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Leases (Tables) | 9 Months Ended
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Sep. 28, 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 September 28, 2024 and December 30, 2023:
Lease Assets and Liabilities | September 28, 2024 |  | December 30, 2023
|  | (In thousands)
Assets | Classification |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 45,647 |  |  | $ | 37,227 |
Finance lease right-of-use assets (1) | Property and equipment, net | 136,958 |  |  | 138,357 |
Total lease right-of-use assets |  | $ | 182,605 |  |  | $ | 175,584 |
Liabilities |  |  |  |
Current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - current | $ | 8,276 |  |  | $ | 6,284 |
Finance lease liabilities | Finance lease liabilities - current | 12,547 |  |  | 11,178 |
Non-current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - noncurrent | 38,752 |  |  | 32,519 |
Finance lease liabilities | Finance lease liabilities - noncurrent | 281,263 |  |  | 274,248 |
Total lease liabilities |  | $ | 340,838 |  |  | $ | 324,229 |
(1) Finance lease right-of-use assets are presented net of accumulated amortization of $111.4 million and $102.9 million as of September 28, 2024 and December 30, 2023, respectively. Supplemental balance sheet information related to leases is as follows:
Balance Sheet Information | September 28, 2024 |  | December 30, 2023
| ($ in thousands)
Finance leases |  |  |
Property and equipment | $ | 248,322 |  |  | $ | 241,276 |
Accumulated depreciation | (111,364) |  |  | (102,919) |
Property and equipment, net | $ | 136,958 |  |  | $ | 138,357 |
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases | 8.44 |  | 8.88
Finance leases | 17.87 |  | 19.94
Weighted Average Discount Rate |  |  |
Operating leases | 8.18 | % |  | 8.74 | %
Finance leases | 8.80 | % |  | 8.84 | %
The major categories of the Company’s obligations under finance leases as of September 28, 2024 and December 30, 2023 are as follows:
Category | September 28, 2024 |  | December 30, 2023
| (In thousands)
Equipment and vehicles | $ | 50,752 |  |  | $ | 42,252 |
Real estate(1) | 243,058 |  |  | 243,174 |
Total finance leases | $ | 293,810 |  |  | $ | 285,426 |
(1)Amounts include $125.1 million and $125.0 million as of September 28, 2024 and December 30, 2023, respectively, for sale-leasebacks of real estate in fiscal 2019 and 2020 that did not qualify for sale treatment for accounting purposes.
Schedule of Lease Cost | The compon ents of lease expense were as follows:
| Three Months Ended |  | Nine Months Ended
Components of lease expense | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (In thousands)
Operating lease expense: |  |  |  |  |  |  |
Operating lease expense before sublease income | $ | 2,886 |  |  | $ | 2,755 |  |  | $ | 7,965 |  |  | $ | 8,789 |
Sublease income | (900) |  |  | (1,062) |  |  | (2,648) |  |  | (2,475) |
Operating lease expense | $ | 1,986 |  |  | $ | 1,693 |  |  | $ | 5,317 |  |  | $ | 6,314 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 4,716 |  |  | $ | 5,408 |  |  | $ | 14,478 |  |  | $ | 12,190 |
Interest on lease liabilities | 6,407 |  |  | 6,077 |  |  | 19,108 |  |  | 18,158 |
Total finance lease expense | $ | 11,123 |  |  | $ | 11,485 |  |  | $ | 33,586 |  |  | $ | 30,348 |
Supplemental cash flow information related to leases is as follows:
| Three Months Ended |  | Nine Months Ended
Cash flow information | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows, operating leases | $ | 2,930 |  |  | $ | 2,367 |  |  | $ | 8,132 |  |  | $ | 8,958 |
Operating cash flows, finance leases | $ | 6,407 |  |  | $ | 6,077 |  |  | $ | 19,108 |  |  | $ | 18,158 |
Financing cash flows, finance leases | $ | 3,255 |  |  | $ | 2,393 |  |  | $ | 9,666 |  |  | $ | 6,659 |
Non-cash supplemental cash flow information related to leases is as follows:
| Three Months Ended |  | Nine Months Ended
Non-cash information | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (In thousands)
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | $ | 3,183 |  |  | $ | — |  |  | $ | 14,515 |  |  | $ | — |
Finance leases | $ | 5,560 |  |  | $ | 7,877 |  |  | $ | 16,710 |  |  | $ | 11,277 |
Schedule of Operating Lease Maturities | Below is a summary of undiscounted finance and operating lease liabilities that have initial terms in excess of one year as of September 28, 2024. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the unaudited condensed consolidated balance sheet, including options to extend lease terms that are reasonably certain of being exercised.
Fiscal Year: | Operating Leases |  | Finance Leases
| (In thousands)
2024 | $ | 2,932 |  |  | $ | 9,999 |
2025 | 11,074 |  |  | 37,057 |
2026 | 8,089 |  |  | 40,487 |
2027 | 7,138 |  |  | 34,900 |
2028 | 6,885 |  |  | 35,093 |
Thereafter | 30,713 |  |  | 504,048 |
Total lease payments | $ | 66,831 |  |  | $ | 661,584 |
Less: imputed interest | (19,803) |  |  | (367,774) |
Total | $ | 47,028 |  |  | $ | 293,810 |
Schedule of Finance Lease Maturities | Below is a summary of undiscounted finance and operating lease liabilities that have initial terms in excess of one year as of September 28, 2024. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the unaudited condensed consolidated balance sheet, including options to extend lease terms that are reasonably certain of being exercised.
Fiscal Year: | Operating Leases |  | Finance Leases
| (In thousands)
2024 | $ | 2,932 |  |  | $ | 9,999 |
2025 | 11,074 |  |  | 37,057 |
2026 | 8,089 |  |  | 40,487 |
2027 | 7,138 |  |  | 34,900 |
2028 | 6,885 |  |  | 35,093 |
Thereafter | 30,713 |  |  | 504,048 |
Total lease payments | $ | 66,831 |  |  | $ | 661,584 |
Less: imputed interest | (19,803) |  |  | (367,774) |
Total | $ | 47,028 |  |  | $ | 293,810 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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