Leases (Tables)
|
6 Months Ended |
Jun. 29, 2019 |
Leases [Abstract] |
|
Schedule of Lease Assets and Lease Liabilities |
At June 29, 2019, the Company’s lease assets and lease liabilities were as follows:
|
|
June 29, 2019 |
|
Assets: |
|
|
|
|
Operating lease assets |
|
$ |
144,913 |
|
Finance lease assets |
|
|
522 |
|
Total leased assets |
|
$ |
145,435 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Current |
|
|
|
|
Operating |
|
$ |
32,003 |
|
Finance |
|
|
287 |
|
Noncurrent |
|
|
|
|
Operating |
|
$ |
121,318 |
|
Finance |
|
|
152 |
|
Total lease liabilities |
|
$ |
153,760 |
|
|
Schedule of Components of Lease Expense |
For the three and six months ended June 29, 2019, the components of the Company’s lease expense were as follows
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 29, |
|
June 29, |
|
|
|
2019 |
|
2019 |
|
Operating lease cost |
|
$ |
12,363 |
|
$ |
25,735 |
|
Finance lease cost: |
|
|
|
|
|
|
|
Amortization of leased assets |
|
|
138 |
|
|
218 |
|
Interest on lease liabilities |
|
|
5 |
|
|
13 |
|
Total finance lease cost |
|
$ |
143 |
|
$ |
231 |
|
Total lease cost |
|
$ |
12,506 |
|
$ |
25,966 |
|
|
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates |
At June 29, 2019, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
|
|
June 29, 2019 |
|
Weighted Average Remaining Lease Term (years) |
|
|
|
|
Operating leases |
|
|
7.22 |
|
Finance leases |
|
|
1.66 |
|
|
|
|
|
|
Weighted Average Discount Rate |
|
|
|
|
Operating leases |
|
|
7.04 |
|
Finance leases |
|
|
4.33 |
|
|
Schedule of Maturity of Lease Liabilities |
At June 29, 2019, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
|
Operating Leases |
|
|
Finance Leases |
|
|
Total |
|
Remainder of fiscal 2019 |
$ |
20,478 |
|
|
$ |
286 |
|
|
$ |
20,764 |
|
2020 |
|
39,951 |
|
|
|
135 |
|
|
|
40,086 |
|
2021 |
|
31,371 |
|
|
|
49 |
|
|
|
31,420 |
|
2022 |
|
21,254 |
|
|
|
20 |
|
|
|
21,274 |
|
2023 |
|
15,512 |
|
|
|
21 |
|
|
|
15,533 |
|
Thereafter |
|
74,253 |
|
|
|
4 |
|
|
|
74,257 |
|
Total lease payments |
$ |
202,819 |
|
|
$ |
515 |
|
|
$ |
203,334 |
|
Less imputed interest |
|
49,498 |
|
|
|
76 |
|
|
|
49,574 |
|
Present value of lease liabilities |
$ |
153,321 |
|
|
$ |
439 |
|
|
$ |
153,760 |
|
|
Minimum Commitments Under Non-Cancelable Obligations |
Minimum commitments under non-cancelable obligations, primarily for office and rental facilities operating leases at December 29, 2018, consisted of the following:
2019 |
|
$ |
63,261 |
|
2020 |
|
|
38,491 |
|
2021 |
|
|
22,341 |
|
2022 |
|
|
14,017 |
|
2023 |
|
|
9,192 |
|
2024 and thereafter |
|
|
37,704 |
|
Total |
|
$ |
185,006 |
|
|
Summary of Supplemental Cash Flow Information Related To Leases |
Supplemental cash flow information related to leases for the six months ended June 29, 2019 were as follows:
|
|
Six Months Ended |
|
|
|
June 29, |
|
|
|
2019 |
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
Operating cash flows from operating leases |
|
$ |
25,738 |
|
Operating cash flows from finance leases |
|
$ |
13 |
|
Financing cash flows from finance leases |
|
$ |
218 |
|
|
|
|
|
|
Leased assets obtained in exchange for new operating lease liabilities |
|
$ |
12,084 |
|
Leased assets obtained in exchange for new finance lease liabilities |
|
$ |
92 |
|
|