LEASES

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

LEASES

(20) LEASES

The Company has operating leases for plant locations, corporate offices, sales offices, and certain equipment. Outstanding leases as of December 30, 2023 have remaining lease terms of one year to twenty-three years, some of which include options to extend leases for up to ten years. The Company does not have any financing leases. The Company elected to not separate lease and non-lease components for all classes of underlying assets.

The Company determines if an arrangement is a lease at inception. Operating leases are included in “Other non-current assets”, “Other accrued expenses”, and “Operating lease liabilities” in the Consolidated Balance Sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company used its collateralized incremental borrowing rate in determining the present value of future lease payments. The operating lease ROU assets are adjusted for any lease payments made, lease incentives, and impairments. The lease terms for some of the Company’s facility leases include options to extend the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

Lease cost and other information related to the Company’s operating leases as of and for the fiscal year ended December 30, 2023 and December 31, 2022 were as follows:

	December 30,			December 31,
	2023			2022
Operating lease cost	$	33,714		$	31,062
Operating cash outflows from operating leases	$	34,967		$	33,150
ROU assets obtained in exchange for lease obligations	$	25,688		$	27,480
Weighted average remaining lease term		16 years			17 years
Weighted average discount rate		4.4	%		4.2	%

Operating lease cost includes approximately $1,900 for short-term lease costs and approximately $4,800 for variable lease payments in fiscal 2023.

Supplemental balance sheet information related to operating leases as of December 30, 2023 and December 31, 2022 was as follows:

		December 30,		December 31,
	Classification	2023		2022
Operating lease assets	Other non-current assets	$	171,616	$	162,930
Operating lease short-term liabilities	Other accrued expenses		19,553		16,857
Operating lease long-term liabilities	Operating lease liabilities		162,743		155,469
Total lease liabilities		$	182,296	$	172,326

Minimum lease payments under operating leases expiring subsequent to December 30, 2023 are as follows:

Fiscal year ending:
2024	$	27,924
2025		26,507
2026		22,613
2027		17,288
2028		15,384
Subsequent		140,573
Total minimum lease payments		250,289
Less: Interest		67,993
Present value of minimum lease payments	$	182,296