Leases (Tables)
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12 Months Ended |
Dec. 30, 2023 |
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| Leases [Abstract] |
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| ROU assets and lease liabilities |
Total right-of-use ("ROU") assets and lease liabilities were as follows at:
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Classification |
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Leases |
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December 30,
2023 |
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December 31,
2022 |
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(in thousands) |
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Right-of-use assets |
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Operating lease assets |
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Operating right-of-use assets |
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$ |
35,559 |
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$ |
43,768 |
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Finance lease assets |
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Property, plant, and equipment, net |
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2,680 |
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|
1,424 |
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Lease Liabilities |
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Current |
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Operating lease liabilities |
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Current operating lease liabilities |
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9,113 |
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|
8,866 |
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Finance lease liabilities |
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Accrued expenses and other current liabilities |
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1,257 |
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|
935 |
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Non-current |
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Operating lease liabilities |
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Non-current operating lease liabilities |
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36,161 |
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45,274 |
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Finance lease liabilities |
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Other liabilities |
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1,451 |
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|
524 |
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| Schedule of gross value and accumulated depreciation of right of use assets |
The gross value and accumulated depreciation of ROU assets related to finance leases were as follows at:
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Finance Leases |
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December 30,
2023 |
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December 31,
2022 |
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(in thousands) |
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Gross value |
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$ |
6,134 |
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$ |
5,998 |
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Accumulated amortization |
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(3,454 |
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(4,574 |
) |
Carrying value |
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$ |
2,680 |
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$ |
1,424 |
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| Components of lease cost |
Components of lease cost for the fiscal year-ended are as follows at:
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Fiscal years ended |
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December 30,
2023 |
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December 31,
2022 |
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December 25,
2021 |
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(in thousands) |
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Operating lease cost: |
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Amortization of right-of-use assets |
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$ |
8,339 |
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$ |
9,978 |
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$ |
10,283 |
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Variable lease costs not included in liability |
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|
606 |
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|
702 |
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|
1,132 |
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Total operating lease cost |
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$ |
8,945 |
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$ |
10,680 |
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$ |
11,415 |
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Finance lease cost: |
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Amortization of right-of-use assets |
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$ |
1,568 |
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$ |
1,590 |
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$ |
1,493 |
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Interest on lease liabilities |
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|
138 |
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|
71 |
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|
121 |
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Total finance lease cost |
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$ |
1,706 |
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$ |
1,661 |
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$ |
1,614 |
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| Maturities of lease liabilities |
Maturities of lease liabilities as of December 30, 2023 are as follows:
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Operating |
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Finance |
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Weighted- Average
Remaining Term
in Years |
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Leases |
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Leases |
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Operating
Leases |
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Finance
Leases |
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(in thousands) |
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2024 |
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$ |
10,529 |
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$ |
1,367 |
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2025 |
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7,102 |
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1,109 |
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2026 |
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6,671 |
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|
391 |
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2027 |
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6,122 |
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8 |
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2028 |
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6,039 |
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— |
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Thereafter |
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14,746 |
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— |
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Total lease payments |
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51,209 |
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2,875 |
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Less imputed interest (based on 3.5% weighted-average
discount rate) |
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(5,935 |
) |
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(167 |
) |
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Present value of lease liabilities |
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$ |
45,274 |
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$ |
2,708 |
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6.8 |
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2.2 |
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