LEASES

12 Months Ended

Jan. 02, 2021

LEASES

9. LEASES

9. LEASES

The Company leases certain equipment and buildings under operating lease arrangements. Most leases are for a fixed term and for a fixed amount. The Company is not a party to any leases that have step rent provisions, escalation clauses, capital improvement funding or payment increases based on any index or rate.

Future minimum payments under non-cancelable operating leases with initial or remaining terms in excess of one year during each of the next five years follow:

2021	$	2,923,761
2022		2,262,399
2023		1,872,491
2024		1,481,832
2025		844,884
	$	9,385,367

Rent expense for all operating leases was $2,840,908 in 2020 and $3,106,630 in 2019. The weighted average lease term for all operating leases is 6.8 years. The weighted average discount rate for all operating leases is 5%.