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Leases | 6 Months Ended
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Jun. 27, 2020
Leases |
H. | Leases
The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2034. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. ROU assets and lease liabilities commencing after December 30, 2018 are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. As of June 27, 2020, and December 28, 2019 total ROU assets and lease liabilities were as follows:
|  | Classification |  | Leases |
|  |  |  | June 27, 2020 |  |  | December 28, 2019 |
|  |  |  | (in thousands) |
Right- of-use assets |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating right-of-use assets |  | $ | 61,420 |  |  | $ | 53,758 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 5,814 |  |  |  | 2,531 |
Lease Liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Current operating lease liabilities |  |  | 7,444 |  |  |  | 5,168 |
Finance lease liabilities |  | Accrued expenses and other current liabilities |  |  | 1,807 |  |  |  | 546 |
Non-current |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Non-current operating lease liabilities |  |  | 62,896 |  |  |  | 53,940 |
Finance lease liabilities |  | Other liabilities |  |  | 4,056 |  |  |  | 2,042 |
The gross value and accumulated depreciation of ROU assets related to finance leases as of June 27, 2020 and December 28, 2019 were as follows:
|  | Finance Leases |
|  | June 27, 2020 |  |  | December 28, 2019 |
|  | (in thousands) |
Gross value |  | $ | 6,694 |  |  | $ | 2,837 |
Accumulated amortization |  |  | (880 | ) |  |  | (306 | )
Carrying value |  | $ | 5,814 |  |  | $ | 2,531 |
Components of lease cost for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019 were as follows:
|  | Lease Cost |
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | June 27, |  |  | June 29, |  |  | June 27, |  |  | June 29, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |  |  | (in thousands) |
Operating lease cost |  | $ | 2,437 |  |  | $ | 1,177 |  |  | $ | 4,852 |  |  | $ | 2,305 |
Variable lease costs not included in liability |  |  | 487 |  |  |  | 273 |  |  |  | 972 |  |  |  | 472 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  |  | 440 |  |  |  | 43 |  |  |  | 573 |  |  |  | 43 |
Interest on lease liabilities |  |  | 53 |  |  |  | 52 |  |  |  | 75 |  |  |  | 52 |
Total finance lease cost |  | $ | 493 |  |  | $ | 95 |  |  | $ | 648 |  |  | $ | 95 |
Maturities of lease liabilities as of June 27, 2020 were as follows:
|  | Operating Leases |  |  | Finance Leases |  |  | Weighted-Average Remaining Term in Years |
| Operating Leases |  |  | Finance Leases |
|  | (in thousands) |  |  |  |  |  |  |
2020 |  | $ | 4,843 |  |  | $ | 987 |  |  |  |  |  |  |  |  |
2021 |  |  | 9,903 |  |  |  | 1,982 |  |  |  |  |  |  |  |  |
2022 |  |  | 9,761 |  |  |  | 1,982 |  |  |  |  |  |  |  |  |
2023 |  |  | 9,709 |  |  |  | 965 |  |  |  |  |  |  |  |  |
2024 |  |  | 9,470 |  |  |  | 265 |  |  |  |  |  |  |  |  |
Thereafter |  |  | 39,523 |  |  |  | 23 |  |  |  |  |  |  |  |  |
Total lease payments |  |  | 83,209 |  |  |  | 6,204 |  |  |  |  |  |  |  |  |
Less imputed interest (based on 3.5% weighted-average discount rate) |  |  | (12,869 | ) |  |  | (341 | ) |  |  |  |  |  |  |  |
Present value of lease liability |  | $ | 70,340 |  |  | $ | 5,863 |  |  |  | 9.3 |  |  |  | 3.2 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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