Note 6 - Leases |
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating and Finance Leases [Text Block] |
Note 6 — Leases
The Company's principal research and development and corporate facilities are leased office buildings located in the United States. These lease facilities are classified as operating leases and have lease terms of for each of the three months ended April 2, 2023 and April 3, 2022. to years. The Company maintains sales offices out of which it conducts sales and marketing activities in various countries outside of the United States which are rented under short-term leases. The Company has elected the practical expedient to apply to recognition requirements to short-term leases and recognizes rent payments on short-term leases on a straight-line basis over the lease term. Finance leases are primarily for engineering design software and have leases terms of generally to years. Total rent expenses were $0.1 million
Right-of-use assets were approximately $1.6 million and $1.4 million as of April 2, 2023 and January 1, 2023, respectively. Lease liabilities were approximately $1.6 million and $1.4 million as of April 2, 2023 and January 1, 2023, respectively.
The following table provides the expenses related to operating and finance leases (in thousands):
Right-of-use assets obtained in exchange for new finance and operating lease liabilities represent the new operating and finance leases entered into during the three months ended April 2, 2023 and April 3, 2022 was $445 thousand and $0, respectively.
The following table provides the details of supplemental cash flow information (in thousands):
Non-cash ROU assets included in the operating cash flows for the three months ended April 2, 2023 and April 3, 2022 were $155 thousand and $193 thousand, respectively.
The following table provides the details of right-of-use assets and lease liabilities as of April 2, 2023 and January 1, 2023 (in thousands):
The following table provided the details of future lease payments for operating and finance leases as of April 2, 2023 (in thousands):
The following table provides the details of lease terms and discount rates as of April 2, 2023 and January 1, 2023:
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