Leases (Tables)
|
3 Months Ended |
Apr. 03, 2026 |
|---|
| Leases [Abstract] |
|
| Summary of Components of Lease Costs |
The following table summarizes the components of lease costs (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 3, |
|
|
March 28, |
|
|
2026 |
|
|
2025 |
|
Operating lease cost |
$ |
2,915 |
|
|
$ |
2,739 |
|
Finance lease cost |
|
|
|
|
|
Amortization of right-of-use assets |
|
150 |
|
|
|
151 |
|
Interest on lease liabilities |
|
42 |
|
|
|
52 |
|
Variable lease cost |
|
256 |
|
|
|
276 |
|
Total lease cost |
$ |
3,363 |
|
|
$ |
3,218 |
|
|
| Summary of Balance Sheet Information Related to Leases |
The following table provides additional details of balance sheet information related to the Company’s leases (in thousands, except lease term and discount rate):
|
|
|
|
|
|
|
|
|
April 3, |
|
|
December 31, |
|
|
2026 |
|
|
2025 |
|
Operating leases |
|
|
|
|
|
Operating lease right-of-use assets |
$ |
40,361 |
|
|
$ |
41,697 |
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
$ |
9,691 |
|
|
$ |
9,857 |
|
Operating lease liabilities |
|
37,244 |
|
|
|
38,873 |
|
Total operating lease liabilities |
$ |
46,935 |
|
|
$ |
48,730 |
|
|
|
|
|
|
|
Finance leases |
|
|
|
|
|
Property, plant and equipment, gross |
$ |
9,582 |
|
|
$ |
9,582 |
|
Accumulated depreciation |
|
(7,626 |
) |
|
|
(7,476 |
) |
Finance lease assets included in property, plant and equipment, net |
$ |
1,956 |
|
|
$ |
2,106 |
|
|
|
|
|
|
|
Accrued expenses and other current liabilities |
$ |
849 |
|
|
$ |
828 |
|
Other liabilities |
|
2,130 |
|
|
|
2,348 |
|
Total finance lease liabilities |
$ |
2,979 |
|
|
$ |
3,176 |
|
|
|
|
|
|
|
Weighted-average remaining lease term (in years): |
|
|
|
|
|
Operating leases |
|
7.1 |
|
|
|
7.3 |
|
Finance leases |
|
3.3 |
|
|
|
3.5 |
|
|
|
|
|
|
|
Weighted-average discount rate: |
|
|
|
|
|
Operating leases |
|
4.92 |
% |
|
|
4.92 |
% |
Finance leases |
|
5.54 |
% |
|
|
5.54 |
% |
|
| Summary of Cash Flow Information Related to Leases |
The following table provides additional details of cash flow information related to the Company’s leases (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 3, |
|
|
March 28, |
|
|
2026 |
|
|
2025 |
|
Cash paid for lease liabilities: |
|
|
|
|
|
Operating cash outflows related to finance leases |
$ |
42 |
|
|
$ |
52 |
|
Operating cash outflows related to operating leases |
$ |
3,066 |
|
|
$ |
2,465 |
|
Financing cash outflows related to finance leases |
$ |
197 |
|
|
$ |
186 |
|
|
|
|
|
|
|
Supplemental non-cash information: |
|
|
|
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
1,223 |
|
|
$ |
221 |
|
|
| Future Minimum Lease Payments Under Operating and Finance Leases |
Future minimum lease payments under operating and finance leases expiring subsequent to April 3, 2026, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands):
|
|
|
|
|
|
|
|
Year Ending December 31, |
Operating Leases |
|
|
Finance Leases |
|
2026 (remainder of year) |
$ |
8,669 |
|
|
$ |
740 |
|
2027 |
|
10,681 |
|
|
|
1,003 |
|
2028 |
|
7,790 |
|
|
|
1,003 |
|
2029 |
|
6,693 |
|
|
|
502 |
|
2030 |
|
6,334 |
|
|
|
— |
|
Thereafter |
|
17,033 |
|
|
|
— |
|
Total minimum lease payments |
|
57,200 |
|
|
|
3,248 |
|
Less: Interest |
|
(10,265 |
) |
|
|
(269 |
) |
Present value of lease liabilities |
$ |
46,935 |
|
|
$ |
2,979 |
|
|