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Lease Receivable | 3 Months Ended
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Mar. 29, 2025
Leases [Abstract] |
Lease Receivable | 6. Lease Receivable For deferred equipment agreements that contain embedded operating leases, upon lease commencement, the Company defers and records the equipment cost of operating lease assets within property, plant and equipment, net of accumulated depreciation. These operating lease assets are subsequently amortized to cost of goods sold over the lease term on a straight-line basis. For deferred equipment agreements that contain embedded sales-type leases, the Company recognizes lease revenue and costs, as well as a lease receivable, at the time the lease commences. Lease revenue related to both operating-type and sales-type leases are included within revenue in the accompanying condensed consolidated statements of operations. For the three months ended March 29, 2025 and March 30, 2024, lease revenue was approximately $12.0 million and $16.0 million, respectively. Costs related to embedded leases within the Company’s deferred equipment agreements are included in cost of goods sold in the accompanying condensed consolidated statements of operations. Lease receivable from sales-type leases consists of the following:
(in millions) | March 29, 2025 |  | December 28, 2024 |  |
Lease receivable | $ | 86.1 |  |  | $ | 85.5 |  |  |
Allowance for credit loss | (0.1) |  |  | (0.2) |  |  |
Lease receivable, net | 86.0 |  |  | 85.3 |  |  |
Less: current portion of lease receivable | (26.7) |  |  | (26.6) |  |  |
Lease receivable, non-current | $ | 59.3 |  |  | $ | 58.7 |  |  |
As of March 29, 2025, estimated future maturities of customer sales-type lease receivables and operating lease payments for each of the following fiscal years are as follows:
| Future Lease Receivables/Payments (in millions)
Fiscal year | Sales-Type Leases |  | Operating Leases
2025 (balance of year) | $ | 20.6 |  |  | $ | 11.6 |
2026 | 22.8 |  |  | 14.5 |
2027 | 17.3 |  |  | 13.0 |
2028 | 11.6 |  |  | 10.2 |
2029 | 8.4 |  |  | 10.0 |
Thereafter | 5.3 |  |  | 7.5 |
Total | $ | 86.0 |  |  | $ | 66.8 |
Less: imputed interest(1) | — |  |  |
Present value of total lease payments | $ | 86.0 |  |  |
______________ (1) The calculation of the rates implicit in the leases resulted in negative discount rates. Therefore, the Company as a lessor used a 0% discount rate to measure the net investment in the lease.

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- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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