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v3.22.2.2

Leases (Tables) | 9 Months Ended
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Oct. 01, 2022
Leases [Abstract] |
Supplemental Balance Sheet Information | The following table presents our assets and liabilities related to our leases as of October 1, 2022 and January 1, 2022:
Lease assets and liabilities | October 1, 2022 |  | January 1, 2022
|  | (In thousands)
Assets | Classification |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 50,311 |  |  | $ | 49,568 |
Finance lease right-of-use assets (1) | Property and equipment, net | 136,203 |  |  | 143,851 |
Total lease right-of-use assets |  | $ | 186,514 |  |  | $ | 193,419 |
Liabilities |  |  |  |
Current portion |  |  |  |
Operating lease liabilities | Operating lease liabilities - short term | $ | 7,028 |  |  | $ | 5,145 |
Finance lease liabilities | Finance lease liabilities - short term | 8,732 |  |  | 7,864 |
Non-current portion |  |  |  |
Operating lease liabilities | Operating lease liabilities - long term | 43,492 |  |  | 44,526 |
Finance lease liabilities | Finance lease liabilities - long term | 264,004 |  |  | 266,853 |
Total lease liabilities |  | $ | 323,256 |  |  | $ | 324,388 |
(1) Finance lease right-of-use assets are presented net of accumulated amortization of $87.4 million and $73.7 million as of October 1, 2022 and January 1, 2022, respectively. Supplemental balance sheet information related to leases was as follows:
Balance sheet information | October 1, 2022 |  | January 1, 2022
| (In thousands)
Finance leases |  |  |
Property and equipment | $ | 223,642 |  |  | $ | 217,592 |
Accumulated depreciation | (87,439) |  |  | (73,741) |
Property and equipment, net | $ | 136,203 |  |  | $ | 143,851 |
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases | 10.09 |  | 10.75
Finance leases | 14.25 |  | 15.06
Weighted Average Discount Rate |  |  |
Operating leases | 8.85 | % |  | 9.01 | %
Finance leases | 8.94 | % |  | 10.00 | %
The major categories of our finance lease liabilities as of October 1, 2022 and January 1, 2022 are as follows:
Category | October 1, 2022 |  | January 1, 2022
| (In thousands)
Equipment and vehicles | $ | 28,842 |  |  | $ | 30,710 |
Real estate | 243,894 |  |  | 244,007 |
Total finance leases | $ | 272,736 |  |  | $ | 274,717 |
Lease Cost | The components of lease expense were as follows:
| Three Months Ended |  | Nine Months Ended
Components of lease expense | October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
| (In thousands) |  | (In thousands)
Operating lease cost: | $ | 2,529 |  |  | $ | 2,959 |  |  | $ | 7,625 |  |  | $ | 8,942 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 5,098 |  |  | $ | 4,012 |  |  | $ | 13,698 |  |  | $ | 12,209 |
Interest on lease liabilities | 6,104 |  |  | 6,244 |  |  | 18,384 |  |  | 18,659 |
Total finance lease costs | $ | 11,202 |  |  | $ | 10,256 |  |  | $ | 32,082 |  |  | $ | 30,868 |
Cash flow information related to leases was as follows:
| Three Months Ended |  | Nine Months Ended
Cash flow information | October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
| (In thousands) |  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 2,562 |  |  | $ | 2,822 |  |  | $ | 7,713 |  |  | $ | 8,193 |
Operating cash flows from finance leases | 6,104 |  |  | 6,244 |  |  | 18,384 |  |  | 18,659 |
Financing cash flows from finance leases | $ | 2,496 |  |  | $ | 3,026 |  |  | $ | 7,229 |  |  | $ | 7,697 |
Non-cash supplemental cash flow information related to leases was as follows:
| Three Months Ended |  | Nine Months Ended
Non-cash information | October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
| (In thousands) |  | (In thousands)
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | $ | 3,604 |  |  | $ | 217 |  |  | $ | 4,731 |  |  | $ | 5,508 |
Finance leases | $ | 3,279 |  |  | $ | — |  |  | $ | 5,995 |  |  | $ | 10,549 |
Operating Lease Maturities | As of October 1, 2022, maturities of lease liabilities were as follows:
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2022 | $ | 3,214 |  |  | $ | 6,558 |
2023 | 11,039 |  |  | 32,943 |
2024 | 10,310 |  |  | 32,329 |
2025 | 9,323 |  |  | 28,709 |
2026 | 6,114 |  |  | 32,189 |
Thereafter | 38,745 |  |  | 351,962 |
Total lease payments | $ | 78,745 |  |  | $ | 484,690 |
Less: imputed interest | (28,225) |  |  | (211,954) |
Total | $ | 50,520 |  |  | $ | 272,736 |
On January 1, 2022, maturities of lease liabilities were as follows:
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2022 | $ | 9,376 |  |  | $ | 32,495 |
2023 | 9,134 |  |  | 32,115 |
2024 | 8,329 |  |  | 31,521 |
2025 | 8,329 |  |  | 27,994 |
2026 | 6,050 |  |  | 31,439 |
Thereafter | 40,711 |  |  | 348,149 |
Total lease payments | $ | 81,929 |  |  | $ | 503,713 |
Less: imputed interest | (32,258) |  |  | (228,996) |
Total | $ | 49,671 |  |  | $ | 274,717 |
Finance Lease Maturities | As of October 1, 2022, maturities of lease liabilities were as follows:
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2022 | $ | 3,214 |  |  | $ | 6,558 |
2023 | 11,039 |  |  | 32,943 |
2024 | 10,310 |  |  | 32,329 |
2025 | 9,323 |  |  | 28,709 |
2026 | 6,114 |  |  | 32,189 |
Thereafter | 38,745 |  |  | 351,962 |
Total lease payments | $ | 78,745 |  |  | $ | 484,690 |
Less: imputed interest | (28,225) |  |  | (211,954) |
Total | $ | 50,520 |  |  | $ | 272,736 |
On January 1, 2022, maturities of lease liabilities were as follows:
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2022 | $ | 9,376 |  |  | $ | 32,495 |
2023 | 9,134 |  |  | 32,115 |
2024 | 8,329 |  |  | 31,521 |
2025 | 8,329 |  |  | 27,994 |
2026 | 6,050 |  |  | 31,439 |
Thereafter | 40,711 |  |  | 348,149 |
Total lease payments | $ | 81,929 |  |  | $ | 503,713 |
Less: imputed interest | (32,258) |  |  | (228,996) |
Total | $ | 49,671 |  |  | $ | 274,717 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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