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Leases (Tables)

6 Months Ended

Jul. 02, 2021

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases within Condensed Consolidated Statement of Operations

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

						July 2, 2021						December 31, 2020
Weighted average remaining lease term:
Operating leases						9.0 years						9.4 years
Financing leases						13.0 years						13.4 years
Weighted average discount rate:
Operating leases						3.9		%				4.0		%
Financing leases						3.2		%				3.2		%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

						Second Quarter												First Half
(in thousands)						2021						2020						2021						2020
Operating lease costs						$	6,565					$	6,095					$	12,819					$	12,149
Short-term and variable leases						4,494						3,508						8,371						6,998
Depreciation expense from financing leases						1,414						924						2,828						1,849
Interest expense on financing lease obligations						579						241						1,163						507
Total lease cost						$	13,052					$	10,768					$	25,181					$	21,503

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:

(in thousands)						Operating Leases						Financing Leases
Remainder of 2021						$	12,240					$	3,547
2022						22,383						7,145
2023						20,050						7,201
2024						16,405						7,396
2025						14,471						7,593
Thereafter						77,887						55,828
Total minimum lease payments including interest						$	163,436					$	88,710
Less:  Amounts representing interest						27,441						15,234
Present value of minimum lease principal payments						135,995						73,476
Less:  Current portion of lease liabilities						19,956						5,959
Noncurrent portion of lease liabilities						$	116,039					$	67,517

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)						Operating Leases						Financing Leases
2021						$	24,056					$	7,079
2022						20,970						7,145
2023						18,125						7,201
2024						15,330						7,396
2025						13,747						7,593
Thereafter						77,353						55,827
Total minimum lease payments including interest						$	169,581					$	92,241
Less:  Amounts representing interest						29,892						16,397
Present value of minimum lease principal payments						139,689						75,844
Less:  Current portion of lease liabilities						19,766						5,860
Noncurrent portion of lease liabilities						$	119,923					$	69,984

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 2, 2021:

(in thousands)						Operating Leases						Financing Leases
Remainder of 2021						$	12,240					$	3,547
2022						22,383						7,145
2023						20,050						7,201
2024						16,405						7,396
2025						14,471						7,593
Thereafter						77,887						55,828
Total minimum lease payments including interest						$	163,436					$	88,710
Less:  Amounts representing interest						27,441						15,234
Present value of minimum lease principal payments						135,995						73,476
Less:  Current portion of lease liabilities						19,956						5,959
Noncurrent portion of lease liabilities						$	116,039					$	67,517

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:

(in thousands)						Operating Leases						Financing Leases
2021						$	24,056					$	7,079
2022						20,970						7,145
2023						18,125						7,201
2024						15,330						7,396
2025						13,747						7,593
Thereafter						77,353						55,827
Total minimum lease payments including interest						$	169,581					$	92,241
Less:  Amounts representing interest						29,892						16,397
Present value of minimum lease principal payments						139,689						75,844
Less:  Current portion of lease liabilities						19,766						5,860
Noncurrent portion of lease liabilities						$	119,923					$	69,984

Summary of Leases within Condensed Consolidated Statement of Cash Flow

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

						First Half
(in thousands)						2021						2020
Cash flows from operating activities impact:
Operating leases						$	13,689					$	8,633
Interest payments on financing lease obligations						1,163						507
Total cash flows from operating activities impact						$	14,852					$	9,140
Cash flows from financing activities impact:
Principal payments on financing lease obligations						$	2,368					$	3,001
Total cash flows from financing activities impact						$	2,368					$	3,001

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Schedule of balances related to lease portfolio presented in statement of cash flow.

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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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