Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Schedule of Balance Sheet Information
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 
Schedule of Lease Costs
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%
Schedule of Operating Lease Maturity
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 
Schedule of Finance Lease Maturity
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