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Leases

6 Months Ended

Jun. 29, 2020

Leases [Abstract]

Leases

(3) Leases

The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases that expire at various dates through 2049. The majority of the Company’s lease arrangements are comprised of fixed payments and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the right-of-use (ROU) asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease expense were as follows:

		Quarter Ended								Two Quarters Ended
		June 29, 2020				July 1, 2019				June 29, 2020				July 1, 2019
		(In thousands)
Operating lease cost		$	2,227			$	2,132			$	4,708			$	4,164
Variable lease cost			137				102				243				261
Short-term lease cost			169				144				398				185

Supplemental cash flow information related to leases was as follows:

		Two Quarters Ended
		June 29, 2020				July 1, 2019
		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	4,342			$	4,164
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases			3,205				12,896

Supplemental balance sheet information related to leases was as follows:

		As of
		June 29, 2020				December 30, 2019
		(In thousands)
Operating lease right-of-use assets		$	21,993			$	22,173
Other current liabilities			7,641				7,111
Operating lease liabilities			15,015				15,413
Total operating lease liabilities		$	22,656			$	22,524

		As of
		June 29, 2020				December 30, 2019
Weighted average remaining lease term		4.1 years				4.4 years
Weighted average discount rate			3.76	%			3.92	%

Maturities of operating lease liabilities were as follows ⁽¹⁾:

		(In thousands)
Less than one year		$	8,339
1 - 2 years			6,111
2 - 3 years			3,413
3 - 4 years			2,540
4 - 5 years			1,725
Thereafter			2,415
Total lease payments			24,543
Less imputed interest			(1,887	)
Total		$	22,656

(1) Excludes $851 of legally binding minimum lease payments for leases signed but not yet commenced.

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- References

No definition available.

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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

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