Leases (Tables)

9 Months Ended

Sep. 29, 2023

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:

	September 29, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	6.8 years		7.2 years
Financing leases	3.7 years		4.3 years
Weighted average discount rate:
Operating leases	3.7	%	3.6	%
Financing leases	5.2	%	5.2	%

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

	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Operating lease costs	$	8,293	$	7,750	$	24,871	$	22,389
Short-term and variable leases	4,151		3,731		11,942		11,006
Depreciation expense from financing leases	413		411		1,235		1,903
Interest expense on financing lease obligations	109		139		346		753
Total lease cost	$	12,966	$	12,031	$	38,394	$	36,051

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 September 29, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less:  Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less:  Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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 September 29, 2023:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less:  Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less:  Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:

(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less:  Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less:  Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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 Nine Months
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	24,666	$	21,502
Interest payments on financing lease obligations	346		753
Total cash flows from operating activities impact	$	25,012	$	22,255
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,712	$	2,441
Total cash flows from financing activities impact	$	1,712	$	2,441