Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.1
Leases
 3 Months Ended
Mar. 28, 2020
Leases [Abstract]  
Leases LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain facilities and office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.
The weighted-average remaining term for the Company's operating and financing leases are approximately 7 years and 2 years, respectively. The weighted-average discount rates for the Company's operating and financing leases are approximately 3.3% and 5.3%, respectively.
The following is a summary of the Company's ROU assets and liabilities:
(In thousands) March 28, 2020 December 31, 2019
Operating Leases:
Operating Right-of-Use Assets, Gross $ 28,988    $ 28,788   
Less Accumulated Right-of-Use Asset Impairment 1,710    1,019   
Less Accumulated Amortization 5,260    4,167   
Operating Right-of-Use Assets, Net $ 22,018    $ 23,602   
Short-term Operating Lease Liabilities $ 4,687    $ 4,517   
Long-term Operating Lease Liabilities 19,992    21,039   
Operating Lease Liabilities $ 24,679    $ 25,556   
Finance Leases:
Finance Right-of-Use Assets, Gross $ 3,484    $ 3,484   
Less Accumulated Amortization 1,275    1,020   
Finance Right-of-Use Assets, Net — Included in Other Assets $ 2,209    $ 2,464   
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities $ 1,962    $ 1,922   
Long-term Finance Lease Liabilities — Included in Other Liabilities 2,314    2,815   
Finance Lease Liabilities $ 4,276    $ 4,737   
The following is a summary of the Company's total lease costs:
Three Months Ended
(In thousands) March 28, 2020 March 30, 2019
Finance Lease Cost:
Amortization of ROU Assets $ 255    $ 255   
Interest on Lease Liabilities 63    86   
Total Finance Lease Cost $ 318    $ 341   
Operating Lease Cost $ 1,448    $ 1,205   
Right-of-Use Asset Impairment 691    —   
Variable Lease Cost 272    370   
Short-term Lease Cost (excluding month-to-month) 67    47   
Less Sublease and Rental (Income) Expense (331)   (212)  
Total Operating Lease Cost $ 2,147    $ 1,410   
Total Net Lease Cost $ 2,465    $ 1,751   
The following is a summary of the Company's maturity of lease liabilities:
(In thousands) Operating Leases Finance Leases
2020 $ 3,933    $ 1,605   
2021 5,470    2,181   
2022 5,278    743   
2023 3,904    —   
2024 2,837    —   
Thereafter 5,941    —   
Total Lease Payments $ 27,363    $ 4,529   
Less: Interest 2,684    253   
Total Lease Liability $ 24,679    $ 4,276   
Leases LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain facilities and office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.
The weighted-average remaining term for the Company's operating and financing leases are approximately 7 years and 2 years, respectively. The weighted-average discount rates for the Company's operating and financing leases are approximately 3.3% and 5.3%, respectively.
The following is a summary of the Company's ROU assets and liabilities:
(In thousands) March 28, 2020 December 31, 2019
Operating Leases:
Operating Right-of-Use Assets, Gross $ 28,988    $ 28,788   
Less Accumulated Right-of-Use Asset Impairment 1,710    1,019   
Less Accumulated Amortization 5,260    4,167   
Operating Right-of-Use Assets, Net $ 22,018    $ 23,602   
Short-term Operating Lease Liabilities $ 4,687    $ 4,517   
Long-term Operating Lease Liabilities 19,992    21,039   
Operating Lease Liabilities $ 24,679    $ 25,556   
Finance Leases:
Finance Right-of-Use Assets, Gross $ 3,484    $ 3,484   
Less Accumulated Amortization 1,275    1,020   
Finance Right-of-Use Assets, Net — Included in Other Assets $ 2,209    $ 2,464   
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities $ 1,962    $ 1,922   
Long-term Finance Lease Liabilities — Included in Other Liabilities 2,314    2,815   
Finance Lease Liabilities $ 4,276    $ 4,737   
The following is a summary of the Company's total lease costs:
Three Months Ended
(In thousands) March 28, 2020 March 30, 2019
Finance Lease Cost:
Amortization of ROU Assets $ 255    $ 255   
Interest on Lease Liabilities 63    86   
Total Finance Lease Cost $ 318    $ 341   
Operating Lease Cost $ 1,448    $ 1,205   
Right-of-Use Asset Impairment 691    —   
Variable Lease Cost 272    370   
Short-term Lease Cost (excluding month-to-month) 67    47   
Less Sublease and Rental (Income) Expense (331)   (212)  
Total Operating Lease Cost $ 2,147    $ 1,410   
Total Net Lease Cost $ 2,465    $ 1,751   
The following is a summary of the Company's maturity of lease liabilities:
(In thousands) Operating Leases Finance Leases
2020 $ 3,933    $ 1,605   
2021 5,470    2,181   
2022 5,278    743   
2023 3,904    —   
2024 2,837    —   
Thereafter 5,941    —   
Total Lease Payments $ 27,363    $ 4,529   
Less: Interest 2,684    253   
Total Lease Liability $ 24,679    $ 4,276