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LEASES

12 Months Ended

Dec. 28, 2024

9. LEASES

The Company enters into leases for manufacturing facilities, warehouses, sales offices, plant equipment, vehicles, and certain other equipment with varying end dates from April 2025 to April 2033, including renewal options.

The following table (in millions) represents the impact of leasing on the consolidated balance sheets:

	Balance Sheet Classification	December 28, 2024		December 30, 2023
Assets:
Operating lease assets, net	Right of use assets	$	14.2	$	17.1
Finance lease right of use assets, net	Property, plant and equipment, net		3.8		0.9
Total leased assets, net			18.0		18.0

Liabilities:
Current operating lease liabilities	Current portion of operating lease liability		3.1		4.3
Current finance lease liabilities	Current portion of financing lease liability		0.8		0.2
Noncurrent operating lease liabilities	Operating lease liability, less current portion		11.1		12.8
Noncurrent finance lease liabilities	Financing lease liability, less current portion		3.1		0.7
Total lease liabilities		$	18.0	$	18.0

Cash paid included in the measurement of operating lease liabilities was $4.3 million and $4.3 million for the fiscal years ended December 28, 2024 and December 30, 2023, respectively, all of which were included within the operating cash flow section of the consolidated statements of cash flows. Lease assets obtained in exchange for new operating lease liabilities were $0.4 million and $8.5 million for the fiscal years ended December 28, 2024 and December 30, 2023, respectively.

Cash paid included in the measurement of finance lease liabilities was $0.4 million and $0.1 million for the fiscal years ended December 28, 2024 and December 30, 2023, respectively, which were included within the financing cash flow section of the consolidated statements of cash flows for the fiscal years ended December 28, 2024 and December 30, 2023, respectively.

Total operating lease expense was $4.9 million and $4.0 million for the fiscal years ended December 28, 2024 and December 30, 2023, respectively.

Total financing lease expense was $0.1 million and $0.1 million for the fiscal years ended December 28, 2024 and December 30, 2023, respectively.

The future payments (in millions) due under non-cancelable operating and finance leases as of December 28, 2024 are as follows:

	Operating			Finance
2025	$	3.1		$	0.8
2026		2.6			0.8
2027		2.2			0.8
2028		2.0			0.8
2029		1.7			0.7
thereafter		4.7			0.9
		16.3			4.7
Less effects of discounting		(2.1	)		(0.9	)
Lease liabilities recognized	$	14.2		$	3.8

As of December 28, 2024, the weighted average lease term for all operating and finance leases is 6.9 and 6.2 years, respectively. The weighted average discount rate associated with operating leases was 6.3% while the weighted average discount rate associated with finance leases was 6.8%.