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Leases | 3 Months Ended
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Mar. 29, 2025
Leases [Abstract] |
Leases | 9. LEASES For leases with initial terms greater than 12 months, the Company considers these right-of-use assets and records the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, the Company does not consider them as right-of-use assets and instead considers them short-term lease costs that are recognized on a straight-line basis over the lease term. The Company’s leases may include escalation clauses, renewal options, and/or termination options that are factored into the Company’s determination of lease term and lease payments when it is reasonably certain the option will be exercised. The Company elected to take the practical expedient and not separate lease and non-lease components of contracts. The Company estimates an incremental borrowing rate to discount the lease payments based on information available at lease commencement because the implicit rate of the lease is generally not known. The Company leases manufacturing facilities, office space, land, and certain vehicles and equipment under operating leases. The Company also leases certain vehicles and equipment under finance leases. The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. ​ The components of lease expense for the fiscal quarters ended March 29, 2025 and March 30, 2024 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Quarter Ended | ​
​ |  | March 29, 2025 |  | March 30, 2024 | ​
Operating lease expense | ​ | $ | 2,162 | ​ | $ | 2,163 | ​
Finance lease amortization of assets | ​ | ​ | 210 | ​ | ​ | 212 | ​
Finance lease interest on lease liabilities | ​ | ​ | 68 | ​ | ​ | 84 | ​
Short-term lease expense | ​ |  | 97 | ​ |  | 56 | ​
Variable lease expense | ​ |  | 199 | ​ |  | 158 | ​
Total lease expense | ​ | $ | 2,736 | ​ | $ | 2,673 | ​
​ Operating and finance lease right-of-use assets and lease-related liabilities as of March 29, 2025 and December 31, 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 29, 2025 | ​ | December 31, 2024 | ​ | Classification
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease right-of-use assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 27,154 | ​ | $ | 28,259 | ​ | Operating lease right-of-use assets
Finance leases | ​ | ​ | 3,064 | ​ | ​ | 3,261 | ​ | Other assets
Total lease right-of-use assets | ​ | $ | 30,218 | ​ | $ | 31,520 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease-related liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 7,100 | ​ | $ | 7,176 | ​ | Current operating lease liabilities
Finance leases | ​ | ​ | 768 | ​ | ​ | 779 | ​ | Accrued expenses and other current liabilities
Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 20,951 | ​ | ​ | 22,138 | ​ | Non-current operating lease liabilities
Finance leases | ​ | ​ | 2,501 | ​ | ​ | 2,678 | ​ | Other long-term liabilities
Total lease liabilities | ​ | $ | 31,320 | ​ | $ | 32,771 | ​ | ​
​ The table below presents supplemental information related to leases as of March 29, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 29, 2025 | ​ | December 31, 2024
Weighted-average remaining lease term (years) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | 4.2 | ​ | ​ | ​ | 4.4 | ​
Operating leases | ​ | ​ | 5.2 | ​ | ​ | ​ | 5.3 | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases | ​ | ​ | 8.2 | % | ​ | ​ | 8.2 | %
Operating leases | ​ | ​ | 5.5 | % | ​ | ​ | 5.4 | %
​ The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Quarter Ended | ​
​ |  | March 29, 2025 |  | March 30, 2024 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows for operating leases | ​ | $ | 1,829 | ​ | $ | 1,794 | ​
​ ​ The following table summarizes fiscal year maturities of operating lease liabilities as of March 29, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases | ​ | Finance Leases | ​ | Total
Remainder of fiscal year 2025 | ​ | $ | 6,482 | ​ | $ | 765 | ​ | $ | 7,247
2026 | ​ | ​ | 7,129 | ​ | ​ | 939 | ​ | ​ | 8,068
2027 | ​ | ​ | 5,323 | ​ | ​ | 863 | ​ | ​ | 6,186
2028 | ​ | ​ | 3,967 | ​ | ​ | 851 | ​ | ​ | 4,818
2029 | ​ | ​ | 3,396 | ​ | ​ | 367 | ​ | ​ | 3,763
Thereafter | ​ | ​ | 6,032 | ​ | ​ | 74 | ​ | ​ | 6,106
Total lease payments | ​ | ​ | 32,329 | ​ | ​ | 3,859 | ​ | ​ | 36,188
Less: Interest | ​ | ​ | (4,278) | ​ | ​ | (590) | ​ | ​ | (4,868)
Present value of lease liability | ​ | $ | 28,051 | ​ | $ | 3,269 | ​ | $ | 31,320
​ ​

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