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Leases
3 Months Ended
Apr. 01, 2022
Leases [Abstract]  
Leases

Note 5 – Leases

Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

We lease facilities under various non-cancellable operating leases expiring through 2031. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of April 1, 2022, we had one operating lease executed for which the rental period had not yet commenced.

The components of lease expense are as follows:

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

March 26,

2021

 

Operating lease cost

 

$

2,045

 

 

$

1,381

 

 

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three Months Ended

 

 

 

April 1,

2022

 

 

March 26,

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,823

 

 

$

1,376

 

 

Supplemental balance sheet information related to leases is as follows:

 

 

 

April 1,

2022

 

 

March 26,

2021

 

Weighted-average remaining lease term of operating leases

 

5.8 years

 

 

2.2 years

 

Weighted-average discount rate of operating leases

 

2.2%

 

 

4.4%

 

 

Future minimum lease payments under non-cancelable leases as of April 1, 2022 are as follows:

 

2022, remaining

 

$

6,209

 

2023

 

 

6,451

 

2024

 

 

5,711

 

2025

 

 

5,333

 

2026

 

 

4,857

 

Thereafter

 

 

7,917

 

Total future minimum lease payments

 

 

36,478

 

Less imputed interest

 

 

(2,061

)

Total lease liabilities

 

$

34,417