XML 84 R39.htm IDEA: XBRL DOCUMENT v3.20.1
Leases (Tables)
 3 Months Ended
Mar. 29, 2020
Leases [Abstract]  
Summary of Weighted Average Remaining Lease Term and Discount Rate and Balances Related to Lease Portfolio within Condensed Consolidated Statement of Operations
Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases:

March 29, 2020December 29, 2019
Weighted average remaining lease term:
Operating leases10.0 years10.2 years
Financing leases5.8 years4.8 years
Weighted average discount rate:
Operating leases4.1 %4.1 %
Financing leases5.6 %5.7 %
Following is a summary of balances related to the Company’s lease portfolio within the condensed consolidated statements of operations:

First Quarter
(in thousands)20202019
Cost of sales impact:
Operating lease costs$1,385  $1,341  
Short-term and variable leases2,600  2,262  
Depreciation expense from financing leases354  353  
Total cost of sales impact$4,339  $3,956  
SD&A expenses impact:
Operating lease costs$4,669  $2,896  
Short-term and variable leases890  1,059  
Depreciation expense from financing leases571  1,139  
Total SD&A expenses impact$6,130  $5,094  
Interest expense, net impact:
Interest expense on financing lease obligations$266  $702  
Total interest expense, net impact$266  $702  
Total lease cost$10,735  $9,752  
Summary of Future Minimum Lease Payments for Noncancelable Operating Leases Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 29, 2020:
(in thousands)Operating
Leases		Financing
Leases		Total
Remainder of 2020$17,092  $5,275  $22,367  
202120,809  2,628  23,437  
202218,089  2,694  20,783  
202315,832  2,750  18,582  
202415,192  2,808  18,000  
Thereafter89,017  5,407  94,424  
Total minimum lease payments including interest$176,031  $21,562  $197,593  
Less:  Amounts representing interest33,496  3,027  36,523  
Present value of minimum lease principal payments142,535  18,535  161,070  
Less:  Current portion of lease liabilities - operating and financing leases17,837  5,099  22,936  
Noncurrent portion of lease liabilities - operating and financing leases$124,698  $13,436  $138,134  
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:

(in thousands)Operating
Leases		Financing
Leases		Total
2020$19,236  $10,611  $29,847  
202116,815  6,215  23,030  
202214,016  2,694  16,710  
202311,704  2,750  14,454  
202410,989  2,808  13,797  
Thereafter67,556  5,406  72,962  
Total minimum lease payments including interest$140,316  $30,484  $170,800  
Less:  Amounts representing interest27,527  3,678  31,205  
Present value of minimum lease principal payments112,789  26,806  139,595  
Less:  Current portion of lease liabilities - operating and financing leases15,024  9,403  24,427  
Noncurrent portion of lease liabilities - operating and financing leases$97,765  $17,403  $115,168  
Summary of Future Minimum Lease Payments for Noncancelable Finance Leases Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 29, 2020:
(in thousands)Operating
Leases		Financing
Leases		Total
Remainder of 2020$17,092  $5,275  $22,367  
202120,809  2,628  23,437  
202218,089  2,694  20,783  
202315,832  2,750  18,582  
202415,192  2,808  18,000  
Thereafter89,017  5,407  94,424  
Total minimum lease payments including interest$176,031  $21,562  $197,593  
Less:  Amounts representing interest33,496  3,027  36,523  
Present value of minimum lease principal payments142,535  18,535  161,070  
Less:  Current portion of lease liabilities - operating and financing leases17,837  5,099  22,936  
Noncurrent portion of lease liabilities - operating and financing leases$124,698  $13,436  $138,134  
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:

(in thousands)Operating
Leases		Financing
Leases		Total
2020$19,236  $10,611  $29,847  
202116,815  6,215  23,030  
202214,016  2,694  16,710  
202311,704  2,750  14,454  
202410,989  2,808  13,797  
Thereafter67,556  5,406  72,962  
Total minimum lease payments including interest$140,316  $30,484  $170,800  
Less:  Amounts representing interest27,527  3,678  31,205  
Present value of minimum lease principal payments112,789  26,806  139,595  
Less:  Current portion of lease liabilities - operating and financing leases15,024  9,403  24,427  
Noncurrent portion of lease liabilities - operating and financing leases$97,765  $17,403  $115,168  
Summary of Balances Related to Lease Portfolio within Condensed Consolidated Statement of Cash Flow
Following is a summary of balances related to the Company’s lease portfolio within the condensed consolidated statements of cash flows:

First Quarter
(in thousands)20202019
Cash flows from operating activities impact:
Operating leases$4,195  $4,136  
Interest payments on financing lease obligations266  702  
Total cash flows from operating activities impact$4,461  $4,838  
Cash flows from financing activities impact:
Principal payments on financing lease obligations$1,485  $2,114  
Total cash flows from financing activities impact$1,485  $2,114