Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	83,766			$	87,519
Current portion of operating lease liabilities	$	12,574			$	12,347
Operating lease liabilities	74,286				78,269
Total operating lease liabilities	$	86,860			$	90,616
Property, plant and equipment, net			$	6,799			$	7,236
Accrued expenses			$	2,482			$	2,587
Other long-term liabilities			4,701				5,035
Total finance lease liabilities			$	7,183			$	7,622

As of March 31, 2024, there were no significant leases that had not commenced.

Lease Costs

	Three Months Ended
	March 31, 2024		April 2, 2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	776	$	655
Interest on lease liabilities	99		60
Operating lease cost	4,989		4,703
Short-term lease cost	197		356
Variable lease cost	690		733
Total lease cost	$	6,751	$	6,507

Other Supplemental Information

	Three Months Ended
	March 31, 2024		April 2, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	96	$	52
Operating cash flows from operating leases	4,097		4,201
Financing cash flows from finance leases	716		643
Right-of-use assets obtained in exchange for new finance lease liabilities	390		557
Right-of-use assets obtained in exchange for new operating lease liabilities	265		1,121

Lease Term and Discount Rate

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Weighted-average remaining lease term – finance leases (in years)	3.60		3.70
Weighted-average remaining lease term – operating leases (in years)	8.10		8.29
Weighted-average discount rate – finance leases	5.70	%	5.51	%
Weighted-average discount rate – operating leases	6.27	%	6.25	%

Maturity Analysis

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

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2024 (excluding the three months ended March 31, 2024)	$	12,770	$	2,170
2025	16,197		2,202
2026	16,047		1,651
2027	13,256		1,133
2028	10,804		582
Thereafter	42,883		264
Total future minimum lease payments (undiscounted)	111,957		8,002
Less: Present value discount	(25,097)		(819)
Total lease liabilities	$	86,860	$	7,183

Leases

LEASES

The table below represents a summary of the balances recorded in the consolidated condensed balance sheets related to the Company’s leases as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	83,766			$	87,519
Current portion of operating lease liabilities	$	12,574			$	12,347
Operating lease liabilities	74,286				78,269
Total operating lease liabilities	$	86,860			$	90,616
Property, plant and equipment, net			$	6,799			$	7,236
Accrued expenses			$	2,482			$	2,587
Other long-term liabilities			4,701				5,035
Total finance lease liabilities			$	7,183			$	7,622

As of March 31, 2024, there were no significant leases that had not commenced.

Lease Costs

	Three Months Ended
	March 31, 2024		April 2, 2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	776	$	655
Interest on lease liabilities	99		60
Operating lease cost	4,989		4,703
Short-term lease cost	197		356
Variable lease cost	690		733
Total lease cost	$	6,751	$	6,507

Other Supplemental Information

	Three Months Ended
	March 31, 2024		April 2, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	96	$	52
Operating cash flows from operating leases	4,097		4,201
Financing cash flows from finance leases	716		643
Right-of-use assets obtained in exchange for new finance lease liabilities	390		557
Right-of-use assets obtained in exchange for new operating lease liabilities	265		1,121

Lease Term and Discount Rate

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
Weighted-average remaining lease term – finance leases (in years)	3.60		3.70
Weighted-average remaining lease term – operating leases (in years)	8.10		8.29
Weighted-average discount rate – finance leases	5.70	%	5.51	%
Weighted-average discount rate – operating leases	6.27	%	6.25	%

Maturity Analysis

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

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2024 (excluding the three months ended March 31, 2024)	$	12,770	$	2,170
2025	16,197		2,202
2026	16,047		1,651
2027	13,256		1,133
2028	10,804		582
Thereafter	42,883		264
Total future minimum lease payments (undiscounted)	111,957		8,002
Less: Present value discount	(25,097)		(819)
Total lease liabilities	$	86,860	$	7,183