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Leases
 3 Months Ended
Apr. 03, 2022
Leases [Abstract]  
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 17 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.

We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended April 3, 2022 and April 4, 2021, the rent expense for short-term leases was not material.

We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.

As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group. This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of April 3, 2022, the SAM lease has approximately $19.2 million of lease payments remaining. We have not recorded a liability associated with this guarantee.
The components of lease expense were as follows:

Three Months Ended
April 3, 2022April 4, 2021
(In thousands)
Operating lease cost$5,428 $4,430 
Finance lease cost
Amortization of right-of-use asset$288 $32 
Interest on lease liabilities6 3 
Total finance lease cost$294 $35 

Supplemental cash flow information related to leases was as follows:

Three Months Ended
April 3, 2022April 4, 2021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $3,671 
Operating cash flows from finance leases6 3 
Financing cash flows from finance leases43 41 

Supplemental balance sheet information related to leases was as follows:
April 3, 2022December 31, 2021
(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets
$80,219 $75,571 
Accrued liabilities$16,818 $16,377 
Long-term operating lease liabilities65,943 61,967 
Total operating lease liabilities$82,761 $78,344 
Finance leases:
Other long-lived assets, at cost$3,799 $3,650 
Accumulated depreciation(849)(557)
Other long-lived assets, net$2,950 $3,093 
Weighted Average Remaining Lease Term
Operating leases7 years6 years
Finance leases4 years4 years
Weighted Average Discount Rate
Operating leases5.0 %4.8 %
Finance leases4.3 %4.4 %
The following table summarizes maturities of lease liabilities as of April 3, 2022 and December 31, 2021, respectively:

April 3, 2022December 31, 2021
(In thousands)
2022$16,034 $20,691 
202317,956 16,853 
202414,583 13,662 
202513,249 12,348 
202611,379 10,466 
Thereafter23,793 17,967 
Total$96,994 $91,987 
Leases Leases
We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 17 years; some of which include extension and termination options for an additional 15 years or within 1 year, respectively. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments.

We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended April 3, 2022 and April 4, 2021, the rent expense for short-term leases was not material.

We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component.

As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset.

We are party to a lease guarantee, whereby Belden has covenanted the lease payments for one of Snell Advanced Media's (SAM) property leases through its 2035 expiration date. The lease guarantee was executed in 2018 following the acquisition of SAM, which we subsequently sold on July 2, 2020 as part of the Grass Valley disposal group. This lease guarantee was retained by Belden and not transferred to Black Dragon Capital as part of the sale of Grass Valley. Belden would be required to make lease payments only if the primary obligor, Black Dragon Capital, fails to make the payments. As of April 3, 2022, the SAM lease has approximately $19.2 million of lease payments remaining. We have not recorded a liability associated with this guarantee.
The components of lease expense were as follows:

Three Months Ended
April 3, 2022April 4, 2021
(In thousands)
Operating lease cost$5,428 $4,430 
Finance lease cost
Amortization of right-of-use asset$288 $32 
Interest on lease liabilities6 3 
Total finance lease cost$294 $35 

Supplemental cash flow information related to leases was as follows:

Three Months Ended
April 3, 2022April 4, 2021
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$4,776 $3,671 
Operating cash flows from finance leases6 3 
Financing cash flows from finance leases43 41 

Supplemental balance sheet information related to leases was as follows:
April 3, 2022December 31, 2021
(In thousands, except lease term and discount rate)
Operating leases:
Total operating lease right-of-use assets
$80,219 $75,571 
Accrued liabilities$16,818 $16,377 
Long-term operating lease liabilities65,943 61,967 
Total operating lease liabilities$82,761 $78,344 
Finance leases:
Other long-lived assets, at cost$3,799 $3,650 
Accumulated depreciation(849)(557)
Other long-lived assets, net$2,950 $3,093 
Weighted Average Remaining Lease Term
Operating leases7 years6 years
Finance leases4 years4 years
Weighted Average Discount Rate
Operating leases5.0 %4.8 %
Finance leases4.3 %4.4 %
The following table summarizes maturities of lease liabilities as of April 3, 2022 and December 31, 2021, respectively:

April 3, 2022December 31, 2021
(In thousands)
2022$16,034 $20,691 
202317,956 16,853 
202414,583 13,662 
202513,249 12,348 
202611,379 10,466 
Thereafter23,793 17,967 
Total$96,994 $91,987