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Leases (Tables) | 3 Months Ended
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Mar. 28, 2025
Leases [Abstract] |
Summary of Components of Lease Costs | The following table summarizes the components of lease costs (in thousands):
| Three Months Ended |
| March 28, |  |  | March 29, |
| 2025 |  |  | 2024 |
Operating lease cost | $ | 2,739 |  |  | $ | 2,967 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets |  | 151 |  |  |  | 151 |
Interest on lease liabilities |  | 52 |  |  |  | 62 |
Variable lease cost |  | 276 |  |  |  | 251 |
Total lease cost | $ | 3,218 |  |  | $ | 3,431 |
Summary of Balance Sheet Information Related to Leases | The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate):
| March 28, |  |  | December 31, |
| 2025 |  |  | 2024 |
Operating leases |  |  |  |  |
Operating lease right-of-use assets | $ | 41,321 |  |  | $ | 42,908 |
Current portion of operating lease liabilities | $ | 9,958 |  |  | $ | 9,879 |
Operating lease liabilities |  | 38,694 |  |  |  | 40,548 |
Total operating lease liabilities | $ | 48,652 |  |  | $ | 50,427 |
Finance leases |  |  |  |  |
Property, plant and equipment, gross | $ | 9,582 |  |  | $ | 9,582 |
Accumulated depreciation |  | (7,025 | ) |  |  | (6,874 | )
Finance lease assets included in property, plant and equipment, net | $ | 2,557 |  |  | $ | 2,708 |
Accrued expenses and other current liabilities | $ | 770 |  |  | $ | 759 |
Other liabilities |  | 2,978 |  |  |  | 3,175 |
Total finance lease liabilities | $ | 3,748 |  |  | $ | 3,934 |
Weighted-average remaining lease term (in years): |  |  |  |  |
Operating leases |  | 7.3 |  |  |  | 7.4 |
Finance leases |  | 4.3 |  |  |  | 4.5 |
Weighted-average discount rate: |  |  |  |  |
Operating leases |  | 4.81 | % |  |  | 4.82 | %
Finance leases |  | 5.54 | % |  |  | 5.54 | %
Summary of Cash Flow Information Related to Leases | The following table provides additional details of cash flow information related to the Company’s leases (in thousands):
| Three Months Ended |
| March 28, |  |  | March 29, |
| 2025 |  |  | 2024 |
Cash paid for lease liabilities: |  |  |  |  |
Operating cash outflows related to finance leases | $ | 52 |  |  | $ | 62 |
Operating cash outflows related to operating leases | $ | 2,465 |  |  | $ | 2,123 |
Financing cash outflows related to finance leases | $ | 186 |  |  | $ | 176 |
Supplemental non-cash information: |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities(1) | $ | 221 |  |  | $ | 8,676 |
(1)The amount for the three months ended March 29, 2024 includes $8.1 million of right-of-use assets acquired as part of the Motion Solutions acquisition.
Future Minimum Lease Payments Under Operating and Finance Leases | Future minimum lease payments under operating and finance leases expiring subsequent to March 28, 2025, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands):
Year Ending December 31, | Operating Leases |  |  | Finance Leases |
2025 (remainder of year) | $ | 8,761 |  |  | $ | 715 |
2026 |  | 10,554 |  |  |  | 979 |
2027 |  | 8,994 |  |  |  | 1,003 |
2028 |  | 6,146 |  |  |  | 1,003 |
2029 |  | 5,349 |  |  |  | 502 |
Thereafter |  | 19,376 |  |  |  | — |
Total minimum lease payments |  | 59,180 |  |  |  | 4,202 |
Less: Interest |  | (10,528 | ) |  |  | (454 | )
Present value of lease liabilities | $ | 48,652 |  |  | $ | 3,748 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating and finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating and finance lease liability recognized in statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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