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Lease Commitments (Tables) | 3 Months Ended
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Mar. 30, 2024
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information | The following table presents the assets and liabilities related to the Company’s leases as of March 30, 2024 and December 30, 2023:
Lease assets and liabilities | March 30, 2024 |  | December 30, 2023
|  | (In thousands)
Assets | Classification |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 34,869 |  |  | $ | 37,227 |
Finance lease right-of-use assets (1) | Property and equipment, net | 141,570 |  |  | 138,357 |
Total lease right-of-use assets |  | $ | 176,439 |  |  | $ | 175,584 |
Liabilities |  |  |  |
Current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - current | $ | 5,824 |  |  | $ | 6,284 |
Finance lease liabilities | Finance lease liabilities - current | 12,157 |  |  | 11,178 |
Non-current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - noncurrent | 30,248 |  |  | 32,519 |
Finance lease liabilities | Finance lease liabilities - noncurrent | 279,910 |  |  | 274,248 |
Total lease liabilities |  | $ | 328,139 |  |  | $ | 324,229 |
(1) Finance lease right-of-use assets are presented net of accumulated amortization of $102.4 million and $102.9 million as of March 30, 2024 and December 30, 2023, respectively. Supplemental balance sheet information related to leases was as follows:
Balance sheet information | March 30, 2024 |  | December 30, 2023
| ($ in thousands)
Finance leases |  |  |
Property and equipment | $ | 243,920 |  | $ | 241,276
Accumulated depreciation | (102,350) |  | (102,919)
Property and equipment, net | $ | 141,570 |  | $ | 138,357
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases | 8.97 |  | 8.88
Finance leases | 18.35 |  | 19.94
Weighted Average Discount Rate |  |  |
Operating leases | 8.79 | % |  | 8.74 | %
Finance leases | 8.85 | % |  | 8.84 | %
The major categories of the Company’s finance lease liabilities as of March 30, 2024 and December 30, 2023 are as follows:
Category | March 30, 2024 |  | December 30, 2023
| (In thousands)
Equipment and vehicles | $ | 48,445 |  |  | $ | 42,252 |
Real estate | 243,622 |  |  | 243,174 |
Total finance leases | $ | 292,067 |  |  | $ | 285,426 |
Schedule of Lease Cost | The components of lease expense were as follows:
| Three Months Ended
Components of lease expense | March 30, 2024 |  | April 1, 2023
| (In thousands)
Operating lease cost: |  |  |
Operating lease cost | $ | 2,446 |  |  | $ | 2,918 |
Sublease income | (861) |  |  | (578) |
Total operating lease costs | $ | 1,585 |  |  | $ | 2,340 |
Finance lease cost: |  |  |
Amortization of right-of-use assets | $ | 4,736 |  |  | $ | 2,089 |
Interest on lease liabilities | 6,291 |  |  | 6,044 |
Total finance lease costs | $ | 11,027 |  |  | $ | 8,133 |
Supplemental cash flow information related to leases was as follows:
| Three Months Ended
Cash flow information | March 30, 2024 |  | April 1, 2023
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 2,509 |  |  | $ | 3,458 |
Operating cash flows from finance leases | $ | 6,291 |  |  | $ | 6,044 |
Financing cash flows from finance leases | $ | 3,072 |  |  | $ | 2,133 |
Non-cash supplemental cash flow information related to leases was as follows:
| Three Months Ended
Non-cash information | March 30, 2024 |  | April 1, 2023
| (In thousands)
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | — |  |  | $ | — |
Finance leases | $ | 8,177 |  |  | $ | — |
Schedule of Operating Lease Maturities |
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2024 | $ | 7,257 |  |  | $ | 28,661 |
2025 | 8,768 |  |  | 33,374 |
2026 | 5,344 |  |  | 36,810 |
2027 | 4,044 |  |  | 31,223 |
2028 | 3,914 |  |  | 31,316 |
Thereafter | 24,976 |  |  | 500,233 |
Total lease payments | $ | 54,303 |  |  | $ | 661,617 |
Less: imputed interest | (18,231) |  |  | (369,550) |
Total | $ | 36,072 |  |  | $ | 292,067 |
Schedule of Finance Lease Maturities |
Fiscal year | Operating leases |  | Finance leases
| (In thousands)
2024 | $ | 7,257 |  |  | $ | 28,661 |
2025 | 8,768 |  |  | 33,374 |
2026 | 5,344 |  |  | 36,810 |
2027 | 4,044 |  |  | 31,223 |
2028 | 3,914 |  |  | 31,316 |
Thereafter | 24,976 |  |  | 500,233 |
Total lease payments | $ | 54,303 |  |  | $ | 661,617 |
Less: imputed interest | (18,231) |  |  | (369,550) |
Total | $ | 36,072 |  |  | $ | 292,067 |

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