v3.25.1
Leases
3 Months Ended
Mar. 28, 2025
Leases [Abstract]  
Leases
Note 5 – Leases
Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and liabilities, we use the non-cancelable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.
We lease facilities under non-cancelable operating leases that expire at various dates from 2025 through 2037. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities.
The components of lease expense are as follows:
Three Months Ended
March 28,
2025
March 29,
2024
Operating lease cost$2,745 $2,492 
Supplemental cash flow information related to leases is as follows:
Three Months Ended
March 28,
2025
March 29,
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,795 $2,454 
Supplemental balance sheet information related to leases is as follows:
March 28,
2025
December 27,
2024
Weighted-average remaining lease term of operating leases5.9 years6.1 years
Weighted-average discount rate of operating leases4.8%4.7%
Future minimum lease payments under non-cancelable leases are as follows as of March 28, 2025:
2025, remaining$8,631 
202611,037 
202710,278 
20285,614 
20293,153 
Thereafter11,799 
Total future minimum lease payments50,512 
Less imputed interest(7,471)
Total lease liabilities$43,041 
Less current portion$(11,409)
Total lease liabilities, less current portion$31,632