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Leases | 12 Months Ended
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Dec. 29, 2024
Leases [Abstract] |
Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, vehicles, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. As of December 29, 2024, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 29, 2024 and December 31, 2023:
| December 29, 2024 |  | December 31, 2023
Balance Sheet Location | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
| (in thousands)
Operating lease right-of-use assets | $ | 76,815 |  |  |  |  | $ | 87,519 |  |  |
Current portion of operating lease liabilities | $ | 12,296 |  |  |  |  | $ | 12,347 |  |  |
Operating lease liabilities | 68,092 |  |  |  |  | 78,269 |  |  |
Total operating lease liabilities | $ | 80,388 |  |  |  |  | $ | 90,616 |  |  |
Property, plant and equipment, net |  |  | $ | 8,079 |  |  |  |  | $ | 7,236 |
Accrued expenses |  |  | $ | 2,657 |  |  |  |  | $ | 2,587 |
Other long-term liabilities |  |  | 5,797 |  |  |  |  | 5,035 |
Total finance lease liabilities |  |  | $ | 8,454 |  |  |  |  | $ | 7,622 |
Lease Costs
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | $ | 3,079 |  |  | $ | 2,808 |  |  | $ | 2,238 |
Interest on lease liabilities | 457 |  |  | 319 |  |  | 164 |
Operating lease cost | 19,495 |  |  | 18,850 |  |  | 18,916 |
Short-term lease cost | 827 |  |  | 1,143 |  |  | 849 |
Variable lease cost | 2,824 |  |  | 2,509 |  |  | 2,692 |
Total lease cost | $ | 26,682 |  |  | $ | 25,629 |  |  | $ | 24,859 |
Other Supplemental Information
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from finance leases | $ | 431 |  |  | $ | 237 |  |  | $ | 128 |
Operating cash flows from operating leases | 17,246 |  |  | 15,552 |  |  | 18,080 |
Financing cash flows from finance leases | 2,913 |  |  | 2,419 |  |  | 2,089 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 3,993 |  |  | 3,612 |  |  | 3,436 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 4,598 |  |  | 15,561 |  |  | 9,307 |
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 29, 2024 and December 31, 2023:
| End of Fiscal Year
| 2024 |  | 2023
Weighted-average remaining lease term – finance leases (in years) | 3.61 |  | 3.70
Weighted-average remaining lease term – operating leases (in years) | 7.68 |  | 8.29
Weighted-average discount rate – finance leases | 6.44 | % |  | 5.51 | %
Weighted-average discount rate – operating leases | 6.39 | % |  | 6.25 | %
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal Year | Operating Leases |  | Finance Leases
| (in thousands)
2025 | $ | 16,724 |  |  | $ | 3,096 |
2026 | 16,746 |  |  | 2,597 |
2027 | 13,863 |  |  | 2,018 |
2028 | 11,077 |  |  | 1,151 |
2029 | 9,506 |  |  | 504 |
Thereafter | 34,706 |  |  | 146 |
Total future minimum lease payments (undiscounted) | 102,622 |  |  | 9,512 |
Less: Present value discount | (22,234) |  |  | (1,058) |
Total lease liabilities | $ | 80,388 |  |  | $ | 8,454 |
Leases | LEASES General The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, vehicles, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option. As of December 29, 2024, there were no significant leases that had not commenced. The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 29, 2024 and December 31, 2023:
| December 29, 2024 |  | December 31, 2023
Balance Sheet Location | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
| (in thousands)
Operating lease right-of-use assets | $ | 76,815 |  |  |  |  | $ | 87,519 |  |  |
Current portion of operating lease liabilities | $ | 12,296 |  |  |  |  | $ | 12,347 |  |  |
Operating lease liabilities | 68,092 |  |  |  |  | 78,269 |  |  |
Total operating lease liabilities | $ | 80,388 |  |  |  |  | $ | 90,616 |  |  |
Property, plant and equipment, net |  |  | $ | 8,079 |  |  |  |  | $ | 7,236 |
Accrued expenses |  |  | $ | 2,657 |  |  |  |  | $ | 2,587 |
Other long-term liabilities |  |  | 5,797 |  |  |  |  | 5,035 |
Total finance lease liabilities |  |  | $ | 8,454 |  |  |  |  | $ | 7,622 |
Lease Costs
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | $ | 3,079 |  |  | $ | 2,808 |  |  | $ | 2,238 |
Interest on lease liabilities | 457 |  |  | 319 |  |  | 164 |
Operating lease cost | 19,495 |  |  | 18,850 |  |  | 18,916 |
Short-term lease cost | 827 |  |  | 1,143 |  |  | 849 |
Variable lease cost | 2,824 |  |  | 2,509 |  |  | 2,692 |
Total lease cost | $ | 26,682 |  |  | $ | 25,629 |  |  | $ | 24,859 |
Other Supplemental Information
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from finance leases | $ | 431 |  |  | $ | 237 |  |  | $ | 128 |
Operating cash flows from operating leases | 17,246 |  |  | 15,552 |  |  | 18,080 |
Financing cash flows from finance leases | 2,913 |  |  | 2,419 |  |  | 2,089 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 3,993 |  |  | 3,612 |  |  | 3,436 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 4,598 |  |  | 15,561 |  |  | 9,307 |
Lease Term and Discount Rate The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 29, 2024 and December 31, 2023:
| End of Fiscal Year
| 2024 |  | 2023
Weighted-average remaining lease term – finance leases (in years) | 3.61 |  | 3.70
Weighted-average remaining lease term – operating leases (in years) | 7.68 |  | 8.29
Weighted-average discount rate – finance leases | 6.44 | % |  | 5.51 | %
Weighted-average discount rate – operating leases | 6.39 | % |  | 6.25 | %
Maturity Analysis A maturity analysis of lease payments under non-cancellable leases is presented as follows:
Fiscal Year | Operating Leases |  | Finance Leases
| (in thousands)
2025 | $ | 16,724 |  |  | $ | 3,096 |
2026 | 16,746 |  |  | 2,597 |
2027 | 13,863 |  |  | 2,018 |
2028 | 11,077 |  |  | 1,151 |
2029 | 9,506 |  |  | 504 |
Thereafter | 34,706 |  |  | 146 |
Total future minimum lease payments (undiscounted) | 102,622 |  |  | 9,512 |
Less: Present value discount | (22,234) |  |  | (1,058) |
Total lease liabilities | $ | 80,388 |  |  | $ | 8,454 |

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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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