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Leases
 9 Months Ended
Sep. 28, 2024
Leases [Abstract]  
Leases
6. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 28, 2024, the Company’s leases have remaining lease terms of less than one year to 12.1 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate.
Financial and other information related to the Company’s operating and finance leases follow:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Operating lease cost$2,412 $1,858 $6,050 $5,464 
Finance lease cost
Amortization of ROU assets109 102 322 301 
Interest19 26 64 85 
Total lease cost$2,540 $1,986 $6,436 $5,850 
Balance Sheet LocationSeptember 28, 2024December 31, 2023
Operating leases(a)
ROU assets Other assets$32,281 $17,475 
Lease liabilities, currentAccrued and other current liabilities7,546 4,499 
Lease liabilities, non-currentOther liabilities26,472 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net801 1,078 
Lease liabilitiesLong-term debt1,033 1,355 
(a)During the second quarter of 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Nine Months Ended
September 28, 2024September 30, 2023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$6,071 $5,182 
Operating lease ROU assets obtained in exchange for lease liabilities18,163 5,650 
Finance lease cash flows were immaterial during each of the nine months ended September 28, 2024 and September 30, 2023.
September 28, 2024December 31, 2023
Operating leases
Weighted average remaining lease term (in years)4.95.5
Weighted average discount rate8.3 %8.3 %
Finance leases
Weighted average remaining lease term (in years)2.22.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of September 28, 2024 were as follows:
Remainder of 2024$2,536 
20259,931 
20269,147 
20277,903 
20286,431 
Thereafter5,857 
Total minimum lease payments41,805 
Less: imputed interest(7,787)
Present value of future minimum lease payments$34,018 
Leases
6. Leases
The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of September 28, 2024, the Company’s leases have remaining lease terms of less than one year to 12.1 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets, as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate.
Financial and other information related to the Company’s operating and finance leases follow:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Operating lease cost$2,412 $1,858 $6,050 $5,464 
Finance lease cost
Amortization of ROU assets109 102 322 301 
Interest19 26 64 85 
Total lease cost$2,540 $1,986 $6,436 $5,850 
Balance Sheet LocationSeptember 28, 2024December 31, 2023
Operating leases(a)
ROU assets Other assets$32,281 $17,475 
Lease liabilities, currentAccrued and other current liabilities7,546 4,499 
Lease liabilities, non-currentOther liabilities26,472 14,666 
Finance leases
ROU assetsProperty, plant and equipment, net801 1,078 
Lease liabilitiesLong-term debt1,033 1,355 
(a)During the second quarter of 2024, the Company recorded an ROU asset and corresponding lease liability of $14 million related to a new warehouse lease agreement in Canada.
Nine Months Ended
September 28, 2024September 30, 2023
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities$6,071 $5,182 
Operating lease ROU assets obtained in exchange for lease liabilities18,163 5,650 
Finance lease cash flows were immaterial during each of the nine months ended September 28, 2024 and September 30, 2023.
September 28, 2024December 31, 2023
Operating leases
Weighted average remaining lease term (in years)4.95.5
Weighted average discount rate8.3 %8.3 %
Finance leases
Weighted average remaining lease term (in years)2.22.8
Weighted average discount rate7.0 %7.0 %
Operating lease maturities as of September 28, 2024 were as follows:
Remainder of 2024$2,536 
20259,931 
20269,147 
20277,903 
20286,431 
Thereafter5,857 
Total minimum lease payments41,805 
Less: imputed interest(7,787)
Present value of future minimum lease payments$34,018