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Lease Receivable | 3 Months Ended
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Apr. 02, 2022
Leases [Abstract] |
Lease Receivable | 6. Lease Receivable Effective January 2, 2022, the Company adopted ASU 2021-05 prospectively to leases that commenced or were modified on or after the date of adoption, resulting in the Company recording these operating lease assets within property, plant, and equipment, net of accumulated depreciation. The equipment costs associated with such new operating leases were initially deferred and will subsequently be amortized over the lease term on a straight-line basis. The Company recognizes revenue and costs, as well as a sales-type lease receivable, at the time the lease commences pursuant to deferred equipment agreements containing embedded leases. Lease revenue related to both operating and sales-type leases for the three months ended April 2, 2022 and April 3, 2021 was approximately $13.0 million and $10.0 million, respectively, and is included within revenue in the accompanying condensed consolidated statements of operations. Overall, lease revenue represented less than 5% of the Company’s consolidated revenue for all periods presented. Costs related to embedded leases within the Company’s deferred equipment agreements are included in cost of goods sold in the accompanying condensed consolidated statements of operations. For operating leases with payments that change over time, the requirement to recognize lease revenue on a straight-line basis may generate an operating lease receivable or deferred operating lease revenue to be recorded on the Company’s balance sheet. As of April 2, 2022 and January 1, 2022, the Company did not have any operating lease receivables. The Company recorded deferred revenue related to operating leases, see Note 13 of these condensed consolidated financial statements for further details. Sales-ty pe lease receivables consists of the following (in thousands):
| April 2, 2022 |  | January 1, 2022 |  |
Lease receivable, gross | $ | 102,817 |  |  | $ | 102,609 |  |  |
Allowance for credit loss | (262) |  |  | (255) |  |  |
Lease receivable, net | 102,555 |  |  | 102,354 |  |  |
Less: lease receivable, current | (28,633) |  |  | (28,666) |  |  |
Lease receivable, non-current | $ | 73,922 |  |  | $ | 73,688 |  |  |
As of April 2, 2022, estimated future maturities of customer sales-type lease receivables and operating lease payments for each of the following fiscal years are as follows (in thousands):
Fiscal year | Future Lease Receivables/Payments
| Sales-Type Leases |  | Operating Leases
2022 (balance of year) | $ | 21,887 |  |  | $ | 926 |
2023 | 25,614 |  |  | 1,224 |
2024 | 21,994 |  |  | 1,153 |
2025 | 16,096 |  |  | 1,099 |
2026 | 9,279 |  |  | 928 |
Thereafter | 7,685 |  |  | 2,021 |
Total | 102,555 |  |  | $ | 7,351 |
Less: imputed interest(1) | — |  |  |
Present value of total lease payments | $ | 102,555 |  |  |

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- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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