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Leases (Tables)
 3 Months Ended
Apr. 03, 2021
Leases [Abstract]  
Schedule of Lease Assets and Lease Liabilities

At April 3, 2021 and January 2, 2021, the Company’s lease assets and lease liabilities were as follows:

 

 

 

April 3, 2021

 

 

January 2, 2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

$

108,138

 

 

$

119,102

 

Finance lease assets

 

 

161

 

 

 

207

 

Total leased assets

 

$

108,299

 

 

$

119,309

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

$

24,045

 

 

$

28,551

 

Finance

 

 

54

 

 

 

88

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

$

93,552

 

 

$

101,561

 

Finance

 

 

84

 

 

 

93

 

Total lease liabilities

 

$

117,735

 

 

$

130,293

 
Schedule of Components of Lease Expense For the three months ended April 3, 2021 and March 28, 2020, the components of the Company’s lease expense were as follows

 

 

 

Three Months Ended

 

 

 

April 3,

 

 

March 28,

 

 

 

2021

 

 

2020

 

Operating lease cost:

 

 

 

 

 

 

 

 

Fixed lease cost

 

$

11,044

 

 

$

12,641

 

Lease termination cost

 

 

3,152

 

 

 

—

 

Variable lease cost

 

 

5

 

 

 

11

 

Total operating lease cost

 

$

14,201

 

 

$

12,652

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

43

 

 

 

64

 

Interest on lease liabilities

 

 

2

 

 

 

3

 

Total finance lease cost

 

$

45

 

 

$

67

 

Total lease cost

 

$

14,246

 

 

$

12,719

 
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates

At April 3, 2021 and January 2, 2021, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:

 

 

 

April 3, 2021

 

 

January 2, 2021

 

Weighted Average Remaining Lease Term (years)

 

 

 

 

 

 

 

 

Operating leases

 

 

7.26

 

 

 

7.08

 

Finance leases

 

 

2.49

 

 

 

2.35

 

 

 

 

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

 

 

 

 

Operating leases

 

 

7.02

 

 

 

6.95

 

Finance leases

 

 

5.46

 

 

 

5.51

 
Schedule of Maturity of Lease Liabilities

At April 3, 2021, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:

 

 

Operating

Leases

 

 

Finance

Leases

 

 

Total

 

Remainder of fiscal 2021

$

23,754

 

 

$

52

 

 

$

23,806

 

2022

 

27,251

 

 

 

64

 

 

 

27,315

 

2023

 

20,721

 

 

 

26

 

 

 

20,747

 

2024

 

16,025

 

 

 

5

 

 

 

16,030

 

2025

 

11,572

 

 

 

—

 

 

 

11,572

 

Thereafter

 

54,542

 

 

 

—

 

 

 

54,542

 

Total lease payments

$

153,865

 

 

$

147

 

 

$

154,012

 

Less imputed interest

 

36,268

 

 

 

9

 

 

 

36,277

 

Present value of lease liabilities

$

117,597

 

 

$

138

 

 

$

117,735

 
Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the three months ended April 3, 2021 and March 28, 2020 were as follows:

 

 

 

Three Months Ended

 

 

 

April 3,

 

 

March 28,

 

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

11,772

 

 

$

12,701

 

Operating cash flows from finance leases

 

$

2

 

 

$

3

 

Financing cash flows from finance leases

 

$

43

 

 

$

64

 

 

 

 

 

 

 

 

 

 

Leased assets (modified) obtained in exchange for (modified) new operating lease liabilities

 

$

(1,892

)

 

$

8,488

 

Leased assets obtained in exchange for new finance lease liabilities

 

$

—

 

 

$

—