Leases

3 Months Ended

Mar. 29, 2024

Leases [Abstract]

Leases

Leases

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

	March 29, 2024		December 31, 2023
Weighted average remaining lease term:
Operating leases	6.6 years		6.7 years
Financing leases	3.3 years		3.5 years
Weighted average discount rate:
Operating leases	3.9	%	3.8	%
Financing leases	5.2	%	5.2	%

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

	First Quarter
(in thousands)	2024		2023
Operating lease costs	$	7,789	$	8,273
Short-term and variable leases	3,030		3,765
Depreciation expense from financing leases	412		411
Interest expense on financing lease obligations	92		121
Total lease cost	$	11,323	$	12,570

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 29, 2024:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2024	$	22,330	$	2,114
2025	24,341		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,045		620
Total minimum lease payments including interest	$	139,335	$	7,519
Less:  Amounts representing interest	17,271		601
Present value of minimum lease principal payments	122,064		6,918
Less:  Current portion of lease liabilities	25,085		2,536
Noncurrent portion of lease liabilities	$	96,979	$	4,382

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023:

(in thousands)	Operating Leases		Financing Leases
2024	$	29,932	$	2,808
2025	24,329		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,022		620
Total minimum lease payments including interest	$	146,902	$	8,213
Less:  Amounts representing interest	18,437		694
Present value of minimum lease principal payments	128,465		7,519
Less:  Current portion of lease liabilities	26,194		2,487
Noncurrent portion of lease liabilities	$	102,271	$	5,032

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

	First Quarter
(in thousands)	2024		2023
Cash flows from operating activities impact:
Operating leases	$	7,612	$	8,028
Interest payments on financing lease obligations	92		121
Total cash flows from operating activities impact	$	7,704	$	8,149
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	601	$	558
Total cash flows from financing activities impact	$	601	$	558

Leases

Leases

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

	March 29, 2024		December 31, 2023
Weighted average remaining lease term:
Operating leases	6.6 years		6.7 years
Financing leases	3.3 years		3.5 years
Weighted average discount rate:
Operating leases	3.9	%	3.8	%
Financing leases	5.2	%	5.2	%

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

	First Quarter
(in thousands)	2024		2023
Operating lease costs	$	7,789	$	8,273
Short-term and variable leases	3,030		3,765
Depreciation expense from financing leases	412		411
Interest expense on financing lease obligations	92		121
Total lease cost	$	11,323	$	12,570

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 29, 2024:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2024	$	22,330	$	2,114
2025	24,341		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,045		620
Total minimum lease payments including interest	$	139,335	$	7,519
Less:  Amounts representing interest	17,271		601
Present value of minimum lease principal payments	122,064		6,918
Less:  Current portion of lease liabilities	25,085		2,536
Noncurrent portion of lease liabilities	$	96,979	$	4,382

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023:

(in thousands)	Operating Leases		Financing Leases
2024	$	29,932	$	2,808
2025	24,329		2,869
2026	21,115		1,233
2027	18,614		338
2028	13,890		345
Thereafter	39,022		620
Total minimum lease payments including interest	$	146,902	$	8,213
Less:  Amounts representing interest	18,437		694
Present value of minimum lease principal payments	128,465		7,519
Less:  Current portion of lease liabilities	26,194		2,487
Noncurrent portion of lease liabilities	$	102,271	$	5,032

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

	First Quarter
(in thousands)	2024		2023
Cash flows from operating activities impact:
Operating leases	$	7,612	$	8,028
Interest payments on financing lease obligations	92		121
Total cash flows from operating activities impact	$	7,704	$	8,149
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	601	$	558
Total cash flows from financing activities impact	$	601	$	558