v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
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 one to ten years, some of which include options to extend the lease term for up to ten years, and some of which include options to terminate the leases within one 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 5.12 years and the weighted-average incremental borrowing rate was 2.15% as of September 30, 2022.
Operating lease costs consisted of the following:
For the three months endedFor the nine months ended
September 30, 2022October 1, 2021September 30, 2022October 1, 2021
Operating lease cost$2,689 $2,387 $8,344 $6,440 
Other lease costs (1)799 339 2,789 961 
Total$3,488 $2,726 $11,133 $7,401 
(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.
Supplemental balance sheet information related to the Company's operating leases is as follows:
Balance Sheet ClassificationSeptember 30, 2022
Operating lease right-of-use assetsLease right-of-use assets$41,524 
Current lease liabilitiesAccrued expenses$9,807 
Non-current lease liabilitiesOther liabilities$30,727 
Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows:
For fiscal yearTotal future payments
2022 (remaining three months)$2,636 
202310,452 
20249,097 
20256,859 
20265,158 
Thereafter8,588 
Total lease payments42,790 
Less: imputed interest(2,256)
Present value of lease liabilities40,534 
Less: current portion(9,807)
Lease liabilities less current portion$30,727