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Note 7 - Leases

3 Months Ended

Apr. 02, 2022

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center, the terms of which are described in our 2021 10-K. All of our facilities are leased under operating leases, which expire at various times through 2028, with a weighted-average remaining lease term of 3.9 years and a weighted-average discount rate of 5.4% as of April 2, 2022.

We recorded fixed operating lease expenses of $2.0 million for the first quarter of both fiscal 2022 and 2021.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first three months of fiscal 2022:

Operating lease right-of-use assets	(in thousands)
Balance as of January 1, 2022	$	23,818
Right-of-use assets obtained for new lease contracts during the period		314
Amortization of right-of-use assets during the period		(1,696	)
Adjustments for present value and foreign currency effects		(58	)
Balance as of April 2, 2022	$	22,378

Operating lease liabilities	(in thousands)
Balance as of January 1, 2022	$	24,944
Lease liabilities incurred for new lease contracts during the period		314
Accretion of lease liabilities		302
Operating cash used by payments on lease liabilities		(1,884	)
Adjustments for present value and foreign currency effects		(63	)
Balance as of April 2, 2022		23,613
Less: Current portion of operating lease liabilities (included in Accrued expenses)		(5,878	)
Long-term operating lease liabilities, net of current portion	$	17,735

Maturities of operating lease liabilities as of April 2, 2022 are as follows:

Fiscal year	(in thousands)
2022 (Remaining 3 quarters)		5,168
2023		7,581
2024		5,405
2025		3,645
2026		2,532
Thereafter		2,081
Total lease payments		26,412
Less: amount representing interest		(2,799	)
Total lease liabilities	$	23,613

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $6.8 million at April 2, 2022 and continued to be recorded in Other long-term liabilities on our Consolidated Balance Sheets.