| Leases |
Leases The 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) |
June 27, 2020 |
|
December 31, 2019 |
|
|
| Operating Leases: |
|
|
|
|
|
| Operating Right-of-Use Assets, Gross |
$ |
29,784 |
|
|
$ |
28,788 |
|
|
|
| Less Accumulated Right-of-Use Asset Impairment |
1,710 |
|
|
1,019 |
|
|
|
| Less Accumulated Amortization |
6,292 |
|
|
4,167 |
|
|
|
| Operating Right-of-Use Assets, Net |
$ |
21,782 |
|
|
$ |
23,602 |
|
|
|
| Short-term Operating Lease Liabilities |
$ |
4,818 |
|
|
$ |
4,517 |
|
|
|
| Long-term Operating Lease Liabilities |
19,749 |
|
|
21,039 |
|
|
|
| Operating Lease Liabilities |
$ |
24,567 |
|
|
$ |
25,556 |
|
|
|
|
|
|
|
|
|
| Finance Leases: |
|
|
|
|
|
| Finance Right-of-Use Assets, Gross |
$ |
3,484 |
|
|
$ |
3,484 |
|
|
|
| Less Accumulated Amortization |
1,529 |
|
|
1,020 |
|
|
|
| Finance Right-of-Use Assets, Net — Included in Other Assets |
$ |
1,955 |
|
|
$ |
2,464 |
|
|
|
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities |
$ |
2,001 |
|
|
$ |
1,922 |
|
|
|
Long-term Finance Lease Liabilities — Included in Other Liabilities |
1,798 |
|
|
2,815 |
|
|
|
| Finance Lease Liabilities |
$ |
3,799 |
|
|
$ |
4,737 |
|
|
|
The following is a summary of the Company's total lease costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
Three Months Ended |
|
|
| (In thousands) |
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
| Finance Lease Cost: |
|
|
|
|
|
|
|
| Amortization of Right-of-Use Assets |
$ |
510 |
|
|
$ |
510 |
|
|
$ |
255 |
|
|
$ |
255 |
|
| Interest on Lease Liabilities |
120 |
|
|
167 |
|
|
57 |
|
81 |
| Total Finance Lease Cost |
630 |
|
|
677 |
|
|
312 |
|
|
336 |
|
| Operating Lease Cost |
2,643 |
|
|
2,406 |
|
|
1,195 |
|
1,201 |
|
| Right-of-Use Asset Impairment |
691 |
|
|
— |
|
|
— |
|
|
— |
|
| Variable Lease Cost |
633 |
|
|
679 |
|
|
361 |
|
309 |
| Short-term Lease Cost (excluding month-to-month) |
114 |
|
|
85 |
|
|
47 |
|
38 |
| Less Sublease and Rental (Income) Expense |
(737) |
|
|
(517) |
|
|
(406) |
|
|
(305) |
|
| Total Operating Lease Cost |
3,344 |
|
|
2,653 |
|
|
1,197 |
|
|
1,243 |
|
| Total Net Lease Cost |
$ |
3,974 |
|
|
$ |
3,330 |
|
|
$ |
1,509 |
|
|
$ |
1,579 |
|
The following is a summary of the Company's maturity of lease liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Operating Leases |
|
Finance Leases |
| 2020 |
|
$ |
2,690 |
|
|
$ |
1,073 |
|
| 2021 |
|
5,579 |
|
|
2,181 |
|
| 2022 |
|
5,427 |
|
|
743 |
|
| 2023 |
|
4,060 |
|
|
— |
|
| 2024 |
|
2,995 |
|
|
— |
|
| Thereafter |
|
6,293 |
|
|
— |
|
| Total Lease Payments |
|
27,044 |
|
|
3,997 |
|
| Less: Interest |
|
2,477 |
|
|
198 |
|
| Total Lease Liability |
|
$ |
24,567 |
|
|
$ |
3,799 |
|
|
| Leases |
Leases The 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) |
June 27, 2020 |
|
December 31, 2019 |
|
|
| Operating Leases: |
|
|
|
|
|
| Operating Right-of-Use Assets, Gross |
$ |
29,784 |
|
|
$ |
28,788 |
|
|
|
| Less Accumulated Right-of-Use Asset Impairment |
1,710 |
|
|
1,019 |
|
|
|
| Less Accumulated Amortization |
6,292 |
|
|
4,167 |
|
|
|
| Operating Right-of-Use Assets, Net |
$ |
21,782 |
|
|
$ |
23,602 |
|
|
|
| Short-term Operating Lease Liabilities |
$ |
4,818 |
|
|
$ |
4,517 |
|
|
|
| Long-term Operating Lease Liabilities |
19,749 |
|
|
21,039 |
|
|
|
| Operating Lease Liabilities |
$ |
24,567 |
|
|
$ |
25,556 |
|
|
|
|
|
|
|
|
|
| Finance Leases: |
|
|
|
|
|
| Finance Right-of-Use Assets, Gross |
$ |
3,484 |
|
|
$ |
3,484 |
|
|
|
| Less Accumulated Amortization |
1,529 |
|
|
1,020 |
|
|
|
| Finance Right-of-Use Assets, Net — Included in Other Assets |
$ |
1,955 |
|
|
$ |
2,464 |
|
|
|
Short-term Finance Lease Liabilities — Included in Accrued Expenses and Other Current Liabilities |
$ |
2,001 |
|
|
$ |
1,922 |
|
|
|
Long-term Finance Lease Liabilities — Included in Other Liabilities |
1,798 |
|
|
2,815 |
|
|
|
| Finance Lease Liabilities |
$ |
3,799 |
|
|
$ |
4,737 |
|
|
|
The following is a summary of the Company's total lease costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
Three Months Ended |
|
|
| (In thousands) |
June 27, 2020 |
|
June 29, 2019 |
|
June 27, 2020 |
|
June 29, 2019 |
| Finance Lease Cost: |
|
|
|
|
|
|
|
| Amortization of Right-of-Use Assets |
$ |
510 |
|
|
$ |
510 |
|
|
$ |
255 |
|
|
$ |
255 |
|
| Interest on Lease Liabilities |
120 |
|
|
167 |
|
|
57 |
|
81 |
| Total Finance Lease Cost |
630 |
|
|
677 |
|
|
312 |
|
|
336 |
|
| Operating Lease Cost |
2,643 |
|
|
2,406 |
|
|
1,195 |
|
1,201 |
|
| Right-of-Use Asset Impairment |
691 |
|
|
— |
|
|
— |
|
|
— |
|
| Variable Lease Cost |
633 |
|
|
679 |
|
|
361 |
|
309 |
| Short-term Lease Cost (excluding month-to-month) |
114 |
|
|
85 |
|
|
47 |
|
38 |
| Less Sublease and Rental (Income) Expense |
(737) |
|
|
(517) |
|
|
(406) |
|
|
(305) |
|
| Total Operating Lease Cost |
3,344 |
|
|
2,653 |
|
|
1,197 |
|
|
1,243 |
|
| Total Net Lease Cost |
$ |
3,974 |
|
|
$ |
3,330 |
|
|
$ |
1,509 |
|
|
$ |
1,579 |
|
The following is a summary of the Company's maturity of lease liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Operating Leases |
|
Finance Leases |
| 2020 |
|
$ |
2,690 |
|
|
$ |
1,073 |
|
| 2021 |
|
5,579 |
|
|
2,181 |
|
| 2022 |
|
5,427 |
|
|
743 |
|
| 2023 |
|
4,060 |
|
|
— |
|
| 2024 |
|
2,995 |
|
|
— |
|
| Thereafter |
|
6,293 |
|
|
— |
|
| Total Lease Payments |
|
27,044 |
|
|
3,997 |
|
| Less: Interest |
|
2,477 |
|
|
198 |
|
| Total Lease Liability |
|
$ |
24,567 |
|
|
$ |
3,799 |
|
|