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Leases (Notes) | 12 Months Ended
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Dec. 29, 2024
Leases [Abstract] |
Leases | Leases The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2024, 2023 and 2022:
($ in millions) |  | Fiscal Year
|  | 2024 | 2023 | 2022
Lease Cost |  |  |  |
Finance Lease Cost: |  |  |  |
Amortization of right of use asset |  | $ | 14.1 |  | $ | 10.9 |  | $ | 8.9 |
Interest on lease liabilities |  | 6.3 |  | 4.6 |  | 4.1 |
Operating lease cost |  | 17.0 |  | 17.6 |  | 16.4 |
Short-term lease cost |  | 6.3 |  | 4.5 |  | 2.9 |
Variable lease cost |  | 0.7 |  | 1.0 |  | 1.0 |
Sublease income |  | (1.2) |  | (0.4) |  | — |
Total lease cost |  | $ | 43.2 |  | $ | 38.2 |  | $ | 33.3 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from finance leases |  | $ | 6.1 |  | $ | 4.6 |  | $ | 4.1 |
Operating cash flows from operating leases |  | $ | 18.8 |  | $ | 16.8 |  | $ | 17.4 |
Financing cash flows from finance leases |  | $ | 29.1 |  | $ | 24.9 |  | $ | 20.9 |
Right of use assets obtained in exchange for new finance lease liabilities |  | $ | 31.6 |  | $ | 54.6 |  | $ | 15.3 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 12.1 |  | $ | 25.8 |  | $ | 18.0 |
Weighted average remaining lease term - finance leases |  | 4 years | 4 years | 4 years
Weighted average remaining lease term - operating leases |  | 7 years | 7 years | 6 years
Weighted average discount rate - finance leases |  | 6.3 | % | 5.4 | % | 5.6 | %
Weighted average discount rate - operating leases |  | 7.0 | % | 7.1 | % | 6.8 | %
The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 29, 2024 (in millions):
Fiscal Year |  | December 29, 2024
2025 |  | $ | 17.3 |
2026 |  | 15.8 |
2027 |  | 12.6 |
2028 |  | 10.6 |
2029 |  | 8.6 |
2030 and thereafter |  | 17.4 |
Total undiscounted lease payments |  | $ | 82.3 |
Present value adjustment |  | (14.0) |
Operating lease liabilities |  | $ | 68.3 |
The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 29, 2024 (in millions):
Fiscal Year |  | December 29, 2024
2025 |  | $ | 35.0 |
2026 |  | 27.9 |
2027 |  | 24.0 |
2028 |  | 17.4 |
2029 |  | 10.7 |
2030 and thereafter |  | 4.4 |
Total undiscounted lease payments |  | $ | 119.4 |
Present value adjustment |  | (10.4) |
Finance lease liabilities |  | $ | 109.0 |
The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 29, 2024, the lenders had made $54.3 million of progress payments on behalf of the Company, and $41.1 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $95.4 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. Progress payments made on behalf of the Company in fiscal years 2024, 2023 and 2022 include $9.7 million, $2.8 million and $1.8 million, respectively, received as proceeds on the sale of ongoing construction in progress projects that were converted to leases, which is presented as investing activities source of cash on the consolidated statements of cash flows for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023.
Leases | Leases The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2024, 2023 and 2022:
($ in millions) |  | Fiscal Year
|  | 2024 | 2023 | 2022
Lease Cost |  |  |  |
Finance Lease Cost: |  |  |  |
Amortization of right of use asset |  | $ | 14.1 |  | $ | 10.9 |  | $ | 8.9 |
Interest on lease liabilities |  | 6.3 |  | 4.6 |  | 4.1 |
Operating lease cost |  | 17.0 |  | 17.6 |  | 16.4 |
Short-term lease cost |  | 6.3 |  | 4.5 |  | 2.9 |
Variable lease cost |  | 0.7 |  | 1.0 |  | 1.0 |
Sublease income |  | (1.2) |  | (0.4) |  | — |
Total lease cost |  | $ | 43.2 |  | $ | 38.2 |  | $ | 33.3 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from finance leases |  | $ | 6.1 |  | $ | 4.6 |  | $ | 4.1 |
Operating cash flows from operating leases |  | $ | 18.8 |  | $ | 16.8 |  | $ | 17.4 |
Financing cash flows from finance leases |  | $ | 29.1 |  | $ | 24.9 |  | $ | 20.9 |
Right of use assets obtained in exchange for new finance lease liabilities |  | $ | 31.6 |  | $ | 54.6 |  | $ | 15.3 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 12.1 |  | $ | 25.8 |  | $ | 18.0 |
Weighted average remaining lease term - finance leases |  | 4 years | 4 years | 4 years
Weighted average remaining lease term - operating leases |  | 7 years | 7 years | 6 years
Weighted average discount rate - finance leases |  | 6.3 | % | 5.4 | % | 5.6 | %
Weighted average discount rate - operating leases |  | 7.0 | % | 7.1 | % | 6.8 | %
The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 29, 2024 (in millions):
Fiscal Year |  | December 29, 2024
2025 |  | $ | 17.3 |
2026 |  | 15.8 |
2027 |  | 12.6 |
2028 |  | 10.6 |
2029 |  | 8.6 |
2030 and thereafter |  | 17.4 |
Total undiscounted lease payments |  | $ | 82.3 |
Present value adjustment |  | (14.0) |
Operating lease liabilities |  | $ | 68.3 |
The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 29, 2024 (in millions):
Fiscal Year |  | December 29, 2024
2025 |  | $ | 35.0 |
2026 |  | 27.9 |
2027 |  | 24.0 |
2028 |  | 17.4 |
2029 |  | 10.7 |
2030 and thereafter |  | 4.4 |
Total undiscounted lease payments |  | $ | 119.4 |
Present value adjustment |  | (10.4) |
Finance lease liabilities |  | $ | 109.0 |
The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 29, 2024, the lenders had made $54.3 million of progress payments on behalf of the Company, and $41.1 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $95.4 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. Progress payments made on behalf of the Company in fiscal years 2024, 2023 and 2022 include $9.7 million, $2.8 million and $1.8 million, respectively, received as proceeds on the sale of ongoing construction in progress projects that were converted to leases, which is presented as investing activities source of cash on the consolidated statements of cash flows for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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