Leases

9 Months Ended

Sep. 29, 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 September 29, 2024 and December 31, 2023:

	September 29, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	81,716			$	87,519
Current portion of operating lease liabilities	$	12,888			$	12,347
Operating lease liabilities	72,861				78,269
Total operating lease liabilities	$	85,749			$	90,616
Property, plant and equipment, net			$	7,526			$	7,236
Accrued expenses			$	2,577			$	2,587
Other long-term liabilities			5,335				5,035
Total finance lease liabilities			$	7,912			$	7,622

As of September 29, 2024, there were no significant leases that had not commenced.

Lease Costs

	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	766	$	696	$	2,291	$	2,056
Interest on lease liabilities	119		79		328		224
Operating lease cost	4,824		4,740		14,635		14,141
Short-term lease cost	241		187		637		934
Variable lease cost	805		583		2,140		1,924
Total lease cost	$	6,755	$	6,285	$	20,031	$	19,279

Other Supplemental Information

	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	115	$	60	$	316	$	167
Operating cash flows from operating leases	4,377		4,130		12,797		12,771
Financing cash flows from finance leases	723		545		2,160		1,853
Right-of-use assets obtained in exchange for new finance lease liabilities	780		1,414		2,361		2,450
Right-of-use assets obtained in exchange for new operating lease liabilities	2,318		236		3,217		4,199

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 September 29, 2024 and December 31, 2023:

	September 29, 2024		December 31, 2023
Weighted-average remaining lease term – finance leases (in years)	3.66		3.70
Weighted-average remaining lease term – operating leases (in years)	7.94		8.29
Weighted-average discount rate – finance leases	6.31	%	5.51	%
Weighted-average discount rate – operating leases	6.37	%	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 nine months ended September 29, 2024)	$	4,423	$	821
2025	16,995		2,754
2026	16,839		2,218
2027	13,954		1,654
2028	11,459		946
Thereafter	46,668		516
Total future minimum lease payments (undiscounted)	110,338		8,909
Less: Present value discount	(24,589)		(997)
Total lease liabilities	$	85,749	$	7,912

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 September 29, 2024 and December 31, 2023:

	September 29, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	81,716			$	87,519
Current portion of operating lease liabilities	$	12,888			$	12,347
Operating lease liabilities	72,861				78,269
Total operating lease liabilities	$	85,749			$	90,616
Property, plant and equipment, net			$	7,526			$	7,236
Accrued expenses			$	2,577			$	2,587
Other long-term liabilities			5,335				5,035
Total finance lease liabilities			$	7,912			$	7,622

As of September 29, 2024, there were no significant leases that had not commenced.

Lease Costs

	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	766	$	696	$	2,291	$	2,056
Interest on lease liabilities	119		79		328		224
Operating lease cost	4,824		4,740		14,635		14,141
Short-term lease cost	241		187		637		934
Variable lease cost	805		583		2,140		1,924
Total lease cost	$	6,755	$	6,285	$	20,031	$	19,279

Other Supplemental Information

	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	115	$	60	$	316	$	167
Operating cash flows from operating leases	4,377		4,130		12,797		12,771
Financing cash flows from finance leases	723		545		2,160		1,853
Right-of-use assets obtained in exchange for new finance lease liabilities	780		1,414		2,361		2,450
Right-of-use assets obtained in exchange for new operating lease liabilities	2,318		236		3,217		4,199

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 September 29, 2024 and December 31, 2023:

	September 29, 2024		December 31, 2023
Weighted-average remaining lease term – finance leases (in years)	3.66		3.70
Weighted-average remaining lease term – operating leases (in years)	7.94		8.29
Weighted-average discount rate – finance leases	6.31	%	5.51	%
Weighted-average discount rate – operating leases	6.37	%	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 nine months ended September 29, 2024)	$	4,423	$	821
2025	16,995		2,754
2026	16,839		2,218
2027	13,954		1,654
2028	11,459		946
Thereafter	46,668		516
Total future minimum lease payments (undiscounted)	110,338		8,909
Less: Present value discount	(24,589)		(997)
Total lease liabilities	$	85,749	$	7,912