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v3.23.3

Leases | 9 Months Ended
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Sep. 29, 2023
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:
|  | September 29, 2023 |  | December 31, 2022
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 6.8 years |  | 7.2 years
Financing leases |  | 3.7 years |  | 4.3 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.7 | % |  | 3.6 | %
Financing leases |  | 5.2 | % |  | 5.2 | %
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
|  | Third Quarter |  | First Nine Months
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease costs |  | $ | 8,293 |  |  | $ | 7,750 |  |  | $ | 24,871 |  |  | $ | 22,389 |
Short-term and variable leases |  | 4,151 |  |  | 3,731 |  |  | 11,942 |  |  | 11,006 |
Depreciation expense from financing leases |  | 413 |  |  | 411 |  |  | 1,235 |  |  | 1,903 |
Interest expense on financing lease obligations |  | 109 |  |  | 139 |  |  | 346 |  |  | 753 |
Total lease cost |  | $ | 12,966 |  |  | $ | 12,031 |  |  | $ | 38,394 |  |  | $ | 36,051 |
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 September 29, 2023:
(in thousands) |  | Operating Leases |  | Financing Leases
Remainder of 2023 |  | $ | 7,690 |  |  | $ | 692 |
2024 |  | 28,915 |  |  | 2,808 |
2025 |  | 22,940 |  |  | 2,869 |
2026 |  | 19,773 |  |  | 1,233 |
2027 |  | 17,487 |  |  | 338 |
Thereafter |  | 51,741 |  |  | 965 |
Total minimum lease payments including interest |  | $ | 148,546 |  |  | $ | 8,905 |
Less: Amounts representing interest |  | 18,894 |  |  | 795 |
Present value of minimum lease principal payments |  | 129,652 |  |  | 8,110 |
Less: Current portion of lease liabilities |  | 26,074 |  |  | 2,440 |
Noncurrent portion of lease liabilities |  | $ | 103,578 |  |  | $ | 5,670 |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:
(in thousands) |  | Operating Leases |  | Financing Leases
2023 |  | $ | 31,697 |  |  | $ | 2,750 |
2024 |  | 27,663 |  |  | 2,808 |
2025 |  | 21,628 |  |  | 2,869 |
2026 |  | 19,036 |  |  | 1,233 |
2027 |  | 17,227 |  |  | 338 |
Thereafter |  | 51,372 |  |  | 966 |
Total minimum lease payments including interest |  | $ | 168,623 |  |  | $ | 10,964 |
Less: Amounts representing interest |  | 22,225 |  |  | 1,142 |
Present value of minimum lease principal payments |  | 146,398 |  |  | 9,822 |
Less: Current portion of lease liabilities |  | 27,635 |  |  | 2,303 |
Noncurrent portion of lease liabilities |  | $ | 118,763 |  |  | $ | 7,519 |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
|  | First Nine Months
(in thousands) |  | 2023 |  | 2022
Cash flows from operating activities impact: |  |  |  |
Operating leases |  | $ | 24,666 |  |  | $ | 21,502 |
Interest payments on financing lease obligations |  | 346 |  |  | 753 |
Total cash flows from operating activities impact |  | $ | 25,012 |  |  | $ | 22,255 |
Cash flows from financing activities impact: |  |  |  |
Principal payments on financing lease obligations |  | $ | 1,712 |  |  | $ | 2,441 |
Total cash flows from financing activities impact |  | $ | 1,712 |  |  | $ | 2,441 |
Leases | Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
|  | September 29, 2023 |  | December 31, 2022
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 6.8 years |  | 7.2 years
Financing leases |  | 3.7 years |  | 4.3 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.7 | % |  | 3.6 | %
Financing leases |  | 5.2 | % |  | 5.2 | %
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
|  | Third Quarter |  | First Nine Months
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease costs |  | $ | 8,293 |  |  | $ | 7,750 |  |  | $ | 24,871 |  |  | $ | 22,389 |
Short-term and variable leases |  | 4,151 |  |  | 3,731 |  |  | 11,942 |  |  | 11,006 |
Depreciation expense from financing leases |  | 413 |  |  | 411 |  |  | 1,235 |  |  | 1,903 |
Interest expense on financing lease obligations |  | 109 |  |  | 139 |  |  | 346 |  |  | 753 |
Total lease cost |  | $ | 12,966 |  |  | $ | 12,031 |  |  | $ | 38,394 |  |  | $ | 36,051 |
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 September 29, 2023:
(in thousands) |  | Operating Leases |  | Financing Leases
Remainder of 2023 |  | $ | 7,690 |  |  | $ | 692 |
2024 |  | 28,915 |  |  | 2,808 |
2025 |  | 22,940 |  |  | 2,869 |
2026 |  | 19,773 |  |  | 1,233 |
2027 |  | 17,487 |  |  | 338 |
Thereafter |  | 51,741 |  |  | 965 |
Total minimum lease payments including interest |  | $ | 148,546 |  |  | $ | 8,905 |
Less: Amounts representing interest |  | 18,894 |  |  | 795 |
Present value of minimum lease principal payments |  | 129,652 |  |  | 8,110 |
Less: Current portion of lease liabilities |  | 26,074 |  |  | 2,440 |
Noncurrent portion of lease liabilities |  | $ | 103,578 |  |  | $ | 5,670 |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:
(in thousands) |  | Operating Leases |  | Financing Leases
2023 |  | $ | 31,697 |  |  | $ | 2,750 |
2024 |  | 27,663 |  |  | 2,808 |
2025 |  | 21,628 |  |  | 2,869 |
2026 |  | 19,036 |  |  | 1,233 |
2027 |  | 17,227 |  |  | 338 |
Thereafter |  | 51,372 |  |  | 966 |
Total minimum lease payments including interest |  | $ | 168,623 |  |  | $ | 10,964 |
Less: Amounts representing interest |  | 22,225 |  |  | 1,142 |
Present value of minimum lease principal payments |  | 146,398 |  |  | 9,822 |
Less: Current portion of lease liabilities |  | 27,635 |  |  | 2,303 |
Noncurrent portion of lease liabilities |  | $ | 118,763 |  |  | $ | 7,519 |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
|  | First Nine Months
(in thousands) |  | 2023 |  | 2022
Cash flows from operating activities impact: |  |  |  |
Operating leases |  | $ | 24,666 |  |  | $ | 21,502 |
Interest payments on financing lease obligations |  | 346 |  |  | 753 |
Total cash flows from operating activities impact |  | $ | 25,012 |  |  | $ | 22,255 |
Cash flows from financing activities impact: |  |  |  |
Principal payments on financing lease obligations |  | $ | 1,712 |  |  | $ | 2,441 |
Total cash flows from financing activities impact |  | $ | 1,712 |  |  | $ | 2,441 |

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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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