Note 7 - Leases

3 Months Ended

Mar. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 7 - Leases

We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center. All of our facilities are leased under operating leases, which expire at various times through 2029, with a weighted-average remaining lease term of 3.6 years and a weighted-average discount rate of 6.0% as of March 30, 2024.

We recorded fixed operating lease expenses of $2.1 million and $1.9 million for the first quarter of fiscal 2024 and 2023, respectively.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first three months of fiscal 2024:

Operating lease right-of-use assets	(In thousands)
Balance as of December 30, 2023	$	14,487
Right-of-use assets obtained for new lease contracts during the period		4,684
Amortization of right-of-use assets during the period		(1,865	)
Adjustments for present value and foreign currency effects		(267	)
Balance as of March 30, 2024	$	17,039

Operating lease liabilities	(In thousands)
Balance as of December 30, 2023	$	16,310
Lease liabilities incurred for new lease contracts during the period		4,684
Accretion of lease liabilities		268
Operating cash used for payments on lease liabilities		(2,099	)
Adjustments for present value and foreign currency effects		(299	)
Balance as of March 30, 2024		18,864
Less: Current portion of operating lease liabilities (included in Accrued liabilities)		(6,065	)
Long-term operating lease liabilities, net of current portion	$	12,799

Maturities of operating lease liabilities as of March 30, 2024 are as follows:

Fiscal year	(In thousands)
2024 (Remaining 3 quarters)	$	5,114
2025		6,098
2026		4,492
2027		2,783
2028		2,232
Thereafter		447
Total lease payments		21,166
Less: amount representing interest		(2,302	)
Total lease liabilities	$	18,864

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $4.1 million at March 30, 2024 and is recorded in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets.