LEASED ASSETS (Tables)

3 Months Ended

Apr. 02, 2022

Schedule of right-of-use assets and related lease liabilities

Under the provisions of ASU 2016-02, the Company records right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the Condensed Consolidated Balance Sheet as of April 2, 2022:

	Balance Sheet Line Item	April 2, 2022
Right-of-use assets	Other assets	$2,595
Operating lease liabilities
Current portion	Trade accounts payable and accrued expenses	$347

Noncurrent portion	Lease liabilities	2,248
Total operating lease liabilities		$2,595

Schedule of operating lease liabilities

The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Condensed Consolidated Balance Sheet as of April 2, 2022:

Remainder of 2022	$340
2023	454
2024	457
2025	340
2026	340
Thereafter	1,310
Total undiscounted future minimum lease payments	3,241
Less: Difference between undiscounted lease payments & the present value of future lease payments	(646)
Total operating lease liabilities	$2,595