Leases

3 Months Ended

Mar. 28, 2020

Leases [Abstract]

Leases

LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain facilities and office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The weighted-average remaining term for the Company's operating and financing leases are approximately 7 years and 2 years, respectively. The weighted-average discount rates for the Company's operating and financing leases are approximately 3.3% and 5.3%, respectively.

The following is a summary of the Company's ROU assets and liabilities:

(In thousands)	March 28, 2020		December 31, 2019
Operating Leases:
Operating Right-of-Use Assets, Gross	$	28,988	$	28,788
Less Accumulated Right-of-Use Asset Impairment	1,710		1,019
Less Accumulated Amortization	5,260		4,167
Operating Right-of-Use Assets, Net	$	22,018	$	23,602
Short-term Operating Lease Liabilities	$	4,687	$	4,517
Long-term Operating Lease Liabilities	19,992		21,039
Operating Lease Liabilities	$	24,679	$	25,556
Finance Leases:
Finance Right-of-Use Assets, Gross	$	3,484	$	3,484
Less Accumulated Amortization	1,275		1,020
Finance Right-of-Use Assets, Net — Included in Other Assets	$	2,209	$	2,464
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities	$	1,962	$	1,922
Long-term Finance Lease Liabilities — Included in Other Liabilities	2,314		2,815
Finance Lease Liabilities	$	4,276	$	4,737

The following is a summary of the Company's total lease costs:

	Three Months Ended
(In thousands)	March 28, 2020		March 30, 2019
Finance Lease Cost:
Amortization of ROU Assets	$	255	$	255
Interest on Lease Liabilities	63		86
Total Finance Lease Cost	$	318	$	341
Operating Lease Cost	$	1,448	$	1,205
Right-of-Use Asset Impairment	691		—
Variable Lease Cost	272		370
Short-term Lease Cost (excluding month-to-month)	67		47
Less Sublease and Rental (Income) Expense	(331)		(212)
Total Operating Lease Cost	$	2,147	$	1,410
Total Net Lease Cost	$	2,465	$	1,751

The following is a summary of the Company's maturity of lease liabilities:

(In thousands)	Operating Leases		Finance Leases
2020	$	3,933	$	1,605
2021	5,470		2,181
2022	5,278		743
2023	3,904		—
2024	2,837		—
Thereafter	5,941		—
Total Lease Payments	$	27,363	$	4,529
Less: Interest	2,684		253
Total Lease Liability	$	24,679	$	4,276

Leases

LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain facilities and office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The weighted-average remaining term for the Company's operating and financing leases are approximately 7 years and 2 years, respectively. The weighted-average discount rates for the Company's operating and financing leases are approximately 3.3% and 5.3%, respectively.

The following is a summary of the Company's ROU assets and liabilities:

(In thousands)	March 28, 2020		December 31, 2019
Operating Leases:
Operating Right-of-Use Assets, Gross	$	28,988	$	28,788
Less Accumulated Right-of-Use Asset Impairment	1,710		1,019
Less Accumulated Amortization	5,260		4,167
Operating Right-of-Use Assets, Net	$	22,018	$	23,602
Short-term Operating Lease Liabilities	$	4,687	$	4,517
Long-term Operating Lease Liabilities	19,992		21,039
Operating Lease Liabilities	$	24,679	$	25,556
Finance Leases:
Finance Right-of-Use Assets, Gross	$	3,484	$	3,484
Less Accumulated Amortization	1,275		1,020
Finance Right-of-Use Assets, Net — Included in Other Assets	$	2,209	$	2,464
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities	$	1,962	$	1,922
Long-term Finance Lease Liabilities — Included in Other Liabilities	2,314		2,815
Finance Lease Liabilities	$	4,276	$	4,737

The following is a summary of the Company's total lease costs:

	Three Months Ended
(In thousands)	March 28, 2020		March 30, 2019
Finance Lease Cost:
Amortization of ROU Assets	$	255	$	255
Interest on Lease Liabilities	63		86
Total Finance Lease Cost	$	318	$	341
Operating Lease Cost	$	1,448	$	1,205
Right-of-Use Asset Impairment	691		—
Variable Lease Cost	272		370
Short-term Lease Cost (excluding month-to-month)	67		47
Less Sublease and Rental (Income) Expense	(331)		(212)
Total Operating Lease Cost	$	2,147	$	1,410
Total Net Lease Cost	$	2,465	$	1,751

The following is a summary of the Company's maturity of lease liabilities:

(In thousands)	Operating Leases		Finance Leases
2020	$	3,933	$	1,605
2021	5,470		2,181
2022	5,278		743
2023	3,904		—
2024	2,837		—
Thereafter	5,941		—
Total Lease Payments	$	27,363	$	4,529
Less: Interest	2,684		253
Total Lease Liability	$	24,679	$	4,276