Leases

3 Months Ended

Apr. 03, 2021

Note 2 – Leases

The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:

	April 3, 2021		December 31, 2020
Right of use assets
Operating Leases
Buildings and improvements	$	92,951	$	97,429
Machinery and equipment		5,050		5,011
Total	$	98,001	$	102,440
Current lease liabilities
Operating Leases
Buildings and improvements	$	18,622	$	19,370
Machinery and equipment		2,653		2,704
Total	$	21,275	$	22,074
Long-term lease liabilities
Operating Leases
Buildings and improvements	$	79,895	$	83,926
Machinery and equipment		2,365		2,294
Total	$	82,260	$	86,220
Total lease liabilities	$	103,535	$	108,294

Lease expense is classified on the statement of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:

	Fiscal quarters ended
	April 3, 2021		April 4, 2020
Lease expense
Operating lease expense	$	6,152	$	5,652
Short-term lease expense		325		194
Variable lease expense		127		23
Total lease expense	$	6,604	$	5,869

The Company paid $6,161 and $5,609 for its operating leases in the three fiscal months ended April 3, 2021 and April 4, 2020, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.7 years and the weighted-average discount rate is 5.9% as of April 3, 2021.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:

	April 3, 2021
2021 (excluding the three fiscal months ended April 3, 2021)	$	16,736
2022		19,360
2023		16,198
2024		14,165
2025		13,026
Thereafter		54,010

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.