XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.3
LEASES
9 Months Ended
Oct. 01, 2023
Leases [Abstract]  
LEASES LEASES
Lease expense, supplemental cash flow information, and other information related to leases were as follows:
Third Quarter Ended
Nine Months Ended
($ in thousands)October 1, 2023September 25, 2022October 1, 2023September 25, 2022
Operating lease cost$14,350 $12,801 $41,602 $37,528 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$14,253 $12,673 $41,286 $36,909 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$14,078 $10,297 $45,420 $40,029 

Balance sheet information related to leases was as follows:
($ in thousands, except lease term and discount rate)October 1, 2023December 31, 2022
Assets
Operating lease right-of-use assets$170,128 $163,674 
Liabilities
Operating lease liabilities, current portion$47,262 $44,235 
Long-term operating lease liabilities126,231 122,471 
Total lease liabilities$173,493 $166,706 
Weighted average remaining lease term, operating leases (in years)4.85.1
Weighted average discount rate, operating leases5.1 %4.4 %
Maturities of lease liabilities were as follows at October 1, 2023:
($ in thousands)
2023 (excluding the nine months ended October 1, 2023)$14,289 
202452,997 
202543,322 
202632,346 
202719,684 
Thereafter35,136 
Total lease payments197,774 
Less imputed interest(24,281)
Total$173,493 

As of October 1, 2023, outstanding leases have remaining lease terms ranging from one year to 16 years. The Company has additional operating leases that have not yet commenced as of October 1, 2023 and, therefore, were not included as operating right-of-use assets and corresponding operating lease liabilities on our condensed consolidated balance sheet at October 1, 2023. These operating leases are anticipated to commence in the first quarter of fiscal 2024 with lease terms of five years. The estimated fair value of these operating lease right-of-use assets and corresponding operating lease liabilities to be recorded on our balance sheet upon lease commencement is approximately $2.8 million.