XML 36 R26.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Apr. 01, 2023

Leases [Abstract]

Schedule of Lease Assets and Lease Liabilities

At April 1, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:


		April 1, 2023				December 31, 2022
Assets:
Operating leases		$	68,962			$	75,696
Finance leases			28				54
Total lease assets		$	68,990			$	75,750

Liabilities:
Current
Operating leases		$	15,464			$	17,955
Finance leases			19				31
Noncurrent
Operating leases			63,783				68,099
Finance leases			2				7
Total lease liabilities		$	79,268			$	86,092

Schedule of Components of Lease Expense

For the three months ended April 1, 2023 and April 2, 2022, the components of the Company’s lease expense were as follows:


		Three Months Ended
		April 1,				April 2,
		2023				2022
Operating lease cost:
Fixed lease cost		$	7,153			$	8,112
Lease termination cost			12,219				(120	)
Variable lease cost			15				7
Total operating lease cost		$	19,387			$	7,999
Finance lease cost:
Amortization of leased assets		$	26			$	35
Interest on lease liabilities			0				1
Total finance lease cost		$	26			$	36
Total lease cost		$	19,413			$	8,035

As previously disclosed, i

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

At April 1, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:


		April 1, 2023				December 31, 2022
Weighted Average Remaining Lease Term (years)
Operating leases			7.00				6.90
Finance leases			1.06				1.00

Weighted Average Discount Rate
Operating leases			7.13				7.03
Finance leases			3.82				3.52

Schedule of Maturity of Lease Liabilities

At April 1, 2023, 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 2023	$	15,428			$	15			$	15,443
Fiscal 2024		18,485				7				18,492
Fiscal 2025		13,148				—				13,148
Fiscal 2026		9,805				—				9,805
Fiscal 2027		9,449				—				9,449
Fiscal 2028		9,197				—				9,197
Thereafter		26,921				—				26,921
Total lease payments	$	102,433			$	22			$	102,455
Less imputed interest		23,186				1				23,187
Present value of lease liabilities	$	79,247			$	21			$	79,268

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the three months ended April 1, 2023 and April 2, 2022 were as follows:


		Three Months Ended
		April 1,				April 2,
		2023				2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	7,208			$	8,509
Operating cash flows from finance leases		$	0			$	1
Financing cash flows from finance leases		$	26			$	35

Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities		$	(1,052	)		$	2,859
Lease assets obtained in exchange for new finance lease liabilities		$	—			$	46