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Leases (Tables)

9 Months Ended

Oct. 03, 2021

The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of October 3, 2021 and January 3, 2021:


	October 3, 2021				January 3, 2021
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	93,999			$	98,013

Current portion of operating lease liabilities	$	15,040			$	13,555
Operating lease liabilities	80,741				86,468
Total operating lease liabilities	$	95,781			$	100,023

Property, plant and equipment, net			$	6,961			$	6,138

Accrued expenses			$	1,814			$	1,496
Other long-term liabilities			3,490				2,688
Total finance lease liabilities			$	5,304			$	4,184

Schedule of Lease Cost

Lease Costs


	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	646	$	176	$	1,230	$	811
Interest on lease liabilities	37		22		104		56
Operating lease cost	5,240		6,095		17,040		19,076
Short-term lease cost	222		85		864		426
Variable lease cost	730		1,089		2,018		2,659
Total lease cost	$	6,875	$	7,467	$	21,256	$	23,028

Other Supplemental Information, Lessee

Other Supplemental Information


	Three Months Ended				Nine Months Ended
	October 3, 2021		October 4, 2020		October 3, 2021		October 4, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	16	$	22	$	83	$	56
Operating cash flows from operating leases	6,677		5,528		17,353		16,978
Financing cash flows from finance leases	680		442		1,796		1,252
Right-of-use assets obtained in exchange for new finance lease liabilities	67		1,156		2,811		1,709
Right-of-use assets obtained in exchange for new operating lease liabilities	6,417		1,517		12,062		5,582

Weighted Average Lease Term and Discount Rate, Lessee

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of October 3, 2021 and January 3, 2021:


	October 3, 2021		January 3, 2021
Weighted-average remaining lease term – finance leases (in years)	3.28		3.35
Weighted-average remaining lease term – operating leases (in years)	10.03		10.61
Weighted-average discount rate – finance leases	2.84	%	2.64	%
Weighted-average discount rate – operating leases	5.87	%	5.98	%

Lease Liability Maturity Schedule

A maturity analysis of lease payments under non-cancellable leases is presented as follows:


Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2021 (excluding the nine months ended October 3, 2021)	$	4,842	$	696
2022	17,833		1,821
2023	13,698		1,441
2024	12,225		1,055
2025	10,578		412
Thereafter	71,205		135
Total future minimum lease payments (undiscounted)	130,381		5,560
Less: Present value discount	(34,600)		(256)
Total lease liability	$	95,781	$	5,304

Lease Liability Maturity Schedule

A maturity analysis of lease payments under non-cancellable leases is presented as follows:


Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2021 (excluding the nine months ended October 3, 2021)	$	4,842	$	696
2022	17,833		1,821
2023	13,698		1,441
2024	12,225		1,055
2025	10,578		412
Thereafter	71,205		135
Total future minimum lease payments (undiscounted)	130,381		5,560
Less: Present value discount	(34,600)		(256)
Total lease liability	$	95,781	$	5,304