XML 28 R14.htm IDEA: XBRL DOCUMENT
v3.25.2

Leases | 6 Months Ended
--- | ---
Jun. 28, 2025
Leases |
Leases | Note G – Leases The Company presents right-of-use (ROU) assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, “Leases”. The Company accounts for non-lease components as part of the lease component to which they relate. Lease accounting involves significant judgements, including making estimates related to the lease term, lease payments, and discount rate. The Company has operating leases for buildings, warehouses, and office equipment. The Company determines whether an arrangement is, or contains, a lease at contract inception. An arrangement contains a lease if the Company has the right to direct the use of and obtain substantially all the economic benefits of an identified asset. ROU assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew. The exercise of lease renewal options is at our sole discretion. All options to extend, when it is reasonably certain the option will be exercised, have been included in the calculation of the ROU asset and lease liability. Currently, the Company has 18 operating leases with a lease liability of $17.4 million and 6 finance leases with a lease liability of $3.6 million as of June 28, 2025. The terms and conditions of the leases are determined by the individual agreements. The leases do not contain residual value guarantees, restrictions, or covenants that could cause the Company to incur additional financial obligations. There are no related party lease transactions. There are no leases that have not yet commenced that could create significant rights and obligations for the Company. The future payments (in millions) due under non-cancelable operating and finance leases as of June 28, 2025 are as follows:
|  | Operating |  |  | Finance |
2025 |  | $ | 2.0 |  |  | $ | 0.4 |
2026 |  |  | 3.7 |  |  |  | 0.8 |
2027 |  |  | 3.3 |  |  |  | 0.8 |
2028 |  |  | 3.0 |  |  |  | 0.8 |
2029 |  |  | 2.6 |  |  |  | 0.6 |
thereafter |  |  | 5.1 |  |  |  | 1.0 |
|  |  | 19.7 |  |  |  | 4.4 |
Less effects of discounting |  |  | (2.3 | ) |  |  | (0.8 | )
Lease liabilities recognized |  | $ | 17.4 |  |  | $ | 3.6 |
As of June 28, 2025 the weighted average lease term for all operating and finance leases is 5.8 and 5.8 years, respectively. The weighted average discount rate associated with operating and finance leases was 6.4% and 6.8%, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration