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Leases
 3 Months Ended
Mar. 27, 2021
Leases [Abstract]  
Leases Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of March 27, 2021, the Company’s leases have remaining lease terms of 1 year to 7.9 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the Right of Use (“ROU”) assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of March 27, 2021 and December 31, 2020 was 5.8 percent and 6.1 percent, respectively. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of March 27, 2021 and December 31, 2020 was 7.0 percent.
The Company’s operating and finance lease cost is as follows:
Three Months Ended
March 27, 2021March 28, 2020
Operating Leases
   Operating lease expense $1,841 $1,804 
Finance Leases
   Amortization of ROU assets86 80 
   Interest43 49 
Total$1,970 $1,933 
As of March 27, 2021, the weighted average remaining lease term is 3.4 years and 5.7 years for operating leases and financing leases, respectively. As of December 31, 2020, the weighted average remaining lease term is 3.6 years and 5.9 years for operating leases and finance leases, respectively. Cash provided by operating activities includes approximately $2 million and $2 million from operating lease payments made during the three months ended March 27, 2021 and March 28, 2020, respectively. Finance lease cash flows were immaterial during the three months ended March 27, 2021 and March 28, 2020.
As of March 27, 2021 and December 31, 2020, assets acquired under finance leases of $2 million and $2 million, respectively, are reflected in Property, Plant and Equipment, net. The Company’s finance leases are included as debt and the maturities for the remainder of 2021 and the next four years and thereafter are included in Note 7 — Debt and Finance Leases. The Company’s consolidated balance sheet includes the following operating lease assets and liabilities:
Balance Sheet ClassificationMarch 27, 2021December 31, 2020
Right-of-use assets Other assets$18,238 $17,566 
Lease liabilities, currentAccrued and other current liabilities$6,266 $5,666 
Lease liabilities, non-currentOther long-term liabilities$13,140 $13,007 
As of March 27, 2021, operating lease maturities for the remainder of 2021 through 2025 and thereafter are as follows:
March 27, 2021
Remainder of 2021$5,437 
20226,819 
20235,713 
20241,835 
2025789 
Thereafter841 
Total minimum lease payments$21,434 
Less: imputed interest(2,028)
Present value of future minimum lease payments$19,406 
Leases Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of March 27, 2021, the Company’s leases have remaining lease terms of 1 year to 7.9 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the Right of Use (“ROU”) assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of March 27, 2021 and December 31, 2020 was 5.8 percent and 6.1 percent, respectively. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of March 27, 2021 and December 31, 2020 was 7.0 percent.
The Company’s operating and finance lease cost is as follows:
Three Months Ended
March 27, 2021March 28, 2020
Operating Leases
   Operating lease expense $1,841 $1,804 
Finance Leases
   Amortization of ROU assets86 80 
   Interest43 49 
Total$1,970 $1,933 
As of March 27, 2021, the weighted average remaining lease term is 3.4 years and 5.7 years for operating leases and financing leases, respectively. As of December 31, 2020, the weighted average remaining lease term is 3.6 years and 5.9 years for operating leases and finance leases, respectively. Cash provided by operating activities includes approximately $2 million and $2 million from operating lease payments made during the three months ended March 27, 2021 and March 28, 2020, respectively. Finance lease cash flows were immaterial during the three months ended March 27, 2021 and March 28, 2020.
As of March 27, 2021 and December 31, 2020, assets acquired under finance leases of $2 million and $2 million, respectively, are reflected in Property, Plant and Equipment, net. The Company’s finance leases are included as debt and the maturities for the remainder of 2021 and the next four years and thereafter are included in Note 7 — Debt and Finance Leases. The Company’s consolidated balance sheet includes the following operating lease assets and liabilities:
Balance Sheet ClassificationMarch 27, 2021December 31, 2020
Right-of-use assets Other assets$18,238 $17,566 
Lease liabilities, currentAccrued and other current liabilities$6,266 $5,666 
Lease liabilities, non-currentOther long-term liabilities$13,140 $13,007 
As of March 27, 2021, operating lease maturities for the remainder of 2021 through 2025 and thereafter are as follows:
March 27, 2021
Remainder of 2021$5,437 
20226,819 
20235,713 
20241,835 
2025789 
Thereafter841 
Total minimum lease payments$21,434 
Less: imputed interest(2,028)
Present value of future minimum lease payments$19,406