Leases (Tables)

9 Months Ended

Sep. 28, 2019

Leases [Abstract]

Leases included in the Condensed Consolidated Balance Sheets

Leases included in the Condensed Consolidated Balance Sheet consisted of the following (in thousands):

Classification	September 28, 2019
Assets
Right-of-use operating leases	$	72,087
Right-of-use finance leases	2,157
Total Right-of-use operating / finance leases	$	74,244
Liabilities
Current lease obligations - operating	$	20,506
Current lease obligations - finance	501
Total Current lease obligations - operating / finance	21,007
Long-term lease obligations - operating	59,474
Long-term lease obligations - finance	1,669
Total Long-term lease obligations - operating / finance	61,143
Total lease obligations - operating / finance	$	82,150

Lease Costs Included in the Condensed Consolidated Statements on Comprehensive Income

Lease costs included in the Condensed Consolidated Statements of Comprehensive Income consisted of the following (in thousands):

		Three Months Ended		Nine Months Ended
	Classification	September 28, 2019		September 28, 2019
Operating lease costs
Fixed	Cost of sales	$	438	$	1,366
	Selling and administrative expenses	5,913		18,212
Short-term / variable	Cost of sales	317		635
	Selling and administrative expenses	385		807
Finance lease costs
Amortization	Cost of sales, selling and administrative, and interest expense	154		307
Less: Sublease income		48		133
Total lease costs		$	7,159	$	21,194

The following table summarizes cash paid for amounts included in the measurements of lease liabilities and the leased assets obtained in exchange for new operating and finance lease liabilities (in thousands):

	Nine Months Ended
	September 28, 2019
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating / finance leases	$	20,072
Financing cash flows from finance leases	$	262
Leased assets obtained in exchange for new operating / finance lease liabilities	$	18,387

Maturities of Finance Lease Liabilities

Maturity of lease liabilities as of September 28, 2019 is as follows (in thousands):

	Operating Leases (a)		Finance Leases (a)		Total
2019 (remaining portion of year)	$	6,590	$	143	$	6,733
2020	23,521		593		24,114
2021	16,792		564		17,356
2022	11,332		488		11,820
2023	9,388		436		9,824
Thereafter	22,531		112		22,643
Total lease payments	90,154		2,336		92,490
Less: Interest	10,177		163		10,340
Present value of lease liabilities	$	79,977	$	2,173	$	82,150

(a) At this time there are no operating or finance lease options to extend lease terms that are reasonably certain of being exercised, nor are there any legally binding minimum lease payments for operating or finance leases signed, but not yet commenced.

Maturities of Operating Lease Liabilities

Maturity of lease liabilities as of September 28, 2019 is as follows (in thousands):

	Operating Leases (a)		Finance Leases (a)		Total
2019 (remaining portion of year)	$	6,590	$	143	$	6,733
2020	23,521		593		24,114
2021	16,792		564		17,356
2022	11,332		488		11,820
2023	9,388		436		9,824
Thereafter	22,531		112		22,643
Total lease payments	90,154		2,336		92,490
Less: Interest	10,177		163		10,340
Present value of lease liabilities	$	79,977	$	2,173	$	82,150

(a) At this time there are no operating or finance lease options to extend lease terms that are reasonably certain of being exercised, nor are there any legally binding minimum lease payments for operating or finance leases signed, but not yet commenced.

Weighted-average Remaining Lease Terms and Discount Rates

The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of September 28, 2019:

	Weighted-Average Discount Rate (percent)		Weighted-Average Remaining Lease Term  (years)
Operating leases	4.2	%	5.5
Finance leases	3.6	%	4.3

Operating Leases

Rent expense under ASC 840 was as follows (in thousands):

	2018		2017		2016
Rent expense	$	31,027	$	32,158	$	35,288

Commitments for minimum rentals under non-cancelable leases were as follows (in thousands):

	Operating Leases
2019	$	24,387
2020	18,250
2021	13,324
2022	9,082
2023	6,228
Thereafter	10,469
Total minimum lease payments	$	81,740