Leases

12 Months Ended

Dec. 28, 2025

Leases [Abstract]

Leases

Leases

The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2025, 2024 and 2023:

($ in millions)	Fiscal Year
	2025			2024			2023
Lease Cost
Finance Lease Cost:
Amortization of right of use asset	$	17.6		$	14.1		$	10.9
Interest on lease liabilities	6.7			6.3			4.6
Operating lease cost	21.3			17.0			17.6
Short-term lease cost	5.8			6.3			4.5
Variable lease cost	0.6			0.7			1.0
Sublease income	(1.9)			(1.2)			(0.4)
Total lease cost	$	50.1		$	43.2		$	38.2
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	6.6		$	6.1		$	4.6
Operating cash flows from operating leases	$	22.3		$	18.8		$	16.8
Financing cash flows from finance leases	$	32.3		$	29.1		$	24.9
Right of use assets obtained in exchange for new finance lease liabilities	$	26.7		$	31.6		$	54.6
Right of use assets obtained in exchange for new operating lease liabilities	$	39.7		$	12.1		$	25.8
Weighted average remaining lease term - finance leases	4 years			4 years			4 years
Weighted average remaining lease term - operating leases	6 years			7 years			7 years
Weighted average discount rate - finance leases	6.3		%	6.3		%	5.4		%
Weighted average discount rate - operating leases	6.9		%	7.0		%	7.1		%

The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 28, 2025 (in millions):

Fiscal Year	December 28, 2025
2026	$	22.3
2027	18.9
2028	16.5
2029	14.4
2030	10.2
2031 and thereafter	28.1
Total undiscounted lease payments	$	110.4
Present value adjustment	(21.4)
Operating lease liabilities	$	89.0

The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 28, 2025 (in millions):

Fiscal Year	December 28, 2025
2026	$	36.2
2027	32.4
2028	25.9
2029	19.7
2030	8.5
2031 and thereafter	0.1
Total undiscounted lease payments	$	122.8
Present value adjustment	(12.4)
Finance lease liabilities	$	110.4

The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 28, 2025, the lenders had made $38.0 million of progress payments on behalf of the Company, and $34.3 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $72.3 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. The Company received payments payments of $9.7 million and $2.8 million, respectively, as proceeds on the sale of ongoing construction in progress projects that were converted to leases, for the fiscal years ended December 29, 2024 and December 31, 2023. There were no such payments in the fiscal year ended 2025. These payments are presented as investing activities on the consolidated statements of cash flows.

Leases

Leases

The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2025, 2024 and 2023:

($ in millions)	Fiscal Year
	2025			2024			2023
Lease Cost
Finance Lease Cost:
Amortization of right of use asset	$	17.6		$	14.1		$	10.9
Interest on lease liabilities	6.7			6.3			4.6
Operating lease cost	21.3			17.0			17.6
Short-term lease cost	5.8			6.3			4.5
Variable lease cost	0.6			0.7			1.0
Sublease income	(1.9)			(1.2)			(0.4)
Total lease cost	$	50.1		$	43.2		$	38.2
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	6.6		$	6.1		$	4.6
Operating cash flows from operating leases	$	22.3		$	18.8		$	16.8
Financing cash flows from finance leases	$	32.3		$	29.1		$	24.9
Right of use assets obtained in exchange for new finance lease liabilities	$	26.7		$	31.6		$	54.6
Right of use assets obtained in exchange for new operating lease liabilities	$	39.7		$	12.1		$	25.8
Weighted average remaining lease term - finance leases	4 years			4 years			4 years
Weighted average remaining lease term - operating leases	6 years			7 years			7 years
Weighted average discount rate - finance leases	6.3		%	6.3		%	5.4		%
Weighted average discount rate - operating leases	6.9		%	7.0		%	7.1		%

The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 28, 2025 (in millions):

Fiscal Year	December 28, 2025
2026	$	22.3
2027	18.9
2028	16.5
2029	14.4
2030	10.2
2031 and thereafter	28.1
Total undiscounted lease payments	$	110.4
Present value adjustment	(21.4)
Operating lease liabilities	$	89.0

The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 28, 2025 (in millions):

Fiscal Year	December 28, 2025
2026	$	36.2
2027	32.4
2028	25.9
2029	19.7
2030	8.5
2031 and thereafter	0.1
Total undiscounted lease payments	$	122.8
Present value adjustment	(12.4)
Finance lease liabilities	$	110.4

The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 28, 2025, the lenders had made $38.0 million of progress payments on behalf of the Company, and $34.3 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $72.3 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. The Company received payments payments of $9.7 million and $2.8 million, respectively, as proceeds on the sale of ongoing construction in progress projects that were converted to leases, for the fiscal years ended December 29, 2024 and December 31, 2023. There were no such payments in the fiscal year ended 2025. These payments are presented as investing activities on the consolidated statements of cash flows.