v3.25.2
Leases
 6 Months Ended
Jun. 27, 2025
Leases [Abstract]  
Leases Leases
Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

June 27, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases6.0 years6.4 years
Financing leases3.2 years2.9 years
Weighted average discount rate:
Operating leases4.2 %4.1 %
Financing leases5.1 %5.2 %

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

Second QuarterFirst Half
(in thousands)2025202420252024
Operating lease costs$6,639 $7,475 $13,233 $15,264 
Short-term and variable leases1,830 3,369 3,917 6,399 
Depreciation expense from financing leases374 411 785 823 
Interest expense on financing lease obligations48 84 106 176 
Total lease cost$8,891 $11,339 $18,041 $22,662 
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of June 27, 2025:

(in thousands)Operating LeasesFinancing Leases
Remainder of 2025$15,352 $997 
202626,432 1,084 
202722,099 338 
202817,446 345 
202916,086 352 
Thereafter28,719 268 
Total minimum lease payments including interest$126,134 $3,384 
Less: Amounts representing interest14,383 255 
Present value of minimum lease principal payments111,751 3,129 
Less: Current portion of lease liabilities24,538 1,660 
Noncurrent portion of lease liabilities$87,213 $1,469 

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)Operating LeasesFinancing Leases
2025$26,799 $2,869 
202624,578 1,233 
202721,101 338 
202816,427 345 
202915,046 352 
Thereafter27,482 268 
Total minimum lease payments including interest$131,433 $5,405 
Less: Amounts representing interest15,814 374 
Present value of minimum lease principal payments115,619 5,031 
Less: Current portion of lease liabilities23,257 2,685 
Noncurrent portion of lease liabilities$92,362 $2,346 

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

First Half
(in thousands)20252024
Cash flows from operating activities impact:
Operating leases$12,521 $14,989 
Interest payments on financing lease obligations106 176 
Total cash flows from operating activities impact$12,627 $15,165 
Cash flows from financing activities impact:
Principal payments on financing lease obligations$1,320 $1,221 
Total cash flows from financing activities impact$1,320 $1,221 
Leases Leases
Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

June 27, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases6.0 years6.4 years
Financing leases3.2 years2.9 years
Weighted average discount rate:
Operating leases4.2 %4.1 %
Financing leases5.1 %5.2 %

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

Second QuarterFirst Half
(in thousands)2025202420252024
Operating lease costs$6,639 $7,475 $13,233 $15,264 
Short-term and variable leases1,830 3,369 3,917 6,399 
Depreciation expense from financing leases374 411 785 823 
Interest expense on financing lease obligations48 84 106 176 
Total lease cost$8,891 $11,339 $18,041 $22,662 
The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of June 27, 2025:

(in thousands)Operating LeasesFinancing Leases
Remainder of 2025$15,352 $997 
202626,432 1,084 
202722,099 338 
202817,446 345 
202916,086 352 
Thereafter28,719 268 
Total minimum lease payments including interest$126,134 $3,384 
Less: Amounts representing interest14,383 255 
Present value of minimum lease principal payments111,751 3,129 
Less: Current portion of lease liabilities24,538 1,660 
Noncurrent portion of lease liabilities$87,213 $1,469 

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)Operating LeasesFinancing Leases
2025$26,799 $2,869 
202624,578 1,233 
202721,101 338 
202816,427 345 
202915,046 352 
Thereafter27,482 268 
Total minimum lease payments including interest$131,433 $5,405 
Less: Amounts representing interest15,814 374 
Present value of minimum lease principal payments115,619 5,031 
Less: Current portion of lease liabilities23,257 2,685 
Noncurrent portion of lease liabilities$92,362 $2,346 

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

First Half
(in thousands)20252024
Cash flows from operating activities impact:
Operating leases$12,521 $14,989 
Interest payments on financing lease obligations106 176 
Total cash flows from operating activities impact$12,627 $15,165 
Cash flows from financing activities impact:
Principal payments on financing lease obligations$1,320 $1,221 
Total cash flows from financing activities impact$1,320 $1,221