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Leases | 9 Months Ended
--- | ---
Sep. 29, 2024
Leases [Abstract] |
Leases | LEASES The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of September 29, 2024 and December 31, 2023:
| September 29, 2024 |  | December 31, 2023
Balance Sheet Location | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
| (in thousands)
Operating lease right-of-use assets | $ | 81,716 |  |  |  |  | $ | 87,519 |  |  |
Current portion of operating lease liabilities | $ | 12,888 |  |  |  |  | $ | 12,347 |  |  |
Operating lease liabilities | 72,861 |  |  |  |  | 78,269 |  |  |
Total operating lease liabilities | $ | 85,749 |  |  |  |  | $ | 90,616 |  |  |
Property, plant and equipment, net |  |  | $ | 7,526 |  |  |  |  | $ | 7,236 |
Accrued expenses |  |  | $ | 2,577 |  |  |  |  | $ | 2,587 |
Other long-term liabilities |  |  | 5,335 |  |  |  |  | 5,035 |
Total finance lease liabilities |  |  | $ | 7,912 |  |  |  |  | $ | 7,622 |
As of September 29, 2024, there were no significant leases that had not commenced. Lease Costs
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
| (in thousands)
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 766 |  |  | $ | 696 |  |  | $ | 2,291 |  |  | $ | 2,056 |
Interest on lease liabilities | 119 |  |  | 79 |  |  | 328 |  |  | 224 |
Operating lease cost | 4,824 |  |  | 4,740 |  |  | 14,635 |  |  | 14,141 |
Short-term lease cost | 241 |  |  | 187 |  |  | 637 |  |  | 934 |
Variable lease cost | 805 |  |  | 583 |  |  | 2,140 |  |  | 1,924 |
Total lease cost | $ | 6,755 |  |  | $ | 6,285 |  |  | $ | 20,031 |  |  | $ | 19,279 |
Other Supplemental Information
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from finance leases | $ | 115 |  |  | $ | 60 |  |  | $ | 316 |  |  | $ | 167 |
Operating cash flows from operating leases | 4,377 |  |  | 4,130 |  |  | 12,797 |  |  | 12,771 |
Financing cash flows from finance leases | 723 |  |  | 545 |  |  | 2,160 |  |  | 1,853 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 780 |  |  | 1,414 |  |  | 2,361 |  |  | 2,450 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,318 |  |  | 236 |  |  | 3,217 |  |  | 4,199 |
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of September 29, 2024 and December 31, 2023:
| September 29, 2024 |  | December 31, 2023
Weighted-average remaining lease term – finance leases (in years) | 3.66 |  | 3.70
Weighted-average remaining lease term – operating leases (in years) | 7.94 |  | 8.29
Weighted-average discount rate – finance leases | 6.31 | % |  | 5.51 | %
Weighted-average discount rate – operating leases | 6.37 | % |  | 6.25 | %
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal Year | Operating Leases |  | Finance Leases
| (in thousands)
2024 (excluding the nine months ended September 29, 2024) | $ | 4,423 |  |  | $ | 821 |
2025 | 16,995 |  |  | 2,754 |
2026 | 16,839 |  |  | 2,218 |
2027 | 13,954 |  |  | 1,654 |
2028 | 11,459 |  |  | 946 |
Thereafter | 46,668 |  |  | 516 |
Total future minimum lease payments (undiscounted) | 110,338 |  |  | 8,909 |
Less: Present value discount | (24,589) |  |  | (997) |
Total lease liabilities | $ | 85,749 |  |  | $ | 7,912 |
Leases | LEASES The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of September 29, 2024 and December 31, 2023:
| September 29, 2024 |  | December 31, 2023
Balance Sheet Location | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
| (in thousands)
Operating lease right-of-use assets | $ | 81,716 |  |  |  |  | $ | 87,519 |  |  |
Current portion of operating lease liabilities | $ | 12,888 |  |  |  |  | $ | 12,347 |  |  |
Operating lease liabilities | 72,861 |  |  |  |  | 78,269 |  |  |
Total operating lease liabilities | $ | 85,749 |  |  |  |  | $ | 90,616 |  |  |
Property, plant and equipment, net |  |  | $ | 7,526 |  |  |  |  | $ | 7,236 |
Accrued expenses |  |  | $ | 2,577 |  |  |  |  | $ | 2,587 |
Other long-term liabilities |  |  | 5,335 |  |  |  |  | 5,035 |
Total finance lease liabilities |  |  | $ | 7,912 |  |  |  |  | $ | 7,622 |
As of September 29, 2024, there were no significant leases that had not commenced. Lease Costs
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
| (in thousands)
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 766 |  |  | $ | 696 |  |  | $ | 2,291 |  |  | $ | 2,056 |
Interest on lease liabilities | 119 |  |  | 79 |  |  | 328 |  |  | 224 |
Operating lease cost | 4,824 |  |  | 4,740 |  |  | 14,635 |  |  | 14,141 |
Short-term lease cost | 241 |  |  | 187 |  |  | 637 |  |  | 934 |
Variable lease cost | 805 |  |  | 583 |  |  | 2,140 |  |  | 1,924 |
Total lease cost | $ | 6,755 |  |  | $ | 6,285 |  |  | $ | 20,031 |  |  | $ | 19,279 |
Other Supplemental Information
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from finance leases | $ | 115 |  |  | $ | 60 |  |  | $ | 316 |  |  | $ | 167 |
Operating cash flows from operating leases | 4,377 |  |  | 4,130 |  |  | 12,797 |  |  | 12,771 |
Financing cash flows from finance leases | 723 |  |  | 545 |  |  | 2,160 |  |  | 1,853 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 780 |  |  | 1,414 |  |  | 2,361 |  |  | 2,450 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,318 |  |  | 236 |  |  | 3,217 |  |  | 4,199 |
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of September 29, 2024 and December 31, 2023:
| September 29, 2024 |  | December 31, 2023
Weighted-average remaining lease term – finance leases (in years) | 3.66 |  | 3.70
Weighted-average remaining lease term – operating leases (in years) | 7.94 |  | 8.29
Weighted-average discount rate – finance leases | 6.31 | % |  | 5.51 | %
Weighted-average discount rate – operating leases | 6.37 | % |  | 6.25 | %
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal Year | Operating Leases |  | Finance Leases
| (in thousands)
2024 (excluding the nine months ended September 29, 2024) | $ | 4,423 |  |  | $ | 821 |
2025 | 16,995 |  |  | 2,754 |
2026 | 16,839 |  |  | 2,218 |
2027 | 13,954 |  |  | 1,654 |
2028 | 11,459 |  |  | 946 |
Thereafter | 46,668 |  |  | 516 |
Total future minimum lease payments (undiscounted) | 110,338 |  |  | 8,909 |
Less: Present value discount | (24,589) |  |  | (997) |
Total lease liabilities | $ | 85,749 |  |  | $ | 7,912 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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