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Leases | 9 Months Ended
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Sep. 27, 2021
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 and a manufacturing plant under a finance lease. 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 27, 2021 |  |  | September 28, 2020 |  |  | September 27, 2021 |  |  | September 28, 2020 |
|  | (In thousands) |
Operating lease cost |  | $ | 2,015 |  |  | $ | 2,333 |  |  | $ | 6,147 |  |  | $ | 7,041 |
Variable lease cost |  |  | 193 |  |  |  | 133 |  |  |  | 567 |  |  |  | 376 |
Short-term lease cost |  |  | 89 |  |  |  | 84 |  |  |  | 198 |  |  |  | 482 |
Supplemental cash flow information related to leases was as follows:
|  | Three Quarters Ended |
|  | September 27, 2021 |  |  | September 28, 2020 |
|  | (In thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,321 |  |  | $ | 6,636 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases |  |  | 1,954 |  |  |  | 6,559 |
Finance lease |  |  | 15,256 |  |  |  | — |
Supplemental balance sheet information related to leases was as follows:
|  |  |  | As of |
|  | Balance Sheet Location |  | September 27, 2021 |  |  | December 28, 2020 |
|  |  |  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 16,794 |  |  | $ | 24,340 |
Finance lease |  | Property, plant and equipment, net |  |  | 14,743 |  |  |  | — |
Total lease assets |  |  |  | $ | 31,537 |  |  | $ | 24,340 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating leases |  | Other current liabilities |  | $ | 5,528 |  |  | $ | 8,144 |
Finance lease |  | Other current liabilities |  |  | 639 |  |  |  | — |
Long-term: |  |  |  |  |  |  |  |  |  |
Operating leases |  | Operating lease liabilities |  |  | 12,077 |  |  |  | 17,211 |
Finance lease |  | Other long-term liabilities |  |  | 14,124 |  |  |  | — |
Total lease liabilities |  |  |  | $ | 32,368 |  |  | $ | 25,355 |
|  | As of |
|  | September 27, 2021 |  |  | December 28, 2020 |
Weighted average remaining lease term (years): |  |  |  |  |  |  |  |
Operating leases |  | 4.1 |  |  | 4.2 |
Finance lease |  | 14.9 |  |  |  | — |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 2.89 | % |  |  | 3.31 | %
Finance lease |  |  | 2.69 | % |  |  | — |
Maturities of the Company’s lease liabilities were as follows (1):
|  | (In thousands) |
Less than one year |  | $ | 2,573 |
1 - 2 years |  |  | 6,360 |
2 - 3 years |  |  | 5,152 |
3 - 4 years |  |  | 3,946 |
4 - 5 years |  |  | 3,574 |
Thereafter |  |  | 15,308 |
Total lease payments |  |  | 36,913 |
Less imputed interest |  |  | (4,545 | )
Total |  | $ | 32,368 |
| (1) | Excludes $851 of legally binding minimum lease payments for leases signed but not yet commenced.

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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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