LEASES (Tables)

12 Months Ended

Jan. 02, 2022

Leases [Abstract]

Schedule of Lease, Expenses

The following table presents lease expense we have recorded on our consolidated statements of operations for the year ended January 2, 2022:

(in thousands)	Year Ended January 2, 2022
Finance lease expense:
Amortization of finance ROU asset	$	2,553
Interest of finance ROU asset	254
Total finance lease expense	2,807
Operating lease expense (1)	9,118
Total lease expense	$	11,924

(1) Included variable and short-term lease expense of $2.1 million and $3.4 million, respectively, for the year ended January 2, 2022.

The following table presents other information related to leases for the year ended January 2, 2022 (in thousands):

	Year Ended January 2, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,755
Operating cash flows from finance leases	$	254
Financing cash flows from finance leases	$	2,741
Leased assets obtained in exchange for new lease liabilities	$	13,569

Schedule of Capital Leases, Net

Finance leases, net, are included in Property, Plant and Equipment as follows:

(in thousands)	As of January 2, 2022		As of January 3, 2021
Leases	$	10,863	$	9,335
Less: accumulated depreciation	2,863		526
Leases, net	$	8,000	$	8,809

The following table summarizes supplemental balance sheet information related to leases as of January 2, 2022:

(in thousands, except lease term and discount rate)	Operating Leases			Finance Leases
ROU asset, non-current(1)	$	31,664		$	8,000
Lease liability, current	$	9,152		$	2,377
Lease liability, non-current	23,226			5,789
Total lease liabilities	$	32,379		$	8,166
Weighted average remaining lease term (in years)	4.6			4.3
Weighted average discount rate	2.85		%	2.95		%
(1) Finance ROU assets are reflected within property, plant, and equipment, net on our consolidated balance sheets and operating leases ROU assets are reflected within other assets on our consolidated balance sheets.

Schedule of Operating Lease Maturity

Maturities of lease liabilities as of January 2, 2022:

(in thousands)	Operating Leases		Finance Leases		Total
2022	$	9,988	$	2,583	$	12,571
2023	8,472		2,106		10,578
2024	5,642		1,500		7,142
2025	4,404		1,007		5,411
2026	2,643		786		3,429
2027 and thereafter	3,566		743		4,309
Total undiscounted obligations (1)	34,715		8,725		43,440
Less imputed interest	(2,337)		(559)		(2,895)
Present value of lease obligations (1)	$	32,379	$	8,166	$	40,545

(1) Excludes lease undiscounted obligations for buildings which the Company has entered into but which have not commenced as of January 2, 2022, totaling $5.2 million.

Schedule of Finance Leases Maturity

Maturities of lease liabilities as of January 2, 2022:

(in thousands)	Operating Leases		Finance Leases		Total
2022	$	9,988	$	2,583	$	12,571
2023	8,472		2,106		10,578
2024	5,642		1,500		7,142
2025	4,404		1,007		5,411
2026	2,643		786		3,429
2027 and thereafter	3,566		743		4,309
Total undiscounted obligations (1)	34,715		8,725		43,440
Less imputed interest	(2,337)		(559)		(2,895)
Present value of lease obligations (1)	$	32,379	$	8,166	$	40,545

(1) Excludes lease undiscounted obligations for buildings which the Company has entered into but which have not commenced as of January 2, 2022, totaling $5.2 million.