Leases

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Leases

LEASES

General

The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, vehicles, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option.

As of December 29, 2024, there were no significant leases that had not commenced.

The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 29, 2024 and December 31, 2023:

	December 29, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	76,815			$	87,519
Current portion of operating lease liabilities	$	12,296			$	12,347
Operating lease liabilities	68,092				78,269
Total operating lease liabilities	$	80,388			$	90,616
Property, plant and equipment, net			$	8,079			$	7,236
Accrued expenses			$	2,657			$	2,587
Other long-term liabilities			5,797				5,035
Total finance lease liabilities			$	8,454			$	7,622

Lease Costs

	Fiscal Year
	2024		2023		2022
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	3,079	$	2,808	$	2,238
Interest on lease liabilities	457		319		164
Operating lease cost	19,495		18,850		18,916
Short-term lease cost	827		1,143		849
Variable lease cost	2,824		2,509		2,692
Total lease cost	$	26,682	$	25,629	$	24,859

Other Supplemental Information

	Fiscal Year
	2024		2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	431	$	237	$	128
Operating cash flows from operating leases	17,246		15,552		18,080
Financing cash flows from finance leases	2,913		2,419		2,089
Right-of-use assets obtained in exchange for new finance lease liabilities	3,993		3,612		3,436
Right-of-use assets obtained in exchange for new operating lease liabilities	4,598		15,561		9,307

Lease Term and Discount Rate

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 29, 2024 and December 31, 2023:

	End of Fiscal Year
	2024		2023
Weighted-average remaining lease term – finance leases (in years)	3.61		3.70
Weighted-average remaining lease term – operating leases (in years)	7.68		8.29
Weighted-average discount rate – finance leases	6.44	%	5.51	%
Weighted-average discount rate – operating leases	6.39	%	6.25	%

Maturity Analysis

A maturity analysis of lease payments under non-cancellable leases is presented as follows:

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2025	$	16,724	$	3,096
2026	16,746		2,597
2027	13,863		2,018
2028	11,077		1,151
2029	9,506		504
Thereafter	34,706		146
Total future minimum lease payments (undiscounted)	102,622		9,512
Less: Present value discount	(22,234)		(1,058)
Total lease liabilities	$	80,388	$	8,454

Leases

LEASES

General

The Company has operating and finance leases for manufacturing equipment, corporate offices, showrooms, vehicles, distribution facilities, design centers, as well as computer and office equipment. The Company’s leases have terms ranging from 1 to 20 years, some of which may include options to extend the lease term for up to 5 years, and certain leases may include an option to terminate the lease. Our lease accounting may include these options to extend or terminate a lease when it is reasonably certain that we will exercise that option.

As of December 29, 2024, there were no significant leases that had not commenced.

The table below represents a summary of the balances recorded in the consolidated balance sheets related to the Company’s leases as of December 29, 2024 and December 31, 2023:

	December 29, 2024				December 31, 2023
Balance Sheet Location	Operating Leases		Finance Leases		Operating Leases		Finance Leases
	(in thousands)
Operating lease right-of-use assets	$	76,815			$	87,519
Current portion of operating lease liabilities	$	12,296			$	12,347
Operating lease liabilities	68,092				78,269
Total operating lease liabilities	$	80,388			$	90,616
Property, plant and equipment, net			$	8,079			$	7,236
Accrued expenses			$	2,657			$	2,587
Other long-term liabilities			5,797				5,035
Total finance lease liabilities			$	8,454			$	7,622

Lease Costs

	Fiscal Year
	2024		2023		2022
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	3,079	$	2,808	$	2,238
Interest on lease liabilities	457		319		164
Operating lease cost	19,495		18,850		18,916
Short-term lease cost	827		1,143		849
Variable lease cost	2,824		2,509		2,692
Total lease cost	$	26,682	$	25,629	$	24,859

Other Supplemental Information

	Fiscal Year
	2024		2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	431	$	237	$	128
Operating cash flows from operating leases	17,246		15,552		18,080
Financing cash flows from finance leases	2,913		2,419		2,089
Right-of-use assets obtained in exchange for new finance lease liabilities	3,993		3,612		3,436
Right-of-use assets obtained in exchange for new operating lease liabilities	4,598		15,561		9,307

Lease Term and Discount Rate

The table below presents the weighted average remaining lease terms and discount rates for finance and operating leases as of December 29, 2024 and December 31, 2023:

	End of Fiscal Year
	2024		2023
Weighted-average remaining lease term – finance leases (in years)	3.61		3.70
Weighted-average remaining lease term – operating leases (in years)	7.68		8.29
Weighted-average discount rate – finance leases	6.44	%	5.51	%
Weighted-average discount rate – operating leases	6.39	%	6.25	%

Maturity Analysis

A maturity analysis of lease payments under non-cancellable leases is presented as follows:

Fiscal Year	Operating Leases		Finance Leases
	(in thousands)
2025	$	16,724	$	3,096
2026	16,746		2,597
2027	13,863		2,018
2028	11,077		1,151
2029	9,506		504
Thereafter	34,706		146
Total future minimum lease payments (undiscounted)	102,622		9,512
Less: Present value discount	(22,234)		(1,058)
Total lease liabilities	$	80,388	$	8,454