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Leases (Tables)

3 Months Ended

Apr. 03, 2022

The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of April 3, 2022 and January 2, 2022:


	April 3, 2022				January 2, 2022
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	85,323			$	90,561

Current portion of operating lease liabilities	$	13,906			$	14,588
Operating lease liabilities	73,454				77,905
Total operating lease liabilities	$	87,360			$	92,493

Property, plant and equipment, net			$	4,475			$	6,547

Accrued expenses			$	1,806			$	1,837
Other long-term liabilities			3,055				3,201
Total finance lease liabilities			$	4,861			$	5,038

Schedule of Lease Cost

Lease Costs


	Three Months Ended
	April 3, 2022		April 4, 2021
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	517	$	279
Interest on lease liabilities	29		32
Operating lease cost	4,918		5,886
Short-term lease cost	227		463
Variable lease cost	616		806
Total lease cost	$	6,307	$	7,466

Other Supplemental Information, Lessee

Other Supplemental Information


	Three Months Ended
	April 3, 2022		April 4, 2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	21	$	32
Operating cash flows from operating leases	4,635		5,200
Financing cash flows from finance leases	479		527
Right-of-use assets obtained in exchange for new finance lease liabilities	382		1,273
Right-of-use assets obtained in exchange for new operating lease liabilities	20		2,378

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 3, 2022 and January 2, 2022:


	April 3, 2022		January 2, 2022
Weighted-average remaining lease term – finance leases (in years)	3.37		3.20
Weighted-average remaining lease term – operating leases (in years)	9.89		9.97
Weighted-average discount rate – finance leases	2.90	%	2.82	%
Weighted-average discount rate – operating leases	5.89	%	5.87	%

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)
2022 (excluding the three months ended April 3, 2022)	$	13,077	$	1,433
2023	13,540		1,582
2024	11,980		1,208
2025	10,162		487
2026	10,387		165
Thereafter	59,149		260
Total future minimum lease payments (undiscounted)	118,295		5,135
Less: Present value discount	(30,935)		(274)
Total lease liability	$	87,360	$	4,861

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)
2022 (excluding the three months ended April 3, 2022)	$	13,077	$	1,433
2023	13,540		1,582
2024	11,980		1,208
2025	10,162		487
2026	10,387		165
Thereafter	59,149		260
Total future minimum lease payments (undiscounted)	118,295		5,135
Less: Present value discount	(30,935)		(274)
Total lease liability	$	87,360	$	4,861