v3.25.2
Leases
6 Months Ended
Jun. 28, 2025
Leases [Abstract]  
Leases
Note 3 – Leases

The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:

 
June 28, 2025
   
December 31, 2024
 
Right of use assets
           
Operating Leases
           
Buildings and improvements
 
$
117,278
   
$
112,528
 
Machinery and equipment
   
5,276
     
5,425
 
Total
 
$
122,554
   
$
117,953
 
Current lease liabilities
               
Operating Leases
               
Buildings and improvements
 
$
24,018
   
$
22,993
 
Machinery and equipment
   
2,968
     
2,908
 
Total
 
$
26,986
   
$
25,901
 
Long-term lease liabilities
               
Operating Leases
               
Buildings and improvements
 
$
96,750
   
$
91,772
 
Machinery and equipment
   
2,220
     
2,446
 
Total
 
$
98,970
   
$
94,218
 
Total lease liabilities
 
$
125,956
   
$
120,119
 

Lease expense is classified in the statements of operations based on asset use.  Total lease cost recognized on the consolidated condensed statements of operations is as follows:

 
Fiscal quarters ended
   
Six fiscal months ended
 
   
June 28, 2025
   
June 29, 2024
   
June 28, 2025
   
June 29, 2024
 
Lease expense
                       
Operating lease expense
 
$
7,128
   
$
7,466
   
$
14,084
   
$
14,759
 
Short-term lease expense
   
546
     
220
     
953
     
476
 
Variable lease expense
   
233
     
148
     
393
     
362
 
Total lease expense
 
$
7,907
   
$
7,834
   
$
15,430
   
$
15,597
 

The Company paid $14,222 and $14,801 for its operating leases in the six fiscal months ended June 28, 2025 and June 29, 2024, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows.  The weighted-average remaining lease term for the Company's operating leases is 8.8 years and the weighted-average discount rate is 6.6% as of June 28, 2025.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:

 
June 28, 2025
 
2025 (excluding the six fiscal months ended June 28, 2025)  
$
14,415
 
2026
   
25,432
 
2027
   
22,145
 
2028
   
17,394
 
2029
   
15,204
 
Thereafter
   
71,166
 

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term.  The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.