Leases (Tables)
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3 Months Ended |
Apr. 01, 2022 |
Leases [Abstract] |
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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 1, 2022 | | December 31, 2021 | Weighted average remaining lease term: | | | | | Operating leases | | 8.0 years | | 8.3 years | Financing leases | | 5.0 years | | 12.5 years | Weighted average discount rate: | | | | | Operating leases | | 3.6 | % | | 3.6 | % | Financing leases | | 5.2 | % | | 3.1 | % |
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | First Quarter | | | (in thousands) | | 2022 | | 2021 | | | | | Operating lease costs | | $ | 7,303 | | | $ | 6,254 | | | | | | Short-term and variable leases | | 3,580 | | | 3,877 | | | | | | Depreciation expense from financing leases | | 1,080 | | | 1,414 | | | | | | Interest expense on financing lease obligations | | 470 | | | 584 | | | | | | Total lease cost | | $ | 12,433 | | | $ | 12,129 | | | | | |
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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 1, 2022: | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | Remainder of 2022 | | $ | 20,696 | | | $ | 2,027 | | 2023 | | 26,590 | | | 2,750 | | 2024 | | 22,312 | | | 2,808 | | 2025 | | 16,762 | | | 2,869 | | 2026 | | 15,597 | | | 1,233 | | Thereafter | | 65,713 | | | 1,304 | | Total minimum lease payments including interest | | $ | 167,670 | | | $ | 12,991 | | Less: Amounts representing interest | | 24,300 | | | 1,556 | | Present value of minimum lease principal payments | | 143,370 | | | 11,435 | | Less: Current portion of lease liabilities | | 23,556 | | | 2,171 | | Noncurrent portion of lease liabilities | | $ | 119,814 | | | $ | 9,264 | |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:
| | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | 2022 | | $ | 26,026 | | | $ | 7,145 | | 2023 | | 24,893 | | | 7,201 | | 2024 | | 20,639 | | | 7,396 | | 2025 | | 16,740 | | | 7,593 | | 2026 | | 15,575 | | | 6,100 | | Thereafter | | 65,695 | | | 49,728 | | Total minimum lease payments including interest | | $ | 169,568 | | | $ | 85,163 | | Less: Amounts representing interest | | 25,474 | | | 14,097 | | Present value of minimum lease principal payments | | 144,094 | | | 71,066 | | Less: Current portion of lease liabilities | | 22,048 | | | 6,060 | | Noncurrent portion of lease liabilities | | $ | 122,046 | | | $ | 65,006 | |
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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 1, 2022: | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | Remainder of 2022 | | $ | 20,696 | | | $ | 2,027 | | 2023 | | 26,590 | | | 2,750 | | 2024 | | 22,312 | | | 2,808 | | 2025 | | 16,762 | | | 2,869 | | 2026 | | 15,597 | | | 1,233 | | Thereafter | | 65,713 | | | 1,304 | | Total minimum lease payments including interest | | $ | 167,670 | | | $ | 12,991 | | Less: Amounts representing interest | | 24,300 | | | 1,556 | | Present value of minimum lease principal payments | | 143,370 | | | 11,435 | | Less: Current portion of lease liabilities | | 23,556 | | | 2,171 | | Noncurrent portion of lease liabilities | | $ | 119,814 | | | $ | 9,264 | |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:
| | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | 2022 | | $ | 26,026 | | | $ | 7,145 | | 2023 | | 24,893 | | | 7,201 | | 2024 | | 20,639 | | | 7,396 | | 2025 | | 16,740 | | | 7,593 | | 2026 | | 15,575 | | | 6,100 | | Thereafter | | 65,695 | | | 49,728 | | Total minimum lease payments including interest | | $ | 169,568 | | | $ | 85,163 | | Less: Amounts representing interest | | 25,474 | | | 14,097 | | Present value of minimum lease principal payments | | 144,094 | | | 71,066 | | Less: Current portion of lease liabilities | | 22,048 | | | 6,060 | | Noncurrent portion of lease liabilities | | $ | 122,046 | | | $ | 65,006 | |
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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) | | 2022 | | 2021 | Cash flows from operating activities impact: | | | | | Operating leases | | $ | 7,006 | | | $ | 6,129 | | Interest payments on financing lease obligations | | 470 | | | 316 | | Total cash flows from operating activities impact | | $ | 7,476 | | | $ | 6,445 | | | | | | | Cash flows from financing activities impact: | | | | | Principal payments on financing lease obligations | | $ | 1,375 | | | $ | 1,447 | | Total cash flows from financing activities impact | | $ | 1,375 | | | $ | 1,447 | |
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