Leases (Tables)

3 Months Ended

Mar. 29, 2025

Lease, Cost

The components of lease cost for finance leases and operating leases for the thirteen weeks ended March 29, 2025 were (in thousands):

Finance leases:
Amortization of right-of-use assets	$	4,297
Interest on lease liability		1,188
Total finance lease cost		5,485
Operating leases:
Lease cost		966
Variable lease cost		—
Sublease income		(1,359	)
Total net operating lease income		(393	)
Total net lease cost	$	5,092

Components of Lease Cost for Finance Leases and Operating Leases

A summary of the lease classification on the Company’s consolidated balance sheet as of March 29, 2025 is as follows (in thousands):

Assets:

Operating lease right-of-use assets	Other assets	$	983
Finance lease assets	Operating property, less accumulated depreciation and amortization		127,413
Total lease assets		$	128,396

Classification on our Consolidated Balance Sheet

The following table reconciles the undiscounted cash flows for the finance and operating leases to the finance and operating lease liabilities recorded on the balance sheet at March 29, 2025 (in thousands):

	Finance Leases		Operating Leases
2025 Remainder	$	27,951	$	405
2026		30,037		295
2027		19,226		262
2028		15,309		94
2029		10,920		—
Thereafter		—		—
Total future minimum lease payments		103,443		1,056
Less amount representing interest (1.6% to 6.4%)		9,475		73
Present value of minimum lease payments	$	93,968	$	983
Current maturities of long-term debt		32,024
Long-term debt, excluding current maturities		61,944
Other current liabilities				467
Deferred income taxes and other noncurrent liabilities				516

Undiscounted Cash Flows for the Finance and Operating Leases

The weighted average remaining lease term and the weighted average discount rate for finance and operating leases as of March 29, 2025 were:

	Finance Leases			Operating Leases
Weighted average remaining lease term (years)		3.6			2.5
Weighted average discount rate		4.9	%		5.5	%