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Leases | 12 Months Ended
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Dec. 29, 2024
Leases [Abstract] |
Leases | Leases The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has a de minimis amount of finance leases. The operating leases have remaining terms of 1 to 14 years, some of which include options to extend lease terms or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease of which the Company recognized $0.5 million, $0.6 million, and $0.1 million for the years ended 2024, 2023 and 2022, respectively. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate, which amounted to $8.2 million, $11.3 million, and $11.7 million in 2024, 2023 and 2022, respectively. Operating lease costs for capitalized leases, net of sublease income, amounted to $35.4 million, $44.2 million and $46.2 million for each of the years ended 2024, 2023 and 2022, respectively. During 2024, 2023 and 2022, rent expense for arrangements that do not qualify as leases under ASU 2016-02 Leases amounted to $26.4 million, $33.4 million, and $35.9 million, respectively. All leases expire prior to 2039. Real estate taxes, insurance and maintenance expenses are generally obligations of the Company. Operating leases often contain renewal options. In those locations in which the Company continues to operate, management expects that, in the normal course of business, leases that expire will be renewed or replaced by leases on other properties. Information related to the Company's leases are as follows:
(In millions) | 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 40.0 |  |  | 48.6 |  |  | 52.4 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases net of lease modifications | $ | 31.7 |  |  | 87.8 |  |  | 5.8 |
Weighted Average Remaining Lease Term: |  |  |  |  |
Operating leases | 7.6 years |  | 7.1 years |  | 4.4 years
Weighted Average Discount Rate: |  |  |  |  |
Operating leases | 4.0 | % |  | 3.8 | % |  | 3.4 | %
The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of December 29, 2024:
(In millions) | 2024
2025 | $ | 36.7 |
2026 | 31.6 |
2027 | 23.7 |
2028 | 20.8 |
2029 | 8.4 |
2030 and thereafter | 51.0 |
Total future lease payments | 172.2 |
Less imputed interest | 28.0 |
Present value of future operating lease payments | 144.2 |
Less current portion of operating lease liabilities (1) | 29.8 |
Non-current operating lease liability (2) | $ | 114.4 |
Operating lease right-of-use assets, net (3) | $ | 119.0 |
(1) Included in Accrued liabilities on the Consolidated Balance Sheets (2) Included in Other liabilities on the Consolidated Balance Sheets (3) Included in Property, plant and equipment on the Consolidated Balance Sheets

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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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