XML 28 R18.htm IDEA: XBRL DOCUMENT v3.21.2

Leases

9 Months Ended

Oct. 01, 2021

Leases [Abstract]

Leases

Leases

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

						October 1, 2021						December 31, 2020
Weighted average remaining lease term:
Operating leases						8.6 years						9.4 years
Financing leases						12.7 years						13.4 years
Weighted average discount rate:
Operating leases						3.7		%				4.0		%
Financing leases						3.1		%				3.2		%

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

						Third Quarter												First Nine Months
(in thousands)						2021						2020						2021						2020
Operating lease costs						$	6,828					$	6,243					$	19,647					$	18,392
Short-term and variable leases						4,561						3,982						12,932						10,980
Depreciation expense from financing leases						1,414						1,415						4,242						3,264
Interest expense on financing lease obligations						575						613						1,738						1,120
Total lease cost						$	13,378					$	12,253					$	38,559					$	33,756

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of October 1, 2021:

(in thousands)						Operating Leases						Financing Leases
Remainder of 2021						$	6,212					$	1,774
2022						24,389						7,145
2023						23,273						7,201
2024						19,211						7,396
2025						16,680						7,593
Thereafter						81,220						55,828
Total minimum lease payments including interest						$	170,985					$	86,937
Less:  Amounts representing interest						26,708						14,660
Present value of minimum lease principal payments						144,277						72,277
Less:  Current portion of lease liabilities						20,650						6,009
Noncurrent portion of lease liabilities						$	123,627					$	66,268

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

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

						First Nine Months
(in thousands)						2021						2020
Cash flows from operating activities impact:
Operating leases						$	21,112					$	14,134
Interest payments on financing lease obligations						1,738						1,120
Total cash flows from operating activities impact						$	22,850					$	15,254
Cash flows from financing activities impact:
Principal payments on financing lease obligations						$	3,567					$	4,428
Total cash flows from financing activities impact						$	3,567					$	4,428

As of October 1, 2021, the Company had one operating lease commitment that had not yet commenced. This lease commitment has a lease term of approximately three years and is expected to commence during the fourth quarter of 2021. The additional lease liability associated with this lease commitment is expected to be $2.0 million.

Leases

Leases

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

						October 1, 2021						December 31, 2020
Weighted average remaining lease term:
Operating leases						8.6 years						9.4 years
Financing leases						12.7 years						13.4 years
Weighted average discount rate:
Operating leases						3.7		%				4.0		%
Financing leases						3.1		%				3.2		%

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

						Third Quarter												First Nine Months
(in thousands)						2021						2020						2021						2020
Operating lease costs						$	6,828					$	6,243					$	19,647					$	18,392
Short-term and variable leases						4,561						3,982						12,932						10,980
Depreciation expense from financing leases						1,414						1,415						4,242						3,264
Interest expense on financing lease obligations						575						613						1,738						1,120
Total lease cost						$	13,378					$	12,253					$	38,559					$	33,756

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of October 1, 2021:

(in thousands)						Operating Leases						Financing Leases
Remainder of 2021						$	6,212					$	1,774
2022						24,389						7,145
2023						23,273						7,201
2024						19,211						7,396
2025						16,680						7,593
Thereafter						81,220						55,828
Total minimum lease payments including interest						$	170,985					$	86,937
Less:  Amounts representing interest						26,708						14,660
Present value of minimum lease principal payments						144,277						72,277
Less:  Current portion of lease liabilities						20,650						6,009
Noncurrent portion of lease liabilities						$	123,627					$	66,268

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

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

						First Nine Months
(in thousands)						2021						2020
Cash flows from operating activities impact:
Operating leases						$	21,112					$	14,134
Interest payments on financing lease obligations						1,738						1,120
Total cash flows from operating activities impact						$	22,850					$	15,254
Cash flows from financing activities impact:
Principal payments on financing lease obligations						$	3,567					$	4,428
Total cash flows from financing activities impact						$	3,567					$	4,428

As of October 1, 2021, the Company had one operating lease commitment that had not yet commenced. This lease commitment has a lease term of approximately three years and is expected to commence during the fourth quarter of 2021. The additional lease liability associated with this lease commitment is expected to be $2.0 million.

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration