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Leasing Arrangements | 12 Months Ended
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Dec. 31, 2022
Lessee Disclosure [Abstract] |
Leasing Arrangements | 6. Leasing Arrangements: The Company determines if an arrangement is a lease at its inception. Operating lease arrangements are comprised primarily of real estate and equipment agreements for which the right-of-use assets are included in “Other assets” and the corresponding lease liabilities, depending on their maturity, are included in “Other current liabilities” or “Other non-current liabilities” in the Consolidated Balance Sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the option will be exercised. Lease agreements frequently require the Company to pay real estate taxes, insurance and maintenance costs. Leases with a term of one year or less are not recorded on the Consolidated Balance Sheets and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date, giving consideration to publicly available data for instruments with similar characteristics. The Company accounts for the lease and non-lease components as a single lease component. Lease costs for operating leases were $6,368 and $5,964 for the years ended December 31, 2022 and January 1, 2022, respectively. Operating lease costs are generally recognized over the lease term. The Company elected the practical expedient to not provide comparable presentation for periods prior to adoption. Details of the Company’s operating leases are as follows:
|  | Year Ended |
Cash Flow Information |  | December 31, 2022 |  |  | January 1, 2022 |
Cash paid for operating lease liabilities |  | $ | 6,368 |  |  | $ | 6,247 |
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 9,295 |  |  | $ | 304 |
|  | December 31, |  |  | January 1, |
Operating Lease Information |  | 2022 |  |  | 2022 |
Weighted average remaining lease term |  |  | 4.5 |  |  |  | 5.3 |
Weighted average discount rate |  |  | 3.8 | % |  |  | 4.5 | %
As of December 31, 2022, there was an insignificant amount of commitments for operating leases that have not yet commenced. The reconciliation of the maturities of operating leases to the lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2022 is as follows:
Fiscal Year |  |  |
2023 |  | $ | 6,721 |
2024 |  |  | 5,799 |
2025 |  |  | 4,646 |
2026 |  |  | 2,905 |
2027 |  |  | 1,905 |
Thereafter |  |  | 2,399 |
Total undiscounted operating lease payments |  |  | 24,375 |
Less: imputed interest |  |  | 2,030 |
Present value of operating lease liabilities |  | $ | 22,345 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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