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Leases (Tables)
12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Summary of Lease Costs Recognized in the Company's Consolidated Statements of Income Lease costs are included in selling, general and administrative expense and research and development expense on the Company’s consolidated statements of income.

 

 

 

Fiscal Year Ended

 

 

 

December 30, 2023

 

 

December 31, 2022

 

Operating lease cost (1)

 

$

47,331

 

 

$

40,679

 

 

(1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period presented.

Components of Leases Recognized on the Company's Consolidated Balance Sheets

The following table represents the components of leases that are recognized on the Company’s consolidated balance sheets as of December 30, 2023 and December 31, 2022.

 

 

 

December 30, 2023

 

 

December 31, 2022

 

Operating lease right-of-use assets

 

$

143,724

 

 

$

138,040

 

 

 

 

 

 

 

Other accrued expenses

 

$

27,776

 

 

$

25,149

 

Noncurrent operating lease liabilities

 

 

113,035

 

 

 

114,541

 

Total lease liabilities

 

$

140,811

 

 

$

139,690

 

 

 

 

 

 

 

 

Weighted average remaining lease term

 

6.6 years

 

 

7.3 years

 

Weighted average discount rate

 

 

3.8

%

 

 

3.3

%

Schedule of Maturity of Lease Liabilities

The following table represents the maturity of lease liabilities.

 

Year

 

Amount

 

2024

 

$

34,693

 

2025

 

 

28,830

 

2026

 

 

21,772

 

2027

 

 

17,167

 

2028

 

 

15,513

 

Thereafter

 

 

45,301

 

Total

 

 

163,276

 

Less: imputed interest

 

 

(22,465

)

Present value of lease liabilities

 

 

140,811

 

Summary of Supplemental Cash Flow and Noncash Information Related to Leases

The following table presents supplemental cash flow and noncash information related to leases.

 

 

 

Fiscal Year Ended

 

 

 

December 30, 2023

 

 

December 31, 2022

 

Cash paid for amounts included in the measurement of operating lease liabilities (1)

 

$

34,602

 

 

$

28,714

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

18,520

 

 

$

68,188

 

 

(1) Included in net cash provided by operating activities on the Company's statements of cash flows