Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.1
Leases (Tables)
 3 Months Ended
Apr. 01, 2023
Leases [Abstract]  
Schedule of Balance Sheet Information
The components of ROU assets and lease liabilities were as follows:
(in thousands) Balance Sheet Classification April 1, 2023 December 31, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 41,949  $ 43,282 
Finance lease assets Right-of-use assets, net 2,012  1,023 
Total leased assets $ 43,961  $ 44,305 
Liabilities:
Current:
Operating Other accrued expenses $ 5,375  $ 5,310 
Financing Current maturities of long-term debt 581  280 
Noncurrent:
Operating Other long-term liabilities $ 39,668  $ 40,907 
Financing Long-term debt 1,463  763 
Total lease liabilities $ 47,087  $ 47,260 
Schedule of Lease Costs
The components of lease expense were as follows:
Three Months Ended Three Months Ended
(in thousands) April 1, 2023 April 2, 2022
Operating lease cost $ 2,146  $ 1,986 
Short-term lease cost —  60 
Finance lease cost:
Amortization of right-of-use assets $ 124  $ 17 
Interest on lease liabilities 30  3 
Total lease cost $ 2,300  $ 2,066 
Other information related to leases was as follows:
April 1, 2023 December 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases 9.55 9.66
Finance Leases 3.26 3.37
Weighted Average Discount Rate
Operating Leases 7.1% 7.1%
Finance Leases 8.0% 6.6%
Schedule of Operating Lease Maturity
As of April 1, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in thousands)
2023 $ 6,254 
2024 7,513 
2025 6,649 
2026 6,074 
2027 5,304 
Thereafter 31,866 
Total future lease payments $ 63,660 
Less: imputed interest $ (18,617)
Present value of future lease payments $ 45,043 
Schedule of Finance Lease Maturity
As of April 1, 2023, future minimum repayments of finance leases were as follows:
(in thousands)
2023 $ 539 
2024 718 
2025 718 
2026 246 
2027 92 
Thereafter 13 
Total future lease payments $ 2,326 
Less: imputed interest $ (282)
Present value of future lease payments $ 2,044