v3.25.4

Leases

6 Months Ended

Dec. 28, 2025

Leases [Abstract]

Leases

Leases

Balance Sheet

Lease assets and liabilities are as follows:

(in millions of U.S. Dollars)			Successor						Predecessor
Operating Leases:			December 28, 2025						June 29, 2025
Right-of-use asset (1)			$97.5						$123.1
Current lease liability (2)			6.7						9.9
Non-current lease liability (3)			100.1						139.5
Total operating lease liabilities			$106.8						$149.4
Finance Leases:
Finance lease assets (4)			$2.2						$8.3
Current portion of finance lease liabilities(5)			0.5						0.5
Finance lease liabilities, less current portion(6)			1.8						8.4
Total finance lease liabilities			$2.3						$8.9

(1) Within other assets on the consolidated balance sheets.

(2) Within other current liabilities on the consolidated balance sheets.

(3) Within other long-term liabilities on the consolidated balance sheets.

(4) Within property and equipment, net on the consolidated balance sheets.

(5) Within finance lease liabilities on the consolidated balance sheets.

(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			September 29, 2025			Three months ended December 29, 2024
Operating lease expense			$4.9			—			$4.1
Finance lease amortization			0.1			—			0.2

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Operating lease expense			$4.9			4.3			$8.1
Finance lease amortization			0.1			0.2			0.4

Interest expense for finance leases was immaterial for all periods presented.

Cash Flows

Cash flow information consisted of the following (1):

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases			($6.1)			($4.1)			($4.1)
Cash received for tenant allowance on operating lease			—			—			—
Cash paid for interest portion of financing leases			—			(0.1)			(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases			—			(0.1)			(0.1)

(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.

Lease Liability Maturities

Maturities of operating and finance lease liabilities as of December 28, 2025 were as follows:

(in millions of U.S. Dollars)			Successor
Fiscal Year Ending			Operating Leases			Finance Leases			Total
June 28, 2026 (remainder of fiscal 2026)			$9.8			$0.5			$10.3
June 27, 2027			17.2			0.4			17.6
June 25, 2028			16.8			0.2			17.0
June 24, 2029			16.6			0.2			16.8
June 30, 2030			16.0			0.2			16.2
Thereafter			130.6			13.6			144.2
Total lease payments			207.0			15.1			222.1
Future tenant improvement allowances			—			—			—
Imputed lease interest			(100.2)			(12.8)			(113.0)
Total lease liabilities			$106.8			$2.3			$109.1

Supplemental Disclosures

Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of December 28, 2025 were as follows:

			Successor
			Operating Leases			Finance Leases
Weighted average remaining lease term (in months) (1)			150			432
Weighted average discount rate (2)			11.77		%	13.77		%

(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 11 months.

(2) Weighted average discount rate of finance leases without the 49-year ground lease is 5.66%.

As of December 28, 2025, the Company has entered into an agreement containing operating leases for bulk gas equipment. This arrangement includes approximately $13 million of additional right of use liability obligations that have not yet commenced. The Company expects these operating leases will commence in future periods with initial lease terms of 15 years.

Leases

Leases

Balance Sheet

Lease assets and liabilities are as follows:

(in millions of U.S. Dollars)			Successor						Predecessor
Operating Leases:			December 28, 2025						June 29, 2025
Right-of-use asset (1)			$97.5						$123.1
Current lease liability (2)			6.7						9.9
Non-current lease liability (3)			100.1						139.5
Total operating lease liabilities			$106.8						$149.4
Finance Leases:
Finance lease assets (4)			$2.2						$8.3
Current portion of finance lease liabilities(5)			0.5						0.5
Finance lease liabilities, less current portion(6)			1.8						8.4
Total finance lease liabilities			$2.3						$8.9

(1) Within other assets on the consolidated balance sheets.

(2) Within other current liabilities on the consolidated balance sheets.

(3) Within other long-term liabilities on the consolidated balance sheets.

(4) Within property and equipment, net on the consolidated balance sheets.

(5) Within finance lease liabilities on the consolidated balance sheets.

(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			September 29, 2025			Three months ended December 29, 2024
Operating lease expense			$4.9			—			$4.1
Finance lease amortization			0.1			—			0.2

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Operating lease expense			$4.9			4.3			$8.1
Finance lease amortization			0.1			0.2			0.4

Interest expense for finance leases was immaterial for all periods presented.

Cash Flows

Cash flow information consisted of the following (1):

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases			($6.1)			($4.1)			($4.1)
Cash received for tenant allowance on operating lease			—			—			—
Cash paid for interest portion of financing leases			—			(0.1)			(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases			—			(0.1)			(0.1)

(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.

Lease Liability Maturities

Maturities of operating and finance lease liabilities as of December 28, 2025 were as follows:

(in millions of U.S. Dollars)			Successor
Fiscal Year Ending			Operating Leases			Finance Leases			Total
June 28, 2026 (remainder of fiscal 2026)			$9.8			$0.5			$10.3
June 27, 2027			17.2			0.4			17.6
June 25, 2028			16.8			0.2			17.0
June 24, 2029			16.6			0.2			16.8
June 30, 2030			16.0			0.2			16.2
Thereafter			130.6			13.6			144.2
Total lease payments			207.0			15.1			222.1
Future tenant improvement allowances			—			—			—
Imputed lease interest			(100.2)			(12.8)			(113.0)
Total lease liabilities			$106.8			$2.3			$109.1

Supplemental Disclosures

Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of December 28, 2025 were as follows:

			Successor
			Operating Leases			Finance Leases
Weighted average remaining lease term (in months) (1)			150			432
Weighted average discount rate (2)			11.77		%	13.77		%

(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 11 months.

(2) Weighted average discount rate of finance leases without the 49-year ground lease is 5.66%.

As of December 28, 2025, the Company has entered into an agreement containing operating leases for bulk gas equipment. This arrangement includes approximately $13 million of additional right of use liability obligations that have not yet commenced. The Company expects these operating leases will commence in future periods with initial lease terms of 15 years.

Leases

Leases

Balance Sheet

Lease assets and liabilities are as follows:

(in millions of U.S. Dollars)			Successor						Predecessor
Operating Leases:			December 28, 2025						June 29, 2025
Right-of-use asset (1)			$97.5						$123.1
Current lease liability (2)			6.7						9.9
Non-current lease liability (3)			100.1						139.5
Total operating lease liabilities			$106.8						$149.4
Finance Leases:
Finance lease assets (4)			$2.2						$8.3
Current portion of finance lease liabilities(5)			0.5						0.5
Finance lease liabilities, less current portion(6)			1.8						8.4
Total finance lease liabilities			$2.3						$8.9

(1) Within other assets on the consolidated balance sheets.

(2) Within other current liabilities on the consolidated balance sheets.

(3) Within other long-term liabilities on the consolidated balance sheets.

(4) Within property and equipment, net on the consolidated balance sheets.

(5) Within finance lease liabilities on the consolidated balance sheets.

(6) Within finance lease liabilities - long term on the consolidated balance sheets.

Statements of Operations

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			September 29, 2025			Three months ended December 29, 2024
Operating lease expense			$4.9			—			$4.1
Finance lease amortization			0.1			—			0.2

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Operating lease expense			$4.9			4.3			$8.1
Finance lease amortization			0.1			0.2			0.4

Interest expense for finance leases was immaterial for all periods presented.

Cash Flows

Cash flow information consisted of the following (1):

			Successor			Predecessor
(in millions of U.S. Dollars)			Period from September 30, 2025 to December 28, 2025			Period from June 30, 2025 to September 29, 2025			Six months ended December 29, 2024
Cash (used in) provided by operating activities from continuing operations:
Cash paid for operating leases			($6.1)			($4.1)			($4.1)
Cash received for tenant allowance on operating lease			—			—			—
Cash paid for interest portion of financing leases			—			(0.1)			(0.1)
Cash used in financing activities:
Cash paid for principal portion of finance leases			—			(0.1)			(0.1)

(1) See Note 1, "Basis of Presentation and New Accounting Standards," for non-cash activities related to leases.

Lease Liability Maturities

Maturities of operating and finance lease liabilities as of December 28, 2025 were as follows:

(in millions of U.S. Dollars)			Successor
Fiscal Year Ending			Operating Leases			Finance Leases			Total
June 28, 2026 (remainder of fiscal 2026)			$9.8			$0.5			$10.3
June 27, 2027			17.2			0.4			17.6
June 25, 2028			16.8			0.2			17.0
June 24, 2029			16.6			0.2			16.8
June 30, 2030			16.0			0.2			16.2
Thereafter			130.6			13.6			144.2
Total lease payments			207.0			15.1			222.1
Future tenant improvement allowances			—			—			—
Imputed lease interest			(100.2)			(12.8)			(113.0)
Total lease liabilities			$106.8			$2.3			$109.1

Supplemental Disclosures

Remaining weighted average lease terms and discount rate operating and finance lease liabilities as of December 28, 2025 were as follows:

			Successor
			Operating Leases			Finance Leases
Weighted average remaining lease term (in months) (1)			150			432
Weighted average discount rate (2)			11.77		%	13.77		%

(1) Weighted average remaining lease term of finance leases without the 49-year ground lease is 11 months.

(2) Weighted average discount rate of finance leases without the 49-year ground lease is 5.66%.

As of December 28, 2025, the Company has entered into an agreement containing operating leases for bulk gas equipment. This arrangement includes approximately $13 million of additional right of use liability obligations that have not yet commenced. The Company expects these operating leases will commence in future periods with initial lease terms of 15 years.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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