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Leases | 9 Months Ended
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Sep. 27, 2024
Leases [Abstract] |
Leases | Note 10. Leases Lease expenses recorded within the condensed consolidated statements of operations are comprised as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | September 27, 2024 |  |  | September 29, 2023 |  |  | September 27, 2024 |  |  | September 29, 2023 |
Operating lease cost |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue |  | $ | 3,239 |  |  | $ | 2,954 |  |  | $ | 7,988 |  |  | $ | 9,732 |
Selling, general and administrative expenses |  |  | 478 |  |  |  | 213 |  |  |  | 1,028 |  |  |  | 885 |
Finance lease cost (all in cost of revenue): |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 66 |  |  |  | 66 |  |  |  | 199 |  |  |  | 216 |
Interest on lease liabilities |  |  | 4 |  |  |  | 47 |  |  |  | 18 |  |  |  | 60 |
Short-term lease cost |  |  | 88 |  |  |  | 203 |  |  |  | 332 |  |  |  | 521 |
Total lease cost |  | $ | 3,875 |  |  | $ | 3,483 |  |  | $ | 9,565 |  |  | $ | 11,414 |
Additional condensed consolidated balance sheets information related to leases is as follows:
|  |  |  | September 27, |  |  | December 29, |
(In thousands) |  | Balance Sheet Classification |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Lease right-of-use assets |  | $ | 25,908 |  |  | $ | 23,568 |
Finance lease assets |  | Lease right-of-use assets |  |  | 88 |  |  |  | 287 |
Total lease assets |  |  |  | $ | 25,996 |  |  | $ | 23,855 |
Liabilities: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other current liabilities |  | $ | 6,680 |  |  | $ | 8,247 |
Finance lease liabilities |  | Other current liabilities |  |  | 110 |  |  |  | 317 |
Total current lease liabilities |  |  |  | $ | 6,790 |  |  | $ | 8,564 |
Non-current: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Lease liabilities, non-current |  | $ | 17,117 |  |  | $ | 15,017 |
Finance lease liabilities |  | Lease liabilities, non-current |  |  | - |  |  |  | 28 |
Total non-current lease liabilities |  |  |  | $ | 17,117 |  |  | $ | 15,045 |
Weighted average remaining lease term information related to leases is as follows:
|  | September 27, |  | December 29,
|  | 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |  |
Operating leases |  | 4.4 |  | 3.4
Finance leases |  | 0.3 |  | 1.1
Weighted average discount rate: |  |  |  |
Operating leases |  | 6.9% |  | 6.3%
Finance leases |  | 9.9% |  | 9.9%
Supplemental cash flow information related to leases is as follows:
|  | Nine Months Ended |
|  | September 27, |  |  | September 29, |
(In thousands) |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7,768 |  |  | $ | 8,685 |
Financing cash flows from finance leases |  | $ | 235 |  |  | $ | 228 |
Right-of-use assets obtained in exchange for new operating leases |  | $ | 6,527 |  |  | $ | 12,905 |
Total remaining lease payments under both the Company’s operating and finance leases are as follows:
|  | Operating |  |  | Financing |
(In thousands) |  | Leases |  |  | Leases |
Year |  |  |  |  |  |
2024 |  | $ | 1,837 |  |  | $ | 84 |
2025 |  |  | 7,224 |  |  |  | 28 |
2026 |  |  | 5,383 |  |  |  | — |
2027 |  |  | 3,930 |  |  |  | — |
2028 |  |  | 3,956 |  |  |  | — |
Thereafter |  |  | 5,926 |  |  |  | — |
Total lease payments |  |  | 28,256 |  |  |  | 112 |
Amounts representing interest |  |  | (4,459 | ) |  |  | (2 | )
Total lease liabilities |  | $ | 23,797 |  |  | $ | 110 |

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- References No definition available. + Details
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