Leases (Tables)

6 Months Ended

Jul. 01, 2022

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases Within Condensed Consolidated Statement of Operations

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	July 1, 2022		December 31, 2021
Weighted average remaining lease term:
Operating leases	7.8 years		8.3 years
Financing leases	4.8 years		12.5 years
Weighted average discount rate:
Operating leases	3.5	%	3.6	%
Financing leases	5.2	%	3.1	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

	Second Quarter				First Half
(in thousands)	2022		2021		2022		2021
Operating lease costs	$	7,336	$	6,565	$	14,639	$	12,819
Short-term and variable leases	3,695		4,494		7,275		8,371
Depreciation expense from financing leases	412		1,414		1,492		2,828
Interest expense on financing lease obligations	144		579		614		1,163
Total lease cost	$	11,587	$	13,052	$	24,020	$	25,181

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 1, 2022:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2022	$	14,441	$	1,354
2023	27,815		2,750
2024	23,315		2,808
2025	17,413		2,869
2026	16,086		1,233
Thereafter	65,939		1,304
Total minimum lease payments including interest	$	165,009	$	12,318
Less:  Amounts representing interest	23,182		1,412
Present value of minimum lease principal payments	141,827		10,906
Less:  Current portion of lease liabilities	24,771		2,214
Noncurrent portion of lease liabilities	$	117,056	$	8,692

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:

(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less:  Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less:  Current portion of lease liabilities	22,048		6,060
Noncurrent portion of lease liabilities	$	122,046	$	65,006

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of July 1, 2022:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2022	$	14,441	$	1,354
2023	27,815		2,750
2024	23,315		2,808
2025	17,413		2,869
2026	16,086		1,233
Thereafter	65,939		1,304
Total minimum lease payments including interest	$	165,009	$	12,318
Less:  Amounts representing interest	23,182		1,412
Present value of minimum lease principal payments	141,827		10,906
Less:  Current portion of lease liabilities	24,771		2,214
Noncurrent portion of lease liabilities	$	117,056	$	8,692

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2021:

(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less:  Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less:  Current portion of lease liabilities	22,048		6,060
Noncurrent portion of lease liabilities	$	122,046	$	65,006

Summary of Leases Within Condensed Consolidated Statement of Cash Flow

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

	First Half
(in thousands)	2022		2021
Cash flows from operating activities impact:
Operating leases	$	14,056	$	13,689
Interest payments on financing lease obligations	614		1,163
Total cash flows from operating activities impact	$	14,670	$	14,852
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,904	$	2,368
Total cash flows from financing activities impact	$	1,904	$	2,368