LEASES

12 Months Ended

Dec. 28, 2024

Leases [Abstract]

LEASES

(19) LEASES

The Company is a lessee in noncancellable operating leases for plant locations, corporate and sales offices, and certain equipment. The Company does not have any finance leases. At the inception of a contract, or when an existing contract is modified, the Company determines if the arrangement constitutes a lease based on whether it conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from, and has the ability to direct the use of, the asset.

At lease commencement, the Company recognizes a lease liability and a ROU asset, based on the present value of lease payments over the lease term. ROU assets represent the right to use the underlying asset for the lease term, while lease liabilities represent the Company’s obligation to make lease payments. The Company uses its collateralized incremental borrowing rate to calculate the present value of future lease payments. ROU assets are adjusted for any lease payments, incentives, or impairments. Lease costs are recognized on a straight-line basis over the lease term.

The Company has elected not to separate lease and non-lease components in all asset classes and does not recognize ROU assets and lease liabilities for short-term leases with a term of 12 months or less. As of December 28, 2024, the remaining terms of the Company’s operating leases range from one year to twenty-two years, with certain leases offering renewal options of up to ten years. For facilities where lease terms include renewal options that are reasonably certain to be exercised, the extended term is included in the lease term.

The following table provides supplemental balance sheet information related to operating leases as of December 28, 2024 and December 30, 2023:

	Consolidated Balance	December 28,		December 30,
	Sheets location	2024		2023
Operating lease ROU assets	Other non-current assets	$	146,916	$	171,616
Current portion of operating lease liabilities	Other accrued expenses		22,446		19,553
Long-term operating lease liabilities	Operating lease liabilities		134,534		162,743
Total operating lease liabilities		$	156,980	$	182,296

Lease costs and other information related to the Company’s operating leases as of and for the fiscal years ended December 28, 2024 and December 30, 2023 were as follows:

	December 28,		December 30,
	2024		2023
Operating lease cost	$	30,154	$	33,714
Operating cash outflows from operating leases	$	29,603	$	34,967
ROU assets obtained in exchange for lease liabilities		10,613		25,688
Weighted-average remaining lease term		13 yrs		16 yrs
Weighted-average discount rate		4.6%		4.4%

Operating lease cost includes approximately $1,800 for short-term lease costs and approximately $5,900 for variable lease payments in fiscal 2024.

Maturities of operating lease liabilities as of December 28, 2024 were as follows:

2025	$	28,982
2026		25,062
2027		19,934
2028		15,658
2029		12,384
Thereafter		111,078
Total lease payments		213,098
Less: Present value adjustment		56,118
Present value of lease liabilities	$	156,980