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Leases | 6 Months Ended
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Jun. 28, 2024
Leases [Abstract] |
Leases |
Note 5 – Leases
Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and liabilities, we use the non-cancelable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We lease facilities under non-cancelable operating leases that expire at various dates during the years 2024 through 2031. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. The components of lease expense are as follows:
| Three Months Ended |  | Six Months Ended
| June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023
Operating lease cost | $ | 2,492 |  |  | $ | 2,393 |  |  | $ | 4,984 |  |  | $ | 4,804 |
Supplemental cash flow information related to leases is as follows:
| Six Months Ended
| June 28, 2024 |  | June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 4,851 |  |  | $ | 4,602 |
Supplemental balance sheet information related to leases is as follows:
| June 28, 2024 |  | December 29, 2023
Weighted-average remaining lease term of operating leases | 4.3 years |  | 4.6 years
Weighted-average discount rate of operating leases | 3.8% |  | 3.4%
Future minimum lease payments under non-cancelable leases are as follows as of June 28, 2024:
2024, remaining | $ | 4,936 |
2025 | 9,498 |
2026 | 9,170 |
2027 | 8,407 |
2028 | 3,882 |
Thereafter | 2,827 |
Total future minimum lease payments | 38,720 |
Less imputed interest | (2,974) |
Total lease liabilities | $ | 35,746 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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