Note F - Operating Leases

12 Months Ended

Jan. 01, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE F—OPERATING LEASES

The following table summarizes the classification of ROU assets and lease liabilities in the Company’s consolidated balance sheet:

		January 1,		January 2,
Leases	Classification	2022		2021
Assets
ROU operating lease assets, net	Other assets	$	23,789	$	27,947
Total ROU assets		$	23,789	$	27,947
Liabilities
Current:
Operating lease liabilities	Other current liabilities	$	7,080	$	8,616
Non-current:
Operating lease liabilities	Other long-term liabilities		10,215		12,856
Total lease liabilities		$	17,295	$	21,472

The following table presents supplemental lease information:

	Year Ended
	2021		2020
Lease cost
Operating lease cost	$	9,585	$	9,411
Total lease cost	$	9,585	$	9,411

	Year Ended
	2021			2020
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	9,506		$	10,410
ROU assets obtained in exchange for new operating lease liabilities	$	5,322		$	6,632
Weighted-average remaining lease term—operating leases	2.76 yrs.			3.13 yrs.
Weighted-average discount rate—operating leases		3.11	%		3.55	%

The following table presents the maturity of the Company’s lease liabilities as of January 1, 2022:

Year ending
2022	$	7,481
2023		5,620
2024		3,656
2025		905
2026		348
Thereafter		31
		18,041
Less: imputed interest		(746	)
Present value	$	17,295

These leases generally provide that property taxes, insurance, and maintenance expenses are the responsibility of the Company. Such expenses are not included in the operating lease amounts outlined in the table above or in the rent expense amounts that follow. The total rent expense was approximately $9,830, $11,199, and $9,586 for the years ended 2021, 2020, and 2019, respectively.