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Note 11 - Leases | 6 Months Ended
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Jun. 27, 2026
Notes to Financial Statements |
Lessee, Leases [Text Block] |
11. | Leases
We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms of 12 months or less are not recorded on the condensed consolidated balance sheet, but we recognize those lease payments in the condensed 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 ROU asset and lease liabilities. Our leases have remaining lease terms of up to 32 years, some of which include one or more options to extend the lease for up to 25 years. Our lease terms include 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. Supplemental balance sheet information related to leases was as follows:
(in thousands) | Classification |  | June 27, 2026 |  |  | December 27, 2025 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 27,715 |  |  | $ | 29,271 |
Finance lease assets | Property, plant and equipment, net |  |  | 40 |  |  |  | 68 |
Total lease assets |  | $ | 27,755 |  |  | $ | 29,339 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Other accrued liabilities |  | $ | 4,301 |  |  | $ | 3,100 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Long-term lease liabilities |  |  | 30,713 |  |  |  | 31,693 |
Total lease liabilities |  | $ | 35,014 |  |  | $ | 34,793 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 8.7 |  |  |  | 9.0 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 6.5 | % |  |  | 6.5 | %
The components of lease expense were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(in thousands) |  | June 27, 2026 |  |  | June 28, 2025 |  |  | June 27, 2026 |  |  | June 28, 2025 |
Operating leases |  | $ | 1,692 |  |  | $ | 1,498 |  |  | $ | 3,375 |  |  | $ | 3,020 |
Variable lease expense |  |  | 504 |  |  |  | 650 |  |  |  | 1,414 |  |  |  | 1,296 |
Short-term operating leases |  |  | 8 |  |  |  | 15 |  |  |  | 16 |  |  |  | 29 |
Finance leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 12 |  |  |  | 20 |  |  |  | 25 |  |  |  | 41 |
Interest on lease liabilities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |
Net lease cost |  | $ | 2,216 |  |  | $ | 2,183 |  |  | $ | 4,830 |  |  | $ | 4,387 |
Supplemental cash flow information related to leases was as follows:
|  | Six Months Ended |
(in thousands) |  | June 27, 2026 |  |  | June 28, 2025 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,087 |  |  | $ | 3,055 |
Financing cash flows from finance leases |  | $ | - |  |  | $ | 6 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 1,155 |  |  | $ | 20,990 |
Future minimum lease payments on June 27, 2026, are as follows:
|  | Operating |  |  | Finance |  |  |  |  |
(in thousands) |  | leases |  |  | leases |  |  | Total |
2026 |  | $ | 3,390 |  |  | $ | - |  |  | $ | 3,390 |
2027 |  |  | 5,627 |  |  |  | - |  |  |  | 5,627 |
2028 |  |  | 4,609 |  |  |  | - |  |  |  | 4,609 |
2029 |  |  | 4,717 |  |  |  | - |  |  |  | 4,717 |
2030 |  |  | 4,872 |  |  |  | - |  |  |  | 4,872 |
Thereafter |  |  | 23,503 |  |  |  | - |  |  |  | 23,503 |
Total lease payments |  |  | 46,718 |  |  |  | - |  |  |  | 46,718 |
Less: Interest |  |  | (11,704 | ) |  |  | - |  |  |  | (11,704 | )
Present value of lease liabilities |  | $ | 35,014 |  |  | $ | - |  |  | $ | 35,014 |

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