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Leases | 3 Months Ended
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Mar. 29, 2020
Leases [Abstract] |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 16 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended March 29, 2020, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. The components of lease expense were as follows:
|  | Three Months Ended |  |
|  | March 29, 2020 |  | March 31, 2019
|  | (In thousands) |  |
Operating lease cost |  | $ | 3,597 |  |  | $ | 4,873 |
Finance lease cost |  |  |  |
Amortization of right-of-use asset |  | $ | 33 |  |  | $ | 26 |
Interest on lease liabilities |  | 5 |  |  | 4 |
Total finance lease cost |  | $ | 38 |  |  | $ | 30 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  |
|  | March 29, 2020 |  | March 31, 2019
|  | (In thousands) |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 3,791 |  |  | $ | 5,088 |
Operating cash flows from finance leases |  | 5 |  |  | 9 |
Financing cash flows from finance leases |  | 46 |  |  | 70 |
Supplemental balance sheet information related to leases was as follows:
|  | March 29, 2020 |  | December 31, 2019
|  | (In thousands, except lease term and discount rate) |  |
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 58,960 |  |  | $ | 62,251 |
Accrued liabilities |  | $ | 13,626 |  |  | $ | 13,900 |
Long-term operating lease liabilities |  | 52,084 |  |  | 55,652 |
Total operating lease liabilities |  | $ | 65,710 |  |  | $ | 69,552 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 748 |  |  | $ | 823 |
Accumulated depreciation |  | (392) |  |  | (391) |
Other long-lived assets, net |  | $ | 356 |  |  | $ | 432 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5 years |  | 6 years
Finance leases |  | 3 years |  | 3 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.8 | % |  | 6.9 | %
Finance leases |  | 6.2 | % |  | 6.2 | %
The following table summarizes maturities of lease liabilities as of March 29, 2020 (in thousands):
2020 |  | $ | 14,579 |
2021 |  | 17,866 |
2022 |  | 15,067 |
2023 |  | 11,854 |
2024 |  | 9,032 |
Thereafter |  | 16,573 |
Total |  | $ | 84,971 |
The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):
2020 |  | $ | 19,086 |
2021 |  | 16,988 |
2022 |  | 14,128 |
2023 |  | 11,598 |
2024 |  | 9,032 |
Thereafter |  | 16,655 |
Total |  | $ | 87,487 |
Leases | Leases We have operating and finance leases for properties, including manufacturing facilities, warehouses, and office space; as well as vehicles and certain equipment. We make certain judgments in determining whether a contract contains a lease in accordance with ASU 2016-02. Our leases have remaining lease terms of less than 1 year to 16 years, some of which include options to extend the lease for a period of up to 15 years and some include options to terminate the leases within 1 year. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain as of the commencement date of the lease. Our lease agreements do not contain any material residual value guarantees or material variable lease payments. We have entered into various short-term operating leases with an initial term of twelve months or less. These leases are not recorded on our balance sheet, and for the three months ended March 29, 2020, the rent expense for short-term leases was not material. We have certain property and equipment lease contracts that may contain lease and non-lease components, and we have elected to utilize the practical expedient to account for these components together as a single combined lease component. As the rate implicit in most of our leases is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments, which is unique to each leased asset, and is based upon the term of the lease, commencement date of the lease, local currency of the leased asset, and the credit rating of the legal entity leasing the asset. The components of lease expense were as follows:
|  | Three Months Ended |  |
|  | March 29, 2020 |  | March 31, 2019
|  | (In thousands) |  |
Operating lease cost |  | $ | 3,597 |  |  | $ | 4,873 |
Finance lease cost |  |  |  |
Amortization of right-of-use asset |  | $ | 33 |  |  | $ | 26 |
Interest on lease liabilities |  | 5 |  |  | 4 |
Total finance lease cost |  | $ | 38 |  |  | $ | 30 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  |
|  | March 29, 2020 |  | March 31, 2019
|  | (In thousands) |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 3,791 |  |  | $ | 5,088 |
Operating cash flows from finance leases |  | 5 |  |  | 9 |
Financing cash flows from finance leases |  | 46 |  |  | 70 |
Supplemental balance sheet information related to leases was as follows:
|  | March 29, 2020 |  | December 31, 2019
|  | (In thousands, except lease term and discount rate) |  |
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 58,960 |  |  | $ | 62,251 |
Accrued liabilities |  | $ | 13,626 |  |  | $ | 13,900 |
Long-term operating lease liabilities |  | 52,084 |  |  | 55,652 |
Total operating lease liabilities |  | $ | 65,710 |  |  | $ | 69,552 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 748 |  |  | $ | 823 |
Accumulated depreciation |  | (392) |  |  | (391) |
Other long-lived assets, net |  | $ | 356 |  |  | $ | 432 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5 years |  | 6 years
Finance leases |  | 3 years |  | 3 years
Weighted Average Discount Rate |  |  |  |
Operating leases |  | 6.8 | % |  | 6.9 | %
Finance leases |  | 6.2 | % |  | 6.2 | %
The following table summarizes maturities of lease liabilities as of March 29, 2020 (in thousands):
2020 |  | $ | 14,579 |
2021 |  | 17,866 |
2022 |  | 15,067 |
2023 |  | 11,854 |
2024 |  | 9,032 |
Thereafter |  | 16,573 |
Total |  | $ | 84,971 |
The following table summarizes maturities of lease liabilities as of December 31, 2019 (in thousands):
2020 |  | $ | 19,086 |
2021 |  | 16,988 |
2022 |  | 14,128 |
2023 |  | 11,598 |
2024 |  | 9,032 |
Thereafter |  | 16,655 |
Total |  | $ | 87,487 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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