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Property Plant and Equipment and Intangible Assets | 6 Months Ended
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Jun. 28, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment and Intangible Assets | Note 5. Property, Plant and Equipment and Intangible Assets The following table summarizes the components of property, plant and equipment as of June 28, 2024 and December 29, 2023.
|  | June 28, |  |  | December 29, |
(In thousands) |  | 2024 |  |  | 2023 |
Building and land |  | $ | 3,984 |  |  | $ | 4,002 |
Machinery, equipment, and vehicles |  |  | 50,596 |  |  |  | 70,250 |
Office equipment, software and construction in progress |  |  | 16,210 |  |  |  | 9,324 |
Property, plant and equipment, gross |  |  | 70,790 |  |  |  | 83,576 |
Accumulated depreciation |  |  | (34,637 | ) |  |  | (37,203 | )
Property, plant and equipment, net |  | $ | 36,153 |  |  | $ | 46,373 |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, |  |  | June 30, |  |  | June 28, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 3,079 |  |  | $ | 3,576 |  |  | $ | 6,778 |  |  | $ | 7,083 |
Depreciation is recorded within cost of revenue and selling, general and administrative expenses and is calculated using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life. The following table presents the Company’s finite-lived intangible assets, including the weighted average useful lives for each major intangible asset category and in total:
|  | June 28, 2024
(In thousands) |  | Weighted Average Remaining Useful Life in Years |  |  | Intangible Assets, Gross |  |  | Accumulated Amortization |  |  | Intangible Assets, Net |  |
Trademark |  |  | 3.5 |  |  | $ | 10,600 |  |  | $ | (5,300 | ) |  | $ | 5,300 |  |
Customer contracts |  |  | 2.5 |  |  |  | 6,373 |  |  |  | (3,717 | ) |  |  | 2,656 |  |
Total |  |  |  |  | $ | 16,973 |  |  | $ | (9,017 | ) |  | $ | 7,956 |  |
|  | December 29, 2023 |
(In thousands) |  | Weighted Average Remaining Useful Life in Years |  |  | Intangible Assets, Gross |  |  | Accumulated Amortization |  |  | Intangible Assets, Net |
Trademark |  |  | 4 |  |  | $ | 10,600 |  |  | $ | (4,543 | ) |  | $ | 6,057 |
Customer contracts |  |  | 3 |  |  |  | 6,527 |  |  |  | (3,340 | ) |  |  | 3,187 |
Total |  |  |  |  | $ | 17,127 |  |  | $ | (7,883 | ) |  | $ | 9,244 |
The Company’s estimated aggregate remaining amortization is as follows:
|  | Amortization |
(In thousands) |  | Expense |
2024 |  | $ | 1,288 |
2025 |  |  | 2,577 |
2026 |  |  | 2,577 |
2027 |  |  | 1,514 |
Total |  | $ | 7,956 |

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- Definition The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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