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Leases (Tables)

12 Months Ended

Dec. 31, 2023

The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 31, 2023 and January 1, 2023:


	December 31, 2023				January 1, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	87,519			$	81,644

Current portion of operating lease liabilities	$	12,347			$	11,857
Operating lease liabilities	78,269				72,305
Total operating lease liabilities	$	90,616			$	84,162

Property, plant and equipment, net			$	7,236			$	5,845

Accrued expenses			$	2,587			$	2,101
Other long-term liabilities			5,035				4,138
Total finance lease liabilities			$	7,622			$	6,239

Schedule of Lease Costs

Lease Costs


	Fiscal Year
	2023		2022		2021
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	2,808	$	2,238	$	2,653
Interest on lease liabilities	319		164		140
Operating lease cost	18,850		18,916		21,581
Short-term lease cost	1,143		849		977
Variable lease cost	2,509		2,692		2,831
Total lease cost	$	25,629	$	24,859	$	28,182

Other Supplemental Information, Lessee

Other Supplemental Information


	Fiscal Year
	2023		2022		2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	237	$	128	$	108
Operating cash flows from operating leases	15,552		18,080		22,210
Financing cash flows from finance leases	2,419		2,089		2,282
Right-of-use assets obtained in exchange for new finance lease liabilities	3,612		3,436		3,259
Right-of-use assets obtained in exchange for new operating lease liabilities	15,561		9,307		13,330

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 December 31, 2023 and January 1, 2023:


	End of Fiscal Year
	2023		2022
Weighted-average remaining lease term – finance leases (in years)	3.70		3.82
Weighted-average remaining lease term – operating leases (in years)	8.29		9.29
Weighted-average discount rate – finance leases	5.51	%	3.79	%
Weighted-average discount rate – operating leases	6.25	%	5.89	%

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)
2024	$	16,955	$	2,921
2025	16,287		2,111
2026	16,196		1,545
2027	13,417		1,105
2028	10,930		570
Thereafter	43,725		244
Total future minimum lease payments (undiscounted)	117,510		8,496
Less: Present value discount	(26,894)		(874)
Total lease liabilities	$	90,616	$	7,622

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)
2024	$	16,955	$	2,921
2025	16,287		2,111
2026	16,196		1,545
2027	13,417		1,105
2028	10,930		570
Thereafter	43,725		244
Total future minimum lease payments (undiscounted)	117,510		8,496
Less: Present value discount	(26,894)		(874)
Total lease liabilities	$	90,616	$	7,622