Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
 3 Months Ended
Apr. 02, 2022
Leases [Abstract]  
Balance Sheet Information
The components of ROU assets and lease liabilities were as follows:
(in thousands) Balance Sheet Classification April 2, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 40,902 
Finance lease assets Right-of-use assets, net $ 616 
Total leased assets $ 41,518 
Liabilities:
Current:
Operating Other accrued expenses $ 4,762 
Financing Current maturities of long-term debt $ 147 
Noncurrent:
Operating Other long-term liabilities $ 38,241 
Financing Long-term debt $ 470 
Total lease liabilities $ 43,620 
Lease Costs The components of lease expense were as follows:
Three Months Ended
(in thousands) April 2, 2022
Operating lease cost $ 1,986 
Short-term lease cost $ 60 
Financial lease cost:
Amortization of right-of-use assets $ 17 
Interest on lease liabilities $ 3 
Total lease cost $ 2,066 
Other information related to leases was as follows:
Three Months Ended
April 2, 2022
Weighted Average Remaining Lease Term
Operating Leases 10.0 years
Finance Leases 3.8 years
Weighted Average Discount Rate
Operating Leases 6.5  %
Finance Leases 5.0  %
Schedule of Operating Lease Maturity
As of April 2, 2022, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in thousands)
2022 $ 5,577 
2023 $ 6,957 
2024 $ 6,068 
2025 $ 5,680 
2026 $ 5,265 
Later years $ 30,961 
Total future lease payments $ 60,508 
Less imputed interest $ (17,505)
Present value of future lease payments $ 43,003 
Schedule of Finance Lease Maturity
As of April 2, 2022, minimum repayments of long-term debt under financing leases were as follows:
(in thousands)
2022 $ 130 
2023 $ 174 
2024 $ 174 
2025 $ 174 
2026 $ 25 
Later years $ — 
Total future lease payments $ 677 
Less imputed interest $ (60)
Present value of future lease payments $ 617