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v3.22.2.2

Leases | 9 Months Ended
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Oct. 01, 2022
Leases [Abstract] |
Leases | 3. Leases At October 1, 2022 and January 1, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:
|  | October 1, 2022 |  |  | January 1, 2022 |
Assets: |  |  |  |  |  |
Operating lease assets |  | $ | 79,911 |  |  | $ | 89,902 |
Finance lease assets |  |  | 72 |  |  |  | 127 |
Total leased assets |  | $ | 79,983 |  |  | $ | 90,029 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | $ | 18,457 |  |  | $ | 20,297 |
Finance |  |  | 38 |  |  |  | 75 |
Noncurrent |  |  |  |  |  |
Operating |  | $ | 70,848 |  |  | $ | 78,157 |
Finance |  |  | 9 |  |  |  | 29 |
Total lease liabilities |  | $ | 89,352 |  |  | $ | 98,558 |
For the three and nine months ended October 1, 2022 and October 2, 2021, the components of the Company’s lease expense were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | October 1, |  |  | October 2, |  |  | October 1, |  |  | October 2, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 9,071 |  |  | $ | 8,533 |  |  | $ | 24,974 |  |  | $ | 29,359 |
Lease termination cost |  |  | (189 | ) |  |  | 2,320 |  |  |  | 1,912 |  |  |  | 8,680 |
Variable lease cost |  |  | 7 |  |  |  | 6 |  |  |  | 20 |  |  |  | 15 |
Total operating lease cost |  | $ | 8,889 |  |  | $ | 10,859 |  |  | $ | 26,906 |  |  | $ | 38,054 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 25 |  |  |  | 36 |  |  |  | 86 |  |  |  | 116 |
Interest on lease liabilities |  |  | 4 |  |  |  | 2 |  |  |  | 6 |  |  |  | 7 |
Total finance lease cost |  | $ | 29 |  |  | $ | 38 |  |  | $ | 92 |  |  | $ | 123 |
Total lease cost |  | $ | 8,918 |  |  | $ | 10,897 |  |  | $ | 26,998 |  |  | $ | 38,177 |
In conjunction with the continued rationalization of its real estate portfolio, the Company has decided to enter into a sublease, which resulted in a lease asset impairment charge of $1,828 that was recognized in general and administrative expenses in the Company's consolidated statements of net income for the three and nine months ended October 1, 2022. The Company expects to begin recording sublease income as of the sublease commencement date in the fourth quarter of fiscal 2022 as an offset to general and administrative expenses. At October 1, 2022 and January 1, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
|  | October 1, 2022 |  |  | January 1, 2022 |
Weighted Average Remaining Lease Term (years) |  |  |  |  |  |
Operating leases |  |  | 7.00 |  |  |  | 7.29 |
Finance leases |  |  | 1.00 |  |  |  | 1.54 |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  | 7.01 |  |  |  | 7.15 |
Finance leases |  |  | 3.39 |  |  |  | 5.31 |
The Company’s leases have remaining lease terms of 0 to 10 ye ars with a weighted average lease term of 6.99 years as of October 1, 2022. At October 1, 2022, 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 2022 | $ | 4,734 |  |  | $ | 13 |  |  | $ | 4,747 |
Fiscal 2023 |  | 24,872 |  |  |  | 31 |  |  |  | 24,903 |
Fiscal 2024 |  | 18,014 |  |  |  | 4 |  |  |  | 18,018 |
Fiscal 2025 |  | 12,575 |  |  |  | — |  |  |  | 12,575 |
Fiscal 2026 |  | 9,683 |  |  |  | — |  |  |  | 9,683 |
Fiscal 2027 |  | 9,376 |  |  |  | — |  |  |  | 9,376 |
Thereafter |  | 36,089 |  |  |  | — |  |  |  | 36,089 |
Total lease payments | $ | 115,343 |  |  | $ | 48 |  |  | $ | 115,391 |
Less imputed interest |  | 26,038 |  |  |  | 1 |  |  |  | 26,039 |
Present value of lease liabilities | $ | 89,305 |  |  | $ | 47 |  |  | $ | 89,352 |
Supplemental cash flow information related to leases for the nine months ended October 1, 2022 and October 2, 2021 were as follows:
|  | Nine Months Ended |
|  | October 1, |  |  | October 2, |
|  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 24,244 |  |  | $ | 31,021 |
Operating cash flows from finance leases |  | $ | 6 |  |  | $ | 7 |
Financing cash flows from finance leases |  | $ | 86 |  |  | $ | 116 |
Leased assets obtained (modified) in exchange for new (modified) operating lease liabilities |  | $ | 11,160 |  |  | $ | (496 | )
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 44 |  |  | $ | 81 |

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