XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 3 Months Ended
--- | ---
Jun. 28, 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 extension and termination options for an additional 15 years or within 1 year, respectively. 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 and six months ended June 28, 2020 and June 30, 2019, 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 |  |  |  | Six Months Ended |  |
|  | June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
|  | (In thousands) |  |  |  |  |  |
Operating lease cost |  | $ | 3,344 |  |  | $ | 2,567 |  |  | $ | 6,941 |  |  | $ | 7,440 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  | $ | 33 |  |  | $ | 41 |  |  | $ | 66 |  |  | $ | 67 |
Interest on lease liabilities |  | 4 |  |  | 6 |  |  | 9 |  |  | 10 |
Total finance lease cost |  | $ | 37 |  |  | $ | 47 |  |  | $ | 75 |  |  | $ | 77 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  |  |  | Six Months Ended |  |
|  | June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
|  | (In thousands) |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,670 |  |  | $ | 2,154 |  |  | $ | 7,461 |  |  | $ | 7,242 |
Operating cash flows from finance leases |  | 4 |  |  | 5 |  |  | 9 |  |  | 14 |
Financing cash flows from finance leases |  | 41 |  |  | 76 |  |  | 87 |  |  | 146 |
Supplemental balance sheet information related to leases was as follows:
|  | June 28, 2020 |  | December 31, 2019
|  | (In thousands, except lease term and discount rate) |  |
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 56,613 |  |  | $ | 62,251 |
Accrued liabilities |  | $ | 13,528 |  |  | $ | 13,900 |
Long-term operating lease liabilities |  | 49,772 |  |  | 55,652 |
Total operating lease liabilities |  | $ | 63,300 |  |  | $ | 69,552 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 757 |  |  | $ | 823 |
Accumulated depreciation |  | (427) |  |  | (391) |
Other long-lived assets, net |  | $ | 330 |  |  | $ | 432 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5 years |  | 6 years
Finance leases |  | 2 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 June 28, 2020 (in thousands):
2020 |  | $ | 9,371 |
2021 |  | 17,373 |
2022 |  | 14,764 |
2023 |  | 11,854 |
2024 |  | 9,107 |
Thereafter |  | 17,016 |
Total |  | $ | 79,485 |
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 extension and termination options for an additional 15 years or within 1 year, respectively. 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 and six months ended June 28, 2020 and June 30, 2019, 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 |  |  |  | Six Months Ended |  |
|  | June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
|  | (In thousands) |  |  |  |  |  |
Operating lease cost |  | $ | 3,344 |  |  | $ | 2,567 |  |  | $ | 6,941 |  |  | $ | 7,440 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  | $ | 33 |  |  | $ | 41 |  |  | $ | 66 |  |  | $ | 67 |
Interest on lease liabilities |  | 4 |  |  | 6 |  |  | 9 |  |  | 10 |
Total finance lease cost |  | $ | 37 |  |  | $ | 47 |  |  | $ | 75 |  |  | $ | 77 |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |  |  |  | Six Months Ended |  |
|  | June 28, 2020 |  | June 30, 2019 |  | June 28, 2020 |  | June 30, 2019
|  | (In thousands) |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,670 |  |  | $ | 2,154 |  |  | $ | 7,461 |  |  | $ | 7,242 |
Operating cash flows from finance leases |  | 4 |  |  | 5 |  |  | 9 |  |  | 14 |
Financing cash flows from finance leases |  | 41 |  |  | 76 |  |  | 87 |  |  | 146 |
Supplemental balance sheet information related to leases was as follows:
|  | June 28, 2020 |  | December 31, 2019
|  | (In thousands, except lease term and discount rate) |  |
Operating leases: |  |  |  |
Total operating lease right-of-use assets |  | $ | 56,613 |  |  | $ | 62,251 |
Accrued liabilities |  | $ | 13,528 |  |  | $ | 13,900 |
Long-term operating lease liabilities |  | 49,772 |  |  | 55,652 |
Total operating lease liabilities |  | $ | 63,300 |  |  | $ | 69,552 |
Finance leases: |  |  |  |
Other long-lived assets, at cost |  | $ | 757 |  |  | $ | 823 |
Accumulated depreciation |  | (427) |  |  | (391) |
Other long-lived assets, net |  | $ | 330 |  |  | $ | 432 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 5 years |  | 6 years
Finance leases |  | 2 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 June 28, 2020 (in thousands):
2020 |  | $ | 9,371 |
2021 |  | 17,373 |
2022 |  | 14,764 |
2023 |  | 11,854 |
2024 |  | 9,107 |
Thereafter |  | 17,016 |
Total |  | $ | 79,485 |
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 |

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 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
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