XML 91 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Lessee ROU Assets and Lease Liabilities | 12 Months Ended
--- | ---
Jan. 02, 2021
Leases [Abstract] |
Lessee ROU Assets and Lease Liabilities | 11. Lessee ROU Assets and Lease Liabilities Effective December 30, 2018, the Company adopted ASC 842. See “Recently Adopted Accounting Pronouncements” in Note 2 to these consolidated financial statements for additional information. The Company leases certain facilities in North and South America, Europe, the Middle East and Asia-Pacific regions under operating lease agreements expiring at various dates through February 2031. In addition, the Company leases equipment in the U.S. and Europe that are classified as operating leases and expire at various dates through April 2024. The majority of these leases are non-cancellable and generally do not contain any material restrictive covenants, material residual value guarantees or other material guarantees. The Company recognizes lease costs under these agreements using a straight-line method based on total lease payments. Certain facility leases contain predetermined price escalations and in some cases renewal options, the longest of which is for five years. The Company generally estimates the applicable discount rate used to determine the net present value of lease payments based on available information at the lease commencement date. As of January 2, 2021, the weighted average discount rate used by the Company for all operating leases was approximately 2.5%. The balance sheet classifications for amounts related to the Company’s operating leases for which it is the lessee are as follows (in thousands):
| Balance sheet classification |  | January 2, 2021 |  | December 28, 2019 |  |
Lessee ROU assets, net | Other non-current assets |  | $ | 32,324 |  |  | $ | 19,137 |  |  |
Lessee current lease liabilities | Other current liabilities |  | 5,975 |  |  | 4,653 |  |  |
Lessee non-current lease liabilities | Other non-current liabilities |  | 28,373 |  |  | 15,834 |  |  |
Total operating lease liabilities |  |  | $ | 34,348 |  |  | $ | 20,487 |  |  |
For the years ended January 2, 2021 and December 28, 2019, accumulated amortization for lessee ROU assets was $9.2 million and $4.7 million, respectively. The weighted average remaining lease term for the Company’s operating leases was 7.1 years as of January 2, 2021. As of January 2, 2021, estimated future operating lease payments for each of the following fiscal years were as follows (in thousands):
Fiscal year | Amount
2021 | $ | 6,610 |
2022 | 6,048 |
2023 | 5,762 |
2024 | 4,540 |
2025 | 3,576 |
Thereafter(1) | 11,055 |
Total | 37,591 |
Imputed interest | (3,243) |
Present value(2) | $ | 34,348 |
______________ (1) Includes optional renewal period for certain leases. (2) During fiscal 2020, the Company entered into lease agreements for two properties which have not commenced as of January 2, 2021. The future obligations for such leases are $3.1 million in the aggregate and are not included in the estimated future operating lease payments. Lease costs consist of the following (in thousands):
| January 2, 2021 |  | December 28, 2019 |  |
Operating lease costs | $ | 6,945 |  |  | $ | 6,790 |  |  |
Short-term lease costs | 1 |  |  | 12 |  |  |
Sublease income | — |  |  | (232) |  |  |
Total lease cost | $ | 6,946 |  |  | $ | 6,570 |  |  |
For the year ended December 29, 2018, rental expense related to operating leases was $6.9 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 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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration