Note 9 - Leases

12 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 9 - Leases

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center, all of which are leased under operating leases that expire at various times through 2029. Our leases have remaining lease terms of less than 1 year to 5 years, some of which include options to extend for up to 5 years, and some of which include options to terminate within 1 year. The weighted-average remaining lease term was 3.3 years and the weighted-average discount rate was 5.8% as of December 30, 2023. We recorded fixed operating lease expense of $7.8 million, $7.6 million, and $7.9 million, respectively, for fiscal 2023, 2022, and 2021.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during fiscal 2023:

Operating lease right-of-use assets	(In thousands)
Balance as of December 31, 2022	$	17,590
Right-of-use assets obtained for new lease contracts during the period		3,718
Amortization of right-of-use assets during the period		(6,764	)
Adjustments for present value and foreign currency effects		(57	)
Balance as of December 30, 2023	$	14,487

Operating lease liabilities	(In thousands)
Balance as of December 31, 2022	$	20,072
Lease liabilities incurred for new lease contracts during the period		3,718
Accretion of lease liabilities		1,003
Operating cash used for payments on lease liabilities		(8,344	)
Adjustments for present value and foreign currency effects		(139	)
Balance as of December 30, 2023		16,310
Less: Current portion of operating lease liabilities (included in Accrued liabilities)		(5,571	)
Long-term operating lease liabilities, net of current portion	$	10,739

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $4.5 million at December 30, 2023 and continued to be recorded in Other long-term liabilities on our Consolidated Balance Sheets.

Maturities of operating lease liabilities as of December 30, 2023 are as follows:

Fiscal year	(In thousands)
2024	$	6,502
2025		5,049
2026		3,412
2027		1,750
2028		1,235
Thereafter		201
Total lease payments		18,149
Less: amount representing interest		(1,839	)
Total lease liabilities	$	16,310