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Note 11 - Leases | 9 Months Ended
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Sep. 24, 2022
Notes to Financial Statements |
Lessee, Leases [Text Block] |
11. | Leases
We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms of 12 months or less are not recorded on the condensed consolidated balance sheet, but we recognize those lease payments in the condensed consolidated statements of income on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the ROU asset and lease liabilities. Our leases have remaining lease terms of 1 year to 35 years, some of which include one or more options to extend the leases for up to 25 years. Our lease term includes renewal terms when we are reasonably certain we will exercise the renewal options. We sublease certain leased assets to third parties, mainly as a result of unused space in our facilities. Supplemental balance sheet information related to leases was as follows:
(in thousands) | Classification |  | September 24, 2022 |  |  | December 25, 2021 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 22,339 |  |  | $ | 25,060 |
Finance lease assets | Property, plant and equipment, net (1) |  |  | 316 |  |  |  | 423 |
Total lease assets |  | $ | 22,655 |  |  | $ | 25,483 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,615 |  |  | $ | 4,886 |
Finance | Other accrued liabilities |  |  | 81 |  |  |  | 167 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 19,155 |  |  |  | 21,977 |
Finance | Long-term lease liabilities |  |  | 26 |  |  |  | 63 |
Total lease liabilities |  | $ | 23,877 |  |  | $ | 27,093 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 |  |  |  | 6.9 |
Finance leases |  |  | 1.5 |  |  |  | 1.8 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.3 | % |  |  | 6.3 | %
Finance leases |  |  | 1.3 | % |  |  | 0.7 | %
| (1) | Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.1 million as of September 24, 2022 and December 25, 2021, respectively.
The components of lease expense were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(in thousands) |  | September 24, 2022 |  |  | September 25, 2021 |  |  | September 24, 2022 |  |  | September 25, 2021 |
Operating leases |  | $ | 1,654 |  |  | $ | 1,799 |  |  | $ | 5,046 |  |  | $ | 5,866 |
Variable lease expense |  |  | 520 |  |  |  | 508 |  |  |  | 1,583 |  |  |  | 1,634 |
Short-term operating leases |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 68 |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 11 |  |  |  | 21 |  |  |  | 69 |  |  |  | 66 |
Interest on lease liabilities |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Sublease income |  |  | (16 | ) |  |  | (21 | ) |  |  | (54 | ) |  |  | (61 | )
Net lease cost |  | $ | 2,170 |  |  | $ | 2,308 |  |  | $ | 6,648 |  |  | $ | 7,574 |
Future minimum lease payments at September 24, 2022, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases (1) |  |  | leases |  |  | Total |
2022 |  | $ | 1,615 |  |  | $ | 39 |  |  | $ | 1,654 |
2023 |  |  | 5,649 |  |  |  | 47 |  |  |  | 5,696 |
2024 |  |  | 5,204 |  |  |  | 10 |  |  |  | 5,214 |
2025 |  |  | 5,018 |  |  |  | 10 |  |  |  | 5,028 |
2026 |  |  | 2,705 |  |  |  | 3 |  |  |  | 2,708 |
Thereafter |  |  | 9,492 |  |  |  | - |  |  |  | 9,492 |
Total lease payments |  |  | 29,683 |  |  |  | 109 |  |  |  | 29,792 |
Less: Interest |  |  | (5,913 | ) |  |  | (2 | ) |  |  | (5,915 | )
Present value of lease liabilities |  | $ | 23,770 |  |  | $ | 107 |  |  | $ | 23,877 |
| (1) | Excludes sublease income of $0.1 million in 2023.
Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended |
(in thousands) |  | September 24, 2022 |  |  | September 25, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,946 |  |  | $ | 5,953 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 126 |  |  | $ | 142 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | - |  |  | $ | 54 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 1,308 |  |  | $ | 3,669 |

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