Leases (Tables)

3 Months Ended

Apr. 02, 2021

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases within Condensed Consolidated Statement of Operations

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	April 2, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	9.3 years		9.4 years
Financing leases	13.2 years		13.4 years
Weighted average discount rate:
Operating leases	4.0	%	4.0	%
Financing leases	3.2	%	3.2	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

	First Quarter
(in thousands)	2021		2020
Operating lease costs	$	6,254	$	6,054
Short-term and variable leases	3,877		3,490
Depreciation expense from financing leases	1,414		925
Interest expense on financing lease obligations	584		266
Total lease cost	$	12,129	$	10,735

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 April 2, 2021:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2021	$	17,926	$	5,317
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,826
Total minimum lease payments including interest	$	163,451	$	90,478
Less:  Amounts representing interest	28,576		15,813
Present value of minimum lease principal payments	134,875		74,665
Less:  Current portion of lease liabilities	19,388		5,909
Noncurrent portion of lease liabilities	$	115,487	$	68,756

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less:  Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less:  Current portion of lease liabilities	19,766		5,860
Noncurrent portion of lease liabilities	$	119,923	$	69,984

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 April 2, 2021:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2021	$	17,926	$	5,317
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,826
Total minimum lease payments including interest	$	163,451	$	90,478
Less:  Amounts representing interest	28,576		15,813
Present value of minimum lease principal payments	134,875		74,665
Less:  Current portion of lease liabilities	19,388		5,909
Noncurrent portion of lease liabilities	$	115,487	$	68,756

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less:  Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less:  Current portion of lease liabilities	19,766		5,860
Noncurrent portion of lease liabilities	$	119,923	$	69,984

Summary of Leases within Condensed Consolidated Statement of Cash Flow

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

	First Quarter
(in thousands)	2021		2020
Cash flows from operating activities impact:
Operating leases	$	6,129	$	4,195
Interest payments on financing lease obligations	316		266
Total cash flows from operating activities impact	$	6,445	$	4,461
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,447	$	1,485
Total cash flows from financing activities impact	$	1,447	$	1,485