Note 7 - Leases

3 Months Ended

Mar. 29, 2025

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 2035, with a weighted-average remaining lease term of 5.5 years and a weighted-average discount rate of 5.7% as of March 29, 2025.

We recorded fixed operating lease expenses of $2.1 million for the first quarter of both fiscal 2025 and 2024.

The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first three months of fiscal 2025:

Operating lease right-of-use assets	(In thousands)
Balance as of December 28, 2024	$	13,870
Right-of-use assets obtained for new lease contracts during the period		8,611
Amortization of right-of-use assets during the period		(1,909	)
Adjustments for present value and foreign currency effects		157
Balance as of March 29, 2025	$	20,729

Operating lease liabilities	(In thousands)
Balance as of December 28, 2024	$	15,251
Lease liabilities accrued for new lease contracts during the period		8,611
Accretion of lease liabilities		233
Operating cash used for payments on lease liabilities		(2,403	)
Adjustments for present value and foreign currency effects		102
Balance as of March 29, 2025		21,794
Less: Current portion of operating lease liabilities (included in Accrued liabilities)		(5,566	)
Long-term operating lease liabilities, net of current portion	$	16,228

Maturities of operating lease liabilities as of March 29, 2025 are as follows:

Fiscal year	(In thousands)
2025 (Remaining 3 quarters)	$	4,941
2026		5,958
2027		4,162
2028		3,219
2029		1,467
Thereafter		5,716
Total lease payments		25,463
Less: amount representing interest		(3,669	)
Total lease liabilities	$	21,794

Lease obligations for facilities restructured prior to the adoption of Topic 842 totaled approximately $2.6 million at March 29, 2025 and is recorded in Accrued liabilities and in Other long-term liabilities on our Consolidated Balance Sheets.