Leases (Tables)

12 Months Ended

Dec. 28, 2019

Leases [Abstract]

Lease, Cost

The following table summarizes the Company’s classification of lease cost (in thousands):

		Fiscal Year Ended
	Statement of Income Location	December 28, 2019
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	4,281
Interest on lease liabilities	Interest expense, net	1,629
Operating lease cost	Selling, general and administrative expenses	353,961
Variable lease cost	Selling, general and administrative expenses	73,768
Net lease cost		$	433,639

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):

	Operating Leases (a)		Finance Leases		Total
2020	$	369,079	$	5,663	$	374,742
2021	350,527		5,723		356,250
2022	326,908		4,601		331,509
2023	301,783		3,409		305,192
2024	268,255		3,424		271,679
After 2024	1,169,671		21,818		1,191,489
Total lease payments	2,786,223		44,638		2,830,861
Less: Interest	(507,962)		(10,213)		(518,175)
Present value of lease liabilities	$	2,278,261	$	34,425	$	2,312,686

^(a) Operating lease payments exclude $212.8 million of legally binding minimum lease payments for leases signed, but not yet commenced.

Finance Lease, Liability, Maturity

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):

	Operating Leases (a)		Finance Leases		Total
2020	$	369,079	$	5,663	$	374,742
2021	350,527		5,723		356,250
2022	326,908		4,601		331,509
2023	301,783		3,409		305,192
2024	268,255		3,424		271,679
After 2024	1,169,671		21,818		1,191,489
Total lease payments	2,786,223		44,638		2,830,861
Less: Interest	(507,962)		(10,213)		(518,175)
Present value of lease liabilities	$	2,278,261	$	34,425	$	2,312,686

^(a) Operating lease payments exclude $212.8 million of legally binding minimum lease payments for leases signed, but not yet commenced.

Leases, Term and Discount Rate

The following table summarizes the Company’s lease term and discount rate:

	December 28, 2019
Weighted-average remaining lease term (years):
Finance leases	10.0
Operating leases	9.0
Weighted-average discount rate:
Finance leases	5.1	%
Operating leases	4.3	%

Leases, cash flow supplemental disclosure

The following table summarizes the other information related to the Company’s lease liabilities (in thousands):

	Fiscal Year Ended
	December 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	3,709
Operating cash flows from finance leases	1,629
Operating cash flows from operating leases	360,580

Schedule of future minimum rental payments due for operating leases

	Capital Leases		Operating Leases
2019	$	5,215	$	344,836
2020	5,234		328,589
2021	5,294		306,572
2022	4,172		284,327
2023	2,980		260,518
Thereafter	20,169		1,175,972
Total minimum lease payments	43,064		$	2,700,814
Amount representing interest	(10,148)
Present value of minimum lease payments	32,916
Less: current portion	(3,646)
Long-term capital lease obligations	$	29,270