Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
 3 Months Ended
Mar. 30, 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 options to extend (generally 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 (“ROU”) assets and lease liabilities were as follows:
(in millions) Balance Sheet Classification March 30, 2024 December 30, 2023
Assets:
Operating lease assets Right-of-use assets, net $ 46.9  $ 47.6 
Finance lease assets Right-of-use assets, net 3.0  3.3 
Total leased assets $ 49.9  $ 50.9 
Liabilities:
Current:
Operating Other accrued expenses $ 5.5  $ 5.4 
Financing Current maturities of long-term debt 1.0  1.0 
Noncurrent:
Operating Other long-term liabilities $ 46.3  $ 46.9 
Financing Long-term debt 2.2  2.4 
Total lease liabilities $ 55.0  $ 55.7 
The components of lease expense were as follows:
Three Months Ended Three Months Ended
(in millions) March 30, 2024 April 1, 2023
Operating lease cost $ 2.4  $ 2.2 
Variable lease cost 0.2  0.2 
Short-term lease cost 0.2  — 
Finance lease cost:
Amortization of right-of-use assets $ 0.2  $ 0.1 
Interest on lease liabilities 0.1  — 
Total lease cost $ 3.1  $ 2.5 
Other information related to leases was as follows:
March 30, 2024 December 30, 2023
Weighted Average Remaining Lease Term (in years)
Operating Leases 8.62 8.85
Finance Leases 3.18 3.39
Weighted Average Discount Rate
Operating Leases 7.6% 7.6%
Finance Leases 8.4% 8.4%
As of March 30, 2024, 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 $ 6.7 
2025 9.0 
2026 8.6 
2027 7.6 
2028 7.5 
Thereafter 32.7 
Total future lease payments $ 72.1 
Less: imputed interest $ (20.3)
Present value of future lease payments $ 51.8 
As of March 30, 2024, future minimum repayments of finance leases were as follows:
(in millions)
2024 $ 0.9 
2025 1.2 
2026 0.7 
2027 0.5 
2028 0.4 
Thereafter — 
Total future lease payments $ 3.7 
Less: imputed interest $ (0.5)
Present value of future lease payments $ 3.2 
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 options to extend (generally 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 (“ROU”) assets and lease liabilities were as follows:
(in millions) Balance Sheet Classification March 30, 2024 December 30, 2023
Assets:
Operating lease assets Right-of-use assets, net $ 46.9  $ 47.6 
Finance lease assets Right-of-use assets, net 3.0  3.3 
Total leased assets $ 49.9  $ 50.9 
Liabilities:
Current:
Operating Other accrued expenses $ 5.5  $ 5.4 
Financing Current maturities of long-term debt 1.0  1.0 
Noncurrent:
Operating Other long-term liabilities $ 46.3  $ 46.9 
Financing Long-term debt 2.2  2.4 
Total lease liabilities $ 55.0  $ 55.7 
The components of lease expense were as follows:
Three Months Ended Three Months Ended
(in millions) March 30, 2024 April 1, 2023
Operating lease cost $ 2.4  $ 2.2 
Variable lease cost 0.2  0.2 
Short-term lease cost 0.2  — 
Finance lease cost:
Amortization of right-of-use assets $ 0.2  $ 0.1 
Interest on lease liabilities 0.1  — 
Total lease cost $ 3.1  $ 2.5 
Other information related to leases was as follows:
March 30, 2024 December 30, 2023
Weighted Average Remaining Lease Term (in years)
Operating Leases 8.62 8.85
Finance Leases 3.18 3.39
Weighted Average Discount Rate
Operating Leases 7.6% 7.6%
Finance Leases 8.4% 8.4%
As of March 30, 2024, 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 $ 6.7 
2025 9.0 
2026 8.6 
2027 7.6 
2028 7.5 
Thereafter 32.7 
Total future lease payments $ 72.1 
Less: imputed interest $ (20.3)
Present value of future lease payments $ 51.8 
As of March 30, 2024, future minimum repayments of finance leases were as follows:
(in millions)
2024 $ 0.9 
2025 1.2 
2026 0.7 
2027 0.5 
2028 0.4 
Thereafter — 
Total future lease payments $ 3.7 
Less: imputed interest $ (0.5)
Present value of future lease payments $ 3.2