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Note 11 - Leases | 9 Months Ended
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Sep. 28, 2024
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 operations 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 33 years, some of which include one or more options to extend the lease for up to 25 years. Our lease terms include 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:
(in thousands) | Classification |  | September 28, 2024 |  |  | December 30, 2023 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets (1) |  | $ | 14,067 |  |  | $ | 16,778 |
Finance lease assets | Property, plant and equipment, net (1) |  |  | 9,721 |  |  |  | 247 |
Total lease assets |  | $ | 23,788 |  |  | $ | 17,025 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities (1) |  | $ | 4,976 |  |  | $ | 5,122 |
Finance | Other accrued liabilities (1) |  |  | 9,127 |  |  |  | 11 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 10,423 |  |  |  | 13,160 |
Finance | Long-term lease liabilities |  |  | 6 |  |  |  | 15 |
Total lease liabilities |  | $ | 24,532 |  |  | $ | 18,308 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 5.3 |  |  |  | 5.5 |
Finance leases |  |  | 0.3 |  |  |  | 1.7 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.4 | % |  |  | 6.4 | %
Finance leases |  |  | 2.8 | % |  |  | 4.0 | %
(1) | Finance lease assets are recorded net of accumulated amortization of $0.4 million and $0.3 million as of September 28, 2024, and December 30, 2023, respectively. During the first quarter of fiscal 2024, we executed an agreement to purchase our leased facility in Malaysia for MYR 41.8 million, with the expectation that the title would transfer during 2024. We treated this transaction as a lease modification, and changed the classification to a finance lease, reducing our operating lease assets and liabilities by $0.4 million and increasing our finance lease assets and current lease liabilities by $8.8 million and $7.9 million, respectively. Due to a seller-imposed delay in the completion of purchase of this facility to 2025, which occurred during the third quarter of fiscal 2024, the finance lease was modified resulting in the asset increasing to $9.5 million. At September 28, 2024, the finance lease liability increased $1.2 million to $9.1 million, as a result of fluctuations in foreign currency exchange rates.
The components of lease expense were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(in thousands) |  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Operating leases |  | $ | 1,529 |  |  | $ | 1,642 |  |  | $ | 4,710 |  |  | $ | 5,001 |
Variable lease expense |  |  | 577 |  |  |  | 561 |  |  |  | 1,724 |  |  |  | 1,683 |
Short-term operating leases |  |  | 1 |  |  |  | 6 |  |  |  | 3 |  |  |  | 19 |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 27 |  |  |  | 12 |  |  |  | 70 |  |  |  | 66 |
Interest on lease liabilities |  |  | 67 |  |  |  | - |  |  |  | 200 |  |  |  | 1 |
Sublease income |  |  | - |  |  |  | (7 | ) |  |  | (4 | ) |  |  | (25 | )
Net lease cost |  | $ | 2,201 |  |  | $ | 2,214 |  |  | $ | 6,703 |  |  | $ | 6,745 |
Future minimum lease payments on September 28, 2024, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2024 |  | $ | 1,424 |  |  | $ | 77 |  |  | $ | 1,501 |
2025 |  |  | 5,771 |  |  |  | 9,133 |  |  |  | 14,904 |
2026 |  |  | 2,995 |  |  |  | 3 |  |  |  | 2,998 |
2027 |  |  | 1,648 |  |  |  | - |  |  |  | 1,648 |
2028 |  |  | 1,271 |  |  |  | - |  |  |  | 1,271 |
Thereafter |  |  | 5,514 |  |  |  | - |  |  |  | 5,514 |
Total lease payments |  |  | 18,623 |  |  |  | 9,213 |  |  |  | 27,836 |
Less: Interest |  |  | (3,224 | ) |  |  | (80 | ) |  |  | (3,304 | )
Present value of lease liabilities |  | $ | 15,399 |  |  | $ | 9,133 |  |  | $ | 24,532 |
Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended |
(in thousands) |  | September 28, 2024 |  |  | September 30, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,851 |  |  | $ | 5,005 |
Operating cash flows from finance leases |  | $ | 195 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 18 |  |  | $ | 48 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 9,543 |  |  | $ | - |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 1,623 |  |  | $ | 664 |
Financing lease assets acquired in MCT acquisition |  | $ | - |  |  | $ | 19 |
Operating lease assets acquired in MCT acquisition |  | $ | - |  |  | $ | 130 |

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