Leases (Tables)

9 Months Ended

Sep. 27, 2024

Leases [Abstract]

Summary of Components of Lease Costs

The following table summarizes the components of lease costs (in thousands):

	Three Months Ended				Nine Months Ended
	September 27,		September 29,		September 27,		September 29,
	2024		2023		2024		2023
Operating lease cost	$	3,466	$	2,639	$	9,267	$	7,916
Finance lease cost
Amortization of right-of-use assets		151		150		452		452
Interest on lease liabilities		58		68		180		208
Variable lease cost		303		227		895		787
Total lease cost	$	3,978	$	3,084	$	10,794	$	9,363

Summary of Balance Sheet Information Related to Leases

The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate):

	September 27,			December 31,
	2024			2023
Operating leases
Operating lease right-of-use assets	$	44,645		$	38,302
Current portion of operating lease liabilities	$	9,981		$	8,189
Operating lease liabilities		42,672			37,345
Total operating lease liabilities	$	52,653		$	45,534
Finance leases
Property, plant and equipment, gross	$	9,582		$	9,582
Accumulated depreciation		(6,724	)		(6,272	)
Finance lease assets included in property, plant and equipment, net	$	2,858		$	3,310
Accrued expenses and other current liabilities	$	749		$	718
Other liabilities		3,369			3,934
Total finance lease liabilities	$	4,118		$	4,652
Weighted-average remaining lease term (in years):
Operating leases		7.5			7.6
Finance leases		4.8			5.5
Weighted-average discount rate:
Operating leases		4.78	%		4.84	%
Finance leases		5.54	%		5.54	%

Summary of Cash Flow Information Related to Leases

The following table provides additional details of cash flow information related to the Company’s leases (in thousands):

	Nine Months Ended
	September 27,		September 29,
	2024		2023
Cash paid for lease liabilities:
Operating cash outflows related to finance leases	$	180	$	208
Operating cash outflows related to operating leases	$	6,723	$	5,916
Financing cash outflows related to finance leases	$	534	$	484
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities(1)	$	12,733	$	3,893

(1)The amount for the nine months ended September 27, 2024 includes $8.1 million of right-of-use assets acquired as part of the Motion Solutions acquisition.

Future Minimum Lease Payments Under Operating and Finance Leases

Future minimum lease payments under operating and finance leases expiring subsequent to September 27, 2024, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands):

Year Ending December 31,	Operating Leases			Finance Leases
2024 (remainder of year)	$	1,866		$	238
2025		11,888			954
2026		10,445			979
2027		8,949			1,003
2028		6,204			1,003
Thereafter		25,183			503
Total minimum lease payments		64,535			4,680
Less: Interest		(11,882	)		(562	)
Present value of lease liabilities	$	52,653		$	4,118