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Leases

9 Months Ended

Sep. 28, 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								Three Quarters Ended
		September 28, 2020				September 30, 2019				September 28, 2020				September 30, 2019
		(In thousands)
Operating lease cost		$	2,333			$	2,202			$	7,041			$	6,367
Variable lease cost			133				137				376				398
Short-term lease cost			84				95				482				280

Supplemental cash flow information related to leases was as follows:

		Three Quarters Ended
		September 28, 2020				September 30, 2019
		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	6,636			$	6,240
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases			6,559				13,058

Supplemental balance sheet information related to leases was as follows:

		As of
		September 28, 2020				December 30, 2019
		(In thousands)
Operating lease right-of-use assets		$	22,993			$	22,173
Other current liabilities			7,945				7,111
Operating lease liabilities			15,885				15,413
Total operating lease liabilities		$	23,830			$	22,524

		As of
		September 28, 2020				December 30, 2019
Weighted average remaining lease term		4.1 years				4.4 years
Weighted average discount rate			3.53	%			3.92	%

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

		(In thousands)
Less than one year		$	9,309
1 - 2 years			5,114
2 - 3 years			4,030
3 - 4 years			3,011
4 - 5 years			2,046
Thereafter			2,148
Total lease payments			25,658
Less imputed interest			(1,828	)
Total		$	23,830

(1) Excludes $969 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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