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Leases (Tables) | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 and December 28, 2024:
|  | As of
Lease Assets and Liabilities | March 29, 2025 |  | December 28, 2024
|  | (In thousands)
Assets | Classification |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 45,115 |  |  | $ | 47,221 |
Finance lease right-of-use assets (1) | Property and equipment, net | 160,738 |  |  | 134,319 |
Total lease right-of-use assets |  | $ | 205,853 |  |  | $ | 181,540 |
Liabilities |  |  |  |
Current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - current | $ | 7,863 |  |  | $ | 8,478 |
Finance lease liabilities | Finance lease liabilities - current | 15,503 |  |  | 12,541 |
Non-current portion: |  |  |  |
Operating lease liabilities | Operating lease liabilities - noncurrent | 38,718 |  |  | 40,114 |
Finance lease liabilities | Finance lease liabilities - noncurrent | 301,252 |  |  | 280,002 |
Total lease liabilities |  | $ | 363,336 |  |  | $ | 341,135 |
(1) Finance lease right-of-use assets are presented net of accumulated amortization of $103.7 million and $112.3 million as of March 29, 2025 and December 28, 2024, respectively. Supplemental balance sheet information related to leases is as follows:
| As of
Balance Sheet Information | March 29, 2025 |  | December 28, 2024
| ($ in thousands)
Finance leases |  |  |
Property and equipment | $ | 264,389 |  |  | $ | 246,635 |
Accumulated depreciation | (103,651) |  |  | (112,316) |
Property and equipment, net | $ | 160,738 |  |  | $ | 134,319 |
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases | 8.32 |  | 8.34
Finance leases | 16.65 |  | 17.68
Weighted Average Discount Rate |  |  |
Operating leases | 8.19 | % |  | 8.15 | %
Finance leases | 8.74 | % |  | 8.88 | %
The major categories of the Company’s obligations under finance leases as of March 29, 2025 and December 28, 2024 were as follows:
| As of
| March 29, 2025 |  | December 28, 2024
Category: | (In thousands)
Equipment and vehicles | $ | 74,365 |  |  | $ | 49,785 |
Real estate(1) | 242,390 |  |  | 242,758 |
Total finance leases | $ | 316,755 |  |  | $ | 292,543 |
(1)Amounts include $125.1 million and $125.1 million as of March 29, 2025 and December 28, 2024, respectively, for sale-leasebacks of real estate in fiscal 2019 and fiscal 2020 that did not qualify for sale treatment for accounting purposes.
Schedule of Lease Cost | The components of lease expense were as follows:
| Three Fiscal Months Ended |  |
Components of lease expense | March 29, 2025 |  | March 30, 2024 |  |  |  |
| (In thousands)
Operating lease expense: |  |  |  |  |  |  |
Operating lease expense before sublease income | $ | 3,040 |  |  | $ | 2,446 |  |  |  |  |
Sublease income | (928) |  |  | (861) |  |  |  |  |
Operating lease expense | $ | 2,112 |  |  | $ | 1,585 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 4,624 |  |  | $ | 4,736 |  |  |  |  |
Interest on lease liabilities | 6,873 |  |  | 6,291 |  |  |  |  |
Total finance lease expense | $ | 11,497 |  |  | $ | 11,027 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
| Three Fiscal Months Ended |  |
| March 29, 2025 |  | March 30, 2024 |  |  |  |
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows, operating leases | $ | 2,933 |  |  | $ | 2,509 |  |  |  |  |
Operating cash flows, finance leases | $ | 6,873 |  |  | $ | 6,291 |  |  |  |  |
Financing cash flows, finance leases | $ | 4,269 |  |  | $ | 3,072 |  |  |  |  |
Non-cash supplemental cash flow information related to leases is as follows:
| Three Fiscal Months Ended |  |
Non-cash information | March 29, 2025 |  | March 30, 2024 |  |  |  |
| (In thousands)
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |
Operating leases | $ | — |  |  | $ | — |  |  |  |  |
Finance leases | $ | 28,086 |  |  | $ | 8,177 |  |  |  |  |
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 March 29, 2025. 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)
2025 (remainder of fiscal year) | $ | 8,442 |  |  | $ | 31,907 |
2026 | 8,709 |  |  | 46,012 |
2027 | 7,781 |  |  | 40,423 |
2028 | 7,493 |  |  | 40,638 |
2029 | 6,522 |  |  | 37,388 |
Thereafter | 26,764 |  |  | 482,669 |
Total lease payments | $ | 65,711 |  |  | $ | 679,037 |
Less: imputed interest | (19,130) |  |  | (362,282) |
Total | $ | 46,581 |  |  | $ | 316,755 |
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 March 29, 2025. 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)
2025 (remainder of fiscal year) | $ | 8,442 |  |  | $ | 31,907 |
2026 | 8,709 |  |  | 46,012 |
2027 | 7,781 |  |  | 40,423 |
2028 | 7,493 |  |  | 40,638 |
2029 | 6,522 |  |  | 37,388 |
Thereafter | 26,764 |  |  | 482,669 |
Total lease payments | $ | 65,711 |  |  | $ | 679,037 |
Less: imputed interest | (19,130) |  |  | (362,282) |
Total | $ | 46,581 |  |  | $ | 316,755 |

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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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