Leases (Tables)
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6 Months Ended |
Jul. 03, 2026 |
|---|
| Leases [Abstract] |
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| Summary of Components of Lease Costs |
The following table summarizes the components of lease costs (in thousands):
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Three Months Ended |
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Six Months Ended |
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July 3, |
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June 27, |
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July 3, |
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June 27, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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Operating lease cost |
$ |
2,723 |
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|
$ |
2,881 |
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|
$ |
5,638 |
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|
$ |
5,620 |
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Finance lease cost |
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|
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|
|
|
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Amortization of right-of-use assets |
|
151 |
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|
|
150 |
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|
|
301 |
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|
301 |
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Interest on lease liabilities |
|
40 |
|
|
|
50 |
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|
|
82 |
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|
|
102 |
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Variable lease cost |
|
368 |
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|
|
394 |
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|
|
624 |
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|
|
670 |
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Total lease cost |
$ |
3,282 |
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|
$ |
3,475 |
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|
$ |
6,645 |
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|
$ |
6,693 |
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| 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):
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July 3, |
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December 31, |
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2026 |
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2025 |
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Operating leases |
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Operating lease right-of-use assets |
$ |
46,531 |
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|
$ |
41,697 |
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Current portion of operating lease liabilities |
$ |
9,876 |
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|
$ |
9,857 |
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Operating lease liabilities |
|
43,286 |
|
|
|
38,873 |
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Total operating lease liabilities |
$ |
53,162 |
|
|
$ |
48,730 |
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|
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Finance leases |
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|
|
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Property, plant and equipment, gross |
$ |
9,582 |
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$ |
9,582 |
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Accumulated depreciation |
|
(7,777 |
) |
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|
(7,476 |
) |
Finance lease assets included in property, plant and equipment, net |
$ |
1,805 |
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$ |
2,106 |
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Accrued expenses and other current liabilities |
$ |
876 |
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$ |
828 |
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Other liabilities |
|
1,903 |
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|
2,348 |
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Total finance lease liabilities |
$ |
2,779 |
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|
$ |
3,176 |
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Weighted-average remaining lease term (in years): |
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Operating leases |
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7.3 |
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|
|
7.3 |
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Finance leases |
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3.0 |
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|
3.5 |
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Weighted-average discount rate: |
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Operating leases |
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4.84 |
% |
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|
4.92 |
% |
Finance leases |
|
5.54 |
% |
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|
5.54 |
% |
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| 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):
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Six Months Ended |
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July 3, |
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June 27, |
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2026 |
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|
2025 |
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Cash paid for lease liabilities: |
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Operating cash outflows related to finance leases |
$ |
82 |
|
|
$ |
102 |
|
Operating cash outflows related to operating leases |
$ |
5,959 |
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|
$ |
5,019 |
|
Financing cash outflows related to finance leases |
$ |
397 |
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|
$ |
375 |
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Supplemental non-cash information: |
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Right-of-use assets obtained in exchange for new operating lease liabilities(1) |
$ |
9,688 |
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|
$ |
3,602 |
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(1)The amount for the six months ended June 27, 2025 includes $3.1 million of right-of-use assets acquired as part of the Keonn acquisition.
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| Future Minimum Lease Payments Under Operating and Finance Leases |
Future minimum lease payments under operating and finance leases expiring subsequent to July 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):
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Year Ending December 31, |
Operating Leases |
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Finance Leases |
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2026 (remainder of year) |
$ |
5,858 |
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|
$ |
502 |
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2027 |
|
11,645 |
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|
|
1,003 |
|
2028 |
|
9,214 |
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|
|
1,003 |
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2029 |
|
8,110 |
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|
|
502 |
|
2030 |
|
7,674 |
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|
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— |
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Thereafter |
|
22,189 |
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|
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— |
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Total minimum lease payments |
|
64,690 |
|
|
|
3,010 |
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Less: Interest |
|
(11,528 |
) |
|
|
(231 |
) |
Present value of lease liabilities |
$ |
53,162 |
|
|
$ |
2,779 |
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