1,365
2023	14,212			1,287
2024	13,515			1,445
Thereafter	87,088			52,981
Total minimum lease payments	179,346			59,797
Less imputed interest	(47,869		)	(32,936		)
Present value of future lease payments	$	131,477		$	26,861