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Gain on Sale Leaseback
9 Months Ended
Oct. 28, 2023
Leases [Abstract]  
Gain on Sale Leaseback

Note 10—Gain on Sale Leaseback

During the third quarter of fiscal 2024, the Company completed a sale and leaseback transaction for its Hudson Facility for a sale price of $34.5 million. The transaction qualified as a completed sale under the sale leaseback accounting requirements and the Company recorded a gain of $12.1 million. The cash proceeds from the sale, before income taxes and net of transaction fees, were $33.2 million. Net after tax proceeds from the sale will be used to invest in assets for the business. The lease related to this transaction is classified as an operating lease and has an initial lease term of 5 years and three 5-year extension options.