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Leases
 3 Months Ended
Mar. 30, 2024
Leases [Abstract]  
Leases
4. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of March 30, 2024, the Company’s leases have remaining lease terms of less than one year to 12.6 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
March 30, 2024April 1, 2023
Operating lease cost$1,710 $1,694 
Finance lease cost
Amortization of ROU assets106 99 
Interest23 30 
Total lease cost$1,839 $1,823 
Balance Sheet LocationMarch 30, 2024December 31, 2023
Operating leases
ROU assets Other assets$17,271 $17,475 
Lease liabilities, currentAccrued and other current liabilities4,793 4,499 
Lease liabilities, non-currentOther liabilities14,161 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net986 1,078 
Lease liabilitiesLong-term debt1,250 1,355 
Three Months Ended
March 30, 2024April 1, 2023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$1,675 $1,581 
Operating lease ROU assets obtained in exchange for lease liabilities1,194 (80)
Finance lease cash flows were immaterial during each of the three months ended March 30, 2024 and April 1, 2023.
March 30, 2024December 31, 2023
Operating leases
Weighted average remaining lease term (in years)5.35.5
Weighted average discount rate8.3 %8.3 %
Finance leases
Weighted average remaining lease term (in years)2.62.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of March 30, 2024 were as follows:
Remainder of 2024$4,619 
20255,509 
20264,397 
20273,305 
20282,064 
Thereafter4,094 
Total minimum lease payments23,988 
Less: imputed interest(5,034)
Present value of future minimum lease payments$18,954 
Leases
4. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of March 30, 2024, the Company’s leases have remaining lease terms of less than one year to 12.6 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
March 30, 2024April 1, 2023
Operating lease cost$1,710 $1,694 
Finance lease cost
Amortization of ROU assets106 99 
Interest23 30 
Total lease cost$1,839 $1,823 
Balance Sheet LocationMarch 30, 2024December 31, 2023
Operating leases
ROU assets Other assets$17,271 $17,475 
Lease liabilities, currentAccrued and other current liabilities4,793 4,499 
Lease liabilities, non-currentOther liabilities14,161 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net986 1,078 
Lease liabilitiesLong-term debt1,250 1,355 
Three Months Ended
March 30, 2024April 1, 2023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$1,675 $1,581 
Operating lease ROU assets obtained in exchange for lease liabilities1,194 (80)
Finance lease cash flows were immaterial during each of the three months ended March 30, 2024 and April 1, 2023.
March 30, 2024December 31, 2023
Operating leases
Weighted average remaining lease term (in years)5.35.5
Weighted average discount rate8.3 %8.3 %
Finance leases
Weighted average remaining lease term (in years)2.62.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of March 30, 2024 were as follows:
Remainder of 2024$4,619 
20255,509 
20264,397 
20273,305 
20282,064 
Thereafter4,094 
Total minimum lease payments23,988 
Less: imputed interest(5,034)
Present value of future minimum lease payments$18,954