LEASES

12 Months Ended

Jan. 01, 2022

LEASES

LEASES

10. 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 capital improvement funding or payment increases based on any index or rate.

10. LEASES (continued)

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

2022	$	2,664,895
2023		2,186,238
2024		1,700,834
2025		1,081,468
2026		805,722
	$	8,439,157

Rent expense for all operating leases was $2,816,258 in 2021 and $2,431,285 in 2020.  The weighted average lease term for all operating leases is 6.4 years.  The weighted average discount rate for all operating leases is 5%.