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Leases
 3 Months Ended
Mar. 28, 2020
Leases [Abstract]  
Leases Leases
The Company primarily leases property under operating leases and has five equipment operating leases for aircrafts used by the operations of QSI. The Company's property operating leases consist of various office facilities, which we lease from unrelated parties. We use a portfolio approach to account for such leases due to the similarities in characteristics and apply an incremental borrowing rate based on estimates of rates the Company would pay for senior collateralized loans over a similar term. Our office leases with an initial term of 12 months or less are not recorded on the balance sheet. We account for lease components (e.g. fixed payments including rent, real estate taxes and common area maintenance costs) as a single lease component. Some of our leases include one or more options to renew the lease term at our sole discretion; however, these are not included in the calculation of our lease liability or ROU lease asset because they are not reasonably certain of exercise.
We also lease vehicles through a fleet leasing program. The payments for the vehicles are based on the terms selected. We have determined that it is reasonably certain that the leased vehicles will be held beyond the period in which the entire capitalized value of the vehicle has been paid to the lessor. As such, the capitalized value is the delivered price of the vehicle. Our vehicle leases are classified as financing leases.
Supplemental balance sheet information related to the Company's operating and finance leases is as follows:
Leases
 
Classification
 
March 28, 2020
 
December 28, 2019
Assets
 
 
 
 
 
 
Operating lease assets
 
Right-of-use lease asset, net (1)
 
$
43,950

 
$
46,313

Finance lease assets
 
Property and equipment, net (1)
 
2,493

 
2,371

Total leased assets
 
 
 
$
46,443

 
$
48,685

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Current
 
 
 
 
 
 
Operating
 
Accrued liabilities
 
$
(12,751
)
 
$
(13,108
)
Finance
 
Current portion of notes payable and other obligations
 
(1,084
)
 
(1,022
)
Noncurrent
 
 
 
 
 
 
Operating
 
Long-term lease liability
 
(32,624
)
 
(34,573
)
Finance
 
Notes payable and other obligations, less current portion
 
(1,716
)
 
(1,685
)
Total lease liabilities
 
 
 
$
(48,175
)
 
$
(50,388
)
(1) At March 28, 2020, operating right of-use lease assets and finance lease assets are recorded net of accumulated amortization of $11,361 and $1,849, respectively. At December 28, 2019, operating right-of-use lease assets and finance lease assets are recorded net of accumulated amortization of $9,657 and $1,592, respectively.

Supplemental balance sheet information related to the Company's operating and finance leases is as follows:
Weighted - Average Remaining Lease Term (Years)
 
March 28, 2020
 
December 28, 2019
Operating leases
 
4.9
 
5.0
Finance leases
 
2.6
 
2.8
 
 
 
 
 
Weighted - Average Discount Rate
 
 
 
 
Operating leases
 
4%
 
4%
Finance leases
 
7%
 
7%


Supplemental cash flow information related to the Company's operating and finance lease liabilities is as follows:
 
 
Three Months Ended
 
Three Months Ended
 
 
March 28, 2020
 
March 30, 2019
Operating cash flows from operating leases
 
$
3,520

 
$
2,280

Financing cash flows from finance leases
 
$
267

 
$
163

Right-of-use assets obtained in exchange for lease obligations
 
 
 
 
Operating leases
 
$
4,990

 
$
1,062


The following table summarizes the components of lease cost recognized in the consolidated statements of net income and comprehensive income:
 
 
 
 
Three Months Ended
 
Three Months Ended
Lease Cost
 
Classification
 
March 28, 2020
 
March 30, 2019
Operating lease cost
 
Facilities and facilities related
 
$
3,585

 
$
2,452

Finance lease cost
 
 
 

 

Amortization of financing lease assets
 
Depreciation and amortization
 
249

 
163

Interest on lease liabilities
 
Interest expense
 
30

 
25

Total lease cost
 
 
 
$
3,864

 
$
2,640



As of March 28, 2020, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows:
Fiscal Year
 
Operating Leases
 
Finance Leases
Remainder of 2020
 
$
10,997

 
$
817

2021
 
12,770

 
964

2022
 
8,956

 
769

2023
 
6,301

 
483

2024
 
4,034

 
213

Thereafter
 
6,940

 
6

Total lease payments
 
49,998

 
3,252

Less: Interest
 
(4,623
)
 
(452
)
Present value of lease liabilities
 
$
45,375

 
$
2,800
Leases Leases
The Company primarily leases property under operating leases and has five equipment operating leases for aircrafts used by the operations of QSI. The Company's property operating leases consist of various office facilities, which we lease from unrelated parties. We use a portfolio approach to account for such leases due to the similarities in characteristics and apply an incremental borrowing rate based on estimates of rates the Company would pay for senior collateralized loans over a similar term. Our office leases with an initial term of 12 months or less are not recorded on the balance sheet. We account for lease components (e.g. fixed payments including rent, real estate taxes and common area maintenance costs) as a single lease component. Some of our leases include one or more options to renew the lease term at our sole discretion; however, these are not included in the calculation of our lease liability or ROU lease asset because they are not reasonably certain of exercise.
We also lease vehicles through a fleet leasing program. The payments for the vehicles are based on the terms selected. We have determined that it is reasonably certain that the leased vehicles will be held beyond the period in which the entire capitalized value of the vehicle has been paid to the lessor. As such, the capitalized value is the delivered price of the vehicle. Our vehicle leases are classified as financing leases.
Supplemental balance sheet information related to the Company's operating and finance leases is as follows:
Leases
 
Classification
 
March 28, 2020
 
December 28, 2019
Assets
 
 
 
 
 
 
Operating lease assets
 
Right-of-use lease asset, net (1)
 
$
43,950

 
$
46,313

Finance lease assets
 
Property and equipment, net (1)
 
2,493

 
2,371

Total leased assets
 
 
 
$
46,443

 
$
48,685

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Current
 
 
 
 
 
 
Operating
 
Accrued liabilities
 
$
(12,751
)
 
$
(13,108
)
Finance
 
Current portion of notes payable and other obligations
 
(1,084
)
 
(1,022
)
Noncurrent
 
 
 
 
 
 
Operating
 
Long-term lease liability
 
(32,624
)
 
(34,573
)
Finance
 
Notes payable and other obligations, less current portion
 
(1,716
)
 
(1,685
)
Total lease liabilities
 
 
 
$
(48,175
)
 
$
(50,388
)
(1) At March 28, 2020, operating right of-use lease assets and finance lease assets are recorded net of accumulated amortization of $11,361 and $1,849, respectively. At December 28, 2019, operating right-of-use lease assets and finance lease assets are recorded net of accumulated amortization of $9,657 and $1,592, respectively.

Supplemental balance sheet information related to the Company's operating and finance leases is as follows:
Weighted - Average Remaining Lease Term (Years)
 
March 28, 2020
 
December 28, 2019
Operating leases
 
4.9
 
5.0
Finance leases
 
2.6
 
2.8
 
 
 
 
 
Weighted - Average Discount Rate
 
 
 
 
Operating leases
 
4%
 
4%
Finance leases
 
7%
 
7%


Supplemental cash flow information related to the Company's operating and finance lease liabilities is as follows:
 
 
Three Months Ended
 
Three Months Ended
 
 
March 28, 2020
 
March 30, 2019
Operating cash flows from operating leases
 
$
3,520

 
$
2,280

Financing cash flows from finance leases
 
$
267

 
$
163

Right-of-use assets obtained in exchange for lease obligations
 
 
 
 
Operating leases
 
$
4,990

 
$
1,062


The following table summarizes the components of lease cost recognized in the consolidated statements of net income and comprehensive income:
 
 
 
 
Three Months Ended
 
Three Months Ended
Lease Cost
 
Classification
 
March 28, 2020
 
March 30, 2019
Operating lease cost
 
Facilities and facilities related
 
$
3,585

 
$
2,452

Finance lease cost
 
 
 

 

Amortization of financing lease assets
 
Depreciation and amortization
 
249

 
163

Interest on lease liabilities
 
Interest expense
 
30

 
25

Total lease cost
 
 
 
$
3,864

 
$
2,640



As of March 28, 2020, maturities of the Company's lease liabilities under its long-term operating leases and finance leases for the next five fiscal years and thereafter are as follows:
Fiscal Year
 
Operating Leases
 
Finance Leases
Remainder of 2020
 
$
10,997

 
$
817

2021
 
12,770

 
964

2022
 
8,956

 
769

2023
 
6,301

 
483

2024
 
4,034

 
213

Thereafter
 
6,940

 
6

Total lease payments
 
49,998

 
3,252

Less: Interest
 
(4,623
)
 
(452
)
Present value of lease liabilities
 
$
45,375

 
$
2,800