v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 28, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information
The following table presents the assets and liabilities related to the Company’s leases as of June 28, 2025 and December 28, 2024:
As of
Lease Assets and LiabilitiesJune 28, 2025December 28, 2024
(In thousands)
AssetsClassification
Operating lease right-of-use assetsOperating lease right-of-use assets$50,652 $47,221 
Finance lease right-of-use assets (1)
Property and equipment, net160,684 134,319 
Total lease right-of-use assets$211,336 $181,540 
Liabilities
Current portion:
Operating lease liabilitiesOperating lease liabilities - current$8,803 $8,478 
Finance lease liabilitiesFinance lease liabilities - current16,926 12,541 
Non-current portion:
Operating lease liabilitiesOperating lease liabilities - noncurrent43,424 40,114 
Finance lease liabilitiesFinance lease liabilities - noncurrent300,631 280,002 
Total lease liabilities$369,784 $341,135 
(1) Finance lease right-of-use assets are presented net of accumulated amortization of $107.9 million and $112.3 million as of June 28, 2025 and December 28, 2024, respectively.
Supplemental balance sheet information related to leases is as follows:
As of
Balance Sheet InformationJune 28, 2025December 28, 2024
($ in thousands)
Finance leases
   Property and equipment$268,552$246,635
   Accumulated depreciation(107,868)(112,316)
Property and equipment, net$160,684$134,319
Weighted Average Remaining Lease Term (in years)
   Operating leases7.688.34
   Finance leases16.4117.68
Weighted Average Discount Rate
   Operating leases8.11 %8.15 %
   Finance leases8.74 %8.88 %
The major categories of the Company’s obligations under finance leases as of June 28, 2025 and December 28, 2024 were as follows:
As of
June 28, 2025December 28, 2024
Category:(In thousands)
Equipment and vehicles$75,570 $49,785 
Real estate(1)
241,987 242,758 
Total finance leases$317,557 $292,543 
(1)Amounts include $125.1 million and $125.1 million as of June 28, 2025 and December 28, 2024, respectively, for sale-leasebacks of real estate in fiscal 2019 and fiscal 2020 that did not qualify for sale treatment for accounting purposes.
Schedule of Lease Cost
The components of lease expense were as follows:
Three Fiscal Months EndedSix Fiscal Months Ended
Components of lease expenseJune 28, 2025June 29, 2024June 28, 2025June 29, 2024
(In thousands)
Operating lease expense:
Operating lease expense before sublease income$3,100 $2,633 $6,140 $5,079 
Sublease income(928)(887)(1,856)(1,748)
Operating lease expense$2,172 $1,746 $4,284 $3,331 
Finance lease expense:
   Amortization of right-of-use assets$4,802 $5,026 $9,426 $9,762 
   Interest on lease liabilities6,980 6,410 13,853 12,701 
Total finance lease expense$11,782 $11,436 $23,279 $22,463 

Supplemental cash flow information related to leases is as follows:
Three Fiscal Months EndedSix Fiscal Months Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
   Operating cash flows, operating leases$3,074 $2,693 $6,007 $5,202 
   Operating cash flows, finance leases$6,980 $6,410 $13,853 $12,701 
   Financing cash flows, finance leases$3,832 $3,339 $8,101 $6,411 
Non-cash supplemental cash flow information related to leases is as follows:
Three Fiscal Months EndedSix Fiscal Months Ended
Non-cash informationJune 28, 2025June 29, 2024June 28, 2025June 29, 2024
(In thousands)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$3,959 $8,132 $3,959 $8,132 
Finance leases$4,801 $2,973 $32,887 $11,150 
Schedule of Operating Lease Maturities
Below is a summary of undiscounted finance and operating lease liabilities that have initial terms in excess of one year as of June 28, 2025. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the unaudited condensed consolidated balance sheet, including options to extend lease terms that are reasonably certain of being exercised.
Fiscal Year:Operating LeasesFinance Leases
(In thousands)
2025 (remainder of fiscal year)$6,555 $21,674 
202610,900 46,945 
202710,031 41,356 
20289,238 41,571 
20297,803 38,313 
Thereafter27,704 484,235 
Total lease payments$72,231 $674,094 
Less: imputed interest(20,004)(356,537)
Total$52,227 $317,557 
Schedule of Finance Lease Maturities
Below is a summary of undiscounted finance and operating lease liabilities that have initial terms in excess of one year as of June 28, 2025. The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the unaudited condensed consolidated balance sheet, including options to extend lease terms that are reasonably certain of being exercised.
Fiscal Year:Operating LeasesFinance Leases
(In thousands)
2025 (remainder of fiscal year)$6,555 $21,674 
202610,900 46,945 
202710,031 41,356 
20289,238 41,571 
20297,803 38,313 
Thereafter27,704 484,235 
Total lease payments$72,231 $674,094 
Less: imputed interest(20,004)(356,537)
Total$52,227 $317,557