Leases - Sale-Leasebacks |
12 Months Ended |
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Dec. 30, 2023 | |
| Leases [Abstract] | |
| Leases - Sale-Leasebacks | Leases - Sale-Leasebacks For the year ended January 1, 2022, the Company entered into a Sale Leaseback transaction, accounted for under ASC 840, related to a production, warehousing and distribution facility in Houston, Texas. The Company purchased the facility in September of 2021 for approximately $9.2 and incurred initial improvements of approximately $0.4 that were made prior to the facility being sold and immediately leased back to a third party for approximately $9.6 in December 2021. Due to the nature and timing of this transaction there was no gain or loss recognized by the Company for the year ended January 1, 2022.
The resulting lease entered into by the Company is for an initial term of 15 years with an option to renew for 2 additional 10 year periods. The monthly rental payments escalate each year by a market based index or a flat percentage, whichever is higher. The seller has no continuing involvement related to this transaction for the property in question.
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- References No definition available.
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- Definition The entire disclosure for sale leaseback transaction. Includes, but is not limited to, terms and conditions of transaction and gain (loss) from transaction. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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