Leases (Tables)

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Schedule of Operating Lease Liabilities

The following table presents maturity of lease liabilities under the Company's non-cancelable operating leases as of June 27, 2020 (in thousands):

Remainder of 2020	$	13,162
2021	19,454
2022	16,040
2023	12,919
2024	10,890
Thereafter	36,613
Total lease payments	109,078
Less: interest(1)	28,245
Present value of lease liabilities	$	80,833

⁽¹⁾ Calculated using the interest rate for each lease.

The following table sets forth commitments and contingencies related to our various obligations (in thousands):

			Payments Due by Period (In thousands)
	Total		Remainder of 2020		2021		2022		2023		2024		Thereafter
Operating leases(1)(2)	109,078		13,162		19,454		16,040		12,919		10,890		36,613
Financing lease obligations(3)	3,209		646		1,210		942		411		—		—
2027 Notes, including interest(4)	234,889		2,389		5,000		5,000		5,000		5,000		212,500
2024 Notes, including interest(4)	440,989		4,277		8,553		8,553		8,553		411,053		—
Asset-based revolving credit facility(4)	77,327		327		—		—		—		77,000		—
Financing assistance agreement, including interest(4)	28,953		28,953		—		—		—		—		—
Mortgage Payable, including interest(4)	9,739		421		841		912		841		6,724		—
Total contractual obligations	$	904,184	$	50,175	$	35,058	$	31,447	$	27,724	$	510,667	$	249,113

⁽¹⁾   The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from one to 11 years. The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $4.9 million and $4.7 million as of June 27, 2020 and December 28, 2019, respectively. Of the $4.9 million as of June 27, 2020, $0.3 million is included in accrued expenses and other current liabilities and the remainder is classified as other long-term liabilities on the accompanying condensed consolidated balance sheets.

⁽²⁾     The Company has two finance leases for manufacturing and other equipment.

⁽³⁾     See Note 3, "Leases" to the Notes to Condensed Consolidated Financial Statements for more information.

⁽⁴⁾     See Note 12, "Debt" to the Notes to Condensed Consolidated Financial Statements for more information.

Schedule of Lease Costs

The following table presents supplemental information for the Company's non-cancelable operating leases for the six months ended June 27, 2020 (in thousands, except for weighted average and percentage data):

Weighted average remaining lease term	6.89 years
Weighted average discount rate	9.12		%
Cash paid for amounts included in the measurement of lease liabilities	$	12,919
Operating cash flow from operating leases	$	12,919
Leased assets obtained in exchange for new operating lease liabilities	$	4,501

The following table presents supplemental information for the Company's finance leases for the six months ended June 27, 2020 (in thousands, except for weighted average and percentage data):

Weighted average remaining lease term	2.63 years
Weighted average discount rate	7.00		%
Cash paid for amounts included in the measurement of lease liabilities	$	922
Cash flow from finance leases	$	922
Leased assets obtained in exchange for new finance lease liabilities	$	—

Schedule of Finance Lease Liabilities

The following table presents maturity of lease liability under the Company's finance leases as of June 27, 2020 (in thousands):

Remainder of 2020	$	646
2021	1,210
2022	942
2023	411
Thereafter	—
Total lease payments	3,209
Less: interest	236
Present value of lease liabilities	$	2,973

The following table sets forth commitments and contingencies related to our various obligations (in thousands):

			Payments Due by Period (In thousands)
	Total		Remainder of 2020		2021		2022		2023		2024		Thereafter
Operating leases(1)(2)	109,078		13,162		19,454		16,040		12,919		10,890		36,613
Financing lease obligations(3)	3,209		646		1,210		942		411		—		—
2027 Notes, including interest(4)	234,889		2,389		5,000		5,000		5,000		5,000		212,500
2024 Notes, including interest(4)	440,989		4,277		8,553		8,553		8,553		411,053		—
Asset-based revolving credit facility(4)	77,327		327		—		—		—		77,000		—
Financing assistance agreement, including interest(4)	28,953		28,953		—		—		—		—		—
Mortgage Payable, including interest(4)	9,739		421		841		912		841		6,724		—
Total contractual obligations	$	904,184	$	50,175	$	35,058	$	31,447	$	27,724	$	510,667	$	249,113

⁽¹⁾   The Company leases facilities under non-cancelable operating lease agreements. These leases have varying terms that range from one to 11 years. The Company has contractual commitments to remove leasehold improvements and return certain properties to a specified condition when the leases terminate. At the inception of a lease with such conditions, the Company records an asset retirement obligation liability and a corresponding capital asset in an amount equal to the estimated fair value of the obligation. Asset retirement obligations were $4.9 million and $4.7 million as of June 27, 2020 and December 28, 2019, respectively. Of the $4.9 million as of June 27, 2020, $0.3 million is included in accrued expenses and other current liabilities and the remainder is classified as other long-term liabilities on the accompanying condensed consolidated balance sheets.

⁽²⁾     The Company has two finance leases for manufacturing and other equipment.

⁽³⁾     See Note 3, "Leases" to the Notes to Condensed Consolidated Financial Statements for more information.

⁽⁴⁾     See Note 12, "Debt" to the Notes to Condensed Consolidated Financial Statements for more information.