Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.22.2
Operating Leases
6 Months Ended
Jul. 02, 2022
Leases [Abstract]  
OPERATING LEASES

5. OPERATING LEASES

The Company leases machinery, equipment, vehicles, buildings and office space, throughout its locations, that are classified as operating leases. Remaining terms on these leases range from less than one year to nine years. For the six months ended July 2, 2022 and July 3, 2021, operating lease costs totaled $3,409 and $2,820, respectively.

Supplemental balance sheet information related to operating leases is as follows:

 

 

July 2, 2022

 

 

January 1, 2022

 

Right-of-use assets

 

$

19,968

 

 

$

22,776

 

Lease liabilities:

 

 

 

 

 

 

Current lease liabilities

 

$

5,044

 

 

$

5,823

 

Non-current lease liabilities

 

 

15,964

 

 

 

17,940

 

Total lease liabilities

 

$

21,008

 

 

$

23,763

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years):

 

 

5.0

 

 

 

 

Weighted average discount rate:

 

 

4.6

%

 

 

 

Supplemental cash flow information related to leases is as follows:

 

 

Six Months Ended

 

 

 

July 2, 2022

 

 

July 3, 2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

3,476

 

 

$

2,783

 

Non-cash impact of new leases and lease modifications

 

$

826

 

 

$

2,022

 

 

Maturities of lease liabilities are as follows:

2022 Remaining

 

 

 

$

3,336

 

2023

 

 

 

 

4,903

 

2024

 

 

 

 

4,262

 

2025

 

 

 

 

3,916

 

2026

 

 

 

 

3,256

 

2027

 

 

 

 

1,364

 

Thereafter

 

 

 

 

2,918

 

Total lease payments

 

 

 

 

23,955

 

Less: Imputed interest

 

 

 

 

(2,947

)

Total lease obligations

 

 

 

 

21,008

 

Less: Current lease liabilities

 

 

 

 

(5,044

)

Non-current lease liabilities

 

 

 

$

15,964