Leases

3 Months Ended

Mar. 28, 2020

Leases [Abstract]

Leases

LEASES

As of March 28, 2020, the Company was obligated under operating lease agreements for certain sales offices and manufacturing facilities, manufacturing equipment, vehicles, information technology equipment and warehouse space. As of March 28, 2020, we do not have material finance leases. Our leases have remaining lease terms of 1 year to 14 years, some of which may include options to extend the lease for up to 6 years, and some of which may include options to terminate the leases within 1 year.

As of March 28, 2020, the Company’s operating lease components with initial or remaining terms in excess of one year were classified on the condensed consolidated balance sheet and other supplemental balance sheet information was as follows:

(In thousands, except lease term and discount rate)	Classification	March 28, 2020			December 31, 2019
Assets
Right-of-use assets	Right-of-use assets	$	50,058		$	50,160
Liabilities
Short-term lease liability	Other accrued liabilities	10,172			10,025
Long-term lease liability	Long-term lease liability	43,549			43,827
Total lease liabilities		$	53,721		$	53,852
Lease Term and Discount Rate
Weighted average remaining lease term (years)		8.3			8.4
Weighted average discount rate		4.9		%	4.9		%

Expense for leases less than 12 months for the three months ended March 28, 2020 and March 30, 2019 were not material. The components of lease expense for the three months ended March 28, 2020 and March 30, 2019 are as follows:

	Three months ended
(In thousands)	March 28, 2020		March 30, 2019
Operating lease cost	$	3,541	$	3,020

The Company combines the amortization of the Right-of-use assets and the change in the operating lease liability in the same line item in the Statement of Cash Flows. Other information related to the Company’s operating leases was as follows:

(In thousands)	March 28, 2020		March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	2,717	$	2,595
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	912	$	181

Future minimum lease payments for noncancellable operating leases as of March 28, 2020, were as follows:

(In thousands)	Operating Leases
Remaining 2020	$	12,593
2021	10,077
2022	6,834
2023	6,092
2024	5,113
Thereafter	27,281
Total	$	67,990
Less: Interest	14,269
Present value of lease liabilities	$	53,721