Leases |
LeasesThe Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees or restrictive covenants. The components of ROU assets and lease liabilities were as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
Balance Sheet Classification |
December 31, 2022 |
Assets: |
|
|
Operating lease assets |
Right-of-use assets, net |
$ |
43,282 |
|
Finance lease assets |
Right-of-use assets, net |
1,023 |
|
Total leased assets |
|
$ |
44,305 |
|
Liabilities: |
|
|
Current: |
|
|
Operating |
Other accrued expenses |
$ |
5,310 |
|
Finance |
Current maturities of long-term debt |
280 |
|
Noncurrent: |
|
|
Operating |
Other long-term liabilities |
$ |
40,907 |
|
Finance |
Long-term debt |
763 |
|
Total lease liabilities |
|
$ |
47,260 |
|
Rental expense for operating lease (as defined prior to the adoption of ASC 2016-02) was approximately $6,771 and $5,533 for the years ended January 1, 2022 and December 26, 2020, respectively.
The components of lease expense were as follows:
|
|
|
|
|
|
|
|
(in thousands) |
December 31, 2022 |
Operating lease cost |
$ |
8,251 |
|
Short-term lease cost |
$ |
60 |
|
Finance lease cost: |
|
Amortization of right-of-use assets |
$ |
191 |
|
Interest on lease liabilities |
$ |
40 |
|
Total lease cost |
$ |
8,542 |
|
Other information related to leases was as follows:
|
|
|
|
|
|
|
December 31, 2022 |
Weighted Average Remaining Lease Term |
|
|
|
Operating Leases |
9.66 |
Finance Leases |
3.37 |
|
|
Weighted Average Discount Rate |
|
|
|
Operating Leases |
7.1% |
Finance Leases |
6.6% |
As of December 31, 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) |
|
2023 |
$ |
8,229 |
|
2024 |
7,502 |
|
2025 |
6,637 |
|
2026 |
6,073 |
|
2027 |
5,305 |
|
Thereafter |
31,882 |
|
Total future lease payments |
$ |
65,628 |
|
Less imputed interest |
$ |
(19,411) |
|
Present value of future lease payments |
$ |
46,217 |
|
As of December 31, 2022, future minimum repayments of finance leases were as follows:
|
|
|
|
|
|
(in thousands) |
|
2023 |
$ |
338 |
|
2024 |
338 |
|
2025 |
338 |
|
2026 |
140 |
|
2027 |
11 |
|
Total future lease payments |
$ |
1,165 |
|
Less imputed interest |
$ |
(122) |
|
Present value of future lease payments |
$ |
1,043 |
|
As of January 1, 2022, future minimum lease payments of operating leases were as follows:
|
|
|
|
|
|
(in thousands) |
|
2022 |
$ |
6,972 |
|
2023 |
6,225 |
|
2024 |
5,285 |
|
2025 |
4,882 |
|
2026 |
4,128 |
|
Thereafter |
19,901 |
|
Total |
$ |
47,393
|
|
|
Leases |
LeasesThe Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees or restrictive covenants. The components of ROU assets and lease liabilities were as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
Balance Sheet Classification |
December 31, 2022 |
Assets: |
|
|
Operating lease assets |
Right-of-use assets, net |
$ |
43,282 |
|
Finance lease assets |
Right-of-use assets, net |
1,023 |
|
Total leased assets |
|
$ |
44,305 |
|
Liabilities: |
|
|
Current: |
|
|
Operating |
Other accrued expenses |
$ |
5,310 |
|
Finance |
Current maturities of long-term debt |
280 |
|
Noncurrent: |
|
|
Operating |
Other long-term liabilities |
$ |
40,907 |
|
Finance |
Long-term debt |
763 |
|
Total lease liabilities |
|
$ |
47,260 |
|
Rental expense for operating lease (as defined prior to the adoption of ASC 2016-02) was approximately $6,771 and $5,533 for the years ended January 1, 2022 and December 26, 2020, respectively.
The components of lease expense were as follows:
|
|
|
|
|
|
|
|
(in thousands) |
December 31, 2022 |
Operating lease cost |
$ |
8,251 |
|
Short-term lease cost |
$ |
60 |
|
Finance lease cost: |
|
Amortization of right-of-use assets |
$ |
191 |
|
Interest on lease liabilities |
$ |
40 |
|
Total lease cost |
$ |
8,542 |
|
Other information related to leases was as follows:
|
|
|
|
|
|
|
December 31, 2022 |
Weighted Average Remaining Lease Term |
|
|
|
Operating Leases |
9.66 |
Finance Leases |
3.37 |
|
|
Weighted Average Discount Rate |
|
|
|
Operating Leases |
7.1% |
Finance Leases |
6.6% |
As of December 31, 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) |
|
2023 |
$ |
8,229 |
|
2024 |
7,502 |
|
2025 |
6,637 |
|
2026 |
6,073 |
|
2027 |
5,305 |
|
Thereafter |
31,882 |
|
Total future lease payments |
$ |
65,628 |
|
Less imputed interest |
$ |
(19,411) |
|
Present value of future lease payments |
$ |
46,217 |
|
As of December 31, 2022, future minimum repayments of finance leases were as follows:
|
|
|
|
|
|
(in thousands) |
|
2023 |
$ |
338 |
|
2024 |
338 |
|
2025 |
338 |
|
2026 |
140 |
|
2027 |
11 |
|
Total future lease payments |
$ |
1,165 |
|
Less imputed interest |
$ |
(122) |
|
Present value of future lease payments |
$ |
1,043 |
|
As of January 1, 2022, future minimum lease payments of operating leases were as follows:
|
|
|
|
|
|
(in thousands) |
|
2022 |
$ |
6,972 |
|
2023 |
6,225 |
|
2024 |
5,285 |
|
2025 |
4,882 |
|
2026 |
4,128 |
|
Thereafter |
19,901 |
|
Total |
$ |
47,393
|
|
|