Leases (Tables)

12 Months Ended

Jan. 01, 2022

Leases [Abstract]

Lease Costs Included in the Condensed Consolidated Statements on Comprehensive Income

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

	Classification	2021		2020		2019
Operating lease costs
Fixed	Cost of sales	$	2,312	$	1,819	$	1,803
	Selling and administrative expenses	23,115		25,357		24,149
Short-term / variable	Cost of sales	985		434		700
	Selling and administrative expenses	674		1,772		1,140
Finance lease costs
Amortization	Cost of sales	949		473		279
	Selling and administrative, and interest expense	1,857		265		201
Less: Sublease income
	Cost of sales	(174)		—		—
	Selling and administrative expenses	(346)		(130)		(181)
Total lease costs		$	29,372	$	29,990	$	28,091

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):

	2021		2020		2019
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating / finance leases	$	24,679	$	31,461	$	26,446
Financing cash flows from finance leases	$	2,671	$	674	$	419
Leased assets obtained in exchange for new operating / finance lease liabilities	$	49,344	$	27,260	$	25,268

Maturities of Finance Lease Liabilities

Maturity of lease liabilities as of January 1, 2022 is as follows (in thousands):

	Operating Leases (a)		Finance Leases (b)		Total
2022	$	21,876	$	2,914	$	24,790
2023	18,883		2,841		21,724
2024	14,943		2,484		17,427
2025	13,338		2,085		15,423
2026	10,070		139		10,209
Thereafter	15,225		—		15,225
Total lease payments	94,335		10,463		104,798
Less: Interest	(7,779)		(325)		(8,104)
Present value of lease liabilities	$	86,556	$	10,138	$	96,694

(a)At this time there are no operating lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $17.3 million of legally binding minimum lease payments for operating leases signed but not yet commenced, which are excluded from operating lease liabilities.

(b)At this time there are no finance lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $3.4 million of legally binding minimum lease payments for finance leases signed but not yet commenced, which are excluded from finance lease liabilities.

Maturities of Operating Lease Liabilities

Maturity of lease liabilities as of January 1, 2022 is as follows (in thousands):

	Operating Leases (a)		Finance Leases (b)		Total
2022	$	21,876	$	2,914	$	24,790
2023	18,883		2,841		21,724
2024	14,943		2,484		17,427
2025	13,338		2,085		15,423
2026	10,070		139		10,209
Thereafter	15,225		—		15,225
Total lease payments	94,335		10,463		104,798
Less: Interest	(7,779)		(325)		(8,104)
Present value of lease liabilities	$	86,556	$	10,138	$	96,694

(a)At this time there are no operating lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $17.3 million of legally binding minimum lease payments for operating leases signed but not yet commenced, which are excluded from operating lease liabilities.

(b)At this time there are no finance lease options to extend lease terms that are reasonably certain of being exercised. Currently the Corporation has $3.4 million of legally binding minimum lease payments for finance leases signed but not yet commenced, which are excluded from finance lease liabilities.

Weighted Average Lease Terms and Discount Rates, Lessee

The following table summarizes the weighted-average discount rates and weighted-average remaining lease terms for operating and finance leases as of January 1, 2022:

	Weighted-Average Discount Rate (percent)		Weighted-Average Remaining Lease Term  (years)
Operating leases	3.0	%	5.3
Finance leases	1.8	%	3.8