| OPERATING LEASES |
7. OPERATING LEASES
The Company leases machinery, equipment, vehicles, buildings and office space throughout its locations, that are classified as operating leases. Remaining terms on these leases range from less than one year to ten years. For the years ended January 1, 2022 and January 2, 2021, operating lease costs totaled $6,007 and $4,119, respectively.
Supplemental balance sheet information related to operating leases is as follows:
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January 1, 2022 |
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January 2, 2021 |
|
Right-of-use assets |
|
$ |
22,776 |
|
|
$ |
16,616 |
|
Lease liabilities: |
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|
|
|
|
Current lease liabilities |
|
$ |
5,823 |
|
|
$ |
4,736 |
|
Non-current lease liabilities |
|
|
17,940 |
|
|
|
12,728 |
|
Total lease liabilities |
|
$ |
23,763 |
|
|
$ |
17,464 |
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|
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|
|
|
|
Weighted average remaining lease term (in years): |
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|
5.4 |
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|
|
Weighted average discount rate: |
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4.5 |
% |
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|
Supplemental cash flow information related to leases is as follows:
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For the Year Ended |
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January 1, 2022 |
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|
January 2, 2021 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
|
$ |
6,144 |
|
|
$ |
4,077 |
|
Non-cash impact of new leases and lease modifications |
|
$ |
10,827 |
|
|
$ |
1,270 |
|
Maturities of lease liabilities are as follows:
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|
|
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2022 |
|
$ |
6,794 |
|
2023 |
|
|
4,850 |
|
2024 |
|
|
4,118 |
|
2025 |
|
|
3,814 |
|
2026 |
|
|
3,169 |
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Thereafter |
|
|
4,525 |
|
Total lease payments |
|
|
27,270 |
|
Less: Imputed interest |
|
|
(3,507 |
) |
Total lease obligations |
|
|
23,763 |
|
Less: Current lease liabilities |
|
|
(5,823 |
) |
Non-current lease liabilities |
|
$ |
17,940 |
|
|