Leases

12 Months Ended

Dec. 28, 2024

Note 15. Leases

Qualitative disclosures about our leases, including the significant policy elections, can be found in Note 2, Summary of Significant Accounting Policies. The quantitative disclosures are presented below.

Lease costs incurred by lease type, and/or type of payment for Fiscal 2024, 2023 and 2022 were as follows (in thousands):


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Lease cost:
Amortization of right-of-use assets	$	260	$	1,703	$	1,705
Interest on lease liabilities		4		32		93
Operating lease cost		74,183		62,685		62,115
Short-term lease cost		10,910		3,121		2,897
Variable lease cost		40,564		37,588		33,223
Total lease cost	$	125,921	$	105,129	$	100,033

Other supplemental quantitative disclosures as of, and for, Fiscal 2024 and Fiscal 2023 were as follows (in thousands):


	Fiscal 2024		Fiscal 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from financing leases	$	4	$	32
Operating cash flows from operating leases	$	75,610	$	62,989
Financing cash flows from financing leases	$	70	$	1,819
Right-of-use assets obtained in exchange for new financing lease liabilities	$	106	$	34
Right-of-use assets obtained in exchange for new operating lease liabilities	$	93,775	$	54,997
Weighted-average remaining lease term (years):
Financing leases		3.0		1.4
Operating leases		6.2		7.3
Weighted-average IBR (percentage):
Financing leases		4.2		3.0
Operating leases		5.0		4.2

Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 28, 2024 (in thousands) were as follows:


	Operating lease liabilities			Financing lease liabilities
2025	$	90,116		$	31
2026		70,839			40
2027		62,437			19
2028		44,294			11
2029		31,025			3
Thereafter		83,277			—
Total minimum lease payments		381,988			104
Less: amount of lease payments representing interest		(59,094	)		(9	)
Present value of future minimum lease payments		322,894			95
Less: current obligations under leases		(68,440	)		(84	)
Long-term lease obligations	$	254,454		$	11

The following table details lease modifications and renewals and lease impairments (amounts in thousands):


	Fiscal 2024		Fiscal 2023
Lease modifications and renewals	$	33,221	$	33,041
Lease terminations	$	1,963	$	361

The lease modifications and renewals for Fiscal 2024 include renewals of multiple warehouse leases. For Fiscal 2023, the lease modifications and renewals include $10.6 million related to a 10 year extension for a freezer storage lease.