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LEASES | 12 Months Ended
--- | ---
Dec. 28, 2024
Leases [Abstract] |
LEASES | LEASES Operating and Finance Leases Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows:
| December 28, 2024 |  | December 30, 2023 |  |
| (in thousands) |  |
Operating leases |  |  |  |  |
Operating lease right-of-use assets, net | $ | 412,490 |  |  | $ | 394,029 |  |  |
Other current liabilities | $ | 54,159 |  |  | $ | 54,908 |  |  |
Operating lease right-of-use liabilities | 483,789 |  |  | 419,234 |  |  |
Total operating lease liabilities | $ | 537,948 |  |  | $ | 474,142 |  |  |
Finance leases |  |  |  |  |
Property, plant and equipment, net | $ | 28,900 |  | $ | 29,422 |  |
Current portion of long-term debt and finance leases | $ | 2,774 |  | $ | 2,398 |  |
Long-term debt, net and finance leases | 25,670 |  | 26,152 |  |
Total finance lease liabilities | $ | 28,444 |  | $ | 28,550 |  |
The following table presents the components of operating and finance lease costs within the Company’s consolidated statements of income:
|  |  |  |  | Fiscal Year
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in thousands)
Operating lease costs |  |  |  |  | $ | 71,058 |  |  | $ | 65,380 |  |  | $ | 59,671 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 3,111 |  |  | 2,745 |  |  | 3,035 |
Interest on lease liabilities |  |  |  |  | 1,548 |  |  | 1,477 |  |  | 1,441 |
Short-term lease costs |  |  |  |  | 3,904 |  |  | 3,581 |  |  | 2,954 |
Variable lease costs |  |  |  |  | 29,192 |  |  | 22,159 |  |  | 13,965 |
Sublease income |  |  |  |  | (2,156) |  |  | (2,067) |  |  | (1,912) |
Total lease costs |  |  |  |  | $ | 106,657 |  |  | $ | 93,275 |  |  | $ | 79,154 |
Other information related to leases was as follows: Supplemental cash flow information
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Cash flows included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 74,732 |  |  | $ | 60,239 |  |  | $ | 48,360 |
Operating cash flows from finance leases | 1,529 |  |  | 1,476 |  |  | 1,442 |
Finance cash flows from finance leases | 2,917 |  |  | 2,297 |  |  | 2,257 |
Non-cash leases activity: |  |  |  |  |
Right-of-use lease assets obtained in exchange for new operating lease liabilities | $ | 114,740 |  |  | $ | 75,987 |  |  | $ | 189,134 |
Right-of-use lease assets obtained in exchange for new finance lease liabilities | 3,214 |  |  | — |  |  | 8,179 |
Lease term and discount rate
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Weighted-average remaining lease term (in years) |  |  |  |  |
Operating lease | 9.5 |  | 9.6 |  | 9.8
Finance lease | 11.4 |  | 12.7 |  | 13.6
Weighted-average discount rate |  |  |  |  |
Operating lease | 5.1 | % |  | 4.7 | % |  | 4.3 | %
Finance lease | 5.3 | % |  | 5.3 | % |  | 5.3 | %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. As of December 28, 2024, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
| Operating Leases |  | Finance Leases
| (in thousands)
2025 | $ | 77,877 |  |  | $ | 4,207 |
2026 | 74,076 |  |  | 3,715 |
2027 | 75,091 |  |  | 3,692 |
2028 | 72,349 |  |  | 3,691 |
2029 | 67,662 |  |  | 3,027 |
Thereafter | 324,352 |  |  | 20,156 |
Total minimum future lease payments | 691,407 |  |  | 38,488 |
Less: Imputed interest | 153,459 |  |  | 10,044 |
Total lease liabilities | $ | 537,948 |  |  | $ | 28,444 |
Total minimum future lease payments (relating to an operating lease) of approximately $10 million for a lease that has not commenced as of December 28, 2024, as the Company does not yet control the underlying asset, are not included in the consolidated financial statements. This lease is expected to commence in fiscal year 2025 with a lease term of approximately 13 years.
LEASES | LEASES Operating and Finance Leases Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows:
| December 28, 2024 |  | December 30, 2023 |  |
| (in thousands) |  |
Operating leases |  |  |  |  |
Operating lease right-of-use assets, net | $ | 412,490 |  |  | $ | 394,029 |  |  |
Other current liabilities | $ | 54,159 |  |  | $ | 54,908 |  |  |
Operating lease right-of-use liabilities | 483,789 |  |  | 419,234 |  |  |
Total operating lease liabilities | $ | 537,948 |  |  | $ | 474,142 |  |  |
Finance leases |  |  |  |  |
Property, plant and equipment, net | $ | 28,900 |  | $ | 29,422 |  |
Current portion of long-term debt and finance leases | $ | 2,774 |  | $ | 2,398 |  |
Long-term debt, net and finance leases | 25,670 |  | 26,152 |  |
Total finance lease liabilities | $ | 28,444 |  | $ | 28,550 |  |
The following table presents the components of operating and finance lease costs within the Company’s consolidated statements of income:
|  |  |  |  | Fiscal Year
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in thousands)
Operating lease costs |  |  |  |  | $ | 71,058 |  |  | $ | 65,380 |  |  | $ | 59,671 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  |  |  | 3,111 |  |  | 2,745 |  |  | 3,035 |
Interest on lease liabilities |  |  |  |  | 1,548 |  |  | 1,477 |  |  | 1,441 |
Short-term lease costs |  |  |  |  | 3,904 |  |  | 3,581 |  |  | 2,954 |
Variable lease costs |  |  |  |  | 29,192 |  |  | 22,159 |  |  | 13,965 |
Sublease income |  |  |  |  | (2,156) |  |  | (2,067) |  |  | (1,912) |
Total lease costs |  |  |  |  | $ | 106,657 |  |  | $ | 93,275 |  |  | $ | 79,154 |
Other information related to leases was as follows: Supplemental cash flow information
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Cash flows included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 74,732 |  |  | $ | 60,239 |  |  | $ | 48,360 |
Operating cash flows from finance leases | 1,529 |  |  | 1,476 |  |  | 1,442 |
Finance cash flows from finance leases | 2,917 |  |  | 2,297 |  |  | 2,257 |
Non-cash leases activity: |  |  |  |  |
Right-of-use lease assets obtained in exchange for new operating lease liabilities | $ | 114,740 |  |  | $ | 75,987 |  |  | $ | 189,134 |
Right-of-use lease assets obtained in exchange for new finance lease liabilities | 3,214 |  |  | — |  |  | 8,179 |
Lease term and discount rate
| December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Weighted-average remaining lease term (in years) |  |  |  |  |
Operating lease | 9.5 |  | 9.6 |  | 9.8
Finance lease | 11.4 |  | 12.7 |  | 13.6
Weighted-average discount rate |  |  |  |  |
Operating lease | 5.1 | % |  | 4.7 | % |  | 4.3 | %
Finance lease | 5.3 | % |  | 5.3 | % |  | 5.3 | %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. As of December 28, 2024, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
| Operating Leases |  | Finance Leases
| (in thousands)
2025 | $ | 77,877 |  |  | $ | 4,207 |
2026 | 74,076 |  |  | 3,715 |
2027 | 75,091 |  |  | 3,692 |
2028 | 72,349 |  |  | 3,691 |
2029 | 67,662 |  |  | 3,027 |
Thereafter | 324,352 |  |  | 20,156 |
Total minimum future lease payments | 691,407 |  |  | 38,488 |
Less: Imputed interest | 153,459 |  |  | 10,044 |
Total lease liabilities | $ | 537,948 |  |  | $ | 28,444 |
Total minimum future lease payments (relating to an operating lease) of approximately $10 million for a lease that has not commenced as of December 28, 2024, as the Company does not yet control the underlying asset, are not included in the consolidated financial statements. This lease is expected to commence in fiscal year 2025 with a lease term of approximately 13 years.

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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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