Leases

12 Months Ended

Dec. 27, 2024

Leases [Abstract]

Leases

LEASES

The Company leases offices, facilities and equipment in locations throughout the United States, Asia Pacific and EMEA. The Company’s leases do not provide an implicit rate; thus, the Company uses an estimated incremental borrowing rate in determining the present value of lease payments. Renewal options are typically solely at our discretion and are only included within the lease obligation and right-of-use asset when we are reasonably certain that the renewal options would be exercised. The components of lease expense were summarized as follows:

	Year Ended
(Dollars in millions)	December 27, 2024			December 29, 2023
Operating lease cost	$	32.1		$	25.6
Short-term lease cost	2.5			2.7
Sublease income	(0.8)			(0.4)
Total lease cost	$	33.8		$	27.9
Operating cash flows used in operating leases	$	29.9		$	24.0
Weighted-average remaining lease term – operating leases	9.8 years			10.1 years
Weighted-average discount rate – operating leases	7.2		%	6.7		%

Future minimum payments under operating leases as of December 27, 2024 were summarized as follows:

(In millions)	Operating Leases
2025	$	29.9
2026	25.8
2027	25.2
2028	22.5
2029	21.4
Thereafter	116.0
Total minimum lease payments	240.8
Less: imputed interest	(73.0)
Lease liability	$	167.8