Leases (Tables)

3 Months Ended

Apr. 01, 2022

Leases [Abstract]

Summary of Components of Lease Costs

The following table summarizes the components of lease costs (in thousands):

	Three Months Ended
	April 1,		April 2,
	2022		2021
Operating lease cost	$	2,744	$	1,831
Finance lease cost
Amortization of right-of-use assets		150		150
Interest on lease liabilities		79		87
Variable lease cost		265		235
Total lease cost	$	3,238	$	2,303

Summary of Balance Sheet Information Related to Leases

The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate):

	April 1,			December 31,
	2022			2021
Operating leases
Operating lease right-of-use assets	$	46,710		$	48,338
Current portion of operating lease liabilities	$	7,468		$	7,334
Operating lease liabilities		43,889			45,700
Total operating lease liabilities	$	51,357		$	53,034
Finance leases
Property, plant and equipment, gross	$	9,582		$	9,582
Accumulated depreciation		(5,219	)		(5,068	)
Finance lease assets included in property, plant and equipment, net	$	4,363		$	4,514
Accrued expenses and other current liabilities	$	607		$	599
Other liabilities		5,153			5,309
Total finance lease liabilities	$	5,760		$	5,908
Weighted-average remaining lease term (in years):
Operating leases		8.8			9.0
Finance leases		7.3			7.5
Weighted-average discount rate:
Operating leases		4.72	%		4.72	%
Finance leases	5.54		%		5.54	%

Summary of Cash Flow Information Related to Leases

The following table provides additional details of cash flow information related to the Company’s leases (in thousands):

	Three Months Ended
	April 1,		April 2,
	2022		2021
Cash paid for amounts included in lease liabilities:
Operating cash flows from finance leases	$	79	$	87
Operating cash flows from operating leases	$	1,985	$	1,348
Financing cash flows from finance leases	$	148	$	8,883
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	787	$	155

Future Minimum Lease Payments Under Operating and Finance Leases

Future minimum lease payments under operating and finance leases expiring subsequent to April 1, 2022, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands):

Year Ending December 31,	Operating Leases			Finance Leases
2022 (remainder of year)	$	6,896		$	680
2023		8,713			930
2024		7,712			954
2025		7,630			954
2026		6,546			979
Thereafter		27,242			2,508
Total minimum lease payments		64,739			7,005
Less: Interest		(13,382	)		(1,245	)
Present value of lease liabilities	$	51,357		$	5,760