Leases |
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Apr. 03, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has entered into various lease agreements. For the quarters ended April 3, 2023 and March 31, 2022 rent expense was approximately $3.1 million, and $3.3 million, respectively. These lease agreements expire on various dates through 2032 and have renewal options.
The components of lease expense for the quarters ended April 3, 2023 and March 31, 2022 is as follows:
The maturity of the Company's operating and finance lease liabilities as of April 3, 2023 is as follows:
As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.
A summary of lease terms and discount rates for finance and operating leases is as follows:
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Leases | Leases The Company has entered into various lease agreements. For the quarters ended April 3, 2023 and March 31, 2022 rent expense was approximately $3.1 million, and $3.3 million, respectively. These lease agreements expire on various dates through 2032 and have renewal options.
The components of lease expense for the quarters ended April 3, 2023 and March 31, 2022 is as follows:
The maturity of the Company's operating and finance lease liabilities as of April 3, 2023 is as follows:
As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.
A summary of lease terms and discount rates for finance and operating leases is as follows:
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