XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.26.1

Leases | 6 Months Ended
--- | ---
Jun. 27, 2026
Leases [Abstract] |
Finance Leases | Lessee The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both 1) the right to obtain substantially all of the economic benefits from the use of the asset and 2) the right to direct the use of the asset. The Company leases certain distribution center locations, vehicles, forklifts, computer equipment, and its corporate headquarters with expiration dates through 2042. Certain lease arrangements include escalating rent payments and options to extend the lease term. Expected lease terms include these options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. The Company's leasing arrangements do not contain material residual value guarantees, nor material restrictive covenants. The components of operating and finance lease costs for the thirteen and twenty-six weeks ended June 27, 2026 and thirteen and twenty-six weeks ended June 28, 2025 were as follows:
|  | Thirteen Weeks Ended June 27, 2026 |  | Thirteen Weeks Ended June 28, 2025 |  | Twenty-six Weeks Ended June 27, 2026 |  | Twenty-six Weeks Ended June 28, 2025
Operating lease costs |  | $ | 7,061 |  |  | $ | 5,706 |  |  | $ | 13,353 |  |  | $ | 11,354 |
Short term lease costs |  | 724 |  |  | 609 |  |  | 1,999 |  |  | 1,322 |
Variable lease costs |  | 489 |  |  | 667 |  |  | 596 |  |  | 1,269 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | 1,695 |  |  | 1,408 |  |  | 3,195 |  |  | 2,680 |
Interest on lease liabilities |  | 316 |  |  | 260 |  |  | 597 |  |  | 483 |
Rent expense is recognized on a straight-line basis over the expected lease term. Rent expense totaled $8,275 and $15,949 in the thirteen and twenty-six weeks ended June 27, 2026, respectively, and $6,982 and $13,945 in the thirteen and twenty-six weeks ended June 28, 2025, respectively. Rent expense includes operating lease costs as well as expenses for non-lease components such as common area maintenance, real estate taxes, real estate insurance, variable costs related to our leased vehicles, and short-term rental expenses. The implicit rate is not determinable in most of the Company’s leases, as such management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of June 27, 2026 and December 27, 2025:
|  | June 27, 2026 |  | December 27, 2025
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 7.47 |  | 3.95 |  | 4.84 |  | 4.00
Weighted average discount rate |  | 6.01 | % |  | 5.59 | % |  | 6.18 | % |  | 5.82 | %
Supplemental balance sheet information related to the Company's finance leases was as follows as of June 27, 2026 and December 27, 2025:
|  | June 27, 2026 |  | December 27, 2025
Finance lease assets, net, included in property plant and equipment |  | $ | 21,699 |  |  | $ | 18,778 |
Current portion of long-term debt |  | 6,371 |  |  | 5,599 |
Long-term debt, less current portion |  | 15,781 |  |  | 13,619 |
Total principal payable on finance leases |  | $ | 22,152 |  |  | $ | 19,218 |
Supplemental cash flow information related to the Company's operating and finance leases was as follows for the twenty-six weeks ended June 27, 2026 and twenty-six weeks ended June 28, 2025:
|  | Twenty-six Weeks Ended June 27, 2026 |  | Twenty-six Weeks Ended June 28, 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 12,477 |  |  | $ | 11,017 |
Operating cash outflow from finance leases |  | 585 |  |  | 459 |
Financing cash outflow from finance leases |  | 3,193 |  |  | 2,653 |
Maturities of our lease liabilities for all operating and finance leases are as follows as of June 27, 2026:
|  | Operating Leases |  | Finance Leases
Remaining 2026 |  | $ | 13,222 |  |  | $ | 3,810 |
2027 |  | 25,423 |  |  | 6,708 |
2028 |  | 23,029 |  |  | 5,643 |
2029 |  | 18,443 |  |  | 4,860 |
2030 |  | 12,850 |  |  | 3,174 |
Thereafter |  | 42,486 |  |  | 338 |
Total future minimum rental commitments |  | 135,453 |  |  | 24,533 |
Less - amounts representing interest |  | (27,798) |  |  | (2,381) |
Present value of lease liabilities |  | $ | 107,655 |  |  | $ | 22,152 |
In July 2025, the Company entered into one additional operating lease for a new property located in Forest Park, Ohio for the purpose of consolidating office, warehouse, and distribution in the Cincinnati area. Occupancy has not yet commenced and the estimated future minimum rental commitments for the Forest Park lease are approximately $4.5 million per year beginning in late summer 2027 and increasing 3.25% per year thereafter for 15 years. In 2026, the Company entered into two additional finance leases for equipment to be used at the new Forest Park facility. The leases have not yet commenced. The future minimum rent payments for the equipment leases are approximately $11.5 million per year beginning in 2028 for seven year terms. Lessor The Company has certain arrangements for key duplication equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.
Operating Leases | Lessee The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both 1) the right to obtain substantially all of the economic benefits from the use of the asset and 2) the right to direct the use of the asset. The Company leases certain distribution center locations, vehicles, forklifts, computer equipment, and its corporate headquarters with expiration dates through 2042. Certain lease arrangements include escalating rent payments and options to extend the lease term. Expected lease terms include these options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. The Company's leasing arrangements do not contain material residual value guarantees, nor material restrictive covenants. The components of operating and finance lease costs for the thirteen and twenty-six weeks ended June 27, 2026 and thirteen and twenty-six weeks ended June 28, 2025 were as follows:
|  | Thirteen Weeks Ended June 27, 2026 |  | Thirteen Weeks Ended June 28, 2025 |  | Twenty-six Weeks Ended June 27, 2026 |  | Twenty-six Weeks Ended June 28, 2025
Operating lease costs |  | $ | 7,061 |  |  | $ | 5,706 |  |  | $ | 13,353 |  |  | $ | 11,354 |
Short term lease costs |  | 724 |  |  | 609 |  |  | 1,999 |  |  | 1,322 |
Variable lease costs |  | 489 |  |  | 667 |  |  | 596 |  |  | 1,269 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | 1,695 |  |  | 1,408 |  |  | 3,195 |  |  | 2,680 |
Interest on lease liabilities |  | 316 |  |  | 260 |  |  | 597 |  |  | 483 |
Rent expense is recognized on a straight-line basis over the expected lease term. Rent expense totaled $8,275 and $15,949 in the thirteen and twenty-six weeks ended June 27, 2026, respectively, and $6,982 and $13,945 in the thirteen and twenty-six weeks ended June 28, 2025, respectively. Rent expense includes operating lease costs as well as expenses for non-lease components such as common area maintenance, real estate taxes, real estate insurance, variable costs related to our leased vehicles, and short-term rental expenses. The implicit rate is not determinable in most of the Company’s leases, as such management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of June 27, 2026 and December 27, 2025:
|  | June 27, 2026 |  | December 27, 2025
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 7.47 |  | 3.95 |  | 4.84 |  | 4.00
Weighted average discount rate |  | 6.01 | % |  | 5.59 | % |  | 6.18 | % |  | 5.82 | %
Supplemental balance sheet information related to the Company's finance leases was as follows as of June 27, 2026 and December 27, 2025:
|  | June 27, 2026 |  | December 27, 2025
Finance lease assets, net, included in property plant and equipment |  | $ | 21,699 |  |  | $ | 18,778 |
Current portion of long-term debt |  | 6,371 |  |  | 5,599 |
Long-term debt, less current portion |  | 15,781 |  |  | 13,619 |
Total principal payable on finance leases |  | $ | 22,152 |  |  | $ | 19,218 |
Supplemental cash flow information related to the Company's operating and finance leases was as follows for the twenty-six weeks ended June 27, 2026 and twenty-six weeks ended June 28, 2025:
|  | Twenty-six Weeks Ended June 27, 2026 |  | Twenty-six Weeks Ended June 28, 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 12,477 |  |  | $ | 11,017 |
Operating cash outflow from finance leases |  | 585 |  |  | 459 |
Financing cash outflow from finance leases |  | 3,193 |  |  | 2,653 |
Maturities of our lease liabilities for all operating and finance leases are as follows as of June 27, 2026:
|  | Operating Leases |  | Finance Leases
Remaining 2026 |  | $ | 13,222 |  |  | $ | 3,810 |
2027 |  | 25,423 |  |  | 6,708 |
2028 |  | 23,029 |  |  | 5,643 |
2029 |  | 18,443 |  |  | 4,860 |
2030 |  | 12,850 |  |  | 3,174 |
Thereafter |  | 42,486 |  |  | 338 |
Total future minimum rental commitments |  | 135,453 |  |  | 24,533 |
Less - amounts representing interest |  | (27,798) |  |  | (2,381) |
Present value of lease liabilities |  | $ | 107,655 |  |  | $ | 22,152 |
In July 2025, the Company entered into one additional operating lease for a new property located in Forest Park, Ohio for the purpose of consolidating office, warehouse, and distribution in the Cincinnati area. Occupancy has not yet commenced and the estimated future minimum rental commitments for the Forest Park lease are approximately $4.5 million per year beginning in late summer 2027 and increasing 3.25% per year thereafter for 15 years. In 2026, the Company entered into two additional finance leases for equipment to be used at the new Forest Park facility. The leases have not yet commenced. The future minimum rent payments for the equipment leases are approximately $11.5 million per year beginning in 2028 for seven year terms. Lessor The Company has certain arrangements for key duplication equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration