Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.1
Leases
 3 Months Ended
Mar. 29, 2025
Leases [Abstract]  
Leases Leases
The Company primarily leases 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:
(dollar amounts in millions) Balance Sheet Classification March 29, 2025 December 28, 2024
Assets:
Operating lease assets Right-of-use assets, net $ 54.9  $ 56.3 
Finance lease assets Right-of-use assets, net 4.2  3.4 
Total leased assets $ 59.1  $ 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 54.9  56.2 
Financing Long-term debt 2.3  2.1 
Total lease liabilities $ 64.3  $ 65.0 
The components of lease expense were as follows:
Three Months Ended
(dollar amounts in millions) March 29, 2025 March 30, 2024
Operating lease cost $ 2.6  $ 2.4 
Variable lease cost 0.1  0.2 
Short-term lease cost 0.1  0.2 
Finance lease cost:
Amortization of right-of-use assets 0.4  0.2 
Interest on lease liabilities 0.1  0.1 
Total lease cost $ 3.3  $ 3.1 
Other information related to leases was as follows:
March 29, 2025 December 28, 2024
Weighted Average Remaining Lease Term (in years)
Operating leases
 12.5 12.6
Finance leases
 2.9 2.9
Weighted Average Discount Rate
Operating leases
 7.4% 7.4%
Finance leases
 7.4% 7.9%
As of March 29, 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 $ 7.3 
2026 9.7 
2027 8.8 
2028 8.6 
2029 7.5 
Thereafter 54.0 
Total future lease payments $ 95.9 
Less: imputed interest (35.4)
Present value of future lease payments $ 60.5 
As of March 29, 2025, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 1.3 
2026 1.3 
2027 1.0 
2028 0.5 
2029 0.1 
Thereafter — 
Total future lease payments $ 4.2 
Less: imputed interest (0.4)
Present value of future lease payments $ 3.8 
Leases Leases
The Company primarily leases 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:
(dollar amounts in millions) Balance Sheet Classification March 29, 2025 December 28, 2024
Assets:
Operating lease assets Right-of-use assets, net $ 54.9  $ 56.3 
Finance lease assets Right-of-use assets, net 4.2  3.4 
Total leased assets $ 59.1  $ 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 54.9  56.2 
Financing Long-term debt 2.3  2.1 
Total lease liabilities $ 64.3  $ 65.0 
The components of lease expense were as follows:
Three Months Ended
(dollar amounts in millions) March 29, 2025 March 30, 2024
Operating lease cost $ 2.6  $ 2.4 
Variable lease cost 0.1  0.2 
Short-term lease cost 0.1  0.2 
Finance lease cost:
Amortization of right-of-use assets 0.4  0.2 
Interest on lease liabilities 0.1  0.1 
Total lease cost $ 3.3  $ 3.1 
Other information related to leases was as follows:
March 29, 2025 December 28, 2024
Weighted Average Remaining Lease Term (in years)
Operating leases
 12.5 12.6
Finance leases
 2.9 2.9
Weighted Average Discount Rate
Operating leases
 7.4% 7.4%
Finance leases
 7.4% 7.9%
As of March 29, 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 $ 7.3 
2026 9.7 
2027 8.8 
2028 8.6 
2029 7.5 
Thereafter 54.0 
Total future lease payments $ 95.9 
Less: imputed interest (35.4)
Present value of future lease payments $ 60.5 
As of March 29, 2025, future minimum repayments of finance leases were as follows:
(dollar amounts in millions)
2025 $ 1.3 
2026 1.3 
2027 1.0 
2028 0.5 
2029 0.1 
Thereafter — 
Total future lease payments $ 4.2 
Less: imputed interest (0.4)
Present value of future lease payments $ 3.8