Leases

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Leases

LEASES

As of June 27, 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 June 27, 2020, the Company does 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 June 27, 2020 and December 31, 2019, 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	June 27, 2020			December 31, 2019
Assets
Right-of-use assets	Right-of-use assets	$	47,911		$	50,160
Liabilities
Short-term lease liability	Other accrued liabilities	9,902			10,025
Long-term lease liability	Long-term lease liability	41,704			43,827
Total lease liabilities		$	51,606		$	53,852
Lease Term and Discount Rate
Weighted average remaining lease term (years)		8.2			8.4
Weighted average discount rate		4.9		%	5.1		%

Expense for leases less than 12 months for the three and six months ended June 27, 2020 and June 29, 2019 were not material. The components of lease expense for the three and six months ended June 27, 2020 and June 29, 2019 are as follows:

	Three months ended				Six months ended
(In thousands)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating lease cost	$	3,111	$	2,792	$	6,652	$	5,812

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 condensed consolidated statement of cash flows. Other information related to the Company’s operating leases was as follows:

(In thousands)	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	5,336	$	5,020
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,047	$	3,019

Future minimum lease payments for noncancellable operating leases as of June 27, 2020, were as follows:

(In thousands)	Operating Leases
Remaining 2020	$	12,193
2021	9,094
2022	6,749
2023	5,716
2024	4,856
Thereafter	25,792
Total	64,400
Less: Interest	12,794
Present value of lease liabilities	$	51,606