Non-Controlling Interests |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Controlling Interests | Non-Controlling Interests The Company is the general partner of Holdings LP, and consolidates the financial results of Holdings LP. The Company reports a non-controlling interest representing the economic interest in Holdings LP held by the other limited partners of Holdings LP. In connection with the Exchange Agreement entered into in connection with the IPO, the holders of LP Units may exchange their LP Units, together with an equal number of shares of Class V common stock, for shares of Class A common stock on a one-for-one basis or, at the Company’s election, for cash from a substantially concurrent public offering or private sale of shares of Class A common stock (based on the price of Class A common stock in such public offering or private sale). Any shares of Class V common stock so delivered will be cancelled. In connection with any exchange, the Company will receive a corresponding number of LP Units, increasing the Company’s total ownership in Holdings LP. Changes in the Company’s ownership in Holdings LP, while the Company retains its controlling interest in Holdings LP will be accounted for as equity transactions in accordance with ASC 810, Consolidation. The following table summarizes the ownership interest in Holdings LP as of June 29, 2026:
The weighted-average ownership percentage for the applicable reporting period is used to attribute net loss to the Company and the non-controlling interest holders. The non-controlling interest holders’ weighted-average ownership percentage for the period from May 8, 2026 to June 29, 2026 was 38.4%. The following table summarizes the effect of changes in ownership of Holdings LP on the Company’s equity:
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