Note 7 - Leases

9 Months Ended

Sep. 28, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 7 - Leases

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center. All of our facilities are leased under operating leases, which expire at various times through 2029, with a weighted-average remaining lease term of 3.1 years and a weighted-average discount rate of 6.0% as of September 28, 2024.

We recorded fixed operating lease expenses of $2.1 million and $2.0 million for the third quarter of fiscal 2024 and 2023, respectively, and $6.4 million and $5.8 million for the first nine months of fiscal 2024 and 2023, respectively.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first nine months of fiscal 2024:

Operating lease right-of-use assets	(In thousands)
Balance as of December 30, 2023	$	14,487
Right-of-use assets obtained for new lease contracts during the period		7,288
Amortization of right-of-use assets during the period		(5,674	)
Impairment of right-of use asset during the period (recorded in Restructuring charges)		(384	)
Adjustments for present value and foreign currency effects		64
Balance as of September 28, 2024	$	15,781

Operating lease liabilities	(In thousands)
Balance as of December 30, 2023	$	16,310
Lease liabilities accrued for new lease contracts during the period		7,288
Accretion of lease liabilities		764
Operating cash used for payments on lease liabilities		(6,972	)
Adjustments for present value and foreign currency effects		360
Balance as of September 28, 2024		17,750
Less: Current portion of operating lease liabilities (included in Accrued liabilities)		(7,037	)
Long-term operating lease liabilities, net of current portion	$	10,713

Maturities of operating lease liabilities as of September 28, 2024 are as follows:

Fiscal year	(In thousands)
2024 (Remaining quarter)	$	2,192
2025		6,946
2026		4,642
2027		2,855
2028		2,272
Thereafter		475
Total lease payments		19,382
Less: amount representing interest		(1,632	)
Total lease liabilities	$	17,750

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $3.4 million at September 28, 2024 and is recorded in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets.