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Note 11 - Leases | 6 Months Ended
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Jun. 28, 2025
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 |  | June 28, 2025 |  |  | December 28, 2024 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets (1) |  | $ | 32,049 |  |  | $ | 13,908 |
Finance lease assets | Property, plant and equipment, net (2) |  |  | 104 |  |  |  | 9,676 |
Total lease assets |  | $ | 32,153 |  |  | $ | 23,584 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,648 |  |  | $ | 5,296 |
Finance | Other accrued liabilities (2) |  |  | 10 |  |  |  | 8,418 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities (1) |  |  | 32,116 |  |  |  | 9,890 |
Finance | Long-term lease liabilities |  |  | - |  |  |  | 3 |
Total lease liabilities |  | $ | 36,774 |  |  | $ | 23,607 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 9.0 |  |  |  | 5.2 |
Finance leases |  |  | 0.6 |  |  |  | - |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.4 | % |  |  | 6.4 | %
Finance leases |  |  | 4.0 | % |  |  | 2.8 | %
| (1) | In June 2025, we gained access to our new corporate headquarters located in San Diego, California enabling us to make certain preparations for our planned relocation on January 1, 2026, resulting in an increase to our operating lease asset and long term operating lease liability.
| (2) | Finance lease assets are recorded net of accumulated amortization of $0.5 million and $0.4 million as of June 28, 2025, and December 28, 2024, respectively. On December 30, 2024 we completed the purchase of our leased facility in Melaka, Malaysia resulting in a decrease to our finance lease asset and liability.
The components of lease expense were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(in thousands) |  | June 28, 2025 |  |  | June 29, 2024 |  |  | June 28, 2025 |  |  | June 29, 2024 |
Operating leases |  | $ | 1,498 |  |  | $ | 1,563 |  |  | $ | 3,020 |  |  | $ | 3,181 |
Variable lease expense |  |  | 650 |  |  |  | 577 |  |  |  | 1,296 |  |  |  | 1,147 |
Short-term operating leases |  |  | 15 |  |  |  | 1 |  |  |  | 29 |  |  |  | 2 |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 20 |  |  |  | 22 |  |  |  | 41 |  |  |  | 43 |
Interest on lease liabilities |  |  | - |  |  |  | 80 |  |  |  | 1 |  |  |  | 133 |
Sublease income |  |  | - |  |  |  | (1 | ) |  |  | - |  |  |  | (4 | )
Net lease cost |  | $ | 2,183 |  |  | $ | 2,242 |  |  | $ | 4,387 |  |  | $ | 4,502 |
Future minimum lease payments on June 28, 2025, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2025 |  | $ | 3,231 |  |  | $ | 7 |  |  | $ | 3,238 |
2026(1) |  |  | 6,248 |  |  |  | 3 |  |  |  | 6,251 |
2027(1) |  |  | 4,931 |  |  |  | - |  |  |  | 4,931 |
2028(1) |  |  | 4,054 |  |  |  | - |  |  |  | 4,054 |
2029 |  |  | 4,429 |  |  |  | - |  |  |  | 4,429 |
Thereafter (1) |  |  | 27,751 |  |  |  | - |  |  |  | 27,751 |
Total lease payments |  |  | 50,644 |  |  |  | 10 |  |  |  | 50,654 |
Less: Interest |  |  | (13,880 | ) |  |  | - |  |  |  | (13,880 | )
Present value of lease liabilities |  | $ | 36,764 |  |  | $ | 10 |  |  | $ | 36,774 |
| (1) | In June 2025, we gained access to our new corporate headquarters located in San Diego, California enabling us to make certain preparations for our relocation on January 1, 2026. The new lease will result in cash outflows totaling $34.9 million expected to be paid as follows: $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:
|  | Six Months Ended |
(in thousands) |  | June 28, 2025 |  |  | June 29, 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,055 |  |  | $ | 3,275 |
Operating cash flows from finance leases |  | $ | - |  |  | $ | 129 |
Financing cash flows from finance leases |  | $ | 6 |  |  | $ | 11 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | - |  |  | $ | 8,844 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 20,990 |  |  | $ | 1,357 |

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