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Leases (Tables) | 9 Months Ended
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Sep. 29, 2023
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:
|  | 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 |
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 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 |
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 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 |
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 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 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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