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Note 7 - Leases

6 Months Ended

Jul. 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 3.8 years and a weighted-average discount rate of 5.4% as of July 2, 2022.

We recorded fixed operating lease expenses of $1.9 million for the second quarter of both fiscal 2022 and 2021 and $3.9 million for the first six months 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 six 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		476
Amortization of right-of-use assets during the period		(3,358	)
Adjustments for present value and foreign currency effects		(529	)
Balance as of July 2, 2022	$	20,407

Operating lease liabilities	(in thousands)
Balance as of January 1, 2022	$	24,944
Lease liabilities incurred for new lease contracts during the period		476
Accretion of lease liabilities		586
Operating cash used by payments on lease liabilities		(3,706	)
Adjustments for present value and foreign currency effects		(516	)
Balance as of July 2, 2022		21,784
Less: Current portion of operating lease liabilities (included in Accrued expenses)		(5,867	)
Long-term operating lease liabilities, net of current portion	$	15,917

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

Fiscal year	(in thousands)
2022 (Remaining 2 quarters)		3,180
2023		7,459
2024		5,355
2025		3,636
2026		2,550
Thereafter		2,105
Total lease payments		24,285
Less: amount representing interest		(2,501	)
Total lease liabilities	$	21,784

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $6.5 million at July 2, 2022 and continued to be recorded in Other long-term liabilities on our Consolidated Balance Sheets.