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Property Plant and Equipment and Intangible Assets
 3 Months Ended
Mar. 29, 2024
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 March 29, 2024 and December 29, 2023.

 

 

March 29,

 

 

December 29,

 

(In thousands)

 

2024

 

 

2023

 

Building and land

 

$

3,993

 

 

$

4,002

 

Machinery, equipment, and vehicles

 

 

70,406

 

 

 

70,250

 

Office equipment, software and construction in progress

 

 

13,402

 

 

 

9,324

 

Property, plant and equipment, gross

 

 

87,801

 

 

 

83,576

 

Accumulated depreciation

 

 

(40,707

)

 

 

(37,203

)

Property, plant and equipment, net

 

$

47,094

 

 

$

46,373

 

 

 

 

Three Months Ended

 

 

 

March 29,

 

 

March 31,

 

 

 

2024

 

 

2023

 

(In thousands)

 

 

 

 

 

 

Depreciation expense

 

$

3,700

 

 

$

3,507

 

 

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:

 

 

 

March 29, 2024

 

 

Weighted Average Remaining Useful Life

 

 

Intangible Assets, Gross

 

 

Accumulated Amortization

 

 

Intangible Assets, Net

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademark

 

 

3.8

 

 

$

10,600

 

 

$

(4,921

)

 

$

5,679

 

 

Customer contracts

 

 

2.8

 

 

 

6,373

 

 

 

(3,452

)

 

 

2,921

 

 

Total

 

 

 

 

$

16,973

 

 

$

(8,373

)

 

$

8,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company’s estimated aggregate remaining amortization is as follows:

 

 

 

Amortization

 

 

 

Expense

 

(In thousands)

 

 

 

2024

 

$

1,932

 

2025

 

 

2,577

 

2026

 

 

2,577

 

2027

 

 

1,514

 

Total

 

$

8,600