Lease Commitments (Tables)
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6 Months Ended |
Jun. 29, 2025 |
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| Leases [Abstract] |
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| Summary of Components of Lease Expense |
The components of lease expense were as follows:
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13 Weeks Ended |
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26 Weeks Ended |
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June 29,
2025 |
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June 30,
2024 |
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June 29,
2025 |
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June 30,
2024 |
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(In thousands) |
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Lease expense: |
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Operating lease expense |
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$ |
20,580 |
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$ |
21,210 |
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$ |
41,200 |
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$ |
42,248 |
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Variable lease expense |
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5,090 |
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5,038 |
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10,171 |
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|
9,720 |
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Operating lease expense |
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25,670 |
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26,248 |
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51,371 |
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51,968 |
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Amortization of right-of-use assets |
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1,210 |
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1,159 |
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2,455 |
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|
2,301 |
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Interest on lease liabilities |
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|
187 |
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|
219 |
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|
379 |
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|
448 |
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Finance lease expense |
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1,397 |
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1,378 |
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2,834 |
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2,749 |
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Total lease expense |
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$ |
27,067 |
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$ |
27,626 |
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$ |
54,205 |
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$ |
54,717 |
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| Schedule of Other Information Related To Leases |
Other information related to leases was as follows:
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26 Weeks Ended |
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June 29,
2025 |
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June 30,
2024 |
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(In thousands) |
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Operating cash flows from operating leases |
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$ |
42,003 |
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$ |
43,604 |
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Financing cash flows from finance leases |
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1,998 |
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|
2,135 |
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Operating cash flows from finance leases |
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|
406 |
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|
477 |
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Cash paid for amounts included in the measurement of lease liabilities |
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$ |
44,407 |
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$ |
46,216 |
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Right-of-use assets obtained in exchange for new finance lease liabilities |
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$ |
1,095 |
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$ |
1,363 |
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Right-of-use assets obtained in exchange for new operating lease liabilities |
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$ |
27,277 |
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$ |
46,529 |
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Weighted-average remaining lease term—finance leases |
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3.2 years |
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4.0 years |
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Weighted-average remaining lease term—operating leases |
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4.8 years |
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5.0 years |
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Weighted-average discount rate—finance leases |
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6.6 |
% |
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|
6.3 |
% |
Weighted-average discount rate—operating leases |
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6.0 |
% |
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5.7 |
% |
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| Schedule of Maturities For Finance And Operating Leases |
Maturities of finance and operating lease liabilities as of June 29, 2025 were as follows:
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Fiscal Year Ending: |
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Finance
Leases |
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Operating
Leases |
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(In thousands) |
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2025 (remaining six months) |
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$ |
2,177 |
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$ |
42,518 |
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2026 |
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4,424 |
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79,216 |
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2027 |
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3,163 |
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59,100 |
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2028 |
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|
2,108 |
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|
44,410 |
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2029 |
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|
672 |
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|
35,665 |
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Thereafter |
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|
17 |
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|
|
45,916 |
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Undiscounted cash flows |
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$ |
12,561 |
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$ |
306,825 |
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Reconciliation of lease liabilities: |
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Weighted-average remaining lease term |
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3.2 years |
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4.8 years |
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Weighted-average discount rate |
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6.6 |
% |
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6.0 |
% |
Present values |
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$ |
11,286 |
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$ |
266,184 |
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Lease liabilities - current |
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|
3,686 |
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|
66,920 |
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Lease liabilities - long-term |
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|
7,600 |
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|
199,264 |
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Lease liabilities - total |
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$ |
11,286 |
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$ |
266,184 |
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Difference between undiscounted and discounted cash flows |
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$ |
1,275 |
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$ |
40,641 |
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