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Note 7 - Leases

6 Months Ended

Jul. 01, 2023

Note 7 - Leases

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center. All of our facilities are leased under operating leases, which expire at various times through 2028, with a weighted-average remaining lease term of 3.3 years and a weighted-average discount rate of 5.4% as of July 1, 2023.

We recorded fixed operating lease expenses of $1.9 million for the second quarter of both fiscal 2023 and 2022 and $3.8 million and $3.9 million for the first six months of fiscal 2023 and 2022, respectively.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first six months of fiscal 2023:

Operating lease right-of-use assets	(In thousands)
Balance as of December 31, 2022	$	17,590
Right-of-use assets obtained for new lease contracts during the period		393
Amortization of right-of-use assets during the period		(3,317	)
Adjustments for present value and foreign currency effects		(123	)
Balance as of July 1, 2023	$	14,543

Operating lease liabilities	(In thousands)
Balance as of December 31, 2022	$	20,072
Lease liabilities incurred for new lease contracts during the period		393
Accretion of lease liabilities		493
Operating cash used by payments on lease liabilities		(4,082	)
Adjustments for present value and foreign currency effects		(151	)
Balance as of July 1, 2023		16,725
Less: Current portion of operating lease liabilities (included in Accrued liabilities)		(5,898	)
Long-term operating lease liabilities, net of current portion	$	10,827

Maturities of operating lease liabilities as of July 1, 2023 are as follows:

Fiscal year	(In thousands)
2023 (Remaining 2 quarters)	$	3,422
2024		6,211
2025		4,217
2026		2,566
2027		1,114
Thereafter		934
Total lease payments		18,464
Less: amount representing interest		(1,739	)
Total lease liabilities	$	16,725

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $5.2 million at July 1, 2023 and continued to be recorded in Other long-term liabilities on our Consolidated Balance Sheets.