Leases (Tables)

6 Months Ended

Jul. 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 the Company’s leases as of July 4, 2021 and January 3, 2021:

	July 4, 2021				January 3, 2021
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	94,316			$	98,013
Current portion of operating lease liabilities	$	13,116			$	13,555
Operating lease liabilities	83,034				86,468
Total operating lease liabilities	$	96,150			$	100,023
Property, plant and equipment, net			$	7,738			$	6,138
Accrued expenses			$	1,862			$	1,496
Other long-term liabilities			3,916				2,688
Total finance lease liabilities			$	5,778			$	4,184

Schedule of Lease Cost

Lease Costs

	Three Months Ended				Six Months Ended
	July 4, 2021		July 5, 2020		July 4, 2021		July 5, 2020
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	305	$	335	$	584	$	635
Interest on lease liabilities	35		16		67		34
Operating lease cost	5,914		6,759		11,800		12,981
Short-term lease cost	179		166		642		341
Variable lease cost	482		924		1,288		1,570
Total lease cost	$	6,915	$	8,200	$	14,381	$	15,561

Other Supplemental Information, Lessee

Other Supplemental Information

	Three Months Ended				Six Months Ended
	July 4, 2021		July 5, 2020		July 4, 2021		July 5, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	35	$	16	$	67	$	34
Operating cash flows from operating leases	5,476		5,569		10,676		11,450
Financing cash flows from finance leases	589		411		1,116		810
Right-of-use assets obtained in exchange for new finance lease liabilities	1,471		340		2,744		553
Right-of-use assets obtained in exchange for new operating lease liabilities	3,267		3,088		5,645		4,065

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 July 4, 2021 and January 3, 2021:

	July 4, 2021		January 3, 2021
Weighted-average remaining lease term – finance leases (in years)	3.46		3.35
Weighted-average remaining lease term – operating leases (in years)	10.26		10.61
Weighted-average discount rate – finance leases	2.82	%	2.64	%
Weighted-average discount rate – operating leases	5.96	%	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 six months ended July 4, 2021)	$	9,439	$	1,046
2022	16,838		1,850
2023	13,798		1,579
2024	11,563		1,053
2025	10,341		419
Thereafter	69,793		140
Total future minimum lease payments (undiscounted)	131,772		6,087
Less: Present value discount	(35,622)		(309)
Total lease liability	$	96,150	$	5,778

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 six months ended July 4, 2021)	$	9,439	$	1,046
2022	16,838		1,850
2023	13,798		1,579
2024	11,563		1,053
2025	10,341		419
Thereafter	69,793		140
Total future minimum lease payments (undiscounted)	131,772		6,087
Less: Present value discount	(35,622)		(309)
Total lease liability	$	96,150	$	5,778