Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.0.1
Leases
 12 Months Ended
Dec. 28, 2024
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 multiple options to extend (generally in increments of 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:
(dollar amounts in millions) Balance Sheet Classification December 28, 2024 December 30, 2023
Assets:
Operating lease assets Right-of-use assets, net $ 56.3  $ 47.6 
Finance lease assets Right-of-use assets, net 3.4  3.3 
Total leased assets $ 59.7  $ 50.9 
Liabilities:
Current:
Operating Accrued expenses and other current liabilities $ 5.4  $ 5.4 
Finance Current maturities of long-term debt 1.3  1.0 
Noncurrent:
Operating
Other long-term liabilities
 $ 56.2  $ 46.9 
Finance Long-term debt 2.1  2.4 
Total lease liabilities $ 65.0  $ 55.7 
The components of lease expense were as follows:
(dollar amounts in millions) December 28, 2024 December 30, 2023 December 31, 2022
Operating lease cost $ 10.1  $ 8.9  $ 8.3 
Variable lease cost 0.9  0.7  0.4 
Short-term lease cost 1.7  0.9  0.1 
Finance lease cost:
Amortization of right-of-use assets 1.4  0.8  0.2 
Interest on lease liabilities 0.3  0.2  — 
Total lease cost $ 14.4  $ 11.5  $ 9.0 
Other information related to leases was as follows:
December 28, 2024 December 30, 2023
Weighted Average Remaining Lease Term (in years)
Operating Leases 12.6 8.9
Finance Leases 2.9 3.4
Weighted Average Discount Rate
Operating Leases 7.4% 7.6%
Finance Leases 7.9% 8.4%
As of December 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)
2025 $ 9.7 
2026 9.7 
2027 8.8 
2028 8.6 
2029 7.5 
Thereafter 53.8 
Total future lease payments $ 98.1 
Less: imputed interest $ (36.5)
Present value of future lease payments $ 61.6 
As of December 28, 2024, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 1.5 
2026 1.0 
2027 0.8 
2028 0.3 
2029 0.2 
Total future lease payments $ 3.8 
Less: imputed interest $ (0.4)
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 multiple options to extend (generally in increments of 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:
(dollar amounts in millions) Balance Sheet Classification December 28, 2024 December 30, 2023
Assets:
Operating lease assets Right-of-use assets, net $ 56.3  $ 47.6 
Finance lease assets Right-of-use assets, net 3.4  3.3 
Total leased assets $ 59.7  $ 50.9 
Liabilities:
Current:
Operating Accrued expenses and other current liabilities $ 5.4  $ 5.4 
Finance Current maturities of long-term debt 1.3  1.0 
Noncurrent:
Operating
Other long-term liabilities
 $ 56.2  $ 46.9 
Finance Long-term debt 2.1  2.4 
Total lease liabilities $ 65.0  $ 55.7 
The components of lease expense were as follows:
(dollar amounts in millions) December 28, 2024 December 30, 2023 December 31, 2022
Operating lease cost $ 10.1  $ 8.9  $ 8.3 
Variable lease cost 0.9  0.7  0.4 
Short-term lease cost 1.7  0.9  0.1 
Finance lease cost:
Amortization of right-of-use assets 1.4  0.8  0.2 
Interest on lease liabilities 0.3  0.2  — 
Total lease cost $ 14.4  $ 11.5  $ 9.0 
Other information related to leases was as follows:
December 28, 2024 December 30, 2023
Weighted Average Remaining Lease Term (in years)
Operating Leases 12.6 8.9
Finance Leases 2.9 3.4
Weighted Average Discount Rate
Operating Leases 7.4% 7.6%
Finance Leases 7.9% 8.4%
As of December 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)
2025 $ 9.7 
2026 9.7 
2027 8.8 
2028 8.6 
2029 7.5 
Thereafter 53.8 
Total future lease payments $ 98.1 
Less: imputed interest $ (36.5)
Present value of future lease payments $ 61.6 
As of December 28, 2024, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 1.5 
2026 1.0 
2027 0.8 
2028 0.3 
2029 0.2 
Total future lease payments $ 3.8 
Less: imputed interest $ (0.4)
Present value of future lease payments $ 3.4