| Leases |
Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
| | | | | | | | | | | | | | | | | October 2, 2026 | | December 31, 2025 | | Weighted average remaining lease term: | | | | | | Operating leases | | 6.0 years | | 6.4 years | | Financing leases | | 3.8 years | | 4.1 years | | Weighted average discount rate: | | | | | | Operating leases | | 4.5 | % | | 4.4 | % | | Financing leases | | 5.0 | % | | 4.8 | % |
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter | | First Nine Months | | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Operating lease costs | | $ | 6,809 | | | $ | 7,208 | | | $ | 20,837 | | | $ | 20,441 | | | Short-term and variable leases | | 1,625 | | | 1,908 | | | 5,658 | | | 5,825 | | | Depreciation expense from financing leases | | 102 | | | 165 | | | 305 | | | 950 | | | Interest expense on financing lease obligations | | 17 | | | 28 | | | 55 | | | 134 | | | Total lease cost | | $ | 8,553 | | | $ | 9,309 | | | $ | 26,855 | | | $ | 27,350 | |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of October 2, 2026:
| | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | | Remainder of 2026 | | $ | 8,397 | | | $ | 158 | | | 2027 | | 25,268 | | | 338 | | | 2028 | | 20,680 | | | 345 | | | 2029 | | 19,288 | | | 352 | | | 2030 | | 11,644 | | | 268 | | | Thereafter | | 33,353 | | | — | | | Total minimum lease payments including interest | | $ | 118,630 | | | $ | 1,461 | | | Less: Amounts representing interest | | 14,748 | | | 131 | | | Present value of minimum lease principal payments | | 103,882 | | | 1,330 | | | Less: Current portion of lease liabilities | | 23,346 | | | 354 | | | Noncurrent portion of lease liabilities | | $ | 80,536 | | | $ | 976 | |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2025:
| | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | | 2026 | | $ | 28,530 | | | $ | 627 | | | 2027 | | 24,969 | | | 338 | | | 2028 | | 20,403 | | | 345 | | | 2029 | | 19,095 | | | 352 | | | 2030 | | 11,447 | | | 268 | | | Thereafter | | 33,290 | | | — | | | Total minimum lease payments including interest | | $ | 137,734 | | | $ | 1,930 | | | Less: Amounts representing interest | | 18,246 | | | 186 | | | Present value of minimum lease principal payments | | 119,488 | | | 1,744 | | | Less: Current portion of lease liabilities | | 24,412 | | | 556 | | | Noncurrent portion of lease liabilities | | $ | 95,076 | | | $ | 1,188 | |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
| | | | | | | | | | | | | | | | | First Nine Months | | (in thousands) | | 2026 | | 2025 | | Cash flows from operating activities impact: | | | | | | Operating leases | | $ | 21,088 | | | $ | 19,587 | | | Interest payments on financing lease obligations | | 55 | | | 134 | | | Total cash flows from operating activities impact | | $ | 21,143 | | | $ | 19,721 | | | | | | | | Cash flows from financing activities impact: | | | | | | Principal payments on financing lease obligations | | $ | 414 | | | $ | 1,675 | | | Total cash flows from financing activities impact | | $ | 414 | | | $ | 1,675 | |
Subsequent to quarter-end, the Company entered into an operating lease commitment with a lease term of five years. This lease commitment is expected to commence during 2027. The additional lease liability associated with this lease commitment is expected to be approximately $15 million.
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| Leases |
Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:
| | | | | | | | | | | | | | | | | October 2, 2026 | | December 31, 2025 | | Weighted average remaining lease term: | | | | | | Operating leases | | 6.0 years | | 6.4 years | | Financing leases | | 3.8 years | | 4.1 years | | Weighted average discount rate: | | | | | | Operating leases | | 4.5 | % | | 4.4 | % | | Financing leases | | 5.0 | % | | 4.8 | % |
Following is a summary of the Company’s leases within the condensed consolidated statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Third Quarter | | First Nine Months | | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Operating lease costs | | $ | 6,809 | | | $ | 7,208 | | | $ | 20,837 | | | $ | 20,441 | | | Short-term and variable leases | | 1,625 | | | 1,908 | | | 5,658 | | | 5,825 | | | Depreciation expense from financing leases | | 102 | | | 165 | | | 305 | | | 950 | | | Interest expense on financing lease obligations | | 17 | | | 28 | | | 55 | | | 134 | | | Total lease cost | | $ | 8,553 | | | $ | 9,309 | | | $ | 26,855 | | | $ | 27,350 | |
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of October 2, 2026:
| | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | | Remainder of 2026 | | $ | 8,397 | | | $ | 158 | | | 2027 | | 25,268 | | | 338 | | | 2028 | | 20,680 | | | 345 | | | 2029 | | 19,288 | | | 352 | | | 2030 | | 11,644 | | | 268 | | | Thereafter | | 33,353 | | | — | | | Total minimum lease payments including interest | | $ | 118,630 | | | $ | 1,461 | | | Less: Amounts representing interest | | 14,748 | | | 131 | | | Present value of minimum lease principal payments | | 103,882 | | | 1,330 | | | Less: Current portion of lease liabilities | | 23,346 | | | 354 | | | Noncurrent portion of lease liabilities | | $ | 80,536 | | | $ | 976 | |
Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2025:
| | | | | | | | | | | | | | | | (in thousands) | | Operating Leases | | Financing Leases | | 2026 | | $ | 28,530 | | | $ | 627 | | | 2027 | | 24,969 | | | 338 | | | 2028 | | 20,403 | | | 345 | | | 2029 | | 19,095 | | | 352 | | | 2030 | | 11,447 | | | 268 | | | Thereafter | | 33,290 | | | — | | | Total minimum lease payments including interest | | $ | 137,734 | | | $ | 1,930 | | | Less: Amounts representing interest | | 18,246 | | | 186 | | | Present value of minimum lease principal payments | | 119,488 | | | 1,744 | | | Less: Current portion of lease liabilities | | 24,412 | | | 556 | | | Noncurrent portion of lease liabilities | | $ | 95,076 | | | $ | 1,188 | |
Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:
| | | | | | | | | | | | | | | | | First Nine Months | | (in thousands) | | 2026 | | 2025 | | Cash flows from operating activities impact: | | | | | | Operating leases | | $ | 21,088 | | | $ | 19,587 | | | Interest payments on financing lease obligations | | 55 | | | 134 | | | Total cash flows from operating activities impact | | $ | 21,143 | | | $ | 19,721 | | | | | | | | Cash flows from financing activities impact: | | | | | | Principal payments on financing lease obligations | | $ | 414 | | | $ | 1,675 | | | Total cash flows from financing activities impact | | $ | 414 | | | $ | 1,675 | |
Subsequent to quarter-end, the Company entered into an operating lease commitment with a lease term of five years. This lease commitment is expected to commence during 2027. The additional lease liability associated with this lease commitment is expected to be approximately $15 million.
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