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Leases | 3 Months Ended
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Mar. 28, 2025
Leases [Abstract] |
Leases | Note 7 – Leases Operating Leases The Company entered into operating leases primarily related to real property (office, manufacturing and warehouse facilities), automobiles and copiers. These operating leases are two to ten years in length with options to extend. The Company does not include any lease extensions in the initial valuation unless the Company was reasonably certain to extend the lease. Depending on the lease, there are those with fixed payment amounts for the entire length of the contract or payments which increase periodically as noted in the contract or increased at an inflation rate indicator. For operating leases that increase using an inflation rate indicator, the Company used the inflation rate at the time the lease was entered into for the length of the lease term. Supplemental balance sheet information related to operating leases consisted of the following (dollars in thousands):
|  | March 28, 2025 |  |  | December 27, 2024 |
Machinery and equipment |  | $ | 865 |  |  | $ | 758 |
Computer equipment and software |  |  | 446 |  |  |  | 446 |
Real property |  |  | 42,288 |  |  |  | 47,648 |
Operating lease right-of-use assets, gross |  |  | 43,599 |  |  |  | 48,852 |
Less accumulated depreciation |  |  | (12,552 | ) |  |  | (12,002 | )
Operating lease right-of-use assets, net |  | $ | 31,047 |  |  | $ | 36,850 |
Current operating lease obligations |  | $ | 3,560 |  |  | $ | 3,894 |
Long-term operating lease obligations |  |  | 33,118 |  |  |  | 34,807 |
Total operating lease liability |  | $ | 36,678 |  |  | $ | 38,701 |
Weighted-average remaining lease term (in years) |  |  | 7.1 |  |  |  | 7.1 |
Weighted-average discount rate |  |  | 5.94 | % |  |  | 5.98 | %
As discussed in Note 1, during the three months ended March 28, 2025, the Company recognized impairment on real property right-of-use assets of $3,407,000. The impairment relates to the Company’s decision to exit two of its leased properties, for which the Company is actively pursuing subleasing. The impairment was determined based on market comparables of similar subleased properties. The impairment is recorded in Restructuring, impairment and related charges on the Condensed Consolidated Statement of Operations. Supplemental cash flow information related to operating leases was as follows (dollars in thousands):
|  | Three Months Ended |
|  | March 28, 2025 |  |  | March 29, 2024 |
Operating lease cost |  | $ | 2,149 |  |  | $ | 2,223 |
Cash paid for amounts included in the measurement of operating lease liabilities: |  |  |  |  |  |
Operating cash flows |  |  | 1,652 |  |  |  | 1,384 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 304 |  |  |  | 1,495 |
Future Maturities of Lease Liabilities Estimated future maturities of lease liabilities under operating leases having initial or remaining non-cancelable lease terms more than one year as of March 28, 2025 is as follows (in thousands): .
As of March 28, 2025 12 Months Ended |  | Operating Leases |
March 2026 |  | $ | 6,262 |
March 2027 |  |  | 4,508 |
March 2028 |  |  | 6,825 |
March 2029 |  |  | 6,747 |
March 2030 |  |  | 6,625 |
Thereafter |  |  | 17,275 |
Total future minimum lease payments |  | $ | 48,242 |
Less amounts representing interest |  |  | (11,564 | )
Total lease liability |  | $ | 36,678 |

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- Definition Leases disclosure. + References No definition available. + Details
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