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v3.23.1

Leases | 3 Months Ended
--- | ---
Apr. 01, 2023
Leases [Abstract] |
Leases | 5. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of April 1, 2023, the Company’s leases have remaining lease terms of less than one year to 13.6 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow:
| Three Months Ended |  |
| April 1, 2023 |  | March 26, 2022 |  |  |  |
Operating lease cost | $ | 1,694 |  |  | $ | 1,931 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | 99 |  |  | 92 |  |  |  |  |
Interest | 30 |  |  | 37 |  |  |  |  |
Total lease cost | $ | 1,823 |  |  | $ | 2,060 |  |  |  |  |
| Balance Sheet Classification |  | April 1, 2023 |  | December 31, 2022
Operating leases |  |  |  |  |
ROU assets | Other assets |  | $ | 14,203 |  |  | $ | 15,623 |
Lease liabilities, current | Accrued and other current liabilities |  | 4,271 |  |  | 4,741 |
Lease liabilities, non-current | Other liabilities |  | 10,553 |  |  | 11,399 |
Finance leases |  |  |  |  |
ROU assets | Property, plant and equipment, net |  | 1,356 |  |  | 1,448 |
Lease liabilities | Long-term debt |  | 1,662 |  |  | 1,760 |
| Three Months Ended |  |
| April 1, 2023 |  | March 26, 2022 |  |  |  |
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,581 |  |  | $ | 2,123 |  |  |  |  |
Operating lease ROU assets obtained in exchange for lease liabilities | (80) |  |  | 805 |  |  |  |  |
Finance lease cash flows were immaterial during each of the three months ended April 1, 2023 and March 26, 2022.
| April 1, 2023 |  | December 31, 2022 |  |  |  |
Operating leases |  |  |  |  |  |  |
Weighted average remaining lease term (in years) | 5.9 |  | 5.8 |  |  |  |
Weighted average discount rate | 9.1 | % |  | 8.9 | % |  |  |  |
Finance leases |  |  |  |  |  |  |
Weighted average remaining lease term (in years) | 3.6 |  | 3.8 |  |  |  |
Weighted average discount rate | 7.0 | % |  | 7.0 | % |  |  |  |
Leases | 5. Leases The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of April 1, 2023, the Company’s leases have remaining lease terms of less than one year to 13.6 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. Financial and other information related to the Company’s operating and finance leases follow:
| Three Months Ended |  |
| April 1, 2023 |  | March 26, 2022 |  |  |  |
Operating lease cost | $ | 1,694 |  |  | $ | 1,931 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | 99 |  |  | 92 |  |  |  |  |
Interest | 30 |  |  | 37 |  |  |  |  |
Total lease cost | $ | 1,823 |  |  | $ | 2,060 |  |  |  |  |
| Balance Sheet Classification |  | April 1, 2023 |  | December 31, 2022
Operating leases |  |  |  |  |
ROU assets | Other assets |  | $ | 14,203 |  |  | $ | 15,623 |
Lease liabilities, current | Accrued and other current liabilities |  | 4,271 |  |  | 4,741 |
Lease liabilities, non-current | Other liabilities |  | 10,553 |  |  | 11,399 |
Finance leases |  |  |  |  |
ROU assets | Property, plant and equipment, net |  | 1,356 |  |  | 1,448 |
Lease liabilities | Long-term debt |  | 1,662 |  |  | 1,760 |
| Three Months Ended |  |
| April 1, 2023 |  | March 26, 2022 |  |  |  |
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,581 |  |  | $ | 2,123 |  |  |  |  |
Operating lease ROU assets obtained in exchange for lease liabilities | (80) |  |  | 805 |  |  |  |  |
Finance lease cash flows were immaterial during each of the three months ended April 1, 2023 and March 26, 2022.
| April 1, 2023 |  | December 31, 2022 |  |  |  |
Operating leases |  |  |  |  |  |  |
Weighted average remaining lease term (in years) | 5.9 |  | 5.8 |  |  |  |
Weighted average discount rate | 9.1 | % |  | 8.9 | % |  |  |  |
Finance leases |  |  |  |  |  |  |
Weighted average remaining lease term (in years) | 3.6 |  | 3.8 |  |  |  |
Weighted average discount rate | 7.0 | % |  | 7.0 | % |  |  |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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