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Note 12 - Leases | 12 Months Ended
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Dec. 27, 2025
Notes to Financial Statements |
Lessee, Leases [Text Block] |
12. | Leases
We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms with 12 months or less are not recorded in the consolidated balance sheet, but we recognized those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the right of use asset (“ROU”) asset and lease liabilities. Our leases have remaining lease terms ranging from 1 year to 32 years, some of which include one or more options to extend the lease for up to 25 years. Our lease term includes renewal terms when we are reasonably certain that we will exercise the renewal options. We sublease certain leased assets to third parties, mainly as a result of unused space in our facilities. Future minimum lease payments at December 27, 2025, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2026(1) |  | $ | 6,126 |  |  | $ | - |  |  | $ | 6,126 |
2027(1) |  |  | 5,201 |  |  |  | - |  |  |  | 5,201 |
2028(1) |  |  | 4,310 |  |  |  | - |  |  |  | 4,310 |
2029(1) |  |  | 4,646 |  |  |  | - |  |  |  | 4,646 |
2030(1) |  |  | 4,884 |  |  |  | - |  |  |  | 4,884 |
Thereafter(1) |  |  | 22,399 |  |  |  | - |  |  |  | 22,399 |
Total lease payments |  |  | 47,566 |  |  |  | - |  |  |  | 47,566 |
Less: Interest |  |  | (12,773 | ) |  |  | - |  |  |  | (12,773 | )
Present value of lease liabilities |  | $ | 34,793 |  |  | $ | - |  |  | $ | 34,793 |
(1) | In June 2025, we gained access to our new corporate headquarters located in San Diego, California enabling us to make certain preparations for our relocation on December 1, 2025. The new lease results in cash outflows totaling $34.9 million expected to be paid as follows: $2.5 million, $3.0 million, $2.6 million, $3.0 million and $20.8 million for 2026, 2027, 2028, 2029 and thereafter, respectively.
Supplemental balance sheet information related to leases was as follows:
|  |  | December 28, |  |  | December 28, |
(in thousands) | Classification |  | 2025 |  |  | 2024 |
Assets: |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets(1) |  | $ | 29,271 |  |  | $ | 13,908 |
Finance lease assets | Property, plant and equipment, net (2) |  |  | 68 |  |  |  | 9,676 |
Total lease assets |  |  | $ | 29,339 |  |  | $ | 23,584 |
Liabilities: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 3,100 |  |  | $ | 5,296 |
Finance | Other accrued liabilities(2) |  |  | - |  |  |  | 8,418 |
Noncurrent: |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities (1) |  |  | 31,693 |  |  |  | 9,890 |
Finance | Long-term lease liabilities |  |  | - |  |  |  | 3 |
Total lease liabilities |  |  | $ | 34,793 |  |  | $ | 23,607 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Operating leases |  |  | 9.0 |  |  |  | 5.2 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 | % |  |  | 6.4 | %
Finance leases |  |  | 0.0 | % |  |  | 2.8 | %
(1) | In June 2025, we gained access to our new corporate headquarters located in San Diego, California enabling us to make certain preparations for our planned relocation on December 1, 2025, resulting in an increase to our operating lease asset and long term operating lease liability.
(2) | Finance lease assets are recorded net of accumulated amortization of $0.4 million in both fiscal 2025 and 2024. On December 30, 2024, we completed the purchase of our leased facility in Melaka, Malaysia resulting in a decrease to our finance lease asset and liability.
The components of lease expense were as follows:
|  | December 27, |  |  | December 28, |  |  | December 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Operating leases |  | $ | 7,698 |  |  | $ | 6,247 |  |  | $ | 6,691 |
Variable lease expense |  |  | 2,669 |  |  |  | 2,542 |  |  |  | 2,389 |
Short-term operating leases |  |  | 52 |  |  |  | 4 |  |  |  | 16 |
Finance leases: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 62 |  |  |  | 66 |  |  |  | 90 |
Interest on lease liabilities |  |  | 1 |  |  |  | 269 |  |  |  | 1 |
Sublease income |  |  | - |  |  |  | (4 | ) |  |  | (29 | )
Net lease cost |  | $ | 10,482 |  |  | $ | 9,124 |  |  | $ | 9,158 |
Supplemental cash flow information related to leases was as follows:
|  | December 27, |  |  | December 28, |  |  | December 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 6,383 |  |  | $ | 6,448 |  |  | $ | 6,756 |
Operating cash flows from finance leases |  | $ | - |  |  | $ | 263 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 7 |  |  | $ | 24 |  |  | $ | 52 |
Leased assets exchanged for finance lease liabilities |  | $ | - |  |  | $ | 9,543 |  |  | $ | - |
Leased assets exchanged for operating lease liabilities |  | $ | 22,141 |  |  | $ | 2,987 |  |  | $ | 1,415 |
Financing lease assets acquired from MCT |  | $ | - |  |  | $ | - |  |  | $ | 19 |
Operating lease assets acquired from MCT |  | $ | - |  |  | $ | - |  |  | $ | 130 |

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