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Note 11 - Leases | 12 Months Ended
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Dec. 31, 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 with 12 months or less are not recorded in the consolidated balance sheet, but we recognized those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the right of use asset (“ROU”) asset and lease liabilities. Our leases have remaining lease terms ranging from 1 year to 35 years, some of which include one or more options to extend the lease for up to 25 years. Our lease term includes renewal terms when we are reasonably certain that 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:
|  |  | December 31, |  |  | December 25, |
(in thousands) | Classification |  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 22,804 |  |  | $ | 25,060 |
Finance lease assets | Property, plant and equipment, net (1) |  |  | 323 |  |  |  | 423 |
Total lease assets |  | $ | 23,127 |  |  | $ | 25,483 |
Liabilities: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,927 |  |  | $ | 4,886 |
Finance | Other accrued liabilities |  |  | 49 |  |  |  | 167 |
Noncurrent: |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 19,185 |  |  |  | 21,977 |
Finance | Long-term lease liabilities |  |  | 24 |  |  |  | 63 |
Total lease liabilities |  | $ | 24,185 |  |  | $ | 27,093 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Operating leases |  |  | 6.2 |  |  |  | 6.9 |
Finance leases |  |  | 1.7 |  |  |  | 1.8 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.2 | % |  |  | 6.3 | %
Finance leases |  |  | 2.2 | % |  |  | 0.7 | %
| (1) | Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.1 million in 2022 and 2021, respectively.
The components of lease expense were as follows:
|  | December 31, |  |  | December 25, |
(in thousands) |  | 2022 |  |  | 2021 |
Operating leases |  | $ | 6,698 |  |  | $ | 7,638 |
Variable lease expense |  |  | 2,220 |  |  |  | 2,192 |
Short-term operating leases |  |  | 4 |  |  |  | 69 |
Finance leases: |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 88 |  |  |  | 86 |
Interest on lease liabilities |  |  | 1 |  |  |  | 2 |
Sublease income |  |  | (69 | ) |  |  | (81 | )
Net lease cost |  | $ | 8,942 |  |  | $ | 9,906 |
Future minimum lease payments at December 31, 2022, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2023 |  | $ | 6,197 |  |  | $ | 50 |  |  | $ | 6,247 |
2024 |  |  | 5,848 |  |  |  | 11 |  |  |  | 5,859 |
2025 |  |  | 5,234 |  |  |  | 11 |  |  |  | 5,245 |
2026 |  |  | 2,849 |  |  |  | 3 |  |  |  | 2,852 |
2027 |  |  | 1,780 |  |  |  | - |  |  |  | 1,780 |
Thereafter |  |  | 7,904 |  |  |  | - |  |  |  | 7,904 |
Total lease payments |  |  | 29,812 |  |  |  | 75 |  |  |  | 29,887 |
Less: Interest |  |  | (5,700 | ) |  |  | (2 | ) |  |  | (5,702 | )
Present value of lease liabilities |  | $ | 24,112 |  |  | $ | 73 |  |  | $ | 24,185 |
Supplemental cash flow information related to leases was as follows:
|  | December 31, |  |  | December 25, |
(in thousands) |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,716 |  |  | $ | 7,628 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 167 |  |  | $ | 186 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | - |  |  | $ | 54 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 2,874 |  |  | $ | 3,866 |

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