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Leases (Tables) | 6 Months Ended
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Jul. 01, 2023
Leases [Abstract] |
Schedule of Lease Assets and Lease Liabilities | At July 1, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:
|  | July 1, 2023 |  |  | December 31, 2022 |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 58,019 |  |  | $ | 75,696 |
Finance leases |  |  | 16 |  |  |  | 54 |
Total lease assets |  | $ | 58,035 |  |  | $ | 75,750 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating leases |  | $ | 9,949 |  |  | $ | 17,955 |
Finance leases |  |  | 14 |  |  |  | 31 |
Noncurrent |  |  |  |  |  |
Operating leases |  |  | 58,867 |  |  |  | 68,099 |
Finance leases |  |  | 1 |  |  |  | 7 |
Total lease liabilities |  | $ | 68,831 |  |  | $ | 86,092 |
Schedule of Components of Lease Expense | For the three and six months ended July 1, 2023 and July 2, 2022, the components of the Company’s lease expense were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 1, |  |  | July 2, |  |  | July 1, |  |  | July 2, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 5,958 |  |  | $ | 7,791 |  |  | $ | 13,111 |  |  | $ | 15,903 |
Lease termination (benefit) cost |  |  | (169 | ) |  |  | 2,220 |  |  |  | 12,050 |  |  |  | 2,100 |
Variable lease cost |  |  | 15 |  |  |  | 6 |  |  |  | 31 |  |  |  | 13 |
Total operating lease cost |  | $ | 5,804 |  |  | $ | 10,017 |  |  | $ | 25,192 |  |  | $ | 18,016 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 12 |  |  |  | 26 |  |  | $ | 38 |  |  | $ | 61 |
Interest on lease liabilities |  |  | 0 |  |  |  | 1 |  |  |  | 0 |  |  |  | 2 |
Total finance lease cost |  | $ | 12 |  |  | $ | 27 |  |  | $ | 38 |  |  | $ | 63 |
Total lease cost |  | $ | 5,816 |  |  | $ | 10,044 |  |  | $ | 25,230 |  |  | $ | 18,079 |
As previously disclosed, i
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates | At July 1, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
|  | July 1, 2023 |  |  | December 31, 2022 |
Weighted Average Remaining Lease Term (years) |  |  |  |  |  |
Operating leases |  |  | 7.53 |  |  |  | 6.90 |
Finance leases |  |  | 0.83 |  |  |  | 1.00 |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  | 7.41 |  |  |  | 7.03 |
Finance leases |  |  | 3.84 |  |  |  | 3.52 |
Schedule of Maturity of Lease Liabilities | At July 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 | $ | 6,840 |  |  | $ | 9 |  |  | $ | 6,849 |
Fiscal 2024 |  | 15,235 |  |  |  | 7 |  |  |  | 15,242 |
Fiscal 2025 |  | 12,899 |  |  |  | — |  |  |  | 12,899 |
Fiscal 2026 |  | 9,905 |  |  |  | — |  |  |  | 9,905 |
Fiscal 2027 |  | 9,469 |  |  |  | — |  |  |  | 9,469 |
Fiscal 2028 |  | 9,213 |  |  |  | — |  |  |  | 9,213 |
Thereafter |  | 26,931 |  |  |  | — |  |  |  | 26,931 |
Total lease payments | $ | 90,492 |  |  | $ | 16 |  |  | $ | 90,508 |
Less imputed interest |  | 21,676 |  |  |  | 1 |  |  |  | 21,677 |
Present value of lease liabilities | $ | 68,816 |  |  | $ | 15 |  |  | $ | 68,831 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the six months ended July 1, 2023 and July 2, 2022 were as follows:
|  | Six Months Ended |
|  | July 1, |  |  | July 2, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 13,507 |  |  | $ | 16,733 |
Operating cash flows from finance leases |  | $ | 0 |  |  | $ | 2 |
Financing cash flows from finance leases |  | $ | 38 |  |  | $ | 61 |
Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities |  | $ | (7,287 | ) |  | $ | 6,909 |
Lease assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | 44 |

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