Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.2
Leases
 6 Months Ended
Jun. 28, 2025
Leases [Abstract]  
Leases Leases
We primarily lease certain office and manufacturing facilities, as well as vehicles, copiers, and other equipment. These 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 right-of-use assets and lease liabilities were as follows for the periods presented:
(dollar amounts in millions) Balance Sheet Classification June 28, 2025 December 28, 2024
Assets:
Operating lease assets Right-of-use assets, net $ 54.5  $ 56.3 
Finance lease assets Right-of-use assets, net 4.0  3.4 
Total leased assets $ 58.5  $ 59.7 
Liabilities:
Current:
Operating Accrued expenses and other current liabilities $ 5.6  $ 5.4 
Financing Current maturities of long-term debt 1.5  1.3 
Noncurrent:
Operating Other long-term liabilities 54.7  56.2 
Financing Long-term debt 2.1  2.1 
Total lease liabilities $ 63.9  $ 65.0 
The components of lease expense were as follows for the periods presented:
Three Months Ended Six Months Ended
(dollar amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Operating lease cost $ 2.5  $ 2.5  $ 5.1  $ 4.9 
Variable lease cost —  0.1  0.1  0.3 
Short-term lease cost —  0.4  0.1  0.6 
Finance lease cost:
Amortization of right-of-use assets 0.8  0.4  1.2  0.6 
Interest on lease liabilities —  —  0.1  0.1 
Total lease cost $ 3.3  $ 3.4  $ 6.6  $ 6.5 
Other information related to leases was as follows for the periods presented:
June 28, 2025 December 28, 2024
Weighted Average Remaining Lease Term (in years)
Operating leases
 12.3 12.6
Finance leases
 2.7 2.9
Weighted Average Discount Rate
Operating leases
 7.4% 7.4%
Finance leases
 7.3% 7.9%
As of June 28, 2025, 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 $ 5.0 
2026 10.0 
2027 9.1 
2028 8.9 
2029 7.8 
Thereafter 54.1 
Total future lease payments $ 94.9 
Less: imputed interest (34.6)
Present value of future lease payments $ 60.3 
As of June 28, 2025, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 0.9 
2026 1.3 
2027 1.0 
2028 0.5 
2029 0.2 
Thereafter — 
Total future lease payments $ 3.9 
Less: imputed interest (0.3)
Present value of future lease payments $ 3.6 
Leases Leases
We primarily lease certain office and manufacturing facilities, as well as vehicles, copiers, and other equipment. These 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 right-of-use assets and lease liabilities were as follows for the periods presented:
(dollar amounts in millions) Balance Sheet Classification June 28, 2025 December 28, 2024
Assets:
Operating lease assets Right-of-use assets, net $ 54.5  $ 56.3 
Finance lease assets Right-of-use assets, net 4.0  3.4 
Total leased assets $ 58.5  $ 59.7 
Liabilities:
Current:
Operating Accrued expenses and other current liabilities $ 5.6  $ 5.4 
Financing Current maturities of long-term debt 1.5  1.3 
Noncurrent:
Operating Other long-term liabilities 54.7  56.2 
Financing Long-term debt 2.1  2.1 
Total lease liabilities $ 63.9  $ 65.0 
The components of lease expense were as follows for the periods presented:
Three Months Ended Six Months Ended
(dollar amounts in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Operating lease cost $ 2.5  $ 2.5  $ 5.1  $ 4.9 
Variable lease cost —  0.1  0.1  0.3 
Short-term lease cost —  0.4  0.1  0.6 
Finance lease cost:
Amortization of right-of-use assets 0.8  0.4  1.2  0.6 
Interest on lease liabilities —  —  0.1  0.1 
Total lease cost $ 3.3  $ 3.4  $ 6.6  $ 6.5 
Other information related to leases was as follows for the periods presented:
June 28, 2025 December 28, 2024
Weighted Average Remaining Lease Term (in years)
Operating leases
 12.3 12.6
Finance leases
 2.7 2.9
Weighted Average Discount Rate
Operating leases
 7.4% 7.4%
Finance leases
 7.3% 7.9%
As of June 28, 2025, 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 $ 5.0 
2026 10.0 
2027 9.1 
2028 8.9 
2029 7.8 
Thereafter 54.1 
Total future lease payments $ 94.9 
Less: imputed interest (34.6)
Present value of future lease payments $ 60.3 
As of June 28, 2025, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 0.9 
2026 1.3 
2027 1.0 
2028 0.5 
2029 0.2 
Thereafter — 
Total future lease payments $ 3.9 
Less: imputed interest (0.3)
Present value of future lease payments $ 3.6