XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Leases
6 Months Ended
Jul. 01, 2023
Leases [Abstract]  
Leases Leases
The Company primarily leases office and manufacturing facilities in addition to vehicles, which have remaining terms of less than one year to thirteen years. The Company has no finance leases.
Leases recorded on the balance sheet consist of the following (in thousands):
LeasesJuly 1, 2023December 31, 2022
 Assets
 Operating lease right of use asset$23,663 $24,342 
 Liabilities
 Operating lease - current$4,072 $4,208 
 Operating lease - non-current$18,987 $20,043 
Other information related to lease term and discount rate is as follows:
July 1, 2023
 Operating leases weighted average remaining lease term (in years)7.24 years
 Operating leases weighted average discount rate3.39 %

The components of lease expense are as follows (in thousands):
Fiscal quarter endedSix Fiscal Months Ended
July 1, 2023July 2, 2022July 1, 2023July 2, 2022
Operating lease cost$1,247 $1,299 $2,491 $2,609 
Short-term lease cost45 17 91 42 
Sublease income(98)(105)(198)(217)
Total net lease cost$1,194 $1,211 $2,384 $2,434 

Right of use assets obtained in exchange for new operating lease liability during the six fiscal months ended July 1, 2023 were $1.5 million. The Company paid $2.5 million and $2.6 million for its operating leases for each of the six fiscal months ended July 1, 2023 and July 2, 2022, which are included in operating cash flows on the consolidated condensed statements of cash flows.
Undiscounted maturities of operating lease payments as of July 1, 2023 are summarized as follows (in thousands):
2023 (excluding the six months ended July 1, 2023)$2,370 
20244,228 
20253,843 
20263,217 
20273,010 
Thereafter9,158 
Total future minimum lease payments$25,826 
 Less: amount representing interest(2,767)
 Present value of future minimum lease payments$23,059