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Lease Commitments | 3 Months Ended
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Mar. 28, 2020
Leases [Abstract] |
Lease Commitments | Lease Commitments The Company leases office and production space under various non-cancelable operating leases that expire no later than 2028. Certain real estate leases include one or more options to renew. The exercise of lease renewal options is at the Company's sole discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will exercise the option. The Company also has production equipment, office equipment and vehicles under operating leases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease agreements do not contain any material residual value guarantee or material restrictive covenants. The Company does not have a published credit rating because it has no publicly traded debt; therefore, the Company is generating its incremental borrowing rate (IBR), using a synthetic credit rating model that compares its credit quality to other rated companies based on certain financial metrics and ratios. The reference rate will be based on the yield curve of companies with similar credit quality based on the metrics and adjusted for currency in regions where we have significant operations. All leases with an initial term of 12 months or less that do not include an option to extend or purchase the underlying asset that the Company is reasonably certain to exercise (“short-term leases”) are not recorded on the Condensed Consolidated Balance Sheet. Short-term lease expenses are recognized on a straight-line basis over the lease term. The following table presents the classification of ROU assets and lease liabilities at March 28, 2020 and December 28, 2019:
Leases (in thousands) | Condensed Consolidated Balance Sheet Classification | March 28, 2020 | December 28, 2019
Assets |  |  |
Operating ROU assets | Right of use lease assets, net | $ | 20,611 |  | $ | 21,918 |
Liabilities |  |  |
Current operating lease liabilities | Accrued liabilities | $ | 7,073 |  | $ | 7,259 |
Non-current operating lease liabilities | Non-current operating lease liabilities | $ | 15,960 |  | $ | 17,166 |
Total lease liabilities |  | $ | 23,033 |  | $ | 24,425 |
The following table represents the lease costs for the three months ended March 28, 2020 and March 30, 2019:
Leases cost (in thousands) | Condensed Consolidated Statements of Net Income Classification | Three Months Ended March 28, 2020 | Three Months Ended March 30, 2019
Short-term lease expenses | Cost of sales, SG&A expenses | $ | 117 |  | $ | 153 |
Variable lease expenses | Cost of sales, SG&A expenses | 318 |  | 194 |
Operating lease rent expenses | Cost of sales, SG&A expenses | 2,173 |  | 2,193 |
Total operating lease costs | Cost of sales, SG&A expenses | $ | 2,608 |  | $ | 2,540 |
Maturity of Lease Liabilities as of March 28, 2020 (in thousands) | Operating leases
2020 (excluding the three months ended March 28, 2020) | $ | 6,156 |
2021 | 6,620 |
2022 | 5,341 |
2023 | 3,590 |
2024 | 3,177 |
2025 and thereafter | 498 |
Total lease payments | $ | 25,382 |
Present value of lease liabilities | $ | 23,033 |
Operating Lease Term and Discount Rate | March 28, 2020
Weighted-average remaining lease term (years) | 3.90 |
Weighted-average discount rate | 5.04 | %
Other Information (in thousands) | Three Months Ended March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flow payments for operating leases | $ | (2,242 | )
Leased assets obtained in exchange for operating lease liabilities | 848 |

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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