v3.22.2.2
LEASED ASSETS (Tables)
9 Months Ended
Oct. 01, 2022
Leases [Abstract]  
Schedule of right-of-use assets and related lease liabilities

Under the provisions of ASU 2016-02, the Company records right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 1, 2022:

Balance Sheet Line Item

October 1, 2022

Right-of-use assets

Other assets

$

2,416

Operating lease liabilities

Current portion

Trade accounts payable and accrued expenses

$

340

 

Noncurrent portion

Lease liabilities

2,076

Total operating lease liabilities

$

2,416

Schedule of operating lease liabilities

The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 1, 2022:

Remainder of 2022

$

166

2023

449

2024

449

2025

340

2026

340

Thereafter

1,310

Total undiscounted future minimum lease payments

3,054

Less: Difference between undiscounted lease payments & the present value of future lease payments

(638

)

Total operating lease liabilities

$

2,416