Leases (Tables)

3 Months Ended

Apr. 03, 2021

As of April 3, 2021 and December 31, 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 as follows, together with certain supplemental balance sheet information:


(In thousands, except lease term and discount rate)	Classification	April 3, 2021			December 31, 2020
Assets
Right-of-use assets	Right-of-use assets	$	48,057		$	45,924
Liabilities
Short-term lease liability	Other accrued liabilities	8,903			9,960
Long-term lease liability	Long-term lease liability	42,953			39,730
Total lease liabilities		$	51,856		$	49,690
Lease Term and Discount Rate
Weighted average remaining lease term (years)		8.7			7.9
Weighted average discount rate		4.8		%	5.0		%

Components of Lease Expense

The components of lease expense for the three months ended April 3, 2021 and March 28, 2020 are as follows:


	Three months ended
(In thousands)	April 3, 2021		March 28, 2020

Operating lease cost	$	3,399	$	3,541

Lease Cash Flow Information

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 for the three months ended April 3, 2021 and March 28, 2020 are as follows:


(In thousands)	April 3, 2021		March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	2,782	$	2,717
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	5,082	$	912

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments for noncancellable operating leases as of April 3, 2021, were as follows:


(In thousands)	Operating Leases
Remaining 2021	$	11,235
2022	8,037
2023	6,490
2024	5,654
2025	5,181
Thereafter	28,026
Total	64,623
Less: Interest	12,767
Present value of lease liabilities	$	51,856