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Leases
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$80,696 $87,519 
 
Current portion of operating lease liabilities$12,692 $12,347 
Operating lease liabilities71,531 78,269 
Total operating lease liabilities$84,223 $90,616 
 
Property, plant and equipment, net$7,257 $7,236 
 
Accrued expenses$2,556 $2,587 
Other long-term liabilities5,081 5,035 
Total finance lease liabilities$7,637 $7,622 
As of June 30, 2024, there were no significant leases that had not commenced.
Lease Costs
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$749 $705 $1,525 $1,360 
Interest on lease liabilities110 85 209 145 
Operating lease cost4,822 4,698 9,811 9,401 
Short-term lease cost199 391 396 747 
Variable lease cost645 608 1,335 1,341 
Total lease cost$6,525 $6,487 $13,276 $12,994 
Other Supplemental Information
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$105 $55 $201 $107 
Operating cash flows from operating leases4,323 4,440 8,420 8,641 
Financing cash flows from finance leases721 665 1,437 1,308 
Right-of-use assets obtained in exchange for new finance lease liabilities1,191 479 1,581 1,036 
Right-of-use assets obtained in exchange for new operating lease liabilities634 2,842 899 3,963 
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 June 30, 2024 and December 31, 2023:
 June 30, 2024December 31, 2023
Weighted-average remaining lease term – finance leases (in years)3.613.70
Weighted-average remaining lease term – operating leases (in years)7.928.29
Weighted-average discount rate – finance leases6.03 %5.51 %
Weighted-average discount rate – operating leases6.30 %6.25 %
Maturity Analysis
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2024 (excluding the six months ended June 30, 2024)
$8,589 $1,544 
202516,410 2,505 
202616,256 1,976 
202713,283 1,433 
202810,774 763 
Thereafter42,623 328 
Total future minimum lease payments (undiscounted)107,935 8,549 
Less: Present value discount(23,712)(912)
Total lease liabilities
$84,223 $7,637 
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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Balance Sheet LocationOperating LeasesFinance LeasesOperating LeasesFinance Leases
(in thousands)
Operating lease right-of-use assets$80,696 $87,519 
 
Current portion of operating lease liabilities$12,692 $12,347 
Operating lease liabilities71,531 78,269 
Total operating lease liabilities$84,223 $90,616 
 
Property, plant and equipment, net$7,257 $7,236 
 
Accrued expenses$2,556 $2,587 
Other long-term liabilities5,081 5,035 
Total finance lease liabilities$7,637 $7,622 
As of June 30, 2024, there were no significant leases that had not commenced.
Lease Costs
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(in thousands)
Finance lease cost:
Amortization of right-of-use assets$749 $705 $1,525 $1,360 
Interest on lease liabilities110 85 209 145 
Operating lease cost4,822 4,698 9,811 9,401 
Short-term lease cost199 391 396 747 
Variable lease cost645 608 1,335 1,341 
Total lease cost$6,525 $6,487 $13,276 $12,994 
Other Supplemental Information
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$105 $55 $201 $107 
Operating cash flows from operating leases4,323 4,440 8,420 8,641 
Financing cash flows from finance leases721 665 1,437 1,308 
Right-of-use assets obtained in exchange for new finance lease liabilities1,191 479 1,581 1,036 
Right-of-use assets obtained in exchange for new operating lease liabilities634 2,842 899 3,963 
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 June 30, 2024 and December 31, 2023:
 June 30, 2024December 31, 2023
Weighted-average remaining lease term – finance leases (in years)3.613.70
Weighted-average remaining lease term – operating leases (in years)7.928.29
Weighted-average discount rate – finance leases6.03 %5.51 %
Weighted-average discount rate – operating leases6.30 %6.25 %
Maturity Analysis
A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal YearOperating LeasesFinance Leases
(in thousands)
2024 (excluding the six months ended June 30, 2024)
$8,589 $1,544 
202516,410 2,505 
202616,256 1,976 
202713,283 1,433 
202810,774 763 
Thereafter42,623 328 
Total future minimum lease payments (undiscounted)107,935 8,549 
Less: Present value discount(23,712)(912)
Total lease liabilities
$84,223 $7,637