Note F - Operating Leases

12 Months Ended

Jan. 02, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE F—OPERATING LEASES

The following table summarizes the classification of ROU assets and lease liabilities in the Company’s consolidated balance sheet:

		January 2,		December 28,
Leases	Classification	2021		2019
Assets
ROU operating lease assets, net	Other assets	$	27,947	$	31,263
Total ROU assets		$	27,947	$	31,263
Liabilities
Current:
Operating lease liabilities	Other current liabilities	$	8,616	$	8,323
Non-current:
Operating lease liabilities	Other long-term liabilities		12,856		17,274
Total lease liabilities		$	21,472	$	25,597

The following table presents supplemental lease information:

	Year Ended
	2020		2019
Lease cost
Operating lease cost	$	9,411	$	8,988
Total lease cost	$	9,411	$	8,988

	Year Ended
	2020			2019
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	10,410		$	8,656
ROU assets obtained in exchange for new operating lease liabilities	$	6,632		$	13,575
Weighted-average remaining lease term—operating leases	3.13 yrs.			3.85 yrs.
Weighted-average discount rate—operating leases		3.55	%		3.75	%

The following table presents the maturity of the Company’s lease liabilities as of January 2, 2021:

Year ending
2021	$	9,214
2022		5,822
2023		4,294
2024		2,523
2025		597
Thereafter		175
		22,625
Less: imputed interest		(1,153	)
Present value	$	21,472

These leases generally provide that property taxes, insurance, and maintenance expenses are the responsibility of the Company. Such expenses are not included in the operating lease amounts outlined in the table above or in the rent expense amounts that follow. The total rent expense was approximately $11,199, $9,586, and $11,240 for the years ended 2020, 2019, and 2018, respectively.