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Leases | 3 Months Ended
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Mar. 28, 2025
Leases [Abstract] |
Leases | 10. Leases Most leases held by the Company expire between 2025 and 2036. In the U.K., where longer lease terms are more common, the Company has a land lease that extends through 2078. Certain leases include one or more options to renew the lease terms from one to ten years and options to terminate the leases within one year. The exercise of lease renewal or termination options is at the Company’s sole discretion; therefore, the majority of renewal options to extend the lease terms are not included in the Company’s right-of-use assets and operating lease liabilities as they are not reasonably certain of being exercised. The Company regularly evaluates the renewal options and includes the renewal periods in the lease term when they are reasonably certain of being exercised. The depreciable lives of the right-of-use assets and leasehold improvements are limited to the expected lease terms. 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 |
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 | %
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 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 The entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of lessee's operating and finance lease and maturity analysis of operating and finance lease liability. + References No definition available. + Details
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- References No definition available. + Details
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