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Note 10 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Leases [Text Block] |
10. | 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 34 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 30, 2023 |  |  | December 31, 2022 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 17,287 |  |  | $ | 22,804 |
Finance lease assets | Property, plant and equipment, net (1) |  |  | 255 |  |  |  | 323 |
Total lease assets |  | $ | 17,542 |  |  | $ | 23,127 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,971 |  |  | $ | 4,927 |
Finance | Other accrued liabilities |  |  | 12 |  |  |  | 49 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 13,882 |  |  |  | 19,185 |
Finance | Long-term lease liabilities |  |  | 16 |  |  |  | 24 |
Total lease liabilities |  | $ | 18,881 |  |  | $ | 24,185 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 5.6 |  |  |  | 6.2 |
Finance leases |  |  | 2.3 |  |  |  | 1.7 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.4 | % |  |  | 6.2 | %
Finance leases |  |  | 3.8 | % |  |  | 2.2 | %
| (1) | Finance lease assets are recorded net of accumulated amortization of $0.3 million and $0.2 million as of September 30, 2023 and December 31, 2022, respectively.
The components of lease expense were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | September 30, 2023 |  |  | September 24, 2022 |  |  | September 30, 2023 |  |  | September 24, 2022 |
Operating leases |  | $ | 1,642 |  |  | $ | 1,654 |  |  | $ | 5,001 |  |  | $ | 5,046 |
Variable lease expense |  |  | 561 |  |  |  | 520 |  |  |  | 1,683 |  |  |  | 1,583 |
Short-term operating leases |  |  | 6 |  |  |  | 1 |  |  |  | 19 |  |  |  | 3 |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 12 |  |  |  | 11 |  |  |  | 66 |  |  |  | 69 |
Interest on lease liabilities |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Sublease income |  |  | (7 | ) |  |  | (16 | ) |  |  | (25 | ) |  |  | (54 | )
Net lease cost |  | $ | 2,214 |  |  | $ | 2,170 |  |  | $ | 6,745 |  |  | $ | 6,648 |
Future minimum lease payments at September 30, 2023, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2023 |  | $ | 1,490 |  |  | $ | 4 |  |  | $ | 1,494 |
2024 |  |  | 5,822 |  |  |  | 11 |  |  |  | 5,833 |
2025 |  |  | 4,948 |  |  |  | 11 |  |  |  | 4,959 |
2026 |  |  | 2,446 |  |  |  | 3 |  |  |  | 2,449 |
2027 |  |  | 1,493 |  |  |  | - |  |  |  | 1,493 |
Thereafter |  |  | 6,796 |  |  |  | - |  |  |  | 6,796 |
Total lease payments |  |  | 22,995 |  |  |  | 29 |  |  |  | 23,024 |
Less: Interest |  |  | (4,142 | ) |  |  | (1 | ) |  |  | (4,143 | )
Present value of lease liabilities |  | $ | 18,853 |  |  | $ | 28 |  |  | $ | 18,881 |
Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended |
(in thousands) |  | September 30, 2023 |  |  | September 24, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,005 |  |  | $ | 4,946 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 48 |  |  | $ | 126 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 664 |  |  | $ | 1,308 |
Financing lease assets acquired in MCT acquisition |  | $ | 19 |  |  | $ | - |
Operating lease assets acquired in MCT acquisition |  | $ | 130 |  |  | $ | - |

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