Property Plant and Equipment and Intangible Assets

12 Months Ended

Dec. 29, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5. Property, Plant and Equipment and Intangible Assets

The following table summarizes the components of property, plant and equipment as of December 29, 2023 and December 30, 2022.

	December 29, 2023			December 30, 2022
(In thousands)
Building and land	$	4,002		$	3,887
Machinery, equipment, and vehicles		70,250			67,698
Office furniture and equipment		9,324			7,891
Property, plant and equipment, gross		83,576			79,476
Accumulated depreciation		(37,203	)		(24,268	)
Property, plant and equipment, net	$	46,373		$	55,208

	Fiscal Year Ended
	December 29,		December 30,
	2023		2022
(In thousands)
Depreciation expense	$	14,338	$	13,047

Depreciation is recorded within cost of revenue and selling, general and administrative expenses and is calculated using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life.

The following table presents the Company’s finite-lived intangible assets, including the weighted- average useful lives for each major intangible asset category and in total:

	December 29, 2023
	Weighted Average Remaining Useful Life		Intangible Assets, Gross		Accumulated Amortization			Intangible Assets, Net
(In thousands)
Trademark		4	$	10,600	$	(4,543	)	$	6,057
Customer contracts		3		6,527		(3,340	)		3,187
Total			$	17,127	$	(7,883	)	$	9,244

	December 30, 2022
	Weighted Average Remaining Useful Life		Intangible Assets, Gross		Accumulated Amortization			Intangible Assets, Net
(In thousands)
Trademark		5	$	10,600	$	(3,029	)	$	7,571
Customer contracts		4		6,709		(2,236	)		4,473
Total			$	17,309	$	(5,265	)	$	12,044

Amortization of intangibles was $3 million for each of the fiscal years ended December 29, 2023 and December 30, 2022 and is recorded as amortization of intangibles within the consolidated statements of operations. The Company’s estimated aggregate remaining amortization is as follows:

	Amortization
	Expense
(In thousands)
2024	$	2,577
2025		2,577
2026		2,577
2027		1,513
Total	$	9,244

Significant Transaction

The Company executed a $35 million Membership Interest Purchase Agreement on June 30, 2023 for the sale of non-core business contracts. A gain on the sale of non-core business contracts of $30 million was recorded within gain on sale of assets after consummation of the transaction during the third quarter of 2023 after a $5 million adjustment to the purchase price. The company received $30 million in cash during the third quarter of 2023.