Leases

3 Months Ended

Apr. 03, 2021

Leases [Abstract]

Leases

Leases

The Company leases certain real and personal property, a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment under non-cancelable operating leases. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail.

The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):

	Three Months Ended
	April 3, 2021		March 28, 2020
Operating lease expense	$	11,661	$	11,509
Short-term lease costs	6,408		6,245
Total lease cost	$	18,069	$	17,754

Other information (in thousands, except lease terms and discount rates):

	Three Months Ended
	April 3, 2021			March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,265		$	12,456
	April 3, 2021			January 2, 2021
Operating right-of-use assets, net	$	145,238		$	146,563
Operating lease liability, current	$	38,064		$	39,459
Operating lease liability, non-current	108,777			109,707
Total operating lease liabilities	$	146,841		$	149,166
Weighted average remaining lease term - operating leases	6.43 years			6.30 years
Weighted average discount rate - operating leases	4.01		%	4.22		%

Future annual minimum lease payments and capital lease commitments as of April 3, 2021 are as follows (in thousands):

Period Ending Fiscal	Operating Leases		Capital Leases
2021 (excluding the three months ended April 3, 2021)	$	32,297	$	650
2022	34,591		824
2023	29,567		611
2024	22,759		467
2025	14,118		331
Thereafter	27,721		574
	$	161,053	$	3,457
Less amounts representing interest	$	(14,212)	(134)
Lease obligations included in current and long-term liabilities	$	146,841	$	3,323

As of April 3, 2021, the Company also has additional operating leases that have not yet commenced, primarily for rail car and tractors, with fixed payments over their noncancellable terms of $3.2 million. These operating leases will commence in 2021 with noncancellable terms of 5 years.

Leases

Leases

The Company leases certain real and personal property, a large portion of the Company's fleet of tractors, all of its rail cars, some IT equipment and other transportation equipment under non-cancelable operating leases. The Company's office leases include certain lease and non-lease components, where the Company has elected to exclude the non-lease components from the calculation of the lease liability and ROU asset. The Company has finance leases, which are not significant to the Company and not separately disclosed in detail.

The components of operating lease expense included in cost of sales and operating expenses and selling, general and administrative expenses were as follows (in thousands):

	Three Months Ended
	April 3, 2021		March 28, 2020
Operating lease expense	$	11,661	$	11,509
Short-term lease costs	6,408		6,245
Total lease cost	$	18,069	$	17,754

Other information (in thousands, except lease terms and discount rates):

	Three Months Ended
	April 3, 2021			March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,265		$	12,456
	April 3, 2021			January 2, 2021
Operating right-of-use assets, net	$	145,238		$	146,563
Operating lease liability, current	$	38,064		$	39,459
Operating lease liability, non-current	108,777			109,707
Total operating lease liabilities	$	146,841		$	149,166
Weighted average remaining lease term - operating leases	6.43 years			6.30 years
Weighted average discount rate - operating leases	4.01		%	4.22		%

Future annual minimum lease payments and capital lease commitments as of April 3, 2021 are as follows (in thousands):

Period Ending Fiscal	Operating Leases		Capital Leases
2021 (excluding the three months ended April 3, 2021)	$	32,297	$	650
2022	34,591		824
2023	29,567		611
2024	22,759		467
2025	14,118		331
Thereafter	27,721		574
	$	161,053	$	3,457
Less amounts representing interest	$	(14,212)	(134)
Lease obligations included in current and long-term liabilities	$	146,841	$	3,323

As of April 3, 2021, the Company also has additional operating leases that have not yet commenced, primarily for rail car and tractors, with fixed payments over their noncancellable terms of $3.2 million. These operating leases will commence in 2021 with noncancellable terms of 5 years.