v3.19.2
Leases
 6 Months Ended
Jun. 28, 2019
Leases [Abstract]  
Leases Leases
The Company has operating lease agreements for administrative, research and development, manufacturing, and sales and marketing facilities. These leases have remaining lease terms ranging from 1 to 8 years, some of which include options to extend the lease term for up to 5 years, and some of which include options to terminate the leases within 1 year. Certain leases are subject to annual escalations as specified in the lease agreements. The Company considered these options in determining the lease term used to establish its right-of-use assets and lease liabilities. These lease agreements do not contain any material residual value guarantees or material restrictive covenants.
As most of the Company's leases do not provide an interest rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted-average remaining lease term for the Company's operating leases was 4.69 years and the weighted-average incremental borrowing rate was 3.75% as of June 28, 2019.
Operating lease costs consisted of the following:
 
For the three months ended
 
For the six months ended
 
June 28, 2019
 
June 28, 2019
Operating lease cost
$
1,549

 
$
2,969

Other lease costs (1)
242

 
425

Total
$
1,791

 
$
3,394

 
 
 
 
(1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities.
 
 

Lease costs for the three and six months ended June 29, 2018 were $1,630 and $3,326, respectively.
Supplemental balance sheet information related to the Company's operating leases is as follows:
 
Balance Sheet Classification
 
June 28, 2019
Operating lease right-of-use assets
Property, plant and equipment
 
$
17,652

Current lease liabilities
Accrued expenses
 
$
5,990

Non-current lease liabilities
Other liabilities
 
$
11,994


Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:
For fiscal year
Total future payments
2019 (excluding the six months ended June 28, 2019)
$
2,979

2020
5,372

2021
3,779

2022
2,179

2023
2,194

Thereafter
3,151

Total lease payments
19,654

Less: imputed interest
(1,670
)
Present value of lease liabilities
17,984

Less: current portion
(5,990
)
Lease liabilities less current portion
$
11,994