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Note 12 - Leases | 3 Months Ended
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Mar. 29, 2025
Notes to Financial Statements |
Lessee, Leases [Text Block] | 12. 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 |  | March 29, 2025 |  |  | December 28, 2024 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 12,768 |  |  | $ | 13,908 |
Finance lease assets | Property, plant and equipment, net (1) |  |  | 117 |  |  |  | 9,676 |
Total lease assets |  | $ | 12,885 |  |  | $ | 23,584 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,871 |  |  | $ | 5,296 |
Finance | Other accrued liabilities (1) |  |  | 11 |  |  |  | 8,418 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 9,179 |  |  |  | 9,890 |
Finance | Long-term lease liabilities |  |  | - |  |  |  | 3 |
Total lease liabilities |  | $ | 14,061 |  |  | $ | 23,607 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 5.2 |  |  |  | 5.2 |
Finance leases |  |  | 0.9 |  |  |  | - |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 | % |  |  | 6.4 | %
Finance leases |  |  | 4.0 | % |  |  | 2.8 | %
| (1) | Finance lease assets are recorded net of accumulated amortization of $0.4 million as of March 29, 2025, and December 28, 2024. 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 fiscal 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 during the third quarter of fiscal 2024, the purchase date was delayed until fiscal 2025, triggering a modification of the finance lease resulting in the asset increasing to $9.5 million. At December 28, 2024, the finance lease liability decreased to $8.4 million, as a result of fluctuations in foreign currency exchange rates. On December 30, 2024, we completed the purchase of our leased facility in Melaka, Malaysia. |
The components of lease expense were as follows:
|  | Three Months Ended |
(in thousands) |  | March 29, 2025 |  |  | March 30, 2024 |
Operating leases |  | $ | 1,522 |  |  | $ | 1,618 |
Variable lease expense |  |  | 646 |  |  |  | 570 |
Short-term operating leases |  |  | 14 |  |  |  | 1 |
Finance leases |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 21 |  |  |  | 21 |
Interest on lease liabilities |  |  | 1 |  |  |  | 53 |
Sublease income |  |  | - |  |  |  | (3 | )
Net lease cost |  | $ | 2,204 |  |  | $ | 2,260 |
Future minimum lease payments on March 29, 2025, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2025 |  | $ | 4,617 |  |  | $ | 8 |  |  | $ | 4,625 |
2026 |  |  | 3,497 |  |  |  | 3 |  |  |  | 3,500 |
2027 |  |  | 1,748 |  |  |  | - |  |  |  | 1,748 |
2028 |  |  | 1,318 |  |  |  | - |  |  |  | 1,318 |
2029 |  |  | 1,335 |  |  |  | - |  |  |  | 1,335 |
Thereafter |  |  | 4,446 |  |  |  | - |  |  |  | 4,446 |
Total lease payments |  |  | 16,961 |  |  |  | 11 |  |  |  | 16,972 |
Less: Interest |  |  | (2,911 | ) |  |  | - |  |  |  | (2,911 | )
Present value of lease liabilities |  | $ | 14,050 |  |  | $ | 11 |  |  | $ | 14,061 |
| * | During the first quarter of 2025, we executed an agreement to lease facilities in San Diego, California. This location will become our new headquarters after our Poway office lease terminates at the end of 2025. The San Diego lease is expected to commence on January 1, 2026, upon when we will add the lease asset and liability to our balance sheet. The minimum lease payments for this lease are $2.5 million, $3.0 million, $2.6 million, $ 3.0 million and $23.8 million for 2026, 2027, 2028, 2029 and thereafter, respectively. |
Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended |
(in thousands) |  | March 29, 2025 |  |  | March 30, 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,508 |  |  | $ | 1,670 |
Financing cash flows from finance leases |  | $ | 3 |  |  | $ | 8 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | - |  |  | $ | 8,844 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 63 |  |  | $ | 1,049 |

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