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Leases (Tables)
 3 Months Ended
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