Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 28, 2024
Leases [Abstract]  
Schedule of Balance Sheet Information
The components of right-of-use (“ROU”) assets and lease liabilities were as follows:
(dollar amounts in millions) Balance Sheet Classification September 28, 2024 December 30, 2023
Assets:
Operating lease assets Right-of-use assets, net $ 47.3  $ 47.6 
Finance lease assets Right-of-use assets, net 3.8  3.3 
Total leased assets $ 51.1  $ 50.9 
Liabilities:
Current:
Operating Accrued expenses and other current liabilities $ 6.2  $ 5.4 
Financing Current maturities of long-term debt 1.3  1.0 
Noncurrent:
Operating Other long-term liabilities 46.3  46.9 
Financing Long-term debt 2.4  2.4 
Total lease liabilities $ 56.2  $ 55.7 
Schedule of Lease Costs
The components of lease expense were as follows:
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Operating lease cost $ 2.6  $ 2.2  $ 7.5  $ 6.5 
Variable lease cost 0.3  0.2  0.6  0.5 
Short-term lease cost —  —  0.6  — 
Finance lease cost:
Amortization of right-of-use assets 0.4  0.2  1.0  0.5 
Interest on lease liabilities 0.1  0.1  0.2  0.1 
Total lease cost $ 3.4  $ 2.7  $ 9.9  $ 7.6 
Other information related to leases was as follows:
September 28, 2024 December 30, 2023
Weighted Average Remaining Lease Term (in years)
Operating Leases 8.2 8.9
Finance Leases 3.0 3.4
Weighted Average Discount Rate
Operating Leases 7.6% 7.6%
Finance Leases 7.9% 8.4%
Schedule of Operating Lease Maturity
As of September 28, 2024, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows:
(dollar amounts in millions)
2024 $ 2.5 
2025 9.8 
2026 9.5 
2027 8.4 
2028 8.2 
Thereafter 33.1 
Total future lease payments $ 71.5 
Less: imputed interest $ (19.0)
Present value of future lease payments $ 52.5 
Schedule of Finance Lease Maturity
As of September 28, 2024, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2024 $ 0.4 
2025 1.6 
2026 1.0 
2027 0.8 
2028 0.4 
Thereafter — 
Total future lease payments $ 4.2 
Less: imputed interest $ (0.5)
Present value of future lease payments $ 3.7