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Leases | 3 Months Ended
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Mar. 29, 2025
Leases |
Leases |
(12) | Leases
Operating Leases and Finance Lease. We determine whether an arrangement is a lease at inception. We have operating leases and a finance lease for certain of our manufacturing facilities, distribution centers, warehouse and storage facilities, machinery and equipment, and office equipment. Our leases have remaining lease terms of one year to seven years, some of which include options to extend the lease term for up to ten years, and some of which include options to terminate the lease within one year. We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Operating leases and a finance lease are included in the accompanying unaudited consolidated balance sheets in the following line items (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | March 29, |  | December 28,
​ | 2025 |  | 2024
Right-of-use assets: | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets | $ | 51,433 | ​ | $ | 55,431
Finance lease right-of-use assets | ​ | 509 | ​ | ​ | 773
Total lease right-of-use assets | $ | 51,942 | ​ | $ | 56,204
​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities: | ​ | ​ | ​ | ​ | ​
Current portion of operating lease liabilities | $ | 17,304 | ​ | $ | 17,963
Long-term operating lease liabilities, net of current portion | ​ | 34,170 | ​ | ​ | 37,697
Total operating lease liabilities | $ | 51,474 | ​ | $ | 55,660
​ | ​ | ​ | ​ | ​ | ​
Finance lease liabilities: | ​ | ​ | ​ | ​ | ​
Current portion of finance lease liabilities | $ | 455 | ​ | $ | 726
Long-term finance lease liabilities, net of current portion | ​ | — | ​ | ​ | —
Total finance lease liabilities | $ | 455 | ​ | $ | 726
​ The following table shows supplemental information related to leases (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | Thirteen Weeks Ended
​ | March 29, |  | March 30,
​ | 2025 |  | 2024
Operating cash flow information: | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 5,137 | ​ | $ | 4,868
Cash paid for amounts included in the measurement of finance lease liabilities | $ | 275 | ​ | $ | 275
​ | ​ | ​ | ​ | ​ | ​
The components of operating lease costs were as follows: | ​ | ​ | ​ | ​ | ​
Cost of goods sold | $ | 3,240 | ​ | $ | 3,262
Selling, general and administrative expenses | ​ | 1,709 | ​ | ​ | 1,710
Total operating lease costs | $ | 4,949 | ​ | $ | 4,972
​ | ​ | ​ | ​ | ​ | ​
The components of finance lease costs were as follows: | ​ | ​ | ​ | ​ | ​
Depreciation of finance right-of-use assets | $ | 264 | ​ | $ | 264
Interest on finance lease liabilities | ​ | 4 | ​ | ​ | 10
Total finance lease costs | $ | 268 | ​ | $ | 274
​ | ​ | ​ | ​ | ​ | ​
Total net lease costs | $ | 5,217 | ​ | $ | 5,246
​ Total rent expense was $5.3 million, including the operating lease costs of $4.9 million stated above, for the first quarter of 2025. Total rent expense was $5.4 million, including the operating lease costs of $5.0 million stated above, for the first quarter of 2024. Because neither our operating leases nor our finance lease provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. With the exception of our real estate leases, we account for our leases as a single lease component. The following table shows the weighted average lease term and weighted average discount rate for our ROU assets:
​ | ​ | ​ | ​ | ​ | ​
​ | March 29, | ​ | December 28,
​ | 2025 | ​ | 2024
Weighted average remaining lease term (years) | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 4.2 | ​ | ​ | 4.3
Finance lease | ​ | 0.5 | ​ | ​ | 0.7
Weighted average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 3.77% | ​ | ​ | 3.77%
Finance lease | ​ | 2.30% | ​ | ​ | 2.30%
​ As of March 29, 2025, the maturities of lease liabilities were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases |  | Finance Lease | ​ | Total Maturities of Lease Liabilities
Fiscal year: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 remaining | $ | 14,717 | ​ | $ | 458 | ​ | $ | 15,175
2026 | ​ | 14,243 | ​ | ​ | — | ​ | ​ | 14,243
2027 |  | 9,650 | ​ |  | — | ​ |  | 9,650
2028 |  | 8,076 | ​ |  | — | ​ |  | 8,076
2029 |  | 3,513 | ​ |  | — | ​ |  | 3,513
Thereafter | ​ | 5,399 | ​ | ​ | — | ​ | ​ | 5,399
Total undiscounted future minimum lease payments | ​ | 55,598 | ​ | ​ | 458 | ​ | ​ | 56,056
Less: Imputed interest |  | (4,124) | ​ |  | (3) | ​ |  | (4,127)
Total present value of future lease liabilities | $ | 51,474 | ​ | $ | 455 | ​ | $ | 51,929
​

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