Leases (Tables)
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9 Months Ended |
Oct. 01, 2022 |
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| Leases [Abstract] |
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| Schedule of Lease Assets and Lease Liabilities |
At October 1, 2022 and January 1, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows:
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October 1, 2022 |
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January 1, 2022 |
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Assets: |
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Operating lease assets |
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$ |
79,911 |
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$ |
89,902 |
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Finance lease assets |
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72 |
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127 |
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Total leased assets |
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$ |
79,983 |
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$ |
90,029 |
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Liabilities: |
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Current |
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Operating |
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$ |
18,457 |
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$ |
20,297 |
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Finance |
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38 |
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75 |
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Noncurrent |
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Operating |
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$ |
70,848 |
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$ |
78,157 |
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Finance |
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9 |
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29 |
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Total lease liabilities |
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$ |
89,352 |
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$ |
98,558 |
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| Schedule of Components of Lease Expense |
For the three and nine months ended October 1, 2022 and October 2, 2021, the components of the Company’s lease expense were as follows:
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Three Months Ended |
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Nine Months Ended |
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October 1, |
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October 2, |
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October 1, |
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October 2, |
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2022 |
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2021 |
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2022 |
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2021 |
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Operating lease cost: |
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Fixed lease cost |
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$ |
9,071 |
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$ |
8,533 |
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$ |
24,974 |
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$ |
29,359 |
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Lease termination cost |
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(189 |
) |
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2,320 |
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1,912 |
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8,680 |
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Variable lease cost |
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7 |
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6 |
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20 |
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15 |
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Total operating lease cost |
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$ |
8,889 |
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$ |
10,859 |
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$ |
26,906 |
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$ |
38,054 |
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Finance lease cost: |
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Amortization of leased assets |
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25 |
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36 |
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86 |
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116 |
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Interest on lease liabilities |
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4 |
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2 |
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6 |
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7 |
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Total finance lease cost |
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$ |
29 |
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$ |
38 |
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$ |
92 |
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$ |
123 |
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Total lease cost |
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$ |
8,918 |
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$ |
10,897 |
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$ |
26,998 |
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$ |
38,177 |
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| Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates |
At October 1, 2022 and January 1, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows:
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October 1, 2022 |
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January 1, 2022 |
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Weighted Average Remaining Lease Term (years) |
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Operating leases |
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7.00 |
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7.29 |
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Finance leases |
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1.00 |
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1.54 |
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Weighted Average Discount Rate |
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Operating leases |
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7.01 |
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7.15 |
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Finance leases |
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3.39 |
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5.31 |
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| Schedule of Maturity of Lease Liabilities |
At October 1, 2022, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
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Operating
Leases |
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Finance
Leases |
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Total |
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Remainder of fiscal 2022 |
$ |
4,734 |
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$ |
13 |
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$ |
4,747 |
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Fiscal 2023 |
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24,872 |
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31 |
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24,903 |
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Fiscal 2024 |
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18,014 |
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4 |
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18,018 |
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Fiscal 2025 |
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12,575 |
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— |
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12,575 |
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Fiscal 2026 |
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9,683 |
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— |
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9,683 |
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Fiscal 2027 |
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9,376 |
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— |
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9,376 |
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Thereafter |
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36,089 |
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— |
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36,089 |
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Total lease payments |
$ |
115,343 |
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$ |
48 |
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$ |
115,391 |
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Less imputed interest |
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26,038 |
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1 |
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26,039 |
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Present value of lease liabilities |
$ |
89,305 |
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$ |
47 |
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$ |
89,352 |
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| Summary of Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases for the nine months ended October 1, 2022 and October 2, 2021 were as follows:
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Nine Months Ended |
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October 1, |
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October 2, |
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2022 |
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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 |
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$ |
24,244 |
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$ |
31,021 |
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Operating cash flows from finance leases |
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$ |
6 |
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$ |
7 |
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Financing cash flows from finance leases |
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$ |
86 |
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$ |
116 |
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Leased assets obtained (modified) in exchange for new (modified) operating lease liabilities |
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$ |
11,160 |
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$ |
(496 |
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Leased assets obtained in exchange for new finance lease liabilities |
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$ |
44 |
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$ |
81 |
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