Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.0.1
Leases
 12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Leases Leases
The Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees or restrictive covenants.
The components of ROU assets and lease liabilities were as follows:
(in millions) Balance Sheet Classification December 30, 2023 December 31, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 47.6  $ 43.3 
Finance lease assets Right-of-use assets, net 3.3  1.0 
Total leased assets $ 50.9  $ 44.3 
Liabilities:
Current:
Operating Other accrued expenses $ 5.4  $ 5.3 
Finance Current maturities of long-term debt 1.0  0.3 
Noncurrent:
Operating
Other long-term liabilities
 $ 46.9  $ 40.9 
Finance Long-term debt 2.4  0.8 
Total lease liabilities $ 55.7  $ 47.3 
The components of lease expense were as follows:
(in millions) December 30, 2023 December 31, 2022
Operating lease cost $ 8.9  $ 8.3 
Variable lease cost 0.7  0.4 
Short-term lease cost 0.9  0.1 
Finance lease cost:
Amortization of right-of-use assets 0.8  0.2 
Interest on lease liabilities 0.2  — 
Total lease cost $ 11.5  $ 9.0 
Rental expense for operating leases (as defined prior to the adoption of ASC 2016-02) was approximately $6.8 for the year ended January 1, 2022.
Other information related to leases was as follows:
December 30, 2023 December 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases 8.85 9.66
Finance Leases 3.39 3.37
Weighted Average Discount Rate
Operating Leases 7.6% 7.1%
Finance Leases 8.4% 6.6%
As of December 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in millions)
2024 $ 8.8 
2025 8.7 
2026 8.3 
2027 7.4 
2028 7.5 
Thereafter 32.8 
Total future lease payments $ 73.5 
Less: imputed interest $ (21.2)
Present value of future lease payments $ 52.3 
As of December 30, 2023, future minimum repayments of finance leases were as follows:
(in millions)
2024 $ 1.2 
2025 1.2 
2026 0.7 
2027 0.5 
2028 0.3 
Total future lease payments $ 3.9 
Less: imputed interest $ (0.5)
Present value of future lease payments $ 3.4 
Leases Leases
The Company primarily leases certain office and manufacturing facilities, as well as vehicles, copiers and other equipment. These operating leases generally have an original lease term between 1 year and 20 years, and some include options to extend (generally 5 to 10 years). Lease agreements generally do not include material variable lease payments, residual value guarantees or restrictive covenants.
The components of ROU assets and lease liabilities were as follows:
(in millions) Balance Sheet Classification December 30, 2023 December 31, 2022
Assets:
Operating lease assets Right-of-use assets, net $ 47.6  $ 43.3 
Finance lease assets Right-of-use assets, net 3.3  1.0 
Total leased assets $ 50.9  $ 44.3 
Liabilities:
Current:
Operating Other accrued expenses $ 5.4  $ 5.3 
Finance Current maturities of long-term debt 1.0  0.3 
Noncurrent:
Operating
Other long-term liabilities
 $ 46.9  $ 40.9 
Finance Long-term debt 2.4  0.8 
Total lease liabilities $ 55.7  $ 47.3 
The components of lease expense were as follows:
(in millions) December 30, 2023 December 31, 2022
Operating lease cost $ 8.9  $ 8.3 
Variable lease cost 0.7  0.4 
Short-term lease cost 0.9  0.1 
Finance lease cost:
Amortization of right-of-use assets 0.8  0.2 
Interest on lease liabilities 0.2  — 
Total lease cost $ 11.5  $ 9.0 
Rental expense for operating leases (as defined prior to the adoption of ASC 2016-02) was approximately $6.8 for the year ended January 1, 2022.
Other information related to leases was as follows:
December 30, 2023 December 31, 2022
Weighted Average Remaining Lease Term (in years)
Operating Leases 8.85 9.66
Finance Leases 3.39 3.37
Weighted Average Discount Rate
Operating Leases 7.6% 7.1%
Finance Leases 8.4% 6.6%
As of December 30, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(in millions)
2024 $ 8.8 
2025 8.7 
2026 8.3 
2027 7.4 
2028 7.5 
Thereafter 32.8 
Total future lease payments $ 73.5 
Less: imputed interest $ (21.2)
Present value of future lease payments $ 52.3 
As of December 30, 2023, future minimum repayments of finance leases were as follows:
(in millions)
2024 $ 1.2 
2025 1.2 
2026 0.7 
2027 0.5 
2028 0.3 
Total future lease payments $ 3.9 
Less: imputed interest $ (0.5)
Present value of future lease payments $ 3.4