v3.25.1
Lease Commitments (Tables)
3 Months Ended
Mar. 30, 2025
Leases [Abstract]  
Summary of Components of Lease Expense The components of lease expense were as follows:

 

 

13 Weeks Ended

 

 

 

March 30,
2025

 

 

March 31,
2024

 

 

 

(In thousands)

 

Lease expense:

 

 

 

 

 

 

Operating lease expense

 

$

20,620

 

 

$

21,039

 

Variable lease expense

 

 

5,081

 

 

 

4,682

 

Operating lease expense

 

 

25,701

 

 

 

25,721

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

1,245

 

 

 

1,142

 

Interest on lease liabilities

 

 

192

 

 

 

228

 

Finance lease expense

 

 

1,437

 

 

 

1,370

 

Total lease expense

 

$

27,138

 

 

$

27,091

 

 

Schedule of Other Information Related To Leases

Other information related to leases was as follows:

 

 

13 Weeks Ended

 

 

 

March 30,
2025

 

 

March 31,
2024

 

 

 

(In thousands)

 

Operating cash flows from operating leases

 

$

21,218

 

 

$

22,213

 

Financing cash flows from finance leases

 

 

982

 

 

 

899

 

Operating cash flows from finance leases

 

 

222

 

 

 

261

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

22,422

 

 

$

23,373

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

1,066

 

 

$

517

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

8,665

 

 

$

21,674

 

Weighted-average remaining lease term—finance leases

 

3.4 years

 

 

4.1 years

 

Weighted-average remaining lease term—operating leases

 

4.8 years

 

 

4.9 years

 

Weighted-average discount rate—finance leases

 

 

6.4

%

 

 

6.2

%

Weighted-average discount rate—operating leases

 

 

5.9

%

 

 

5.5

%

Schedule of Maturities For Finance And Operating Leases

Maturities of finance and operating lease liabilities as of March 30, 2025 were as follows:

Fiscal Year Ending:

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(In thousands)

 

2025 (remaining nine months)

 

$

3,524

 

 

$

63,288

 

2026

 

 

4,381

 

 

 

74,713

 

2027

 

 

3,123

 

 

 

54,384

 

2028

 

 

2,071

 

 

 

40,121

 

2029

 

 

632

 

 

 

31,305

 

Thereafter

 

 

 

 

 

40,896

 

Undiscounted cash flows

 

$

13,731

 

 

$

304,707

 

Reconciliation of lease liabilities:

 

 

 

 

 

 

Weighted-average remaining lease term

 

3.4 years

 

 

4.8 years

 

Weighted-average discount rate

 

 

6.4

%

 

 

5.9

%

Present values

 

$

12,273

 

 

$

264,518

 

Lease liabilities - current

 

 

3,780

 

 

 

68,841

 

Lease liabilities - long-term

 

 

8,493

 

 

 

195,677

 

Lease liabilities - total

 

$

12,273

 

 

$

264,518

 

Difference between undiscounted and discounted cash flows

 

$

1,458

 

 

$

40,189