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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		%

X

- References

No definition available.

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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

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X

- 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

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