Leases (Tables)

3 Months Ended

Apr. 04, 2021

Leases [Abstract]

Balance Sheet Information, Lessee

The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to our leases as of April 4, 2021 and January 3, 2021:

	April 4, 2021				January 3, 2021
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	94,609			$	98,013
Current portion of operating lease liabilities	$	13,289			$	13,555
Operating lease liabilities	83,173				86,468
Total operating lease liabilities	$	96,462			$	100,023
Property, plant and equipment, net			$	6,835			$	6,138
Accrued expenses			$	1,733			$	1,496
Other long-term liabilities			3,148				2,688
Total finance lease liabilities			$	4,881			$	4,184

Schedule of Lease Cost

Lease Costs

	Three Months Ended
	April 4, 2021		April 5, 2020
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	279	$	300
Interest on lease liabilities	32		18
Operating lease cost	5,886		6,222
Short-term lease cost	463		175
Variable lease cost	806		646
Total lease cost	$	7,466	$	7,361

Other Supplemental Information, Lessee

Other Supplemental Information

	Three Months Ended
	April 4, 2021		April 5, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	32	$	18
Operating cash flows from operating leases	5,200		5,881
Financing cash flows from finance leases	527		399
Right-of-use assets obtained in exchange for new finance lease liabilities	1,273		213
Right-of-use assets obtained in exchange for new operating lease liabilities	2,378		977

Weighted Average Lease Term and Discount Rate, Lessee

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of April 4, 2021 and January 3, 2021:

	April 4, 2021		January 3, 2021
Weighted-average remaining lease term – finance leases (in years)	3.19		3.35
Weighted-average remaining lease term – operating leases (in years)	10.41		10.61
Weighted-average discount rate – finance leases	2.60	%	2.64	%
Weighted-average discount rate – operating leases	5.98	%	5.98	%

Lease Liability Maturity Schedule

A maturity analysis of lease payments under non-cancellable leases is presented as follows:

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2021 (excluding the three months ended April 4, 2021)	$	14,250	$	1,437
2022	16,036		1,519
2023	13,000		1,237
2024	10,889		712
2025	9,939		196
Thereafter	68,815		—
Total future minimum lease payments (undiscounted)	132,929		5,101
Less: Present value discount	(36,467)		(220)
Total lease liability	$	96,462	$	4,881

Lease Liability Maturity Schedule

A maturity analysis of lease payments under non-cancellable leases is presented as follows:

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2021 (excluding the three months ended April 4, 2021)	$	14,250	$	1,437
2022	16,036		1,519
2023	13,000		1,237
2024	10,889		712
2025	9,939		196
Thereafter	68,815		—
Total future minimum lease payments (undiscounted)	132,929		5,101
Less: Present value discount	(36,467)		(220)
Total lease liability	$	96,462	$	4,881