Leases |
Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
| | | | | | | | | | | | | | | | | July 2, 2021 | | December 31, 2020 | Weighted average remaining lease term: | | | | | Operating leases | | 9.0 years | | 9.4 years | Financing leases | | 13.0 years | | 13.4 years | Weighted average discount rate: | | | | | Operating leases | | 3.9 | % | | 4.0 | % | Financing leases | | 3.2 | % | | 3.2 | % |
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter | | First Half | (in thousands) | | 2021 | | 2020 | | 2021 | | 2020 | Operating lease costs | | $ | 6,565 | | | $ | 6,095 | | | $ | 12,819 | | | $ | 12,149 | | Short-term and variable leases | | 4,494 | | | 3,508 | | | 8,371 | | | 6,998 | | Depreciation expense from financing leases | | 1,414 | | | 924 | | | 2,828 | | | 1,849 | | Interest expense on financing lease obligations | | 579 | | | 241 | | | 1,163 | | | 507 | | Total lease cost | | $ | 13,052 | | | $ | 10,768 | | | $ | 25,181 | | | $ | 21,503 | |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:
| | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | Remainder of 2021 | | $ | 12,240 | | | $ | 3,547 | | 2022 | | 22,383 | | | 7,145 | | 2023 | | 20,050 | | | 7,201 | | 2024 | | 16,405 | | | 7,396 | | 2025 | | 14,471 | | | 7,593 | | Thereafter | | 77,887 | | | 55,828 | | Total minimum lease payments including interest | | $ | 163,436 | | | $ | 88,710 | | Less: Amounts representing interest | | 27,441 | | | 15,234 | | Present value of minimum lease principal payments | | 135,995 | | | 73,476 | | Less: Current portion of lease liabilities | | 19,956 | | | 5,959 | | Noncurrent portion of lease liabilities | | $ | 116,039 | | | $ | 67,517 | |
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 | |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
| | | | | | | | | | | | | | | | | First Half | (in thousands) | | 2021 | | 2020 | Cash flows from operating activities impact: | | | | | Operating leases | | $ | 13,689 | | | $ | 8,633 | | Interest payments on financing lease obligations | | 1,163 | | | 507 | | Total cash flows from operating activities impact | | $ | 14,852 | | | $ | 9,140 | | | | | | | Cash flows from financing activities impact: | | | | | Principal payments on financing lease obligations | | $ | 2,368 | | | $ | 3,001 | | Total cash flows from financing activities impact | | $ | 2,368 | | | $ | 3,001 | |
As of July 2, 2021, the Company had five operating lease commitments that had not yet commenced. These lease commitments have lease terms of approximately three to 10 years and are expected to commence during the third quarter of 2021. The additional lease liability associated with these lease commitments is expected to be $4.6 million.
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Leases |
Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
| | | | | | | | | | | | | | | | | July 2, 2021 | | December 31, 2020 | Weighted average remaining lease term: | | | | | Operating leases | | 9.0 years | | 9.4 years | Financing leases | | 13.0 years | | 13.4 years | Weighted average discount rate: | | | | | Operating leases | | 3.9 | % | | 4.0 | % | Financing leases | | 3.2 | % | | 3.2 | % |
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter | | First Half | (in thousands) | | 2021 | | 2020 | | 2021 | | 2020 | Operating lease costs | | $ | 6,565 | | | $ | 6,095 | | | $ | 12,819 | | | $ | 12,149 | | Short-term and variable leases | | 4,494 | | | 3,508 | | | 8,371 | | | 6,998 | | Depreciation expense from financing leases | | 1,414 | | | 924 | | | 2,828 | | | 1,849 | | Interest expense on financing lease obligations | | 579 | | | 241 | | | 1,163 | | | 507 | | Total lease cost | | $ | 13,052 | | | $ | 10,768 | | | $ | 25,181 | | | $ | 21,503 | |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:
| | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | Remainder of 2021 | | $ | 12,240 | | | $ | 3,547 | | 2022 | | 22,383 | | | 7,145 | | 2023 | | 20,050 | | | 7,201 | | 2024 | | 16,405 | | | 7,396 | | 2025 | | 14,471 | | | 7,593 | | Thereafter | | 77,887 | | | 55,828 | | Total minimum lease payments including interest | | $ | 163,436 | | | $ | 88,710 | | Less: Amounts representing interest | | 27,441 | | | 15,234 | | Present value of minimum lease principal payments | | 135,995 | | | 73,476 | | Less: Current portion of lease liabilities | | 19,956 | | | 5,959 | | Noncurrent portion of lease liabilities | | $ | 116,039 | | | $ | 67,517 | |
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 | |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
| | | | | | | | | | | | | | | | | First Half | (in thousands) | | 2021 | | 2020 | Cash flows from operating activities impact: | | | | | Operating leases | | $ | 13,689 | | | $ | 8,633 | | Interest payments on financing lease obligations | | 1,163 | | | 507 | | Total cash flows from operating activities impact | | $ | 14,852 | | | $ | 9,140 | | | | | | | Cash flows from financing activities impact: | | | | | Principal payments on financing lease obligations | | $ | 2,368 | | | $ | 3,001 | | Total cash flows from financing activities impact | | $ | 2,368 | | | $ | 3,001 | |
As of July 2, 2021, the Company had five operating lease commitments that had not yet commenced. These lease commitments have lease terms of approximately three to 10 years and are expected to commence during the third quarter of 2021. The additional lease liability associated with these lease commitments is expected to be $4.6 million.
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