Leases

3 Months Ended

Mar. 28, 2025

Leases [Abstract]

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	March 28, 2025		December 31, 2024
Weighted average remaining lease term:
Operating leases	6.2 years		6.4 years
Financing leases	2.8 years		2.9 years
Weighted average discount rate:
Operating leases	4.1	%	4.1	%
Financing leases	5.2	%	5.2	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

	First Quarter
(in thousands)	2025		2024
Operating lease costs	$	6,594	$	7,789
Short-term and variable leases	2,087		3,030
Depreciation expense from financing leases	411		412
Interest expense on financing lease obligations	58		92
Total lease cost	$	9,150	$	11,323

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 28, 2025:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2025	$	20,667	$	2,160
2026	24,700		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	125,423	$	4,696
Less: Amounts representing interest	14,704		315
Present value of minimum lease principal payments	110,719		4,381
Less: Current portion of lease liabilities	23,199		2,660
Noncurrent portion of lease liabilities	$	87,520	$	1,721

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)	Operating Leases		Financing Leases
2025	$	26,799	$	2,869
2026	24,578		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	131,433	$	5,405
Less: Amounts representing interest	15,814		374
Present value of minimum lease principal payments	115,619		5,031
Less: Current portion of lease liabilities	23,257		2,685
Noncurrent portion of lease liabilities	$	92,362	$	2,346

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

	First Quarter
(in thousands)	2025		2024
Cash flows from operating activities impact:
Operating leases	$	6,243	$	7,612
Interest payments on financing lease obligations	58		92
Total cash flows from operating activities impact	$	6,301	$	7,704
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	650	$	601
Total cash flows from financing activities impact	$	650	$	601

Leases

Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

	March 28, 2025		December 31, 2024
Weighted average remaining lease term:
Operating leases	6.2 years		6.4 years
Financing leases	2.8 years		2.9 years
Weighted average discount rate:
Operating leases	4.1	%	4.1	%
Financing leases	5.2	%	5.2	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

	First Quarter
(in thousands)	2025		2024
Operating lease costs	$	6,594	$	7,789
Short-term and variable leases	2,087		3,030
Depreciation expense from financing leases	411		412
Interest expense on financing lease obligations	58		92
Total lease cost	$	9,150	$	11,323

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 28, 2025:

(in thousands)	Operating Leases		Financing Leases
Remainder of 2025	$	20,667	$	2,160
2026	24,700		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	125,423	$	4,696
Less: Amounts representing interest	14,704		315
Present value of minimum lease principal payments	110,719		4,381
Less: Current portion of lease liabilities	23,199		2,660
Noncurrent portion of lease liabilities	$	87,520	$	1,721

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2024:

(in thousands)	Operating Leases		Financing Leases
2025	$	26,799	$	2,869
2026	24,578		1,233
2027	21,101		338
2028	16,427		345
2029	15,046		352
Thereafter	27,482		268
Total minimum lease payments including interest	$	131,433	$	5,405
Less: Amounts representing interest	15,814		374
Present value of minimum lease principal payments	115,619		5,031
Less: Current portion of lease liabilities	23,257		2,685
Noncurrent portion of lease liabilities	$	92,362	$	2,346

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:

	First Quarter
(in thousands)	2025		2024
Cash flows from operating activities impact:
Operating leases	$	6,243	$	7,612
Interest payments on financing lease obligations	58		92
Total cash flows from operating activities impact	$	6,301	$	7,704
Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	650	$	601
Total cash flows from financing activities impact	$	650	$	601