0001710155-24-000018 | 10-K | XBRL Viewer | National Vision Holdings INC

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Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 30, 2023 USD ($) plan installment $ / shares shares	Dec. 31, 2022 $ / shares shares	Jan. 01, 2022 USD ($) shares	Jan. 02, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of award plans \| plan	3
Common stock, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Performance-based options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Options, vested (in shares)	0	0	0
Options exercised (in shares)	0
Aggregate intrinsic value of options exercised \| $			$ 0.0	$ 37.3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 22.2
RSUs \| Vesting in three installments beginning on first anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal vesting installments \| installment	3
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 14.1
Remaining requisite service period (in years)	3 years
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	4,000,000
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	10,988,827
Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards contractual life (in years)	10 years
Associate stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	850,000

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Commitments and Contingencies - Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Movement in Product Warrant Liability Accounts
Beginning balance	$ 2,183	$ 2,063
Accrued obligation	37,135	36,100
Claims paid	(36,855)	(35,980)
Ending balance	$ 2,463	$ 2,183

Business and Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity	$ 829,418	$ 901,113	$ 925,980	$ 906,502
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity	254,616	320,517	278,395	142,880
Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity	$ 788,967	$ 767,112	$ 750,478	795,697
Effect of adoption of new accounting standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity				(64,114)
Effect of adoption of new accounting standard \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity				7,271
Effect of adoption of new accounting standard \| Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity				(71,385)
ASU No. 2020-06 \| Effect of adoption of new accounting standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible debt discount				(18,800)
ASU No. 2020-06 \| Effect of adoption of new accounting standard \| 2025 Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized discount				82,900
ASU No. 2020-06 \| Effect of adoption of new accounting standard \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity				7,300
ASU No. 2020-06 \| Effect of adoption of new accounting standard \| Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders equity				$ (71,400)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2023 and 2022 are as follows:


	As of December 30, 2023				As of December 31, 2022
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment	$	736,901	$	(19,357)	$	736,901	$	(19,357)
Legacy Segment	60,069		(60,069)		60,069		—
Corporate/Other	8,107		(8,107)		8,107		(8,107)
	$	805,077	$	(87,533)	$	805,077	$	(27,464)

The Owned & Host Segment’s goodwill contains $606.5 million related to America’s Best and $111.1 million related to Eyeglass World. Accumulated goodwill impairment relates to our Legacy, Fred Meyer, Military and AC Lens reporting units.

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of December 30, 2023		As of December 31, 2022
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

We intend to maintain our trademarks; renewals will take place as needed.

Finite-lived, amortizing intangible assets by major asset class are as shown in the following table. We remove assets from the table below once they are fully amortized.


	As of December 30, 2023					As of December 31, 2022
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)
Contracts and relationships:
Legacy(1)	$	345	$	(247)	0	$	65,000	$	(52,080)	2
Fred Meyer	35,000		(14,915)		13	35,000		(13,389)		14
Other	151		(62)		2	897		(759)		3
	$	35,496	$	(15,224)		$	100,897	$	(66,228)

(1)We recognized an impairment of $9.1 million on the Legacy contracts and relationships in fiscal year 2023. The gross carrying amount shown for this asset as of December 30, 2023 reflects the fair value as of the impairment testing date.

We extended our relationship with Fred Meyer in fiscal year 2022. Refer to Note 2. “Termination of Walmart Partnership” for more information on our relationship with Walmart. We intend to maintain our intangible assets. We amortized $5.3 million, $7.5 million, and $7.5 million in 2023, 2022, and 2021, respectively.

Aggregate amortization expense is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2024	$	1,675
2025	1,563
2026	1,525
2027	1,525
2028	1,525
Thereafter	12,459
	$	20,272

Business and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Net revenue reduction for variable considerations	$ 17.3	$ 14.8	$ 10.2
Minimum
Disaggregation of Revenue [Line Items]
Delivery time used in period end unearned revenue calculation	7 days
Maximum
Disaggregation of Revenue [Line Items]
Delivery time used in period end unearned revenue calculation	10 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share - Reconciliation of Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ (65,901)	$ 42,122	$ 128,244
After-tax interest expense for 2025 Notes	0	0	9,483
Numerator for diluted EPS	$ (65,901)	$ 42,122	$ 137,727
Weighted average shares outstanding for basic EPS (in shares)	78,313	79,831	81,820
Effect of dilutive securities:
Stock options (in shares)	0	190	919
Restricted Stock (in shares)	0	277	483
2025 Notes (in shares)	0	0	12,912
Weighted average shares outstanding for diluted EPS (in shares)	78,313	80,298	96,134
Basic EPS (in usd per share)	$ (0.84)	$ 0.53	$ 1.57
Diluted EPS (in usd per share)	$ (0.84)	$ 0.52	$ 1.43
Options, RSUs, and 2025 Notes
Effect of dilutive securities:
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	12,796	13,282	94

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Operating Leases
2024	$ 96,270
2025	108,628
2026	87,129
2027	72,277
2028	52,762
Thereafter	118,181
Total lease liabilities	535,247
Less: Interest	73,041
Present value of lease liabilities	462,206
Finance Leases
2024	4,129
2025	4,625
2026	4,252
2027	3,379
2028	1,973
Thereafter	1,091
Total lease liabilities	19,449
Less: Interest	3,382
Finance lease obligations	16,067	$ 21,294
Operating lease payments related to reasonably certain option extensions included in total lease payments	33,300
Finance lease payments related to reasonably certain option extensions included in total lease payments	1,100
Minimum lease payments for leases signed but not yet commenced excluded from lease liability	$ 35,300

Business and Significant Accounting Policies - Leases (Details) - Stores, laboratories, distribution centers, offices	12 Months Ended
	Dec. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	5 years
Renewal terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	10 years
Renewal terms (in years)	10 years

Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Total net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue	1,970,509	1,843,796	1,908,221
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue	$ 155,959	$ 161,608	$ 171,304

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 62.1	$ 65.2

Long-term Debt - Interest Expense (Details) - 2025 Notes - Convertible senior notes - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 9,747	$ 10,062	$ 10,063
Amortization of issuance costs	$ 2,293	$ 2,283	$ 2,213

- Definition

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Balance Sheets

In Thousands, Except Par Value


	As of December 30, 2023		As of December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	233	$	841

Prepaid expenses and other current assets	—		—
Total current assets	233		841

Deferred income taxes	10,245		7,844
Investment in subsidiary	1,201,291		1,368,303

Total noncurrent assets	1,211,536		1,376,147
Total assets	$	1,211,769	$	1,376,988

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Other payables and accrued expenses	$	1,130	$	1,336

Long-term debt, less current portion and debt discount	300,000		396,801
Noncurrent liabilities:
Other liabilities	81,221		77,738

Total other noncurrent liabilities	81,221		77,738

Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 84,831 and 84,273 shares issued as of December 30, 2023 and December 31, 2022, respectively; 78,311 and 78,992 shares outstanding as of December 30, 2023 and December 31, 2022, respectively	848		842
Additional paid-in capital	788,967		767,112
Accumulated other comprehensive loss	(419)		(1,179)
Retained earnings	254,616		320,517
Treasury stock, at cost; 6,520 and 5,281 shares as of December 30, 2023 and December 31, 2022, respectively	(214,594)		(186,179)
Total stockholders’ equity	829,418		901,113
Total liabilities and stockholders’ equity	$	1,211,769	$	1,376,988

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. And Subsidiaries (Parent Company Only)

Condensed Statements of Operations and Comprehensive Income

In Thousands


	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Total net revenue	$	—	$	—	$	—
Total costs applicable to revenue	—		—		—
Total operating expenses	214		266		256
Interest expense, net	12,040		12,345		12,275
Loss on extinguishment of debt	599		—		—
Earnings (loss) before income taxes	(12,853)		(12,611)		(12,531)
Income tax provision (benefit)	(2,401)		(2,869)		(2,898)
Earnings (loss) before equity in net income of subsidiaries	(10,452)		(9,742)		(9,633)
Net income (loss) of subsidiaries	(55,449)		51,864		137,877
Net income (loss)	$	(65,901)	$	42,122	$	128,244

Comprehensive income:
Net income (loss)	$	(65,901)	$	42,122	$	128,244
Unrealized gain on hedge instruments	1,019		1,020		6,158
Tax provision of unrealized gain on hedge instruments	259		259		3,698
Comprehensive income (loss)	$	(65,141)	$	42,883	$	130,704

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Statements of Cash Flows

In Thousands


	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Cash flows from operating activities
Net cash provided by operating activities	$	(6,780)	$	(9,744)	$	16,530
Cash flows from investing activities
Dividend from (investment in) subsidiary	132,443		89,550		46,600
Net cash provided by (used for) investing activities	132,443		89,550		46,600
Cash flows from financing activities
Repayments on long-term debt	(99,250)		(4)		—
Borrowings on long-term debt, net of discounts	—		—		—
Proceeds from issuance of common stock	1,837		3,744		11,838
Purchase of treasury stock	(28,415)		(84,388)		(73,295)
Payments of debt issuance costs	(443)		—		—
Net cash provided by (used for) financing activities	(126,271)		(80,648)		(61,457)
Net change in cash and cash equivalents	(608)		(842)		1,673
Cash and cash equivalents, beginning of year	841		1,683		10
Cash and cash equivalents, end of year	$	233	$	841	$	1,683

The accompanying notes are an integral part of these condensed financial statements.

1. Basis of Presentation

National Vision Holdings, Inc. (“NVHI,” or the “Company”) conducts substantially all of its activities through its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and its subsidiaries. NVHI was incorporated in Delaware on February 14, 2014 under the name Nautilus Parent, Inc. There were no financial transactions between the inception date and March 13, 2014, the date the majority ownership of NVI was transferred from private equity funds managed by Berkshire Partners LLC to affiliates of Kohlberg Kravis Roberts & Co. L.P. In October 2017, we completed the initial public offering of our common stock. By August 2019, each of KKR and Berkshire had sold their remaining holdings of our common stock. In the parent-company-only financial statements, NVHI’s investment in subsidiaries is stated at cost, plus equity in undistributed earnings of subsidiaries since the date of acquisition, less dividends. The parent-company-only financial statements should be read in conjunction with the NVHI consolidated financial statements.

In May 2020, the Company issued $402.5 million principal amount of 2.50% convertible senior notes due 2025. The 2025 Notes pay interest semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2020, at an annual rate of 2.50% and are convertible into cash, shares of common stock or a combination of cash and shares of common stock, at our election, based on the applicable conversion rate at such time. NVHI contributed the proceeds from the 2025 Notes to NVI as additional investments during the fiscal year 2020. See Note 5. “Long-term Debt” to the NVHI consolidated financial statements for details of the 2025 Notes, including information on a repurchase of $100.0 million aggregate principal amount of our 2025 Notes in November 2023.

2. Guarantees and Restrictions

As of December 30, 2023, NVI had $146.3 million of principal amount of long-term debt outstanding under its Term Loan A and no outstanding cash borrowings under its $300.0 million Revolving Loans, which includes $6.4 million in outstanding letters of credit.

Under the terms of NVI’s amended credit agreement, provided no event of default has occurred and is continuing, NVI is permitted to pay dividends to NVHI with certain restrictions.

Details of Certain Balance Sheet Accounts - Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Other payables and accrued expenses:
Associate compensation and benefits	$ 62,614	$ 37,451
Self-insurance liabilities	9,139	8,744
Capital expenditures	5,412	9,594
Advertising	6,446	3,811
Reserves for customer returns and remakes	9,093	7,676
Legacy management & services agreement	6,068	6,488
Income tax payable	1,863	103
Supplies and other store support expenses	5,434	4,215
Other	17,219	16,143
Other payables and accrued expenses	$ 123,288	$ 94,225

Long-term Debt - 2025 Notes Narrative (Details) $ / shares in Units, common_share in Millions		1 Months Ended	3 Months Ended		12 Months Ended
	May 12, 2020 USD ($)	May 31, 2020 USD ($) common_share $ / shares	Jan. 01, 2022 USD ($)	Jul. 03, 2021 USD ($)	Dec. 30, 2023 USD ($) day common_share	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Nov. 14, 2023 USD ($)	Apr. 03, 2021	Jan. 02, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 599,000	$ 0	$ 0
Convertible senior notes \| 2025 Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 402,500,000			$ 402,500,000
Stated interest rate (percent)		2.50%
Proceeds from convertible debt		$ 390,900,000
Debt issuance costs		$ 11,600,000
Threshold stock price trigger (percent)					130.00%
Threshold trading days for conversion price metric \| day					20
Threshold consecutive trading days for conversion price measurement \| day					30
Threshold consecutive business days after measurement period \| day					5
Threshold consecutive trading days for measurement period \| day					10
Principal amount per note					$ 1,000
Trading price compared to factor of last reported sale price by conversion rate (percent)					98.00%
Conversion ratio		0.0320783
Conversion price (in usd per share) \| $ / shares		$ 31.17
Number of shares of common stock reserved for conversion of debt (in shares) \| common_share		12.9			9.7
Effective interest rate (percent)									3.20%	9.10%
Repurchased face amount								$ 100,000,000
Repurchase amount								$ 99,300,000
Loss on extinguishment of debt					$ 600,000
Write off of deferred debt issuance costs					900,000
Third-party fees					$ 400,000
Remaining period for the unamortized debt issuance costs (in years)					1 year
Convertible senior notes \| 2025 Notes \| Maximum
Debt Instrument [Line Items]
Number of shares of common stock reserved for conversion of debt (in shares) \| common_share		16.5			12.4
Credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of revolving credit facility	$ 294,300,000
Term loan \| Term Loan A, due June 13, 2028
Debt Instrument [Line Items]
Repayment of term loan	75,000,000
Write off of deferred debt issuance costs			$ 300,000	$ 700,000
Term loan \| Term loan
Debt Instrument [Line Items]
Aggregate principal amount	$ 420,000,000

Deferred Revenue - Current and Non-current Balances (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 62,867	$ 62,201
Deferred revenue, noncurrent	21,459	21,601
Deferred revenue	84,326	83,802	$ 88,491
Product Protection Plans
Disaggregation of Revenue [Line Items]
Deferred revenue, current	36,113	34,808
Deferred revenue, noncurrent	306	311
Deferred revenue	36,419	35,119	38,639
Eye Care Clubs
Disaggregation of Revenue [Line Items]
Deferred revenue, current	26,754	27,393
Deferred revenue, noncurrent	21,153	21,290
Deferred revenue	$ 47,907	$ 48,683	$ 49,852

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Termination of Walmart Partnership - Other Payables and Accrued Expenses (Details) - Termination of Walmart Partnership $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Expenses recognized during the period	$ 86,661
Employee compensation benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0
Expenses recognized during the period	5,666
Expenses paid during the period	(442)
Ending balance	$ 5,224

Audit Information	12 Months Ended
Audit Information	Dec. 30, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, GA
Auditor Firm ID	34

Goodwill and Intangible Assets - Goodwill Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross Carrying Amount	$ 805,077	$ 805,077
Accumulated Impairment	(87,533)	(27,464)
Owned & Host Segment
Goodwill [Line Items]
Gross Carrying Amount	736,901	736,901
Accumulated Impairment	(19,357)	(19,357)
Legacy Segment
Goodwill [Line Items]
Gross Carrying Amount	60,069	60,069
Accumulated Impairment	(60,069)	0
Corporate/Other
Goodwill [Line Items]
Gross Carrying Amount	8,107	8,107
Accumulated Impairment	$ (8,107)	$ (8,107)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Business and Significant Accounting Policies - Nature of Operations (Details)	Dec. 30, 2023 store storeBrand	Dec. 31, 2022 store
Accounting Policies [Abstract]
Number of retail optical locations \| store	1,413	1,354
Number of store brands \| storeBrand	5

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance for NOL carry-forwards not likely to be realized	$ 18,100
Valuation allowances	5,760	$ 3,522
Deferred tax asset associated with equity method non-consolidated investee	900
Professional Corprations
Operating Loss Carryforwards [Line Items]
Valuation allowances	3,800
U.S. federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards	21,700
NOL carryforwards not subject to expiration	21,600
NOL carryforwards expiring at end of fiscal year 2037	100
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Valuation allowances	200
Tax credit carryforward	$ 300

Details of Certain Balance Sheet Accounts - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 149,896	$ 229,425	$ 305,800
Restricted cash included in other assets	1,131	1,199	1,076
Total cash, cash equivalents and restricted cash	$ 151,027	$ 230,624	$ 306,876	$ 375,159

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2023		Fiscal Year 2022
Beginning of year balance	$	2,183	$	2,063
Accrued obligation	37,135		36,100
Claims paid	(36,855)		(35,980)
End of year balance	$	2,463	$	2,183

Business and Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Abstract]
Advertising expenses	$ 139.9	$ 141.4	$ 149.6

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities:
Net income (loss)	$ (65,901)	$ 42,122	$ 128,244
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	98,252	99,956	97,089
Amortization of debt discount and deferred financing costs	3,351	3,314	4,321
Amortization of cloud computing implementation costs	3,170	6,012	4,714
Asset impairment	82,413	5,783	4,427
Deferred income tax expense (benefit)	(5,989)	11,024	16,701
Stock-based compensation expense	20,174	13,512	14,886
Losses (gains) on change in fair value of derivatives	(1,274)	(16,377)	(3,286)
Inventory adjustments	3,707	2,371	2,481
Other	3,891	2,122	94
Changes in operating assets and liabilities:
Accounts receivable	(7,817)	(24,816)	1,182
Inventories	(457)	(1,860)	(14,876)
Operating lease right of use assets and liabilities	524	859	(41)
Other assets	(3,171)	(10,268)	(11,170)
Accounts payable	2,280	945	(530)
Deferred and unearned revenue	7,401	6,655	6,002
Other liabilities	32,479	(22,156)	8,700
Net cash provided by operating activities	173,033	119,198	258,938
Cash flows from investing activities:
Purchase of property and equipment	(114,774)	(113,547)	(95,515)
Other	(1,048)	2,653	2,618
Net cash provided by (used for) investing activities	(115,822)	(110,894)	(92,897)
Cash flows from financing activities:
Borrowings on long-term debt, net of discounts	0	0	0
Repayments on long-term debt	(103,000)	(4)	(167,375)
Proceeds from issuance of common stock	1,837	3,744	11,838
Purchase of treasury stock	(28,415)	(84,388)	(73,295)
Payments of debt issuance costs	(3,312)	0	(900)
Payments on finance lease obligations	(3,918)	(3,908)	(4,592)
Net cash used for financing activities	(136,808)	(84,556)	(234,324)
Net change in cash, cash equivalents and restricted cash	(79,597)	(76,252)	(68,283)
Cash, cash equivalents and restricted cash, beginning of year	230,624	306,876	375,159
Cash, cash equivalents and restricted cash, end of year	151,027	230,624	306,876
Supplemental cash flow disclosure information:
Cash paid for interest	11,735	16,940	24,897
Cash paid for taxes	7,571	7,481	10,428
Capital expenditures accrued at the end of the period	$ 5,412	$ 9,594	$ 10,571

Business and Significant Accounting Policies - Goodwill, Intangible Assets and Investment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Equity investment			$ 0
Investments				$ 900,000
Investments, subsequent, milestone payment				$ 900,000
Investments, maximum milestone payment amount	$ 1,500,000
Investee
Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of equity method investments		$ 2,700,000	2,400,000
Gain on sale of equity method investment		$ 2,700,000	$ 2,400,000

Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of December 30, 2023		As of December 31, 2022
Property and equipment, net:
Land and building	$	3,736	$	3,770
Equipment	287,983		257,661
Information technology hardware and software	131,954		151,562
Furniture and fixtures	77,890		71,932
Leasehold improvements	323,524		285,505
Construction in progress	29,643		36,099
Right of use assets under finance leases	36,219		36,219
	890,949		842,748
Less: Accumulated depreciation	(528,386)		(482,973)
	$	362,563	$	359,775

Schedule of Business Insurance Recoveries

Estimated recoveries from reinsurance as of fiscal year end 2023 and 2022 are shown in the following table.


In thousands		Balance Sheet Classification	As of December 30, 2023		As of December 31, 2022
	Current portion	Prepaid Expenses and Other Current Assets	$	990	$	1,047
	Noncurrent portion	Other Assets	1,549		2,125
Total estimated recoveries from reinsurance			$	2,539	$	3,172

Business and Significant Accounting Policies

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Business and Significant Accounting Policies

Nature of Operations

National Vision Holdings, Inc. (“NVHI,” the “Company,” “we,” “our,” or “us”) is a holding company whose operating subsidiaries include its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and NVI’s direct wholly owned subsidiaries. We are a leading value retailer of eyeglasses and contact lenses in the United States (“U.S”). We operated 1,413 and 1,354 retail optical locations in the U.S. and its territories as of the fiscal years ended December 30, 2023 and December 31, 2022, respectively, through our five store brands, including America’s Best Contacts and Eyeglasses (“America’s Best”), Eyeglass World, Vista Optical locations on select U.S. Army/Air Force military bases (“Military”) and within select Fred Meyer stores, and our management & services arrangement with Walmart (“Legacy”). Refer to Note 2. “Termination of Walmart Partnership” for developments related to the Walmart exit.

We sell eyeglasses, contact lenses and optical accessory products to retail customers through proprietary retail web sites and web sites on behalf of certain independent retailers and insurance companies. We also distribute contact lenses to Walmart and Sam’s Club store locations.

We also operate a specialized health maintenance organization (“HMO”) that is licensed as a single-service health plan under California law. The HMO issues individual vision plans in connection with our America’s Best operations in California, and until February 23, 2024, provided, or arranged for the provision of, optometric services at the offices next to certain Walmart stores throughout California.

Fiscal Year

We operate on a retail fiscal calendar that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to December 31. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters include 13 weeks of operations and the fourth quarter includes 14 weeks of operations.

References herein to “fiscal year 2023”, “fiscal year 2022” and “fiscal year 2021,” relate to the 52 weeks ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years.

Basis of Presentation and Principles of Consolidation

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include our accounts and those of our subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation.

The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation. As of December 30, 2023, the variable interest entities include 32 professional corporations. The total assets of the consolidated VIEs included in the accompanying Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022, were $8.3 million and $7.9 million, respectively, and the total liabilities of the consolidated VIEs were $9.8 million and $8.3 million, respectively.

Certain fiscal year 2022 and fiscal year 2021 amounts within the Consolidated Statements of Cash Flows and footnotes to the financial statements have been reclassified to conform to the fiscal year 2023 presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Share Repurchases

Effective November 8, 2021, the Company’s Board of Directors (the “Board”) authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company's common stock. On November 29, 2021, the Board authorized an increase from $50 million to $100 million in aggregate amount of shares of the Company’s

common stock that may be repurchased under the Company’s current share repurchase program. On February 23, 2022, our Board of Directors authorized a $100 million increase to the share repurchase authorization, for a total authorization of $200 million. During fiscal years 2023, 2022, and 2021, the Company repurchased 1.1 million shares of its common stock for $25.0 million, 2.7 million shares of its common stock for $80.0 million, and 1.4 million shares of its common stock for $69.9 million, respectively, under the share repurchase program. The Company’s original share repurchase authorization expired on December 30, 2023, and had remaining capacity of $25 million. Effective February 23, 2024, the Board authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company’s common stock until January 3, 2026. The authorization permits the Company to make purchases of its common stock from time to time in the open market or privately negotiated transactions, and pursuant to pre-set trading plans meeting the requirements of all applicable securities laws and regulations. The timing and amounts of any such repurchases will depend on a variety of factors, including the market price of the Company’s shares, general market and economic conditions, legal requirements and tax implications. The Company expects to fund the share repurchases using cash on hand. Repurchased shares are reflected in Treasury stock on the Consolidated Balance Sheets.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, accelerates a company’s ability to recover Alternative Minimum Tax (“AMT”) refundable credits that otherwise could have been claimed in 2020 and 2021, to 2018 and 2019, with an option to elect recovery of the full credit amount for 2018. The Company recognizes government grants for which there is a reasonable assurance of compliance with grant conditions and receipt of credits. Amounts receivable under the CARES Act were $9.0 million as of both December 30, 2023 and December 31, 2022. Credits recognized under the CARES Act offset deferred payroll taxes that would otherwise be payable as of January 1, 2022.

In addition to the CARES Act, the Consolidated Appropriations Act, 2021, H.R. 133 was signed into law on December 27, 2020 and, among other things, allows for 100% deductibility of meals and entertainment expenses for the tax years ending in 2022 and 2021. In 2023, the deductibility was reduced to 50% of meals and 0% of entertainment expenses.

Cash and Cash Equivalents

Cash consists of currency and demand deposits with financial institutions and money market funds. We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. We also review cash balances on a bank by bank basis to identify book overdrafts. Book overdrafts occur when the amount of outstanding checks exceed the cash deposited at a bank. We reclassify book overdrafts, if any, to Accounts payable in the accompanying Consolidated Balance Sheets.

Accounts Receivable, Net

Accounts receivable associated with revenues consist primarily of trade receivables and credit card receivables. Trade receivables consist primarily of receivables from managed care payors and receivables from major retailers. While we have relationships with almost all vision care insurers in the U.S. and with all of the major carriers, currently, a relatively small number of payors comprise the majority of our managed care revenues, subjecting us to concentration risk. Accounts receivable are reduced by allowances for credit losses. Estimates of our allowance for credit losses are based on our historical and current operating, billing, and collection trends, as well as current conditions and reasonable and supportable forecasts about the future. Accounts receivable are written off after all collection attempts have been exhausted. Credit loss expense recognized on our receivables, which is presented in SG&A expenses in the Company’s Consolidated Statements of Operations, was approximately $0.6 million, $0.9 million and $0.8 million for the fiscal years 2023, 2022 and 2021, respectively.

Inventories

The cost of inventory is determined using the weighted average cost method. Inventories at retail stores consist of finished goods and are valued at the lower of cost or estimated net realizable value (“NRV”). Manufactured inventories are valued using absorption accounting which includes material, labor, other variable costs and other applicable manufacturing overhead. Inventory values are adjusted for estimated obsolescence and written down to NRV based on estimates of current and anticipated demand, customer preference, merchandise age, planned promotional activities, contact lens vendor return acceptance activity, and estimates of future retail sales prices. Shrinkage is estimated and recorded throughout the period in costs applicable to revenue based on historical results and current inventory levels. Actual shrinkage is recorded throughout the year based upon periodic physical counts. See Note 3. “Details of Certain Balance Sheet Accounts” for further details.

The Company’s inventory consists primarily of contact lenses, eyeglass frames and unprocessed eyeglass lenses. A significant portion of our inventory is supplied by a small number of key vendors. During fiscal year 2023, 92% of contact lens expenditures were with three vendors and 89% of lens expenditures were with one vendor. This exposes us to vendor concentration risk. We are less exposed to a supplier risk for our eyeglass frames as only 60% of frame expenditures were with two vendors.

Property and Equipment

Property and equipment (“P&E”) is stated at cost less accumulated depreciation. Depreciation associated with P&E is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. When we retire or otherwise dispose of P&E, we remove the cost and related accumulated depreciation from our accounts and recognize any gain or loss on the sale of such assets in SG&A in the Consolidated Statements of Operations. We capitalize major replacements and remodeling, and recognize expenditures for maintenance and repairs in SG&A.

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
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(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.

Cloud Computing Arrangements

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement during the application development stages of projects. Capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which includes consideration of the non-cancellable contractual term and reasonably certain renewals. Costs incurred during the preliminary project or the post-implementation stages of the project are expensed as incurred. Implementation costs are included in Other assets in our Consolidated Balance Sheets. Amortization of capitalized implementation costs is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income.

Goodwill and Intangible Assets

Indefinite-lived intangible assets include goodwill and our trademarks and tradenames; we evaluate these assets annually for impairment, or more frequently if events and circumstances indicate that it is more likely than not that goodwill or intangible assets are impaired. Our annual testing date for impairment of goodwill and indefinite-lived intangible assets is the first day of the fourth fiscal quarter, which for fiscal year 2023 was October 1, 2023. Costs to renew intangible assets are expensed as incurred.

Finite-lived, amortizing intangible assets primarily consist of our contracts and relationships with certain retailers. We amortize finite-lived intangible assets on a straight-line basis over their estimated useful lives. Amortization expense associated with finite-lived intangible assets is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations.

Goodwill is impaired if a reporting unit’s carrying value exceeds its fair value, and impairment is calculated as the excess between carrying value over fair value. We consider each of our operating segments to be reporting units. We estimate the fair value of our reporting units using the income approach, which is based on a discounted cash flow analysis and calculate the fair value of reporting units by estimating after-tax cash flows discounted using a weighted average cost of capital that includes a company-specific risk premium. The cash flows used in the analysis are based on financial forecasts developed internally by management and require significant judgment. The significant unobservable inputs used in the fair value measurement of the reporting units are revenue growth rate, cost of sales, payroll expense growth rate and other store expenses growth rate. These assumptions are sensitive to future changes in the business profitability, changes in our business strategy and external market conditions, among other factors. A decrease to the long-term revenue growth rate assumption or an increase to the expense growth rate assumptions could require us to record goodwill impairment charges.

If impairment indicators related to amortizing intangible assets are present, we estimate cash flows expected to be generated over the remaining useful lives of the related assets based on current projections. If the projected net undiscounted cash flows are less than the carrying value of the related assets, we then measure impairment based on a discounted cash flow model and record an impairment charge as the excess of carrying value over estimated fair value.

We use the relief-from-royalty method to estimate fair value of our trademarks and trade names, which involves estimating a royalty rate based on comparable licensing arrangements, applying that rate to the revenue projections for the subject asset, and then estimating fair value using a discounted cash flow analysis; the discounted cash flow analysis uses a weighted average cost of capital that includes a company-specific risk premium. We record an impairment charge as the excess of carrying value over estimated fair value.

See Note 2. “Termination of Walmart Partnership” and Note 4. “Goodwill and Intangible Assets” for further detail on impairment of goodwill and intangible assets.

Investments

The Company previously had an investment in a private start-up company whose principal business is licensing software to eyeglass retailers. During fiscal year 2021, the Company’s equity method investee was acquired by a third party and in connection therewith the Company sold all of its ownership interests and received $2.4 million upon the consummation of the sale. The Company subsequently received $2.7 million in fiscal year 2022 related to an earnout associated with the sale. These proceeds were included in Other in the investing section of the Consolidated Statements of Cash Flows. As a result of this transaction, and as the carrying value of the investment was zero, the Company recorded a gain on sale of equity method investment in Other expense (income), net on the Consolidated Statement of Operations of $2.7 million in fiscal year 2022 and $2.4 million in fiscal year 2021.

In the second quarter of fiscal year 2023, we completed an investment in an entity specializing in applying artificial intelligence-powered screening and diagnostic tools to retinal imaging. The initial investment of $0.9 million and subsequent milestone payment of $0.9 million were both recognized in Other assets in the Consolidated Balance Sheets as of December 30, 2023 and in Other in the investing section of the Consolidated Statements of Cash Flows for fiscal year 2023. We have agreed to invest up to an additional $1.5 million in the entity upon the completion of certain milestones.

Fair Value Measurement of Assets and Liabilities

The Company accounts for certain assets and liabilities at fair value. The Company generally uses a market approach, when practicable, in valuing financial instruments. For certain assets the Company may also use a valuation technique consistent with the income approach whereby future cash flows are converted to a single discounted amount. The carrying value of the Company’s cash equivalents and restricted cash, accounts receivables, accounts payable and other payables and accrued expenses, approximate fair value due to their short-term nature.

Non-financial assets such as P&E, right of use (“ROU”) assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. Factors we consider important that could trigger an impairment review include a significant under-performance compared to expected operating results, a significant or adverse change in customer business climate, and a significant negative industry or economic trend.

Refer to “Long-lived Asset Impairment” section below and Note 10. “Fair Value Measurement” for the Company’s recurring and non-recurring fair value measurements.

Deferred Financing Costs and Loan Discounts

Costs incurred in connection with long-term debt which are paid directly to the Company’s lenders and to third parties are presented as reductions to our long-term debt balance, except for the costs related to our revolving credit facility which are presented as assets. These costs are amortized over the term of the related financing agreement and included in Interest expense, net in the accompanying Consolidated Statements of Operations.

Self-Insurance Liabilities

We are primarily self-insured for workers’ compensation, associate health benefits and general liability claims. We record self-insurance liabilities based on claims filed, including the development of those claims and an estimate of claims incurred but not yet reported. Should a different amount of claims occur compared to what was estimated, or costs of the claims increase or decrease beyond what was anticipated, liabilities may need to be adjusted accordingly. We periodically update our estimates and record such adjustments in the period in which such determination is made. Self-insurance liabilities are recorded on an undiscounted basis in the accompanying Consolidated Balance Sheets. Refer to the following table and Note 3. “Details of Certain Balance Sheet Accounts” for further details.

We reinsure worker’s compensation and medical claims above our retention levels with a highly rated financial institution that can be expected to fully perform under the terms of the arrangement. Estimated recoveries from reinsurance as of fiscal year end 2023 and 2022 are shown in the following table.


In thousands		Balance Sheet Classification	As of December 30, 2023		As of December 31, 2022
	Current portion	Prepaid Expenses and Other Current Assets	$	990	$	1,047
	Noncurrent portion	Other Assets	1,549		2,125
Total estimated recoveries from reinsurance			$	2,539	$	3,172

Derivative Financial Instruments

The Company uses interest rate derivatives to manage the exposure of its Term Secured Overnight Financing Rate (“Term SOFR”)-based debt to fluctuations in interest rates. If our derivatives are designated as cash flow hedges, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions. We record all interest rate derivatives in our Consolidated Balance Sheets on a gross basis at fair value. Fair value represents estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value was based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. We do not hold or enter into financial instruments for trading or speculative purposes.

The gain or loss resulting from fair value adjustments for highly effective cash flow hedges is recorded in Accumulated other comprehensive loss (“AOCL”) in the accompanying Consolidated Balance Sheets until the hedged item is recognized as Interest expense, net in the Consolidated Statements of Operations. The gain or loss resulting from fair value adjustments of derivatives not deemed to be highly effective cash flow hedges is recognized in Interest expense, net immediately. We perform periodic assessments of the effectiveness of our derivative contracts designated as hedges, if applicable.

To manage credit risk associated with our interest rate hedging program, we select as counterparties major financial institutions with investment grade credit ratings. The impact of credit risk, as well as the ability of each party to fulfill its obligations under our derivative financial instruments, is considered in determining the fair value of the contracts. We do not have any credit risk-related contingent features or collateral requirements associated with our derivative contracts. See Note 13. “Interest Rate Derivatives” for further details.

Accumulated Other Comprehensive Loss

AOCL is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive loss, net of income tax, is entirely composed of the cumulative unrealized loss on our previously effective hedging instruments. See Note 16. “Accumulated Other Comprehensive Loss” for details of reclassifications out of AOCL.

Revenue Recognition

Net product sales include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care) and sales of inventory in which our customer is another retail entity. Net sales of services and plans include sales of eye exams, eye care club membership fees, product protection plans (i.e. warranties) and HMO vision plan fees. Net sales of services and plans also include fees we earn for managing certain Vision Centers located in Walmart stores and performing laboratory processing services for our Legacy partner.

At our America’s Best brand, our signature offer is two pairs of eyeglasses and a free eye exam for one low price (“two-pair offer”). Since an eye exam is a key component in the ability for acceptable prescription eyewear to be delivered to a customer, we concluded that the eye exam service, while capable of being distinct from the eyeglass product delivery, was not distinct in the context of the two-pair offer. As a result, we do not allocate revenue to the eye exam associated with the two-pair offer, and we record all revenue associated with the offer in Owned & Host net product sales when the customer has received and accepted the merchandise.

Our retail customers generally make payments for prescription eyewear products at the time they place an order. Amounts we collect in advance for undelivered merchandise are reported as Unearned revenue in the accompanying Consolidated Balance Sheets. Unearned revenue at the end of a reporting period is estimated based on processing and delivery times throughout the current month which generally range from approximately seven to 10 days; all unearned revenue at the end of a reporting period is recognized in the next fiscal period.

Revenue is recognized net of sales taxes and returns and includes amounts billed to customers related to shipping and handling costs. The returns allowance is based on historical return patterns. Provisions for estimated returns are established and the expected costs continue to be recognized as reductions to revenue when the products are sold. Shipping and handling costs are accounted for as fulfillment costs and are included in costs applicable to revenue.

We record reductions in revenue for estimated price concessions granted to managed care providers. The Company considers its revenue from managed care customers to include variable consideration and estimates such amounts associated with managed care customer revenues using the history of concessions provided and cash receipts from managed care providers. We reduced our net revenue for variable considerations of $17.3 million, $14.8 million and $10.2 million during the fiscal years 2023, 2022 and 2021, respectively.

Refer to Note 8. “Revenue from Contracts with Customers” for further details of our revenues.

Costs Applicable to Revenue

Costs applicable to revenue consist primarily of cost of products sold and costs of administering services and plans. Costs of products sold include (i) costs to procure non-prescription eyewear, contacts and accessories which we purchase and sell in their finished form, (ii) costs to manufacture finished prescription eyeglasses, including direct materials, labor and overhead and (iii) remake costs, warehousing and distribution expenses and internal transfer costs. Costs of services and plans include costs associated with warranty programs, eye care club memberships, HMO vision plan fees, eye care practitioner and eye exam technician payroll, taxes and benefits and optometric and other service costs. Depreciation and amortization are excluded from costs applicable to revenue and are presented separately on the accompanying Consolidated Statements of Operations.

As a component of the Company’s procurement program, the Company frequently enters into contracts with its vendors that provide for payments of rebates or other allowances. These vendor payments are reflected when earned or as progress is made toward earning the rebate or allowance and, depending on the terms of the agreement with the vendor, are treated as a reduction of the carrying value of the inventory and a resultant reduction of cost of products. Rebates that have been earned but not yet received are recognized as an increase to Accounts receivable, net or a reduction to Accounts payable, depending on the nature of the agreement with the vendor, until the payment has been received.

Selling, General and Administrative

SG&A includes store associate (including optician) payroll, taxes and benefits, occupancy and other store expenses, advertising and promotion, field services, and corporate support. Advertising and promotion costs, including online marketing arrangements, newspaper, direct mail, television and radio, are recorded in SG&A and expensed at the time the advertising first occurs. Production costs of future media advertising and related promotional campaigns are deferred until the advertising events occur. Non-capital expenditures associated with opening new stores, including rent, marketing expenses, travel and relocation costs, and training costs, are recorded in SG&A as incurred. Certain vendor contracts provide for marketing co-op allowances; such allowances are reflected when earned or as progress is made toward earning the allowance and are treated as a reduction of SG&A.

Advertising expenses were $139.9 million, $141.4 million and $149.6 million for fiscal years 2023, 2022 and 2021, respectively.

Leases

We lease our stores, distribution centers, corporate offices, and most of our laboratories. These leases generally have noncancelable lease terms of between five and 10 years, with an option to renew for additional terms of one to 10 years or more. The lease term includes renewal option periods when the renewal is deemed reasonably certain after considering the value of the leasehold improvements at the end of the noncancelable lease period. Most leases for our stores provide for a minimum rent and typically include escalating rent over time with the exception of Military for which lease payments are variable and based on a percentage of sales. For Vista Optical locations in Fred Meyer stores, we pay the greater of fixed rent or a percentage of sales after certain minimum thresholds are achieved. The Company’s leases generally require us to pay insurance, real estate taxes and common area maintenance expenses, substantially all of which are variable and not included in the measurement of the lease liability. Our lease arrangements frequently include tenant improvement allowances (“TIAs”), which are contractual amounts received or receivable from a lessor for improvements made to leased properties by the Company. For operating leases, TIAs are treated as a reduction of the lease payments used to measure the ROU assets in the accompanying Consolidated Balance Sheets and are amortized as a reduction in rental expense over the life of the respective leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. With respect to lease accounting guidance, the Company’s management & services agreement with its Legacy partner does not contain a lease arrangement.

The lease liability is measured at the present value of future lease payments over the lease term less TIAs receivable, and the ROU asset is measured at the lease liability amount, adjusted for prepaid lease payments, TIAs received and the lessee’s initial direct costs. As the rate implicit in the Company’s leases is not easily determinable, the Company’s incremental borrowing rate is used in calculating the present value of the sum of the lease payments. Factors incorporated into the calculation of the lease incremental borrowing rate include lease term, borrowing rates on the Company’s long-term debt, fixed rates on interest rate swaps, Term SOFR margins for issuers of similar credit rating to NVI and effect of collateralization.

For finance leases, a lease ROU asset is recorded as property and equipment and corresponding amounts are recorded as finance lease debt obligations at the net present value of the minimum lease payments to be made over the lease term for new finance leases.

Stock-Based Compensation

We measure stock-based compensation cost, which consists of grants of stock options, performance stock units (“PSUs”), and restricted stock units (“RSUs”), to associates and non-employee directors, based on the estimated grant date fair value of the awards. We recognize compensation expense for all awards containing only a service requirement over the requisite service period using a straight-line recognition method. Our PSUs contain both a service requirement and a performance requirement. We recognize expense for the proportionate share of the total fair value of PSUs related to the vesting period that has already lapsed for the shares expected to vest, which expectation is based on an evaluation of expected performance against predefined performance criteria and may also result in reversals of expense. The remaining fair value of the shares expected to vest is expensed on a straight-line basis over the balance of the vesting period. We account for forfeitures as they occur. See Note 6. “Stock Incentive Plan” for further details related to our stock-based compensation plans.

Long-lived Asset Impairment

Non-financial assets such as P&E, ROU assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. We evaluate impairment of long-lived tangible and ROU store assets at the store level, which is the lowest level at which independent cash flows can be identified, when events or conditions indicate the carrying values of such assets may not be recoverable. In making this evaluation, we may consider multiple factors including financial performance of the stores, regional and local business climates, industry or economic trends, future plans for the store operations and other qualitative factors. If the store’s projected undiscounted net cash flows expected to be generated by the related assets over the life of the primary asset within the asset group are less than the carrying value of the subject assets, we determine an estimate of the fair value of the asset group using an income approach based on discounted cash flows, which require estimates and assumptions related to forecasted store revenue growth rates and store profitability. If the fair value of the asset group is less than its carrying value, the loss is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts of those assets, except that the loss allocated to an individual long lived asset of the group shall not reduce the carrying amount of that asset below its fair value. We consider market-based indications of prevailing rental rates for retail space, market participant discount rates, and lease incentives when estimating the fair values of ROU assets.

We assess non-store long-lived assets, including capitalized software costs in use or under development, for impairment if events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. In fiscal year 2021, we impaired $0.8 million related to a write-off of certain capitalized software costs that were deemed to be obsolete due to a decision to cease further development. We did not recognize impairment related to capitalized software costs in fiscal year 2022. In fiscal year 2023, we impaired $5.6 million of capitalized software costs related to the impending termination of the agreement between AC Lens and Walmart. Refer to Note 2. “Termination of Walmart Partnership” for more information related to impairment charges related to the Legacy segment and AC Lens.

Income Taxes

We account for deferred income taxes based on the asset and liability method. The Company must make certain estimates and judgments in determining income tax expense. We are required to determine the aggregate amount of income tax expense to accrue and the amount which will be currently payable or refundable based upon tax statutes of each jurisdiction in which the Company does business. Deferred income taxes are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets also include future tax benefits to be derived from the utilization of tax loss carry-forwards and application of certain carry-forward credits. The net carrying amount of deferred income tax assets and liabilities is recorded in noncurrent deferred income tax liabilities in the accompanying Consolidated Balance Sheets.

Deferred income taxes are measured using enacted tax rates in effect for the years in which those differences are expected to be recovered or settled. The effect on deferred taxes from a change in the tax rate is recognized through continuing operations in the period that includes the enactment of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future.

A valuation allowance is recorded if it is more likely than not that some portion of a deferred tax asset will not be realized. Valuation allowances are released as positive evidence of future taxable income sufficient to realize the underlying deferred tax assets becomes available.

We establish a liability for tax positions for which there is uncertainty as to whether the position will ultimately be sustained. We assess our tax positions by determining whether it is more likely than not that the position will be sustained upon examination by the appropriate taxing authorities, including resolution of any related appeals or litigation, based solely on the technical merits of the position. These calculations and assessments involve estimates and judgments because the ultimate tax outcomes are uncertain and future events are unpredictable. See Note 7. “Income Taxes” for further details.

Adoption of New Accounting Pronouncements

Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). This new guidance simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement assessment for contracts in an entity’s own equity. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021. The company early adopted the guidance in the first quarter of 2021 using the modified retrospective approach and recognized a cumulative effect of the change of $7.3 million as an adjustment to the opening balance of retained earnings. Upon adoption of ASU 2020-06 the Company eliminated the equity components related to its convertible debt and increased the related liability components by $82.9 million. In addition, as a result of the adoption, our deferred tax liabilities decreased by $18.8 million and additional paid-in capital decreased by $71.4 million.

Future Adoption of Accounting Pronouncements

Reference Rate Reform. The Financial Accounting Standards Board (“FASB”) has issued guidance at various points over the last several years that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions that may be affected by the cessation of the London Inter-bank Offered Rate (“LIBOR.”) We are currently able to apply this new guidance for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2024. Refer to Note 5. “Long-term Debt” and Note 13. “Interest Rate Derivatives” for more information on our transition from LIBOR to Term SOFR.

Segment reporting. In November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Income taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

The FASB issued other accounting guidance during fiscal year 2023 that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	84,831,000	84,273,000
Common stock, outstanding (in shares)	78,311,000	78,992,000
Treasury stock, at cost (in shares)	6,520,000	5,281,000

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Deferred tax assets:
NOL carry-forwards	$ 7,399	$ 5,708
Credit carryforwards	267	547
Deferred revenue	5,984	6,376
Accrued expenses and reserves	13,344	10,233
Loss on equity and other investments	888	899
Stock-based compensation	6,050	5,214
Operating lease liabilities	119,916	115,870
Subtotal	153,848	144,847
Valuation allowances	(5,760)	(3,522)
Total net deferred tax assets	148,088	141,325
Deferred tax liabilities:
Depreciation of property and equipment	(61,118)	(59,446)
Amortization of intangible assets	(68,729)	(70,946)
Unrealized gains on hedging instruments	(1,407)	(3,568)
Right of use asset	(101,780)	(97,954)
Other	(2,938)	(3,281)
Total deferred tax liabilities	(235,972)	(235,195)
Net deferred tax liabilities	$ (87,884)	$ (93,870)

Details of Certain Balance Sheet Accounts (Tables)

12 Months Ended

Dec. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents reported within the Consolidated Balance Sheets to the total of Cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	149,896	$	229,425	$	305,800
Restricted cash included in other assets	1,131		1,199		1,076
	$	151,027	$	230,624	$	306,876

Schedule of Accounts Receivable, Net

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of December 30, 2023		As of December 31, 2022
Accounts receivable, net:
Trade receivables	$	43,518	$	41,622
Credit card receivables	27,905		23,311
Other receivables (1)	15,747		15,478
Allowance for credit losses	(316)		(519)
	$	86,854	$	79,892
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of December 30, 2023 and December 31, 2022, respectively.

Schedule of Inventories


In thousands	As of December 30, 2023		As of December 31, 2022
Inventories:
Raw materials and work in process (1)	$	57,367	$	64,786
Finished goods	62,541		58,372
	$	119,908	$	123,158
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of December 30, 2023		As of December 31, 2022
Property and equipment, net:
Land and building	$	3,736	$	3,770
Equipment	287,983		257,661
Information technology hardware and software	131,954		151,562
Furniture and fixtures	77,890		71,932
Leasehold improvements	323,524		285,505
Construction in progress	29,643		36,099
Right of use assets under finance leases	36,219		36,219
	890,949		842,748
Less: Accumulated depreciation	(528,386)		(482,973)
	$	362,563	$	359,775

Schedule of Other Payables and Accrued Expenses


In thousands	As of December 30, 2023		As of December 31, 2022
Other payables and accrued expenses:
Associate compensation and benefits	$	62,614	$	37,451
Self-insurance liabilities	9,139		8,744
Capital expenditures	5,412		9,594
Advertising	6,446		3,811
Reserves for customer returns and remakes	9,093		7,676
Legacy management & services agreement	6,068		6,488
Income tax payable	1,863		103
Supplies and other store support expenses	5,434		4,215


Other	17,219		16,143
	$	123,288	$	94,225

Schedule of Other Non-current Liabilities


In thousands	As of December 30, 2023		As of December 31, 2022
Other noncurrent liabilities:

Self-insurance liabilities	$	5,657	$	6,292
Other	2,808		2,608
	$	8,465	$	8,900

Termination of Walmart Partnership

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

Termination of Walmart Partnership

On July 20, 2023, the Company received a notice of non-renewal from Walmart Inc. (“Walmart”) of the Management & Services Agreement by and between NVI and Walmart, dated as of May 1, 2012 (as amended, supplemented or otherwise modified from time to time, the “Walmart MSA”). In accordance with the terms of the Walmart MSA and the notice, the agreement terminated as of February 23, 2024 (the “Termination Date”). In connection with the termination of the Walmart MSA, the Amended and Restated Supplier Agreement between NVI and Walmart, dated as of January 17, 2017 (the “Walmart Supplier Agreement”), and certain other related agreements also terminated as of the Termination Date. The Walmart MSA includes provisions governing the transition period and post-termination obligations of the parties.

In connection with the termination of the Walmart MSA, the agreement between FirstSight Vision Services, Inc. (“FirstSight”), a wholly-owned subsidiary of the Company, and Walmart, which arranged for the provision by FirstSight of optometric services at optometric offices next to certain Walmart stores throughout California, also terminated as of the Termination Date. Additionally, another wholly-owned subsidiary of the Company, Arlington Contacts Lens Service, Inc. (“AC Lens”), has delivered notices of non-renewal of the agreements it has with Walmart and its affiliate Sam’s Club regarding wholesale contact lenses distribution and related services, such that these agreements will terminate as of June 30, 2024, unless an earlier date is agreed by the parties, and the Company will wind down its remaining AC Lens operations, including the closure of its Ohio distribution center, which largely supported the wholesale distribution and e-commerce contact lens services that the Company provided to Walmart and Sam’s Club. Additionally, in view of the termination of the Walmart MSA and impending wind down of AC Lens operations, the Company took actions in fiscal year 2023 to streamline corporate overhead including optimizing non-customer facing labor costs, as well as reducing travel expenses and third-party spend.

The following table details charges recognized in the periods shown. We may incur other exit-related costs, which may be material. We anticipate approximately $8 million of additional costs to be incurred in connection with the termination of the Walmart partnership in 2024.


In thousands	Fiscal Year 2023
Impairment charges	$	79,658
Employee compensation benefits	$	5,666
Professional fees and other expenses	$	1,179
Inventory obsolescence	$	158
Total	$	86,661

The table below summarized the Company’s Other payables and accrued expenses balance related to the termination of the Walmart partnership.


In thousands	Employee Compensation Benefits
Balance at December 31, 2022	$	—
Expenses recognized during the period	5,666
Expenses paid during the period	(442)
Balance at December 30, 2023	$	5,224

Impairment charges

We determined that the various terminations of agreements described above as well as the subsequent decision to consolidate our distribution network and close the distribution center in Ohio constituted triggering events, and accordingly, performed impairment tests during the year ended December 30, 2023 on assets related to the Walmart partnership. We used the discounted cash flow method of the income approach in our analyses and considered projected cash flows for the remaining terms of the various agreements and other costs related to the termination of the Walmart partnership, and used discount rates between 7.8% and 10.0% depending on the asset or asset group being valued. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. The impairment charges recognized during the year ended December 30, 2023 resulting from the termination of the Walmart partnership include $60.1 million related to goodwill of the Legacy segment, $9.1 million related to the Walmart contracts and relationship intangible asset, and $10.5 million related to property and equipment at Walmart stores and associated with our AC Lens business. These expenses were recognized in Corporate/Other, and the impairment charges are reflected in Asset impairment in the Consolidated Statements of Operations and Comprehensive Income. The assets impaired during the year ended December 30, 2023 as a result of the termination of the Walmart partnership were written down to their fair values totaling $1.5 million as of the respective valuation dates. We adjusted the useful lives of the impaired intangible and fixed assets to be aligned with the respective contract termination dates. The impairment testing date for (i) goodwill related to the Legacy segment, (ii) the Walmart contracts and relationships intangible asset and (iii) property and equipment located in Walmart stores was contemporaneous with the date that we received notice of non-renewal from Walmart. Other assets related to the AC Lens operations and Walmart partnership were tested at various dates during the third and fourth quarters. We did not impair certain assets that we believe can be sold or used in other stores in our Owned & Host segment after the Termination Date. We determined that all long-lived Walmart and AC Lens assets were held and used as of December 30, 2023 and were not available for immediate sale. Refer to the Note 1. “Description of Business and Basis of Presentation” for more details on our impairment testing.

Employee compensation benefits

During the year ended December 30, 2023, we recognized $0.6 million in Costs of services and plans and $5.1 million in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income, in the Corporate/Other category, related to retention bonus programs implemented for certain associates to ensure continuity of business, as well as termination benefits for certain associates that have occurred and are probable to occur within the next 12 months. Of the amounts recorded in Selling, general and administrative expenses, $1.5 million is related to termination benefits for associates affected by the actions taken to streamline corporate overhead. The liability for employee compensation benefits is recorded in Other payables and accrued expenses in the Consolidated Balance Sheets.

Professional Fees and Other expenses

During the year ended December 30, 2023, we recognized $1.2 million in Selling, general, and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income, in the Corporate/Other category, related to professional fees and other expenses, including advisory fees to assist with the exit.

Inventory Obsolescence

During the year ended December 30, 2023, we recognized $0.2 million in Costs applicable to revenue in the Consolidated Statements of Operations and Comprehensive Income, in the Corporate/Other category, related to inventory obsolescence.

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Goodwill [Line Items]
Goodwill	$ 805,077	$ 805,077
Amortization of intangible assets	5,300	7,500	$ 7,500
Owned & Host
Goodwill [Line Items]
Goodwill	736,901	$ 736,901
America’s Best \| Owned & Host
Goodwill [Line Items]
Goodwill	606,500
Eyeglass World \| Owned & Host
Goodwill [Line Items]
Goodwill	$ 111,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The majority of our annual revenues are recognized either at the point of sale or upon delivery and customer acceptance, paid for at the time of sale in cash, credit card, or on account with managed care payors having terms generally between 14 and 120 days, with most paying within 90 days. For sales of in-store non-prescription eyewear and related accessories, and paid eye exams, we recognize revenue at the point of sale. Our point in time revenues include 1) retail sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care), 2) eye exams and 3) wholesale sales of inventory in which our customer is another retail entity. Revenues recognized over time primarily include product protection plans, eye care club memberships and management fees earned from our Legacy partner. Refer to Note 2. “Termination of Walmart Partnership” for developments related to the Legacy segment, AC Lens and FirstSight; the following discussion of revenues generated by these businesses is applicable to fiscal years 2023, 2022 and 2021.

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

For sales of in-store non-prescription eyewear and related accessories, we recognize revenue at the point of sale. For sales of prescription eyewear, we recognize revenue when the performance obligations identified under the terms of contracts with our customers are satisfied, which generally occurs, for products, when those products have been delivered and accepted by our customers. Within our Owned & Host segment services and plans revenues, eye exam services sold on a stand-alone basis are also recognized at the point of sale which occurs immediately after the exam is performed.

Legacy

Within our Legacy segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers in transactions where the retail customer uses a managed-care payor; and wholesale sales of the same inventory types to the Legacy partner.

The revenue recognition for the retail sales are identical to similar sales in the Owned & Host segment.

Wholesale sales of inventory to the Legacy partner are recognized at the point in time when control of the inventory has been transferred in accordance with the contractual terms and conditions of sale. Since the wholesale sales of inventory to the Legacy partner are a separate performance obligation in our management & services agreement with the Legacy partner, we considered the appropriate allocation of consideration to wholesale inventory sales. We concluded that the difference between the stand-alone-selling price of the wholesale inventory and the contractual prices was not material.

Within our Legacy segment services and plans revenues, eye exam services sold to retail customers are recognized at the point of sale which occurs immediately after the exam is performed.

Corporate/Other

Revenues from our non-reportable Corporate/Other segment are attributable to wholly owned subsidiaries AC Lens and FirstSight. AC Lens sells contact lenses and optical accessory products to retail customers through e-commerce, and recognizes revenue when products have been delivered to the customer. AC Lens also distributes contact lenses at its cost to Walmart and Sam’s Club under fee for services arrangements. This revenue is recorded on a gross basis as AC Lens is the principal in the arrangement since AC Lens controls the products in those transactions before the products are transferred to the customer.

FirstSight issues individual vision plans in connection with our America’s Best operations in California, and, until February 23, 2024, provided or arranged for the provision of optometric services at certain optometric offices next to Walmart and Sam’s Club stores in California.

Revenues Recognized Over Time

Owned & Host

Within our Owned & Host segment, services and plans revenues include revenues from product protection plans (i.e. warranties), eye care club memberships and HMO vision plan fees. We offer extended warranty plans in our Owned & Host segment that generally provide repair and replacement of eyeglasses for primarily a one-year term after purchase. We recognize service revenue under these programs on a straight-line basis over the warranty or service period which is consistent with our efforts expended to satisfy the obligation. We offer three-year eyecare club memberships in our Owned & Host segment to our contact lens customers. For these programs we apply the portfolio approach of recognizing revenues of contracts with similar characteristics and use estimates and assumptions that reflect the size and composition of the portfolio of contracts. We selected the portfolio approach because our historical club membership data demonstrate that our club customers behave similarly, such that the difference between the portfolio approach and calculating revenue of each individual contract is not material. We recognize revenue across the contract portfolio based on the value delivered to the customers relative to the remaining services promised under the programs. We determine the value delivered based on the expected timing and amount of customer usage of benefits over the terms of the contracts. The unamortized portion of amounts we collect in advance for these services and plans are reported as Deferred revenue (current and noncurrent portions) in the accompanying Consolidated Balance Sheets.

Legacy

Sales of services and plans in our Legacy segment include fees earned for managing the operations of our Legacy partner. These fees are recorded on a net basis and are based primarily on sales of products and product protection plans to non-managed care customers. We determined that under the terms of the arrangement our Legacy partner controls the products and services in the transaction with the retail customer and therefore we act as the agent in those transactions. We recognize this service revenue using the “right to invoice” method because our right to payment corresponds directly with the value of the management services provided to our Legacy partner.

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Revenues recognized at a point in time	$	1,970,509	$	1,843,796	$	1,908,221
Revenues recognized over time	155,959		161,608		171,304
Total net revenue	$	2,126,468	$	2,005,404	$	2,079,525

Refer to Note 15. “Segment Reporting” for the Company’s disaggregation of net revenue by reportable segment and product type. As the reportable segments are aligned by similar economic factors, trends and customers, the reportable segment disaggregation view best depicts how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors.

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326


	Fiscal Year 2022
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	38,639	$	49,852	$	88,491
Sold	71,599		50,648		122,247
Revenue recognized	(75,119)		(51,817)		(126,936)
End of year	$	35,119	$	48,683	$	83,802

Current	$	34,808	$	27,393	$	62,201
Noncurrent	311		21,290		21,601
	$	35,119	$	48,683	$	83,802

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2023 and 2022, we recognized $62.1 million and $65.2 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2023 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2024	$	62,867
2025	16,321
2026	5,111
Thereafter	27
	$	84,326

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Jan. 27, 2023 officer
Loss Contingencies [Line Items]
Contractual commitments	$ 243.6
401(k) plan expense	$ 7.8	$ 6.4	$ 8.7
Northern District of Georgia - Federal Court
Loss Contingencies [Line Items]
Number of company officers filed a complaint \| officer				2

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2023 and 2022 are as follows:


	As of December 30, 2023				As of December 31, 2022
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment	$	736,901	$	(19,357)	$	736,901	$	(19,357)
Legacy Segment	60,069		(60,069)		60,069		—
Corporate/Other	8,107		(8,107)		8,107		(8,107)
	$	805,077	$	(87,533)	$	805,077	$	(27,464)

Schedule of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of December 30, 2023		As of December 31, 2022
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

Schedule of Amortizing Finite-Lived Intangible Assets

Finite-lived, amortizing intangible assets by major asset class are as shown in the following table. We remove assets from the table below once they are fully amortized.


	As of December 30, 2023					As of December 31, 2022
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)
Contracts and relationships:
Legacy(1)	$	345	$	(247)	0	$	65,000	$	(52,080)	2
Fred Meyer	35,000		(14,915)		13	35,000		(13,389)		14
Other	151		(62)		2	897		(759)		3
	$	35,496	$	(15,224)		$	100,897	$	(66,228)

Schedule of Aggregate Future Estimated Amortization Expense

Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2024	$	1,675
2025	1,563
2026	1,525
2027	1,525
2028	1,525
Thereafter	12,459
	$	20,272

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Stock Incentive Plans - Valuation Assumptions (Details) - Service-based options	12 Months Ended
	Dec. 31, 2022
Fair Value Assumptions
Expected volatility, minimum	52.49%
Expected volatility, maximum	54.03%
Expected term (in years)	6 years
Expected risk-free interest rate, minimum	0.97%
Expected risk-free interest rate, maximum	1.07%

Deferred Revenue (Tables)

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Roll-Forward of Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326


	Fiscal Year 2022
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	38,639	$	49,852	$	88,491
Sold	71,599		50,648		122,247
Revenue recognized	(75,119)		(51,817)		(126,936)
End of year	$	35,119	$	48,683	$	83,802

Current	$	34,808	$	27,393	$	62,201
Noncurrent	311		21,290		21,601
	$	35,119	$	48,683	$	83,802

Schedule of Expected Deferred Revenue to be Reflected in Future Operating Results

Deferred revenue recorded as of the end of fiscal year 2023 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2024	$	62,867
2025	16,321
2026	5,111
Thereafter	27
	$	84,326

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Current income tax:
Federal	$ 6,880	$ 2,829	$ 138
State	3,246	4,838	4,242
Deferred income tax:
Federal	(3,878)	11,079	15,015
State	(2,111)	(55)	1,686
Income tax provision (benefit)	$ 4,137	$ 18,691	$ 21,081

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 149,896	$ 229,425	$ 305,800
Prepaid expenses and other current assets	40,012	41,361
Total current assets	396,670	473,836
Total noncurrent assets	1,775,841	1,817,410
Total assets	2,172,511	2,291,246
Current liabilities:
Other payables and accrued expenses	123,288	94,225
Long-term debt, less current portion and debt discount	437,684	546,231
Noncurrent liabilities:
Other liabilities	8,465	8,900
Total noncurrent liabilities	945,393	1,045,869
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 84,831 and 84,273 shares issued as of December 30, 2023 and December 31, 2022, respectively; 78,311 and 78,992 shares outstanding as of December 30, 2023 and December 31, 2022, respectively	848	842
Additional paid-in capital	788,967	767,112
Accumulated other comprehensive loss	(419)	(1,179)
Retained earnings	254,616	320,517
Treasury stock, at cost; 6,520 and 5,281 shares as of December 30, 2023 and December 31, 2022, respectively	(214,594)	(186,179)
Total stockholders’ equity	829,418	901,113	$ 925,980	$ 906,502
Total liabilities and stockholders’ equity	2,172,511	2,291,246
Parent Company
Current assets:
Cash and cash equivalents	233	841
Prepaid expenses and other current assets	0	0
Total current assets	233	841
Deferred income taxes	10,245	7,844
Investment in subsidiary	1,201,291	1,368,303
Total noncurrent assets	1,211,536	1,376,147
Total assets	1,211,769	1,376,988
Current liabilities:
Other payables and accrued expenses	1,130	1,336
Long-term debt, less current portion and debt discount	300,000	396,801
Noncurrent liabilities:
Other liabilities	81,221	77,738
Total noncurrent liabilities	81,221	77,738
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 84,831 and 84,273 shares issued as of December 30, 2023 and December 31, 2022, respectively; 78,311 and 78,992 shares outstanding as of December 30, 2023 and December 31, 2022, respectively	848	842
Additional paid-in capital	788,967	767,112
Accumulated other comprehensive loss	(419)	(1,179)
Retained earnings	254,616	320,517
Treasury stock, at cost; 6,520 and 5,281 shares as of December 30, 2023 and December 31, 2022, respectively	(214,594)	(186,179)
Total stockholders’ equity	829,418	901,113
Total liabilities and stockholders’ equity	$ 1,211,769	$ 1,376,988

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities
Net cash provided by operating activities	$ 173,033	$ 119,198	$ 258,938
Cash flows from investing activities
Net cash provided by (used for) investing activities	(115,822)	(110,894)	(92,897)
Cash flows from financing activities
Repayments on long-term debt	(103,000)	(4)	(167,375)
Borrowings on long-term debt, net of discounts	0	0	0
Purchase of treasury stock	(28,415)	(84,388)	(73,295)
Payments of debt issuance costs	(3,312)	0	(900)
Net cash used for financing activities	(136,808)	(84,556)	(234,324)
Net change in cash, cash equivalents and restricted cash	(79,597)	(76,252)	(68,283)
Cash, cash equivalents and restricted cash, beginning of year	230,624	306,876	375,159
Cash, cash equivalents and restricted cash, end of year	151,027	230,624	306,876
Parent Company
Cash flows from operating activities
Net cash provided by operating activities	(6,780)	(9,744)	16,530
Cash flows from investing activities
Dividend from (investment in) subsidiary	132,443	89,550	46,600
Net cash provided by (used for) investing activities	132,443	89,550	46,600
Cash flows from financing activities
Repayments on long-term debt	(99,250)	(4)	0
Borrowings on long-term debt, net of discounts	0	0	0
Proceeds from issuance of common stock	1,837	3,744	11,838
Purchase of treasury stock	(28,415)	(84,388)	(73,295)
Payments of debt issuance costs	(443)	0	0
Net cash used for financing activities	(126,271)	(80,648)	(61,457)
Net change in cash, cash equivalents and restricted cash	(608)	(842)	1,673
Cash, cash equivalents and restricted cash, beginning of year	841	1,683	10
Cash, cash equivalents and restricted cash, end of year	$ 233	$ 841	$ 1,683

Deferred Revenue

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Deferred Revenue

Revenue from Contracts with Customers

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

Legacy

The revenue recognition for the retail sales are identical to similar sales in the Owned & Host segment.

Within our Legacy segment services and plans revenues, eye exam services sold to retail customers are recognized at the point of sale which occurs immediately after the exam is performed.

Corporate/Other

Revenues Recognized Over Time

Owned & Host

Legacy

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Revenues recognized at a point in time	$	1,970,509	$	1,843,796	$	1,908,221
Revenues recognized over time	155,959		161,608		171,304
Total net revenue	$	2,126,468	$	2,005,404	$	2,079,525

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2023
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,119	$	48,683	$	83,802
Sold	73,369		52,496		125,865
Revenue recognized	(72,069)		(53,272)		(125,341)
End of year	$	36,419	$	47,907	$	84,326

Current	$	36,113	$	26,754	$	62,867
Noncurrent	306		21,153		21,459
	$	36,419	$	47,907	$	84,326


	Fiscal Year 2022
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	38,639	$	49,852	$	88,491
Sold	71,599		50,648		122,247
Revenue recognized	(75,119)		(51,817)		(126,936)
End of year	$	35,119	$	48,683	$	83,802

Current	$	34,808	$	27,393	$	62,201
Noncurrent	311		21,290		21,601
	$	35,119	$	48,683	$	83,802

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2023 and 2022, we recognized $62.1 million and $65.2 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2023 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2024	$	62,867
2025	16,321
2026	5,111
Thereafter	27
	$	84,326

- Definition

+ References

+ Details

Termination of Walmart Partnership (Tables)

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Exit-Related Costs Recognized


In thousands	Fiscal Year 2023
Impairment charges	$	79,658
Employee compensation benefits	$	5,666
Professional fees and other expenses	$	1,179
Inventory obsolescence	$	158
Total	$	86,661

Schedule of Other Payables and Accrued Expenses

The table below summarized the Company’s Other payables and accrued expenses balance related to the termination of the Walmart partnership.


In thousands	Employee Compensation Benefits
Balance at December 31, 2022	$	—
Expenses recognized during the period	5,666
Expenses paid during the period	(442)
Balance at December 30, 2023	$	5,224

Leases - Lease Type and Classification (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 10,774	$ 14,962
Right of use assets	406,579	382,825
Total leased assets	417,353	397,787
LIABILITIES
Current maturities of long-term debt and finance lease obligations	2,980	4,137
Current operating lease obligations	85,392	77,186
Long-term debt and finance lease obligations, less current portion and debt discount	13,087	17,157
Noncurrent operating lease obligations	376,814	358,110
Total lease liabilities	478,273	456,590
Finance lease assets accumulated amortization	25,400	21,300
TIA receivable netted to operating lease liabilities	$ 4,600	$ 6,700
Finance lease, right of use assets, balance sheet	Property and equipment, net	Property and equipment, net
Finance lease liabilities, current, balance sheet	Current maturities of long-term debt and finance lease obligations	Current maturities of long-term debt and finance lease obligations
Finance lease liabilities, non-current, balance sheet	Long-term debt and finance lease obligations, less current portion and debt discount	Long-term debt and finance lease obligations, less current portion and debt discount

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Aggregate future estimated amortization expense
2024	$ 1,675
2025	1,563
2026	1,525
2027	1,525
2028	1,525
Thereafter	12,459
Finite-lived intangible assets	$ 20,272	$ 34,669

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the fair value of the Company’s cash flow hedge derivative instruments from their inception are recorded in AOCL if the instruments are deemed to be highly effective as cash flow hedges. The following table presents the changes in AOCL, net of tax during the fiscal years 2023, 2022 and 2021, respectively:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Cash flow hedging activity
Balance at beginning of fiscal year	$	(1,179)	$	(1,940)	$	(4,400)
Other comprehensive income (loss) before reclassification	—		—		(10)
Tax effect of other comprehensive income (loss) before reclassification	—		—		3
Amount reclassified from AOCL	1,019		1,020		6,168
Tax effect of amount reclassified from AOCL	(259)		(259)		(1,576)
Stranded tax effect of matured interest rate swaps	—		—		(2,125)
Net current period other comprehensive income (loss), net of tax	760		761		2,460
Balance at end of fiscal year	$	(419)	$	(1,179)	$	(1,940)

See Note 13. “Interest Rate Derivatives” for a description of the Company’s use of cash flow hedging derivatives.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Service-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	628
Exercised (in shares)	(16)
Forfeited (in shares)	(13)
Outstanding, ending balance (in shares)	599	628
Vested and exercisable (in shares)	569
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 29.07
Exercised (usd per share)	15.59
Forfeited (usd per share)	40.91
Outstanding, ending balance (usd per share)	29.20	$ 29.07
Vested and exercisable (usd per share)	$ 28.35
Outstanding, weighted average remaining contractual term (years)	4 years 11 months 4 days	5 years 11 months 12 days
Vested and exercisable, weighted average remaining contractual term (years)	4 years 9 months 25 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 6,733
Outstanding, aggregate intrinsic value (ending Balance)	981	$ 6,733
Vested and exercisable, aggregate intrinsic value	$ 981
Weighted average grant date fair value per share of options granted (in usd per share)	$ 0	$ 0	$ 23.39
Fair value of options vested	$ 1,251	$ 3,073	$ 3,138
Aggregate intrinsic value of options exercised	$ 147	$ 979	23,091
Performance-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	49
Exercised (in shares)	0
Outstanding, ending balance (in shares)	49	49
Vested and exercisable (in shares)	49
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 15.74
Exercised (usd per share)	0
Outstanding, ending balance (usd per share)	15.74	$ 15.74
Vested and exercisable (usd per share)	$ 15.74
Outstanding, weighted average remaining contractual term (years)	3 years 6 months 21 days	4 years 6 months 21 days
Vested and exercisable, weighted average remaining contractual term (years)	3 years 6 months 21 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 1,132
Outstanding, aggregate intrinsic value (ending Balance)	255	$ 1,132
Vested and exercisable, aggregate intrinsic value	$ 255
Aggregate intrinsic value of options exercised			$ 0	$ 37,300

Leases

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Leases

Information related to our leases is presented below:


In thousands		As of December 30, 2023		As of December 31, 2022
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	10,774	$	14,962
Operating	Right of use assets (b)	406,579		382,825
	Total leased assets	$	417,353	$	397,787
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	2,980	$	4,137
Operating	Current operating lease obligations (c)	85,392		77,186
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	13,087		17,157
Operating	Noncurrent operating lease obligations	376,814		358,110
	Total lease liabilities	$	478,273	$	456,590
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $25.4 million and $21.3 million as of December 30, 2023 and December 31, 2022, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $6.7 million as of December 30, 2023 and December 31, 2022, respectively.


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Operating lease cost
Fixed lease cost (a)	$	99,334	$	90,801	$	84,019
Variable lease cost (b)	36,388		33,143		30,643
Sublease income(c)	(3,684)		(3,629)		(3,557)
Finance lease cost
Amortization of finance lease assets	3,061		4,145		4,461
Interest on finance lease liabilities	1,675		2,342		2,923
Net lease cost	$	136,774	$	126,802	$	118,489
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of December 30, 2023		As of December 31, 2022
Weighted average remaining lease term (months)
Operating leases	73		74
Finance leases	58		65
Weighted average discount rate (a)
Operating leases	4.7	%	4.4	%
Finance leases (b)	10.4	%	10.8	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) Term SOFR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Other Information

Operating cash outflows - operating leases	$	106,168	$	88,867	$	89,324

Right of use assets acquired under operating leases	$	111,792	$	110,387	$	91,451

The following table summarizes the maturity of our lease liabilities as of December 30, 2023:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2024	$	96,270	$	4,129
2025	108,628		4,625
2026	87,129		4,252
2027	72,277		3,379
2028	52,762		1,973
Thereafter	118,181		1,091
Total lease liabilities	535,247		19,449
Less: Interest	73,041		3,382
Present value of lease liabilities(c)	$	462,206	$	16,067

_________

(a) Operating lease payments include $33.3 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $35.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Leases

Information related to our leases is presented below:


In thousands		As of December 30, 2023		As of December 31, 2022
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	10,774	$	14,962
Operating	Right of use assets (b)	406,579		382,825
	Total leased assets	$	417,353	$	397,787
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	2,980	$	4,137
Operating	Current operating lease obligations (c)	85,392		77,186
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	13,087		17,157
Operating	Noncurrent operating lease obligations	376,814		358,110
	Total lease liabilities	$	478,273	$	456,590
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $25.4 million and $21.3 million as of December 30, 2023 and December 31, 2022, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $6.7 million as of December 30, 2023 and December 31, 2022, respectively.


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Operating lease cost
Fixed lease cost (a)	$	99,334	$	90,801	$	84,019
Variable lease cost (b)	36,388		33,143		30,643
Sublease income(c)	(3,684)		(3,629)		(3,557)
Finance lease cost
Amortization of finance lease assets	3,061		4,145		4,461
Interest on finance lease liabilities	1,675		2,342		2,923
Net lease cost	$	136,774	$	126,802	$	118,489
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of December 30, 2023		As of December 31, 2022
Weighted average remaining lease term (months)
Operating leases	73		74
Finance leases	58		65
Weighted average discount rate (a)
Operating leases	4.7	%	4.4	%
Finance leases (b)	10.4	%	10.8	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) Term SOFR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Other Information

Operating cash outflows - operating leases	$	106,168	$	88,867	$	89,324

Right of use assets acquired under operating leases	$	111,792	$	110,387	$	91,451

The following table summarizes the maturity of our lease liabilities as of December 30, 2023:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2024	$	96,270	$	4,129
2025	108,628		4,625
2026	87,129		4,252
2027	72,277		3,379
2028	52,762		1,973
Thereafter	118,181		1,091
Total lease liabilities	535,247		19,449
Less: Interest	73,041		3,382
Present value of lease liabilities(c)	$	462,206	$	16,067

_________

(a) Operating lease payments include $33.3 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $35.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Fair Value Measurement (Details) - USD ($)	12 Months Ended
Fair Value Measurement (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset impairment charges, unrelated to restructuring transaction	$ 2,800,000	$ 5,800,000	$ 4,400,000
Estimated fair value of impaired assets	2,800,000	7,000,000
Long-term debt before unamortized discount and issuance costs	448,747,000	552,497,000
Term loan \| Term A Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt before unamortized discount and issuance costs	146,250,000	150,000,000
Credit facility \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt before unamortized discount and issuance costs	0	0
Credit facility borrowing capacity	300,000,000
Convertible senior notes \| 2025 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt before unamortized discount and issuance costs	302,497,000	402,497,000
Convertible senior notes \| 2025 Notes \| Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of convertible notes	$ 303,300,000	$ 553,900,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)	10.80%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)	11.50%

Business and Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Dec. 30, 2023 USD ($) corporation	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Assets	$ 2,172,511	$ 2,291,246
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of corporations \| corporation	32
Assets	$ 8,300	7,900
Liabilities	$ 9,800	$ 8,300

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect of change in accounting principle	Balances, as adjusted	Common Stock	Common Stock Balances, as adjusted	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect of change in accounting principle	Additional Paid-In Capital Balances, as adjusted	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Balances, as adjusted	Retained Earnings	Retained Earnings Cumulative effect of change in accounting principle	Retained Earnings Balances, as adjusted	Treasury Stock	Treasury Stock Balances, as adjusted
Beginning balance (in shares) at Jan. 02, 2021				81,239	81,239
Beginning balance at Jan. 02, 2021	$ 906,502	$ (64,114)	$ 842,388	$ 821	$ 821	$ 795,697	$ (71,385)	$ 724,312	$ (4,400)	$ (4,400)	$ 142,880	$ 7,271	$ 150,151	$ (28,496)	$ (28,496)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,657
Issuance of common stock	11,482			$ 17		11,465
Stock-based compensation	$ 14,701					14,701
Purchase of treasury stock (in shares)	(1,400)			(1,491)
Purchase of treasury stock	$ (73,295)													(73,295)
Unrealized gain on hedge instruments, net of tax	2,460								2,460
Net income (loss)	128,244										128,244
Ending balance (in shares) at Jan. 01, 2022				81,405
Ending balance at Jan. 01, 2022	925,980			$ 838		750,478			(1,940)		278,395			(101,791)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				433
Issuance of common stock	3,286			$ 4		3,282
Stock-based compensation	$ 13,353					13,353
Purchase of treasury stock (in shares)	(2,700)			(2,846)
Purchase of treasury stock	$ (84,388)													(84,388)
Unrealized gain on hedge instruments, net of tax	761								761
Repurchase of 2025 Notes	(1)					(1)
Net income (loss)	$ 42,122										42,122
Ending balance (in shares) at Dec. 31, 2022	78,992			78,992
Ending balance at Dec. 31, 2022	$ 901,113			$ 842		767,112			(1,179)		320,517			(186,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				558
Issuance of common stock	1,838			$ 6		1,832
Stock-based compensation	$ 20,023					20,023
Purchase of treasury stock (in shares)	(1,100)			(1,239)
Purchase of treasury stock	$ (28,415)													(28,415)
Unrealized gain on hedge instruments, net of tax	760								760
Net income (loss)	$ (65,901)										(65,901)
Ending balance (in shares) at Dec. 30, 2023	78,311			78,311
Ending balance at Dec. 30, 2023	$ 829,418			$ 848		$ 788,967			$ (419)		$ 254,616			$ (214,594)

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Revenue:
Total net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	1,000,910	925,587	904,779
Operating expenses:
Selling, general and administrative expenses	991,883	915,355	900,798
Depreciation and amortization	98,252	99,956	97,089
Asset impairment	82,413	5,783	4,427
Other expense (income), net	(164)	(2,552)	(2,505)
Total operating expenses	1,172,384	1,018,542	999,809
Income (loss) from operations	(46,826)	61,275	174,937
Interest expense, net	14,339	462	25,612
Loss on extinguishment of debt	599	0	0
Earnings (loss) before income taxes	(61,764)	60,813	149,325
Income tax provision	4,137	18,691	21,081
Net income (loss)	$ (65,901)	$ 42,122	$ 128,244
Earnings (loss) per share:
Basic (in usd per share)	$ (0.84)	$ 0.53	$ 1.57
Diluted (in usd per share)	$ (0.84)	$ 0.52	$ 1.43
Weighted average shares outstanding:
Basic (in shares)	78,313	79,831	81,820
Diluted (in shares)	78,313	80,298	96,134
Comprehensive income (loss):
Net income (loss)	$ (65,901)	$ 42,122	$ 128,244
Unrealized gain on hedge instruments	1,019	1,020	6,158
Tax provision of unrealized gain on hedge instruments	259	259	3,698
Comprehensive income (loss)	(65,141)	42,883	130,704
Products
Revenue:
Total net revenue	1,744,136	1,648,315	1,718,344
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	664,589	636,324	633,116
Services and plans
Revenue:
Total net revenue	382,332	357,089	361,181
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 336,321	$ 289,263	$ 271,663

Termination of Walmart Partnership - Exit-Related Costs Recognized (Details) - Termination of Walmart Partnership $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 86,661
Impairment charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	79,658
Employee compensation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,666
Professional fees and other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,179
Inventory obsolescence
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 158

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 149,896	$ 229,425
Accounts receivable, net	86,854	79,892
Inventories	119,908	123,158
Prepaid expenses and other current assets	40,012	41,361
Total current assets	396,670	473,836
Noncurrent assets
Property and equipment, net	362,563	359,775
Goodwill	717,544	777,613
Trademarks and trade names	240,547	240,547
Other intangible assets, net	20,272	34,669
Right of use assets	406,579	382,825
Other assets	28,336	21,981
Total noncurrent assets	1,775,841	1,817,410
Total assets	2,172,511	2,291,246
Current liabilities:
Accounts payable	67,556	65,276
Other payables and accrued expenses	123,288	94,225
Unearned revenue	48,117	41,239
Deferred revenue	62,867	62,201
Current maturities of long-term debt and finance lease obligations	10,480	4,137
Current operating lease obligations	85,392	77,186
Total current liabilities	397,700	344,264
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	450,771	563,388
Noncurrent operating lease obligations	376,814	358,110
Deferred revenue	21,459	21,601
Other liabilities	8,465	8,900
Deferred income taxes, net	87,884	93,870
Total noncurrent liabilities	945,393	1,045,869
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000 shares authorized; 84,831 and 84,273 shares issued as of December 30, 2023 and December 31, 2022, respectively; 78,311 and 78,992 shares outstanding as of December 30, 2023 and December 31, 2022, respectively	848	842
Additional paid-in capital	788,967	767,112
Accumulated other comprehensive loss	(419)	(1,179)
Retained earnings	254,616	320,517
Treasury stock, at cost; 6,520 and 5,281 shares as of December 30, 2023 and December 31, 2022, respectively	(214,594)	(186,179)
Total stockholders’ equity	829,418	901,113
Total liabilities and stockholders’ equity	$ 2,172,511	$ 2,291,246

Stock Incentive Plans

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

The Company has provided equity-based compensation awards to its associates under three plans. In connection with the initial public offering of our common stock (the “IPO”), on October 23, 2017, the Company’s Board of Directors adopted, and its stockholders approved, the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). The total number of shares of common stock that may be issued under the 2017 Omnibus Incentive Plan is 4,000,000. The plan authorizes the grant of stock options, stock appreciation rights, restricted stock awards (“RSAs”), RSUs, PSUs, other equity-based awards and other cash-based awards to our associates, non-employee directors, officers, consultants and advisers. The Vision Holding Corp. 2013 Amended and Restated Stock Incentive Plans provided for the issuance of stock options to directors, certain associates and consultants of Vision Holding Corp., its subsidiaries and affiliates. In 2014, our Board of Directors and stockholders of the Company approved the 2014 Stock Incentive Plan for Key Employees of National Vision Holdings, Inc. (formerly known as Nautilus Parent, Inc.) and its subsidiaries (the “2014 Stock Incentive Plan”). There were 10,988,827 stock options authorized for issuance pursuant to the 2014 Stock Incentive Plan. All stock awards under these plans vest through continued service. All options under these plans have a contractual life of 10 years.

The Company also provides associates the opportunity to purchase Company common shares through the Associate Stock Purchase Plan (the “ASPP”), which the Company’s Board of Directors adopted and its stockholders approved on June 6, 2018. The ASPP provides that up to 850,000 shares of common stock, at par value of $0.01 per share, may be offered and issued under the ASPP.

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Stock options	$	763	$	1,579	$	2,632
RSUs and PSUs	19,260		11,460		11,217
RSAs	—		314		852
Associate stock purchase plan	151		159		185
Pre-tax stock-based compensation expense	$	20,174	$	13,512	$	14,886
Income tax benefit	(5,085)		(3,428)		(3,788)
After-tax stock-based compensation expense	$	15,089	$	10,084	$	11,098


	Stock options		RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	126	$	30,791
Expected remaining weighted-average period of expense recognition (in years)	0.20		1.91

Service-based options

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2023 and 2022.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 2022	628	$	29.07	5.95	$	6,733
Exercised	(16)	15.59
Forfeited	(13)	40.91
Outstanding options at December 30, 2023	599	$	29.20	4.93	$	981
Vested and exercisable at December 30, 2023	569	$	28.35	4.82	$	981


In thousands except per share values	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Weighted average grant date fair value per share of options granted	$	—	$	—	$	23.39
Fair value of options vested	$	1,251	$	3,073	$	3,138
Aggregate intrinsic value of options exercised	$	147	$	979	$	23,091

The fair value of service-based options was estimated using the Black-Scholes-Merton option pricing model. The following is a summary of the assumptions used in this model for service-based options:

2021

Expected volatility

52.49% to 54.03%

Expected term range (in years)

6.00

Expected risk-free interest rate

0.97% to 1.07%

The expected term was based on the mid-point between the weighted average time to vesting and the contractual time to maturity. Most service-based options vest in three equal installments on the first, second and third anniversaries of the grant date. The risk-free interest rate was based on the U.S. Treasury yield curve. The dividend yield was based on our expectation of not paying dividends on our common stock for the foreseeable future.

Performance-based options

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 2022	49	$	15.74	4.56	$	1,132
Exercised	—	—

Outstanding options at December 30, 2023	49	$	15.74	3.56	$	255
Vested and exercisable at December 30, 2023	49	$	15.74	3.56	$	255

There were no grants of performance-based options during fiscal years 2023, 2022, and 2021. There were no vests of performance-based options during fiscal years 2023, 2022, and 2021. There were no exercises of performance-based options during fiscal year 2023. The aggregate intrinsic value of performance-based options exercised during fiscal years 2022 and 2021 was immaterial and $37.3 million, respectively.

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 31, 2022	786	$	35.36	361	$	38.86
Granted	725	22.65		451	22.35
Vested	(352)	34.35		(112)	34.28
Forfeited	(99)	30.19		(28)	35.45
Outstanding at December 30, 2023	1,060	$	27.50	672	$	28.68


	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
RSUs
Weighted average grant date fair value of RSUs granted	$	22.65	$	34.83	$	46.52
Total fair value of RSUs vested (In thousands)	$	12,084	$	6,176	$	6,154
PSUs
Weighted average grant date fair value of PSUs granted	$	22.35	$	37.96	$	46.17
Total fair value of PSUs vested (In thousands)	$	3,852	$	3,118	$	—
RSAs
Weighted average grant date fair value of RSAs granted	$	—	$	—	$	48.39
Total fair value of RSAs vested (In thousands)	$	—	$	800	$	700

Restricted stock units (RSUs)

Most RSUs vest in three equal annual installments on the first, second and third anniversary of the grant date. The RSUs outstanding as of December 30, 2023 have $22.2 million intrinsic value. Non-employee directors were granted RSUs in fiscal year 2023.

Performance stock units (PSUs)

PSUs are settled after the end of a three-year performance period (i.e., cliff vesting), which begins on the first day of the grant year and are based on the Company’s achievement of certain performance targets. The performance stock units outstanding as of December 30, 2023 have $14.1 million intrinsic value. While the PSU amounts shown in the tables above reflect achievement at target, the number of PSUs ultimately vested will be based on a comparison of certified performance results to predefined performance criteria that include threshold, target and maximum attainment levels.

Associate Stock Purchase Plan

Under the ASPP, eligible associates receive a 10% discount from the market trading value of common stock of the Company at the time of purchase. Participants may contribute to the ASPP, not to exceed $25,000 under the ASPP in any calendar year. During fiscal year 2023, the amount of shares issued to eligible participants through the ASPP was not material.

Earnings Per Share

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average shares outstanding for the period and includes the dilutive impact of potential new shares issuable upon vesting and exercise of stock options, vesting of restricted stock units, and assumed conversion of the 2025 Notes. Potential shares of common stock are excluded from the computation of diluted EPS if their effect is anti-dilutive.

Diluted EPS related to the 2025 Notes is calculated using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


In thousands, except EPS	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Net income (loss)	$	(65,901)	$	42,122	$	128,244
After-tax interest expense for 2025 Notes	—		—		9,483
Numerator for diluted EPS	$	(65,901)	$	42,122	$	137,727
Weighted average shares outstanding for basic EPS	78,313		79,831		81,820
Effect of dilutive securities:
Stock options	—		190		919
Restricted Stock	—		277		483
2025 Notes	—		—		12,912
Weighted average shares outstanding for diluted EPS	78,313		80,298		96,134
Basic EPS	$	(0.84)	$	0.53	$	1.57
Diluted EPS	$	(0.84)	$	0.52	$	1.43
Anti-dilutive securities excluded from diluted weighted average common shares	12,796		13,282		94

Goodwill and Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 35,496	$ 100,897
Accumulated Amortization	$ (15,224)	(66,228)
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment
Legacy
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 345	65,000
Accumulated Amortization	$ (247)	$ (52,080)
Remaining Life (Years)	0 years	2 years
Intangible asset impairment charge	$ 9,100
Fred Meyer
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	35,000	$ 35,000
Accumulated Amortization	$ (14,915)	$ (13,389)
Remaining Life (Years)	13 years	14 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 151	$ 897
Accumulated Amortization	$ (62)	$ (759)
Remaining Life (Years)	2 years	3 years

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Condensed Financial Statements, Captions [Line Items]
Total net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Total costs applicable to revenue	1,000,910	925,587	904,779
Total operating expenses	1,172,384	1,018,542	999,809
Interest expense, net	14,339	462	25,612
Loss on extinguishment of debt	599	0	0
Earnings (loss) before income taxes	(61,764)	60,813	149,325
Income tax provision (benefit)	4,137	18,691	21,081
Net income (loss)	(65,901)	42,122	128,244
Comprehensive income (loss):
Net income (loss)	(65,901)	42,122	128,244
Unrealized gain on hedge instruments	1,019	1,020	6,158
Tax provision of unrealized gain on hedge instruments	259	259	3,698
Comprehensive income (loss)	(65,141)	42,883	130,704
Parent Company
Condensed Financial Statements, Captions [Line Items]
Total net revenue	0	0	0
Total costs applicable to revenue	0	0	0
Total operating expenses	214	266	256
Interest expense, net	12,040	12,345	12,275
Loss on extinguishment of debt	599	0	0
Earnings (loss) before income taxes	(12,853)	(12,611)	(12,531)
Income tax provision (benefit)	(2,401)	(2,869)	(2,898)
Earnings (loss) before equity in net income of subsidiaries	(10,452)	(9,742)	(9,633)
Net income (loss) of subsidiaries	(55,449)	51,864	137,877
Net income (loss)	(65,901)	42,122	128,244
Comprehensive income (loss):
Net income (loss)	(65,901)	42,122	128,244
Unrealized gain on hedge instruments	1,019	1,020	6,158
Tax provision of unrealized gain on hedge instruments	259	259	3,698
Comprehensive income (loss)	$ (65,141)	$ 42,883	$ 130,704

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 30, 2023	Feb. 16, 2024	Jul. 01, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 30, 2023
Current Fiscal Year End Date	--12-30
Document Transition Report	false
Entity File Number	001-38257
Entity Registrant Name	National Vision Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4841717
Entity Address, Address Line One	2435 Commerce Ave
Entity Address, Address Line Two	Building 2200
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	770
Local Phone Number	822‑3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EYE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		78,312,620
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 30, 2023.
Entity Central Index Key	0001710155
Document Fiscal Year Focus	2023
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false

Segment Reporting - Narrative (Details) $ in Thousands	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Dec. 30, 2023 USD ($) store segment visionCenter	Dec. 31, 2022 USD ($) store	Jan. 01, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of host operating segments \| segment	2
Number of retail vision centers \| store	1,413	1,354
Net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Corporate level COVID-19 related supplies expense and professional fees		600	1,500
Legacy
Segment Reporting Information [Line Items]
Number of retail vision centers \| visionCenter	225
Legacy \| Management of operations
Segment Reporting Information [Line Items]
Net revenue	$ 30,600	$ 34,700	$ 41,700

- Definition

+ References

+ Details

Details of Certain Balance Sheet Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Other noncurrent liabilities:
Self-insurance liabilities	$ 5,657	$ 6,292
Other	2,808	2,608
Total other non-current liabilities	$ 8,465	$ 8,900

Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	$ 448,747	$ 552,497
Long-term debt less debt discount and issuance costs	445,184	546,231
Less current maturities	(7,500)	0
Long-term debt - noncurrent portion	437,684	546,231
Finance lease obligations	16,067	21,294
Less current maturities	(2,980)	(4,137)
Long-term debt and finance lease obligations, less current portion and debt discount	450,771	563,388
Credit facility \| Revolving Loans, due June 13, 2028
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	0	0
2025 Notes \| Convertible senior notes
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	302,497	402,497
Unamortized discount and issuance costs	(2,497)	(5,696)
Term Loan A, due June 13, 2028 \| Term loan
Debt Instrument [Line Items]
Long-term debt before unamortized discount and issuance costs	146,250	150,000
Unamortized discount and issuance costs	$ (1,066)	$ (570)

Business and Significant Accounting Policies - CARES Act (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Unusual or Infrequent Item, or Both [Line Items]
Government Assistance, Statement of Financial Position [Extensible Enumeration]	Accounts receivable, net	Accounts receivable, net
The CARES Act
Unusual or Infrequent Item, or Both [Line Items]
Government assistance receivable	$ 9.0	$ 9.0

Stock Incentive Plans - Associate Stock Purchase Plan (Details) - Associate stock purchase plan	12 Months Ended
	Dec. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market trading value of common stock at time of purchase (percent)	10.00%
Maximum annual contribution per participant for stock purchase	$ 25,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Lease Term and Discount Rate (Details)	12 Months Ended
Leases - Lease Term and Discount Rate (Details)	Dec. 30, 2023	Dec. 31, 2022
Weighted average remaining lease term (months)
Operating leases, weighted average remaining lease term (months)	73 months	74 months
Finance leases, weighted average remaining lease term (months)	58 months	65 months
Weighted average discount rate
Operating leases, weighted average discount rate (percent)	4.70%	4.40%
Finance leases, weighted average discount rate (percent)	10.40%	10.80%
Stores, laboratories, distribution centers, offices \| Minimum
Weighted average discount rate
Lease terms (in years)	5 years
Stores, laboratories, distribution centers, offices \| Maximum
Weighted average discount rate
Lease terms (in years)	10 years

Long-term Debt (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following:


In thousands	As of December 30, 2023		As of December 31, 2022
2025 Notes, due May 15, 2025	$	302,497	$	402,497
Term Loan A, due June 13, 2028	146,250		150,000
Revolving Loans, due June 13, 2028	—		—
Long-term debt before unamortized discount and issuance costs	448,747		552,497
Unamortized discount and issuance costs - 2025 Notes	(2,497)		(5,696)
Unamortized discount and issuance costs - Term Loan A	(1,066)		(570)
Long-term debt less debt discount and issuance costs	445,184		546,231
Less current maturities	(7,500)		—
Long-term debt - noncurrent portion	437,684		546,231
Finance lease obligations	16,067		21,294
Less current maturities	(2,980)		(4,137)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	450,771	$	563,388

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Contractual interest expense	$	9,747	$	10,062	$	10,063
Amortization of issuance costs	$	2,293	$	2,283	$	2,213

Schedule of Annual Maturities of Debt

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2024	$	5,625
2025	311,872
2026	7,500
2027	7,500
2028	116,250
Thereafter	—
	$	448,747

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets Additional Information (Details) - $ / shares	Dec. 30, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	84,831,000	84,273,000
Common stock, outstanding (in shares)	78,311,000	78,992,000
Treasury stock, at cost (in shares)	6,520,000	5,281,000
Parent Company
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	84,831,000	84,273,000
Common stock, outstanding (in shares)	78,311,000	78,992,000
Treasury stock, at cost (in shares)	6,520,000	5,281,000

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in AOCL, net of tax during the fiscal years 2023, 2022 and 2021, respectively:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Cash flow hedging activity
Balance at beginning of fiscal year	$	(1,179)	$	(1,940)	$	(4,400)
Other comprehensive income (loss) before reclassification	—		—		(10)
Tax effect of other comprehensive income (loss) before reclassification	—		—		3
Amount reclassified from AOCL	1,019		1,020		6,168
Tax effect of amount reclassified from AOCL	(259)		(259)		(1,576)
Stranded tax effect of matured interest rate swaps	—		—		(2,125)
Net current period other comprehensive income (loss), net of tax	760		761		2,460
Balance at end of fiscal year	$	(419)	$	(1,179)	$	(1,940)

Business and Significant Accounting Policies - Property and Equipment (Details)	Dec. 30, 2023
Buildings
Property and Equipment
Estimated useful life (in years)	34 years
Equipment \| Minimum
Property and Equipment
Estimated useful life (in years)	3 years
Equipment \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
Information technology hardware and software \| Minimum
Property and Equipment
Estimated useful life (in years)	2 years
Information technology hardware and software \| Maximum
Property and Equipment
Estimated useful life (in years)	5 years
Furniture and fixtures
Property and Equipment
Estimated useful life (in years)	6 years
Leasehold improvements \| Minimum
Property and Equipment
Estimated useful life (in years)	5 years
Leasehold improvements \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
P&E under finance leases
Property and Equipment
Estimated useful life (in years)	10 years

Segment Reporting - Consolidated Net Product Revenue Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Revenue from External Customer [Line Items]
Total net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Walmart
Revenue from External Customer [Line Items]
Total net revenue	297,100	291,500	300,800
Products
Revenue from External Customer [Line Items]
Total net revenue	1,744,136	1,648,315	1,718,344
Eyeglasses and sunglasses
Revenue from External Customer [Line Items]
Total net revenue	1,192,525	1,120,731	1,201,386
Contact lenses
Revenue from External Customer [Line Items]
Total net revenue	543,411	520,709	509,992
Accessories and other
Revenue from External Customer [Line Items]
Total net revenue	$ 8,200	$ 6,875	$ 6,966

- Definition

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Schedule of Lease Type and Classification on Balance Sheet

Information related to our leases is presented below:


In thousands		As of December 30, 2023		As of December 31, 2022
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	10,774	$	14,962
Operating	Right of use assets (b)	406,579		382,825
	Total leased assets	$	417,353	$	397,787
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	2,980	$	4,137
Operating	Current operating lease obligations (c)	85,392		77,186
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	13,087		17,157
Operating	Noncurrent operating lease obligations	376,814		358,110
	Total lease liabilities	$	478,273	$	456,590
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $25.4 million and $21.3 million as of December 30, 2023 and December 31, 2022, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022.

(c) Current operating lease liabilities are measured net of TIA receivables of $4.6 million and $6.7 million as of December 30, 2023 and December 31, 2022, respectively.

Schedule of Lease Cost


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Operating lease cost
Fixed lease cost (a)	$	99,334	$	90,801	$	84,019
Variable lease cost (b)	36,388		33,143		30,643
Sublease income(c)	(3,684)		(3,629)		(3,557)
Finance lease cost
Amortization of finance lease assets	3,061		4,145		4,461
Interest on finance lease liabilities	1,675		2,342		2,923
Net lease cost	$	136,774	$	126,802	$	118,489
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.

Schedule of Lease Terms and Discount Rate


Lease Term and Discount Rate	As of December 30, 2023		As of December 31, 2022
Weighted average remaining lease term (months)
Operating leases	73		74
Finance leases	58		65
Weighted average discount rate (a)
Operating leases	4.7	%	4.4	%
Finance leases (b)	10.4	%	10.8	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) fixed rates on interest rate swaps; (iii) Term SOFR margins for issuers of similar credit rating; and (iv) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.

Schedule of Operating Lease Cash Flows


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Other Information

Operating cash outflows - operating leases	$	106,168	$	88,867	$	89,324

Right of use assets acquired under operating leases	$	111,792	$	110,387	$	91,451

Schedule of Maturity for Operating Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of December 30, 2023:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2024	$	96,270	$	4,129
2025	108,628		4,625
2026	87,129		4,252
2027	72,277		3,379
2028	52,762		1,973
Thereafter	118,181		1,091
Total lease liabilities	535,247		19,449
Less: Interest	73,041		3,382
Present value of lease liabilities(c)	$	462,206	$	16,067

_________

(a) Operating lease payments include $33.3 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $35.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Maturity for Finance Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of December 30, 2023:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2024	$	96,270	$	4,129
2025	108,628		4,625
2026	87,129		4,252
2027	72,277		3,379
2028	52,762		1,973
Thereafter	118,181		1,091
Total lease liabilities	535,247		19,449
Less: Interest	73,041		3,382
Present value of lease liabilities(c)	$	462,206	$	16,067

_________

(a) Operating lease payments include $33.3 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $1.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $35.3 million of legally binding minimum lease payments for leases signed but not yet commenced.

Business and Significant Accounting Policies - Self-Insurance Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Current portion	$ 990	$ 1,047
Noncurrent portion	1,549	2,125
Total estimated recoveries from reinsurance	$ 2,539	$ 3,172

Details of Certain Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Inventories:
Raw materials and work in process	$ 57,367	$ 64,786
Finished goods	62,541	58,372
Inventories	$ 119,908	$ 123,158

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement General The Company uses a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s own market assumptions. The Company is required to measure certain assets and liabilities at fair value or disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. A three-tier fair value hierarchy prioritizes the inputs used in measuring fair value. These tiers include: •Level 1 - Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. •Level 2 - Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the instruments. •Level 3 - Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include discounted cash flow models and similar techniques. The fair value estimates of financial instruments are not necessarily indicative of the amounts we might pay or receive in actual market transactions. The use of different market assumptions and/or estimation methodologies may have a material impact on the estimated fair value amounts. Recurring fair value measurements Interest Rate Derivatives We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. See Note 13. “Interest Rate Derivatives” for further details. Non-recurring fair value measurements Long-lived and Right of Use (“ROU”) Store Assets Refer to Note 2. “Termination of Walmart Partnership” for more information on impairment charges related to the termination of the Walmart partnership. This section discusses fair value measurements unrelated to the termination of the Walmart partnership. We recognized impairments of $2.8 million, $5.8 million and $4.4 million in fiscal years 2023, 2022 and 2021, respectively, primarily related to our store assets. The cash flows used in estimating fair value were discounted using market rates from 10.8% to 11.5%. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. The estimated remaining fair value of the assets impaired during fiscal years 2023 and 2022 was $2.8 million and $7.0 million, respectively; the estimated remaining fair values include amounts estimated at various dates during the related fiscal years. Substantially all of the remaining fair value of the impaired store assets in fiscal years 2023 and 2022 represents the fair value of ROU assets. Refer to Note 1. “Business and Significant Accounting Policies.” Additional fair value information Cash Equivalents and Restricted Cash The carrying amount of cash equivalents and restricted cash approximates fair value due to the short-term maturity of the instruments. All cash and cash equivalents are denominated in U.S. currency. Accounts Receivable, Net The carrying amount of accounts receivable approximates fair value due to the short-term nature of those items and the effect of credit losses. Accounts Payable and Other Payables and Accrued Expenses The carrying amounts of accounts payable and other payables and accrued expenses approximate fair value due to the short-term nature of those items. Long-term Debt - Term Loan A and Revolving Loans Since the borrowings under the $146.3 million outstanding principal Term Loan A and $300.0 million aggregate principal Revolving Loans utilize variable interest rate setting mechanisms such as Term SOFR, the fair values of these borrowings are deemed to approximate the carrying values. We also considered the effect of our own credit risk on the fair values of our Term Loan A and Revolving Loans. Refer to Note 5. “Long-term Debt.” Long-term Debt - 2025 Notes The estimated fair value of the 2025 Notes was approximately $303.3 million and $553.9 million, as of December 30, 2023 and December 31, 2022, respectively. The estimated fair value of the 2025 Notes is based on the prices the 2025 Notes have traded in the market as well as overall market conditions on the date of valuation, stated coupon rates, the number of coupon payments each year and the maturity dates, and represents a Level 2 measurement. Refer to Note 5. “Long-term Debt” for more information on the 2025 Notes.

Stock Incentive Plans (Tables)

12 Months Ended

Dec. 30, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Compensation Expense

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Stock options	$	763	$	1,579	$	2,632
RSUs and PSUs	19,260		11,460		11,217
RSAs	—		314		852
Associate stock purchase plan	151		159		185
Pre-tax stock-based compensation expense	$	20,174	$	13,512	$	14,886
Income tax benefit	(5,085)		(3,428)		(3,788)
After-tax stock-based compensation expense	$	15,089	$	10,084	$	11,098


	Stock options		RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	126	$	30,791
Expected remaining weighted-average period of expense recognition (in years)	0.20		1.91

Schedule of RSU, PSU, and RSA Activity

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 31, 2022	786	$	35.36	361	$	38.86
Granted	725	22.65		451	22.35
Vested	(352)	34.35		(112)	34.28
Forfeited	(99)	30.19		(28)	35.45
Outstanding at December 30, 2023	1,060	$	27.50	672	$	28.68


	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
RSUs
Weighted average grant date fair value of RSUs granted	$	22.65	$	34.83	$	46.52
Total fair value of RSUs vested (In thousands)	$	12,084	$	6,176	$	6,154
PSUs
Weighted average grant date fair value of PSUs granted	$	22.35	$	37.96	$	46.17
Total fair value of PSUs vested (In thousands)	$	3,852	$	3,118	$	—
RSAs
Weighted average grant date fair value of RSAs granted	$	—	$	—	$	48.39
Total fair value of RSAs vested (In thousands)	$	—	$	800	$	700

Service-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2023 and 2022.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 2022	628	$	29.07	5.95	$	6,733
Exercised	(16)	15.59
Forfeited	(13)	40.91
Outstanding options at December 30, 2023	599	$	29.20	4.93	$	981
Vested and exercisable at December 30, 2023	569	$	28.35	4.82	$	981


In thousands except per share values	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Weighted average grant date fair value per share of options granted	$	—	$	—	$	23.39
Fair value of options vested	$	1,251	$	3,073	$	3,138
Aggregate intrinsic value of options exercised	$	147	$	979	$	23,091

Schedule of Valuation Assumptions for Stock Option Grants

The fair value of service-based options was estimated using the Black-Scholes-Merton option pricing model. The following is a summary of the assumptions used in this model for service-based options:

2021

Expected volatility

52.49% to 54.03%

Expected term range (in years)

6.00

Expected risk-free interest rate

0.97% to 1.07%

Performance-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 31, 2022	49	$	15.74	4.56	$	1,132
Exercised	—	—

Outstanding options at December 30, 2023	49	$	15.74	3.56	$	255
Vested and exercisable at December 30, 2023	49	$	15.74	3.56	$	255

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Termination of Walmart Partnership - Narrative (Details) - Termination of Walmart Partnership $ in Thousands	12 Months Ended
	Dec. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Additional restructuring costs to be incurred	$ 8,000
Restructuring charges	86,661
Impaired assets, remaining fair value	$ 1,500
Termination benefits expected to occur, period	12 months
Minimum \| Discounted Cash Flow \| Discount Rate
Restructuring Cost and Reserve [Line Items]
Impaired assets, measurement input (as a percent)	0.078
Maximum \| Discounted Cash Flow \| Discount Rate
Restructuring Cost and Reserve [Line Items]
Impaired assets, measurement input (as a percent)	0.100
Goodwill impairment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 60,100
Finite-lived intangible assets, impairment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,100
Property and equipment impairment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,500
Employee compensation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,666
Employee compensation benefits \| Cost of Services and Plans
Restructuring Cost and Reserve [Line Items]
Restructuring charges	600
Employee compensation benefits \| Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,100
Termination benefits \| Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,500
Professional fees and other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,179
Inventory obsolescence
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 158

Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Federal income tax provision at statutory rate	$ (12,970)	$ 12,771	$ 31,358
State income tax provision, net of federal income tax	1,305	3,527	7,130
Increase (decrease) in deferred tax asset valuation allowance	2,238	477	(441)
Executive compensation limitation	354	1,218	283
Goodwill impairment	12,614	0	0
Stranded tax effect of matured interest rate swaps	0	0	(2,125)
Tax provision (benefit) of equity-based compensation deductions	1,211	(27)	(14,408)
Other, net	(615)	725	(716)
Income tax provision (benefit)	$ 4,137	$ 18,691	$ 21,081
Effective income tax rate (percent)	(6.70%)	30.70%	14.10%

Income Taxes

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Current income tax:
Federal	$	6,880	$	2,829	$	138
State	3,246		4,838		4,242
Deferred income tax:
Federal	(3,878)		11,079		15,015
State	(2,111)		(55)		1,686
Income tax provision (benefit)	$	4,137	$	18,691	$	21,081

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate as shown in the following table:


In thousands	Fiscal Year 2023			Fiscal Year 2022			Fiscal Year 2021
Federal income tax provision at statutory rate	$	(12,970)		$	12,771		$	31,358
State income tax provision, net of federal income tax	1,305			3,527			7,130
Increase (decrease) in deferred tax asset valuation allowance	2,238			477			(441)
Executive compensation limitation	354			1,218			283
Goodwill impairment	12,614			—			—
Stranded tax effect of matured interest rate swaps	—			—			(2,125)
Tax provision (benefit) of equity-based compensation deductions	1,211			(27)			(14,408)
Other, net	(615)			725			(716)
Net income tax provision (benefit)	$	4,137		$	18,691		$	21,081
Effective income tax rate	(6.7)		%	30.7		%	14.1		%

The tax legislation signed into law on December 22, 2017 makes broad and complex changes to the U.S. tax code including, but not limited to: (1) reducing the U.S. federal rate from 35% to 21%, effective January 1, 2018; (2) eliminating the corporate alternative minimum tax (“AMT”) and changing how the credits can be realized; (3) creating new limitations on deductions for interest expense; (4) changing rules related to limitations of net operating loss (“NOL”) carryforwards, and (5) enhancing and extending through 2026 the option to claim accelerated depreciation deductions on qualified property.

In August 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) which, among other things, provides for a 15% corporate alternative minimum tax based on a prescribed measure of income as well as a 1% excise tax on stock repurchases made after December 31, 2022.

The sources of the differences between the financial accounting and tax bases of our assets and liabilities that give rise to the deferred tax assets and deferred tax liabilities and the tax effects of each are as follows:


In thousands	As of December 30, 2023		As of December 31, 2022
Deferred tax assets:
NOL carry-forwards	$	7,399	$	5,708

Credit carryforwards	267		547
Deferred revenue	5,984		6,376
Accrued expenses and reserves	13,344		10,233
Loss on equity and other investments	888		899
Stock-based compensation	6,050		5,214

Operating lease liabilities	119,916		115,870

Subtotal	153,848		144,847
Valuation allowances	(5,760)		(3,522)
Total net deferred tax assets	148,088		141,325
Deferred tax liabilities:
Depreciation of property and equipment	(61,118)		(59,446)
Amortization of intangible assets	(68,729)		(70,946)
Unrealized gains on hedging instruments	(1,407)		(3,568)
Right of use asset	(101,780)		(97,954)
Other	(2,938)		(3,281)
Total deferred tax liabilities	(235,972)		(235,195)
Net deferred tax liabilities	$	(87,884)	$	(93,870)

As of fiscal year end 2023, our consolidated VIEs had available U.S. federal NOL carry-forwards aggregating to $21.7 million that can be utilized to reduce future federal income taxes, of which $21.6 million of carry-forward losses do not expire and $0.1 million of carry-forward losses expire at the end of fiscal year 2037. We believe it is more likely than not that we will realize a tax benefit for these NOL’s in the future except for $18.1 million of NOL carry-forwards ($3.8 million tax effected) on certain consolidated VIEs where we recognized a full valuation allowance as of fiscal year end 2023. In addition, we have NOL carry-forwards in varying amounts and with varying expiration dates in various states in which we operate.

For the fiscal year end 2023, we have no federal credits remaining, but carry various state tax credits totaling $0.3 million are available to offset certain future taxes. These state credits carry a valuation allowance of $0.2 million as we do not expect to be able to utilize them in future tax years.

We have a $0.9 million deferred income tax asset for capital losses associated with the losses realized on the sale of our equity method non-consolidated investee and other investments. We do not expect to generate significant capital gains in the near future. Therefore, we believe it is more likely than not that we will not realize a tax benefit for the majority of these deferred income tax assets, and accordingly we have established a full valuation allowance for the amount deemed unrealizable.

As a result of our utilization of NOL carry-forwards to reduce or eliminate subsequent years’ tax obligations, our federal and a substantial number of our state income tax returns for fiscal years 2001 through 2023 remain open for examination by the tax authorities.

The Company evaluates uncertain tax positions using a “more-likely-than-not” threshold and recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by tax authorities. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Long-term Debt - Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Annual Maturities of Debt
2024	$ 5,625
2025	311,872
2026	7,500
2027	7,500
2028	116,250
Thereafter	0
Total	$ 448,747	$ 552,497

Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2023

Accounting Policies [Abstract]

Fiscal Year

Basis of Presentation and Principles of Consolidation

Reclassification

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable, Net

Inventories

Property and Equipment

Cloud Computing Arrangements

Goodwill and Intangible Assets

Investments

Fair Value Measurement of Assets and Liabilities

Deferred Financing Costs and Loan Discounts

Self-Insurance Liabilities


In thousands		Balance Sheet Classification	As of December 30, 2023		As of December 31, 2022
	Current portion	Prepaid Expenses and Other Current Assets	$	990	$	1,047
	Noncurrent portion	Other Assets	1,549		2,125
Total estimated recoveries from reinsurance			$	2,539	$	3,172

Derivative Financial Instruments

Accumulated Other Comprehensive Loss

Revenue Recognition

Costs Applicable to Revenue

Selling, General and Administrative

Leases

Stock-Based Compensation

Long-lived Asset Impairment

Income Taxes

Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements

Adoption of New Accounting Pronouncements

Future Adoption of Accounting Pronouncements

Details of Certain Balance Sheet Accounts - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Accounts receivable, net:
Allowance for credit losses	$ (316)	$ (519)
Accounts receivable, net	86,854	79,892
The CARES Act
Accounts receivable, net:
Government assistance receivable	9,000	9,000
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	43,518	41,622
Credit card receivables
Accounts receivable, net:
Accounts receivable, gross	27,905	23,311
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 15,747	$ 15,478

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Accumulated Other Comprehensive Loss
Beginning balance	$ 901,113	$ 925,980	$ 906,502
Ending balance	829,418	901,113	925,980
Cash Flow Hedges
Accumulated Other Comprehensive Loss
Beginning balance	(1,179)	(1,940)	(4,400)
Other comprehensive income (loss) before reclassification	0	0	(10)
Tax effect of other comprehensive income (loss) before reclassification	0	0	3
Amount reclassified from AOCL	1,019	1,020	6,168
Tax effect of amount reclassified from AOCL	(259)	(259)	(1,576)
Stranded tax effect of matured interest rate swaps	0	0	(2,125)
Net current period other comprehensive income (loss), net of tax	760	761	2,460
Ending balance	$ (419)	$ (1,179)	$ (1,940)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted EPS Calculations

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


In thousands, except EPS	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Net income (loss)	$	(65,901)	$	42,122	$	128,244
After-tax interest expense for 2025 Notes	—		—		9,483
Numerator for diluted EPS	$	(65,901)	$	42,122	$	137,727
Weighted average shares outstanding for basic EPS	78,313		79,831		81,820
Effect of dilutive securities:
Stock options	—		190		919
Restricted Stock	—		277		483
2025 Notes	—		—		12,912
Weighted average shares outstanding for diluted EPS	78,313		80,298		96,134
Basic EPS	$	(0.84)	$	0.53	$	1.57
Diluted EPS	$	(0.84)	$	0.52	$	1.43
Anti-dilutive securities excluded from diluted weighted average common shares	12,796		13,282		94

Deferred Revenue - Deferred Revenue Remaining Performance Obligation (Details) $ in Thousands	Dec. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 84,326
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 62,867
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 16,321
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 5,111
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 27
Estimated timing of recognition of performance obligation

Business and Significant Accounting Policies - Accounts Receivable and Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Concentration Risk [Line Items]
Credit loss on receivables	$ 0.6	$ 0.9	$ 0.8
Supplier concentration risk \| Contact Lenses \| Three Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	92.00%
Supplier concentration risk \| Lenses \| One Key Vendor
Concentration Risk [Line Items]
Concentration risk (percent)	89.00%
Supplier concentration risk \| Frames \| Two Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	60.00%

Segment Reporting (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Data by Segment

The following is a summary of certain financial data for each of our segments. Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which are presented on a cash basis, including point of sales for managed care payors and excluding the effects of unearned and deferred revenue, consistent with what the CODM regularly reviews. Asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segments.


	Fiscal Year 2023
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,396,355	$	101,776	$	252,355	$	(6,350)	$	1,744,136
Net sales of services and plans	333,693		49,118		72		(551)		382,332
Total net revenue	1,730,048		150,894		252,427		(6,901)		2,126,468
Cost of products	401,385		46,036		218,814		(1,646)		664,589
Cost of services and plans	310,643		24,866		812		—		336,321
Total costs applicable to revenue	712,028		70,902		219,626		(1,646)		1,000,910
SG&A	670,337		56,790		264,756		—		991,883
Asset impairment	—		—		82,413		—		82,413
Other expense (income), net	—		—		(164)		—		(164)
Loss on extinguishment of debt	—		—		599		—		599
EBITDA	$	347,683	$	23,202	$	(314,803)	$	(5,255)
Depreciation and amortization									98,252
Interest expense, net									14,339
Earnings (loss) before income taxes									$	(61,764)


	Fiscal Year 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,317,673	$	99,161	$	242,822	$	(11,341)	$	1,648,315
Net sales of services and plans	299,695		52,716		—		4,678		357,089
Total net revenue	1,617,368		151,877		242,822		(6,663)		2,005,404
Cost of products	380,717		46,375		211,872		(2,640)		636,324
Cost of services and plans	265,598		23,665		—		—		289,263
Total costs applicable to revenue	646,315		70,040		211,872		(2,640)		925,587
SG&A	629,421		58,217		227,717		—		915,355
Asset impairment	—		—		5,783		—		5,783
Other expense (income), net	—		—		(2,552)		—		(2,552)
EBITDA	$	341,632	$	23,620	$	(199,998)	$	(4,023)
Depreciation and amortization									99,956
Interest expense, net									462
Earnings before income taxes									$	60,813


	Fiscal Year 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,375,983	$	103,249	$	236,299	$	2,813	$	1,718,344
Net sales of services and plans	307,732		62,228		—		(8,779)		361,181
Total net revenue	1,683,715		165,477		236,299		(5,966)		2,079,525
Cost of products	377,489		49,258		205,670		699		633,116
Cost of services and plans	246,342		25,321		—		—		271,663
Total costs applicable to revenue	623,831		74,579		205,670		699		904,779
SG&A	618,413		57,838		224,547		—		900,798
Asset impairment	—		—		4,427		—		4,427
Other expense (income), net	—		—		(2,505)		—		(2,505)
EBITDA	$	441,471	$	33,060	$	(195,840)	$	(6,665)
Depreciation and amortization									97,089
Interest expense, net									25,612
Earnings before income taxes									$	149,325

Schedule of Net Product Revenue

The following table presents our consolidated net product revenue information:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Net Product Sales
Eyeglasses and sunglasses	$	1,192,525	$	1,120,731	$	1,201,386
Contact lenses	543,411		520,709		509,992
Accessories and other	8,200		6,875		6,966
Total net product revenues	$	1,744,136	$	1,648,315	$	1,718,344

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($)	Dec. 30, 2023	Nov. 14, 2023	Dec. 31, 2022	May 31, 2020
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	$ 448,747,000		$ 552,497,000
Outstanding letters of credit	6,400,000
Convertible senior notes \| 2025 Notes
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	402,500,000			$ 402,500,000
Stated interest rate (percent)				2.50%
Repurchased face amount		$ 100,000,000
Aggregate principal amount	302,497,000		402,497,000
Term loan \| Term Loan A, due June 13, 2028
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	146,250,000		150,000,000
Credit facility \| Revolving Credit Facility
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	0		$ 0
Amount outstanding on line of credit	0
Credit facility borrowing capacity	$ 300,000,000

Stock Incentive Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Stock compensation expense
Pre-tax stock-based compensation expense	$ 20,174	$ 13,512	$ 14,886
Income tax benefit	(5,085)	(3,428)	(3,788)
After-tax stock-based compensation expense	15,089	10,084	11,098
Stock options
Stock compensation expense
Pre-tax stock-based compensation expense	763	1,579	2,632
Unrecognized compensation cost
Unrecognized compensation cost	$ 126
Expected remaining weighted-average period of expense recognition (in years)	2 months 12 days
RSUs and PSUs
Stock compensation expense
Pre-tax stock-based compensation expense	$ 19,260	11,460	11,217
Unrecognized compensation cost
Unrecognized compensation cost	$ 30,791
Expected remaining weighted-average period of expense recognition (in years)	1 year 10 months 28 days
RSAs
Stock compensation expense
Pre-tax stock-based compensation expense	$ 0	314	852
Associate stock purchase plan
Stock compensation expense
Pre-tax stock-based compensation expense	$ 151	$ 159	$ 185

Revenue from Contracts with Customers - Narrative (Details)	12 Months Ended
	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Time frame for majority of payments on health care plans and programs accounts (in days)	90 days
Owned & Host
Disaggregation of Revenue [Line Items]
Extended warranty plan, term (in years)	1 year
Eye care club membership, term one (in years)	3 years
Minimum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	14 days
Maximum
Disaggregation of Revenue [Line Items]
General payment terms for accounts on health care plans and programs (in days)	120 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 240,547	$ 240,547
America’s Best
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	200,547	200,547
Eyeglass World
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 40,000	$ 40,000

Long-term Debt

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consists of the following:


In thousands	As of December 30, 2023		As of December 31, 2022
2025 Notes, due May 15, 2025	$	302,497	$	402,497
Term Loan A, due June 13, 2028	146,250		150,000
Revolving Loans, due June 13, 2028	—		—
Long-term debt before unamortized discount and issuance costs	448,747		552,497
Unamortized discount and issuance costs - 2025 Notes	(2,497)		(5,696)
Unamortized discount and issuance costs - Term Loan A	(1,066)		(570)
Long-term debt less debt discount and issuance costs	445,184		546,231
Less current maturities	(7,500)		—
Long-term debt - noncurrent portion	437,684		546,231
Finance lease obligations	16,067		21,294
Less current maturities	(2,980)		(4,137)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	450,771	$	563,388

2025 Notes

In May 2020, we completed the issuance of $402.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”), pursuant to an indenture between the Company and U.S. Bank, dated as of May 12, 2020 (the “Indenture”). The 2025 Notes were sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes pay interest semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2020, at an annual rate of 2.50%.

We received proceeds from the offering of $390.9 million, net of $11.6 million in underwriter fees and other issuance costs. We used $294.3 million of the net proceeds from the offering to repay all outstanding amounts under the revolving credit facility and $75.0 million to partially repay the first lien term loan in an aggregate principal amount of $420.0 million (the “term loan”). The remainder of the net proceeds are being used for general corporate purposes.

Prior to February 15, 2025, the 2025 Notes are convertible at the option of the holder only under the following circumstances:

(i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the Last Reported Sale Price (as defined in the Indenture) per share of the Company’s common stock exceeds 130% of the Conversion Price (as defined in the Indenture) for each of at least 20 Trading Days (as defined in the Indenture), whether or not consecutive, during the 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter;

(ii) during the five consecutive business days immediately after any ten consecutive Trading Day period (such ten consecutive trading day period, the “measurement period”) in which the Trading Price (as defined in the Indenture) per $1,000 principal amount of the 2025 Notes for each Trading Day of the measurement period was less than 98% of the product of the Last Reported Sale Price per share of the Company’s common stock on such Trading Day and the conversion rate (as described below) on such Trading Day;

(iii) upon the occurrence of certain corporate events or distributions on the Company’s common stock, as described in the Indenture; or

(iv) if the Company calls such Notes for redemption.

On or after February 15, 2025 until 5:00 p.m., New York City time, on the second Scheduled Trading Day (as defined in the Indenture) immediately before the maturity date, the 2025 Notes will be convertible at the option of the holder at any time.

The 2025 Notes are initially convertible at a conversion rate of 32.0783 shares of common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $31.17 per share of common stock. The conversion rate will be subject to adjustment upon the occurrence of certain specified events

including, but not limited to: issuance of stock dividends, splits and combinations; distribution of rights, options and warrants; spin-offs and other distributed property; cash dividends or distributions; tender offers or exchange offers; and certain other corporate transactions. The Company can choose to settle upon conversion in cash, shares or a combination. Based on the initial conversion rate, the 2025 Notes were convertible into 12.9 million shares of our common stock and we reserved for the possible issuance of 16.5 million shares, which is the maximum amount that could be issued upon conversion. As of December 30, 2023, the 2025 Notes are convertible into 9.7 million shares of our common stock and a maximum of 12.4 million shares of our common stock. See Note 14. “Earnings Per Share” for the treatment of earnings per share in relation to the 2025 Notes. The holders of our term loan would have preference over the holders of the 2025 Notes in the event of a liquidation.

The Company adopted ASU 2020-06 as of January 3, 2021. ASU 2020-06 eliminates the cash conversion and the beneficial conversion feature models. Under the new convertible debt framework, the Company eliminated the equity components and increased the debt balance. Refer to Note 1. “Description of Business and Basis of Presentation” for further discussion of the adoption of ASU 2020-06. As a result of adopting ASU 2020-06, our effective interest rate decreased from 9.1% as of January 2, 2021 to 3.2% starting in the first quarter of 2021.

On November 14, 2023, the Company repurchased $100.0 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $99.3 million. The repurchase of the 2025 Notes was accounted for as an extinguishment of debt and resulted in a loss on extinguishment of debt of $0.6 million on its Consolidated Statement of Operations during fiscal year ended December 30, 2023, which includes a write-off of related deferred issuance costs of $0.9 million and third-party fees of $0.4 million. After giving effect to the repurchase, $302.5 million principal amount remains outstanding from an initial issued principal balance of $402.5 million. An immaterial amount of the principal balance of the 2025 Notes was converted during fiscal year 2022.

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Contractual interest expense	$	9,747	$	10,062	$	10,063
Amortization of issuance costs	$	2,293	$	2,283	$	2,213

As of December 30, 2023, the remaining period for the unamortized debt issuance costs balance related to the 2025 Notes was approximately one year.

As of December 30, 2023, the stock price conditions under which the 2025 Notes can be converted at the holders’ option were not met.

Credit Agreement

Reference is made to (i) that certain Second Joinder and Restatement Agreement, dated as of June 13, 2023 (the “Second Restatement Agreement”), by and among the New Lenders party thereto, the Letter of Credit Issuers party thereto, Nautilus Acquisition Holdings, Inc. (“Holdings”), a Delaware corporation and a wholly-owned subsidiary of the Company, NVI, the subsidiaries of NVI party thereto, as guarantors, Bank of America, N.A. in its capacity as administrative agent and as collateral agent and (ii) the Second Amended and Restated Credit Agreement, dated as of June 13, 2023 (the “Credit Agreement”).

On June 13, 2023 (the “Second Restatement Effective Date”), the Second Restatement Agreement amended and restated the Joinder and Amendment and Restatement Agreement, dated as of July 18, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Second Restatement Agreement, the “Original Credit Agreement”) to, among other things, (i) establish new Term Loan A to repay all principal, interest, fees and other amounts outstanding (other than contingent obligations) under the Original Credit Agreement immediately prior to the Second Restatement Effective Date, (ii) establish new Revolving Loans, (iii) provide for a Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator) (“SOFR”)-based rate, with a credit spread adjustment of 10 basis points for all Interest Periods and a SOFR floor of 0.00% per annum, and (iv) as set forth below, modify the Applicable Margins used to calculate the rate of interest payable with respect to the Term Loan A and Revolving Loans (collectively, the “Loans”).

The Credit Agreement, as amended by the Second Restatement Agreement, provides that the Loans mature on the fifth anniversary of the Second Restatement Effective Date, subject to a springing maturity date, which is 91 days before the maturity date of the Company’s 2025 Notes if Minimum Liquidity is less than the sum of the redemption value of such convertible notes on that date plus $25.0 million (the “Maturity Date”). Commencing on the last day of the first full fiscal quarter ended after the Second Restatement Effective Date, the Term Loan A will amortize in equal calendar quarterly installments at a rate of 5.00% per calendar year. The $114.4 million balance (assuming the springing maturity date does not occur) will be payable on the Maturity Date.

The new Applicable Margins were initially (i) 1.75% for the Loans that are Term SOFR Loans and (ii) 0.75% for the Loans that are Alternative Base Rate (“ABR”) Loans. Following the delivery of the financial statements for the period ending on September 30, 2023, the Applicable Margins for the Loans will instead be based on NVI’s total leverage ratio as follows: (a) if NVI’s consolidated total debt to consolidated EBITDA ratio is greater than 2.50 to 1.00, the Applicable Margin will be 2.25% for Term SOFR Loans and 1.25% for ABR Loans, (b) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 2.50 to 1.00 but greater than 1.75 to 1.00, the Applicable Margin will be 2.00% for Term SOFR Loans and 1.00% for ABR Loans, (c) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 1.75 to 1.00 but greater than 0.75 to 1.00, the Applicable Margin will be 1.75% for Term SOFR Loans and 0.75% for ABR Loans, (d) if NVI’s consolidated total debt to consolidated EBITDA ratio is less than or equal to 0.75 to 1.00, the Applicable Margin will be 1.50% for Term SOFR Loans and 0.50% for ABR Loans.

In connection with the Second Amended and Restated Credit Agreement, we deferred $2.0 million of debt issuance costs related to the Revolving Loans in Other assets and $0.9 million of debt issuance costs related to the Term Loan A in Long-term debt and finance lease obligations, less current portion and debt discount on our Consolidated Balance Sheets. We will amortize these costs over the term of the amended credit agreement. We wrote off previously unamortized debt issuance costs of $0.2 million in Interest expense (income), net during fiscal year 2023 related to lenders who were parties to the Original Credit Agreement but are not parties to the Second Restatement Agreement. We recognized $0.2 million of other refinancing fees in Interest expense (income), net during fiscal year 2023.

The Second Restatement Agreement contains customary affirmative covenants, negative covenants, and events of default substantially comparable to the Original Credit Agreement.

The Second Restatement Agreement also contains covenants that, among other things, limit NVI’s ability to incur additional debt, create liens against assets, make acquisitions, pay dividends or distributions on its stock, merge or consolidate with another entity and transfer or sell assets. We were in compliance with all covenants related to our long-term debt as of December 30, 2023.

During the second quarter of 2021, the Company partially prepaid $117.4 million of term loan principal and wrote off associated deferred debt issuance costs of $0.7 million. During the fourth quarter of 2021, the Company partially prepaid $50.0 million of term loan principal and wrote off associated deferred debt issuance costs of $0.3 million. The borrowing capacity remaining as of December 30, 2023 was $293.6 million due to a reduction of $6.4 million for letters of credit outstanding.

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2024	$	5,625
2025	311,872
2026	7,500
2027	7,500
2028	116,250
Thereafter	—
	$	448,747

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Interest Rate Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
Interest Rate Derivatives (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Derivative [Line Items]
(Gains) losses on change in fair value of derivative	$ (2.3)	$ (18.0)	$ (4.2)
Estimated loss reclassification to earnings in next 12 months	$ 0.4
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)		Nonoperating Income (Expense)
Interest rate collar
Derivative [Line Items]
Notional amount	$ 325.0
Interest rate collar \| Not Designated as Hedging Instrument
Derivative [Line Items]
Fair value of derivative assets	$ 5.6
Fair value of derivative liabilities		$ 14.1
Interest rate collar \| Not Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Fair value of derivative liabilities		10.0
Interest rate collar \| Not Designated as Hedging Instrument \| Other assets
Derivative [Line Items]
Fair value of derivative liabilities		$ 4.1

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 106,168	$ 88,867	$ 89,324
Right of use assets acquired under operating leases	$ 111,792	$ 110,387	$ 91,451

Interest Rate Derivatives	12 Months Ended
Interest Rate Derivatives	Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives We are party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. During the second quarter of 2023, we amended the reference rate of the collar from LIBOR to Term SOFR. The aggregate notional amount of the interest rate collar, which is not designated as a cash flow hedge, was $325.0 million as of December 30, 2023. The fair value of our interest rate collar instrument was an asset of $5.6 million, which is recorded in Prepaid expenses and other current assets as of December 30, 2023. The fair value of our interest rate collar instrument was an asset of $14.1 million ($10.0 million in Prepaid expenses and other current assets and $4.1 million in Other assets) as of December 31, 2022. See Note 3. “Details of Certain Balance Sheet Accounts” and Note 10. “Fair Value Measurement” for further details. We recognized (gains) losses on the change in fair value of the interest rate collar of $(2.3) million, $(18.0) million, and $(4.2) million in interest expense, net during fiscal years 2023, 2022, and 2021, respectively. The interest rate collar will mature on July 18, 2024. Cash flows related to derivatives qualifying as hedges are included in the same section of the Consolidated Statements of Cash Flows as the underlying assets and liabilities being hedged. Cash flows during fiscal years 2023 and 2022 related to derivatives not qualifying as hedges were included in the operating section of the Consolidated Statements of Cash Flows and were immaterial. As of December 30, 2023, the Company expects to reclassify approximately $0.4 million of unrealized losses on derivative instruments, net of tax, from AOCL into earnings in the next 12 months as the derivative instruments mature. See Note 16. “Accumulated Other Comprehensive Loss” for further details.

Segment Reporting - Financial Data by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Segment Reporting Information [Line Items]
Total net revenue	$ 2,126,468	$ 2,005,404	$ 2,079,525
Total costs applicable to revenue	1,000,910	925,587	904,779
SG&A	991,883	915,355	900,798
Asset impairment	82,413	5,783	4,427
Other expense (income), net	(164)	(2,552)	(2,505)
Loss on extinguishment of debt	599	0	0
Depreciation and amortization	98,252	99,956	97,089
Interest expense, net	14,339	462	25,612
Earnings (loss) before income taxes	(61,764)	60,813	149,325
Products
Segment Reporting Information [Line Items]
Total net revenue	1,744,136	1,648,315	1,718,344
Total costs applicable to revenue	664,589	636,324	633,116
Services and plans
Segment Reporting Information [Line Items]
Total net revenue	382,332	357,089	361,181
Total costs applicable to revenue	336,321	289,263	271,663
Operating Segments \| Owned & Host
Segment Reporting Information [Line Items]
Total net revenue	1,730,048	1,617,368	1,683,715
Total costs applicable to revenue	712,028	646,315	623,831
SG&A	670,337	629,421	618,413
Asset impairment	0	0	0
Other expense (income), net	0	0	0
Loss on extinguishment of debt	0
EBITDA	347,683	341,632	441,471
Operating Segments \| Owned & Host \| Products
Segment Reporting Information [Line Items]
Total net revenue	1,396,355	1,317,673	1,375,983
Total costs applicable to revenue	401,385	380,717	377,489
Operating Segments \| Owned & Host \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	333,693	299,695	307,732
Total costs applicable to revenue	310,643	265,598	246,342
Operating Segments \| Legacy
Segment Reporting Information [Line Items]
Total net revenue	150,894	151,877	165,477
Total costs applicable to revenue	70,902	70,040	74,579
SG&A	56,790	58,217	57,838
Asset impairment	0	0	0
Other expense (income), net	0	0	0
Loss on extinguishment of debt	0
EBITDA	23,202	23,620	33,060
Operating Segments \| Legacy \| Products
Segment Reporting Information [Line Items]
Total net revenue	101,776	99,161	103,249
Total costs applicable to revenue	46,036	46,375	49,258
Operating Segments \| Legacy \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	49,118	52,716	62,228
Total costs applicable to revenue	24,866	23,665	25,321
Operating Segments \| Corporate/Other
Segment Reporting Information [Line Items]
Total net revenue	252,427	242,822	236,299
Total costs applicable to revenue	219,626	211,872	205,670
SG&A	264,756	227,717	224,547
Asset impairment	82,413	5,783	4,427
Other expense (income), net	(164)	(2,552)	(2,505)
Loss on extinguishment of debt	599
EBITDA	(314,803)	(199,998)	(195,840)
Operating Segments \| Corporate/Other \| Products
Segment Reporting Information [Line Items]
Total net revenue	252,355	242,822	236,299
Total costs applicable to revenue	218,814	211,872	205,670
Operating Segments \| Corporate/Other \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	72	0	0
Total costs applicable to revenue	812	0	0
Reconciliations
Segment Reporting Information [Line Items]
Total net revenue	(6,901)	(6,663)	(5,966)
Total costs applicable to revenue	(1,646)	(2,640)	699
SG&A	0	0	0
Asset impairment	0	0	0
Other expense (income), net	0	0	0
Loss on extinguishment of debt	0
EBITDA	(5,255)	(4,023)	(6,665)
Reconciliations \| Products
Segment Reporting Information [Line Items]
Total net revenue	(6,350)	(11,341)	2,813
Total costs applicable to revenue	(1,646)	(2,640)	699
Reconciliations \| Services and plans
Segment Reporting Information [Line Items]
Total net revenue	(551)	4,678	(8,779)
Total costs applicable to revenue	$ 0	$ 0	$ 0

Segment Reporting

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

The Company’s reportable segments were determined on the same basis as used by the Chief Operating Decision Maker (“CODM”) to evaluate performance internally. Our operations consist of two reportable segments:

•Owned & Host store brands - Our owned brands consist of our America’s Best and Eyeglass World operating segments. In America’s Best stores, vision care services are provided by optometrists employed either by us or by independent professional corporations. Eyeglass World locations offer eye exams, primarily provided by independent optometrists, and have on-site laboratories. Our two Host operating segments consist of Military and Fred Meyer. These brands provide eye exams principally by independent optometrists in nearly all locations. We have aggregated our America’s Best, Eyeglass World, Military and Fred Meyer operating segments into a single reportable segment due to similar economic characteristics and similarity of the nature of products and services, production processes, class of customers, regulatory environment and distribution methods of those brands.

•Legacy - As of December 30, 2023, the Company managed the operations of, and supplied inventory and lab processing services to, 225 Legacy retail Vision Centers. We earned management fees as a result of providing such services and therefore we recorded revenue related to sales of products and product protection plans to our Legacy partner’s customers on a net basis. We also sold to our Legacy partner wholesale merchandise that was stocked in retail locations and provided central lab processing for the finished eyeglasses and frames expected to be sold to our Legacy partner’s customers. Sales of services and plans in our Legacy segment consisted of fees earned for managing the operations of our Legacy partner and revenues associated with the provision of eye exams for our managed care customers. Revenues associated with managing operations of our Legacy partner were $30.6 million, $34.7 million and $41.7 million for fiscal years ended 2023, 2022 and 2021, respectively.

The Walmart MSA terminated on February 23, 2024 and we no longer operate Vision Centers for Walmart. Refer to Note 2. “Termination of Walmart Partnership” for developments related to the Legacy segment, AC Lens and FirstSight.

The “Corporate/Other” category includes the results of operations of our other operating segments and corporate overhead support. Revenues from the Corporate/Other segments are attributable to the AC Lens and FirstSight

operating segments. AC Lens primarily sells contact lenses and optical accessory products to retail customers through e-commerce. AC Lens also distributes contact lenses to certain Walmart and Sam’s Club under fee for services arrangements. FirstSight sells single service health plans in connection with the operations of America’s Best operations in California, and, until February 23, 2024, arranged for the provision of optometric services at the offices next to Walmart stores throughout California, at which time the agreements between FirstSight and Walmart terminated. None of those segments met the quantitative thresholds for determining reportable segments for any of the periods presented.

The “Reconciliations” category represents other adjustments to reportable segment results necessary for the presentation of consolidated financial results in accordance with U.S. GAAP for the two reportable segments.

The operating segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by our CODM to allocate resources and assess performance. Our CODM is our chief executive officer. The Company considers each of our brands to be an operating segment and has further concluded that presenting the results of our reportable segments provides meaningful information consistent with the objectives of ASC 280, Segment Reporting. Strategic initiatives and financial objectives for each reportable segment are determined at the corporate level. Each operating segment is responsible for implementing defined strategic initiatives and achieving certain financial objectives, and has a general manager responsible for the sales and marketing initiatives and financial results for product lines within the segment.

Our reportable segment profit measure is earnings before interest, tax, depreciation and amortization (“EBITDA”), or net revenue, less costs applicable to revenue, less SG&A expenses. Depreciation and amortization, asset impairment and other corporate costs that are not allocated to the reportable segments (including interest expense) are excluded from segment EBITDA. There are no revenue transactions between our reportable segments. There are no differences between the measurement of our reportable segments’ assets and consolidated assets. There have been no changes from prior periods in the measurement methods used to determine reportable segment profit or loss, and there have been no asymmetrical allocations to segments.

We incurred $0.6 million and $1.5 million of costs during fiscal years 2022 and 2021, respectively, directly related to adapting the Company’s operations to the COVID-19 pandemic such as personal protective equipment and other supplies needed to operate our stores safely and certain other costs such as compensation and other administrative expenses. Incremental expenses related to the COVID-19 pandemic were allocated to the reportable segments.


	Fiscal Year 2023
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,396,355	$	101,776	$	252,355	$	(6,350)	$	1,744,136
Net sales of services and plans	333,693		49,118		72		(551)		382,332
Total net revenue	1,730,048		150,894		252,427		(6,901)		2,126,468
Cost of products	401,385		46,036		218,814		(1,646)		664,589
Cost of services and plans	310,643		24,866		812		—		336,321
Total costs applicable to revenue	712,028		70,902		219,626		(1,646)		1,000,910
SG&A	670,337		56,790		264,756		—		991,883
Asset impairment	—		—		82,413		—		82,413
Other expense (income), net	—		—		(164)		—		(164)
Loss on extinguishment of debt	—		—		599		—		599
EBITDA	$	347,683	$	23,202	$	(314,803)	$	(5,255)
Depreciation and amortization									98,252
Interest expense, net									14,339
Earnings (loss) before income taxes									$	(61,764)


	Fiscal Year 2022
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,317,673	$	99,161	$	242,822	$	(11,341)	$	1,648,315
Net sales of services and plans	299,695		52,716		—		4,678		357,089
Total net revenue	1,617,368		151,877		242,822		(6,663)		2,005,404
Cost of products	380,717		46,375		211,872		(2,640)		636,324
Cost of services and plans	265,598		23,665		—		—		289,263
Total costs applicable to revenue	646,315		70,040		211,872		(2,640)		925,587
SG&A	629,421		58,217		227,717		—		915,355
Asset impairment	—		—		5,783		—		5,783
Other expense (income), net	—		—		(2,552)		—		(2,552)
EBITDA	$	341,632	$	23,620	$	(199,998)	$	(4,023)
Depreciation and amortization									99,956
Interest expense, net									462
Earnings before income taxes									$	60,813


	Fiscal Year 2021
In thousands	Owned & Host		Legacy		Corporate/Other		Reconciliations		Total
Net product sales	$	1,375,983	$	103,249	$	236,299	$	2,813	$	1,718,344
Net sales of services and plans	307,732		62,228		—		(8,779)		361,181
Total net revenue	1,683,715		165,477		236,299		(5,966)		2,079,525
Cost of products	377,489		49,258		205,670		699		633,116
Cost of services and plans	246,342		25,321		—		—		271,663
Total costs applicable to revenue	623,831		74,579		205,670		699		904,779
SG&A	618,413		57,838		224,547		—		900,798
Asset impairment	—		—		4,427		—		4,427
Other expense (income), net	—		—		(2,505)		—		(2,505)
EBITDA	$	441,471	$	33,060	$	(195,840)	$	(6,665)
Depreciation and amortization									97,089
Interest expense, net									25,612
Earnings before income taxes									$	149,325

Entity-wide Information

The following table presents our consolidated net product revenue information:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Net Product Sales
Eyeglasses and sunglasses	$	1,192,525	$	1,120,731	$	1,201,386
Contact lenses	543,411		520,709		509,992
Accessories and other	8,200		6,875		6,966
Total net product revenues	$	1,744,136	$	1,648,315	$	1,718,344

In fiscal years 2023, 2022 and 2021, respectively, revenues from Walmart, recognized in our Legacy segment and Corporate/Other category, represented $297.1 million, $291.5 million and $300.8 million of our total net revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Deferred Revenue - Roll-Forward of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Contract Liability
Deferred revenue, beginning balance	$ 83,802	$ 88,491
Sold	125,865	122,247
Revenue recognized	(125,341)	(126,936)
Deferred revenue, ending balance	84,326	83,802
Product Protection Plans
Contract Liability
Deferred revenue, beginning balance	35,119	38,639
Sold	73,369	71,599
Revenue recognized	(72,069)	(75,119)
Deferred revenue, ending balance	36,419	35,119
Eye Care Clubs
Contract Liability
Deferred revenue, beginning balance	48,683	49,852
Sold	52,496	50,648
Revenue recognized	(53,272)	(51,817)
Deferred revenue, ending balance	$ 47,907	$ 48,683

Long-term Debt - Credit Agreement Narrative (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Jun. 13, 2023 USD ($)	Jan. 01, 2022 USD ($)	Jul. 03, 2021 USD ($)	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt				$ 103,000	$ 4	$ 167,375
Outstanding letters of credit				6,400
Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.10%
Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.00%
Credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity remaining				293,600
Credit facility \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term	91 days
Redemption value	$ 25,000
Quarterly installments rate (percent)	5.00%
Aggregate principal amount	$ 114,400
Write off of deferred debt issuance costs				200
Debt related commitment fees and debt issuance costs				200
Credit facility \| Credit Agreement \| Debt Covenant Term One
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
Credit facility \| Credit Agreement \| Debt Covenant Term Two
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
Debt covenant, maximum EBITDA ratio	1.75
Credit facility \| Credit Agreement \| Debt Covenant Term Three
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	1.75
Debt covenant, maximum EBITDA ratio	0.75
Credit facility \| Credit Agreement \| Debt Covenant Term Four
Debt Instrument [Line Items]
Debt covenant, maximum EBITDA ratio	0.75
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.75%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term One
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.25%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Two
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.00%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Three
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.75%
Credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Debt Covenant Term Four
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.50%
Credit facility \| Credit Agreement \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.75%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term One
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.25%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Two
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.00%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Three
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.75%
Credit facility \| Credit Agreement \| ABR \| Debt Covenant Term Four
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.50%
Credit facility \| Credit Agreement \| Revolving Credit Facility \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs				2,000
Credit facility \| Credit Agreement \| Term Loan \| Other Noncurrent Liabilities
Debt Instrument [Line Items]
Debt issuance costs				$ 900
Term loan \| Term Loan A, due June 13, 2028
Debt Instrument [Line Items]
Write off of deferred debt issuance costs		$ 300	$ 700
Repayments of long-term debt		$ 50,000	$ 117,400

Stock Incentive Plans - RSU, PSU, and RSA Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
RSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	786
Granted (in shares)	725
Vested (in shares)	(352)
Forfeited (in shares)	(99)
Outstanding, ending balance (in shares)	1,060	786
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in dollars per share)	$ 35.36
Granted (in dollars per share)	22.65	$ 34.83	$ 46.52
Vested (in dollars per share)	34.35
Forfeited (in dollars per share)	30.19
Outstanding, ending balance (in dollars per share)	$ 27.50	$ 35.36
Vested in period, fair value	$ 12,084	$ 6,176	$ 6,154
PSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	361
Granted (in shares)	451
Vested (in shares)	(112)
Forfeited (in shares)	(28)
Outstanding, ending balance (in shares)	672	361
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in dollars per share)	$ 38.86
Granted (in dollars per share)	22.35	$ 37.96	$ 46.17
Vested (in dollars per share)	34.28
Forfeited (in dollars per share)	35.45
Outstanding, ending balance (in dollars per share)	$ 28.68	$ 38.86
Vested in period, fair value	$ 3,852	$ 3,118	$ 0
RSAs
Weighted Average Grant Date Fair Value ($)
Granted (in dollars per share)	$ 0	$ 0	$ 48.39
Vested in period, fair value	$ 0	$ 800	$ 700

Business and Significant Accounting Policies - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Feb. 23, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Feb. 23, 2024	Nov. 29, 2021	Nov. 08, 2021
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount	$ 200.0					$ 100.0	$ 50.0
Stock repurchased program additional authorized amount	$ 100.0
Shares repurchased (in shares)		1.1	2.7	1.4
Repurchase of common stock, value		$ 25.0	$ 80.0	$ 69.9
Stock repurchase program, remaining authorized repurchase amount		$ 25.0
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount					$ 50.0

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Details of Certain Balance Sheet Accounts

12 Months Ended

Dec. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Balance Sheet Accounts


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	149,896	$	229,425	$	305,800
Restricted cash included in other assets	1,131		1,199		1,076
	$	151,027	$	230,624	$	306,876

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of December 30, 2023		As of December 31, 2022
Accounts receivable, net:
Trade receivables	$	43,518	$	41,622
Credit card receivables	27,905		23,311
Other receivables (1)	15,747		15,478
Allowance for credit losses	(316)		(519)
	$	86,854	$	79,892
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of December 30, 2023 and December 31, 2022, respectively.


In thousands	As of December 30, 2023		As of December 31, 2022
Inventories:
Raw materials and work in process (1)	$	57,367	$	64,786
Finished goods	62,541		58,372
	$	119,908	$	123,158
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.


In thousands	As of December 30, 2023		As of December 31, 2022
Property and equipment, net:
Land and building	$	3,736	$	3,770
Equipment	287,983		257,661
Information technology hardware and software	131,954		151,562
Furniture and fixtures	77,890		71,932
Leasehold improvements	323,524		285,505
Construction in progress	29,643		36,099
Right of use assets under finance leases	36,219		36,219
	890,949		842,748
Less: Accumulated depreciation	(528,386)		(482,973)
	$	362,563	$	359,775


In thousands	As of December 30, 2023		As of December 31, 2022
Other payables and accrued expenses:
Associate compensation and benefits	$	62,614	$	37,451
Self-insurance liabilities	9,139		8,744
Capital expenditures	5,412		9,594
Advertising	6,446		3,811
Reserves for customer returns and remakes	9,093		7,676
Legacy management & services agreement	6,068		6,488
Income tax payable	1,863		103
Supplies and other store support expenses	5,434		4,215


Other	17,219		16,143
	$	123,288	$	94,225


In thousands	As of December 30, 2023		As of December 31, 2022
Other noncurrent liabilities:

Self-insurance liabilities	$	5,657	$	6,292
Other	2,808		2,608
	$	8,465	$	8,900

Business and Significant Accounting Policies - Long-lived Asset Impairment (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Long-Lived Asset Impairment [Line Items]
Impairment of non-store capitalized software costs		$ 0	$ 800,000
Termination of Walmart Partnership
Long-Lived Asset Impairment [Line Items]
Impairment of non-store capitalized software costs	$ 5,600,000

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Revenues recognized at a point in time	$	1,970,509	$	1,843,796	$	1,908,221
Revenues recognized over time	155,959		161,608		171,304
Total net revenue	$	2,126,468	$	2,005,404	$	2,079,525

Details of Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022
Property and equipment, net
Right of use assets under finance leases	$ 36,219	$ 36,219
Property, equipment, and right of use assets under finance leases, gross	890,949	842,748
Less: Accumulated depreciation	(528,386)	(482,973)
Property and equipment, net	362,563	359,775
Land and building
Property and equipment, net
Property and equipment, gross	3,736	3,770
Equipment
Property and equipment, net
Property and equipment, gross	287,983	257,661
Information technology hardware and software
Property and equipment, net
Property and equipment, gross	131,954	151,562
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	77,890	71,932
Leasehold improvements
Property and equipment, net
Property and equipment, gross	323,524	285,505
Construction in progress
Property and equipment, net
Property and equipment, gross	$ 29,643	$ 36,099

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Lease Cost
Fixed lease cost	$ 99,334	$ 90,801	$ 84,019
Variable lease cost	36,388	33,143	30,643
Sublease income	(3,684)	(3,629)	(3,557)
Amortization of finance lease assets	3,061	4,145	4,461
Interest on finance lease liabilities	1,675	2,342	2,923
Net lease cost	$ 136,774	$ 126,802	$ 118,489

Commitments and Contingencies

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contractual Commitments

As of December 30, 2023, the Company had contractual commitments of approximately $243.6 million consisting of agreements for merchandise purchases, technology and advertising.

Warranty Costs

The Company records an allowance for the estimated amount of future warranty costs when the related revenue is recognized, which is recorded in Other payables and accrued expenses on the accompanying Consolidated Balance Sheets. Expense associated with warranty costs is presented in Cost of services and plans in the accompanying Consolidated Statements of Operations. Estimated future warranty costs are primarily based on historical experience of identified warranty claims. However, there can be no assurance that future warranty costs will not exceed historical amounts. The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2023		Fiscal Year 2022
Beginning of year balance	$	2,183	$	2,063
Accrued obligation	37,135		36,100
Claims paid	(36,855)		(35,980)
End of year balance	$	2,463	$	2,183

401(k) Plan

The Company sponsors a 401(k) plan into which associates may defer a portion of their wages. We match a portion of such deferred wages. The expense for the plan was $7.8 million, $6.4 million and $8.7 million in the fiscal years ended 2023, 2022 and 2021, respectively. Expense associated with our 401(k) plan is presented in SG&A in the Consolidated Statements of Operations.

Legal Proceedings

From time to time, the Company is involved in various legal proceedings incidental to its business. Because of the nature and inherent uncertainties of litigation, we cannot predict with certainty the ultimate resolution of these actions and, should the outcome of these actions be unfavorable, the Company’s business, financial position, results of operations or cash flows could be materially and adversely affected.

The Company reviews the status of its legal proceedings and records a provision for a liability when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. This review is updated periodically as additional information becomes available. If either or both of the criteria are not met, we reassess whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a loss may be incurred, we disclose the estimate of the amount of the loss or range of losses, or that an estimate of loss cannot be made. The Company expenses its legal fees as incurred.

We are currently and may in the future become subject to various claims and pending or threatened lawsuits in the ordinary course of our business.

On September 23, 2022, we were served with notice of a lawsuit filed by a former employee in California state court alleging, on behalf of a proposed class of employees, several violations of California wage and hour laws. On December 9, 2022, the case was removed to the federal District Court for the Northern District of California. On January 18, 2023, we were served with a related representative action filed in California state court pursuant to California’s Private Attorneys General Act. We filed an answer to this action on February 17, 2023. On September 29, 2023, the state court set the PAGA action for trial on October 7, 2024. Mediation has been scheduled in March 2024. The Company continues to dispute the plaintiff’s allegations and will vigorously defend the litigation.

On June 6, 2023, the Company was served with notice of a former employee’s intention to file a representative action against the Company pursuant to California’s Private Attorneys General Act based on alleged violations of California’s wage and hour laws. On June 22, 2023, the Company was served with a related lawsuit filed by the former employee in California state court alleging, on behalf of a proposed class of employees, violations of California wage and hour laws. On July 24, 2023, the Company filed its answer and a notice of removal of the case to the federal District Court for the Southern District of California. On July 28, 2023, the Company filed a Notice of Related Cases, seeking for both the case currently pending in the Northern District of California and described in the paragraph above and this case to be assigned to the same Judge/Magistrate Judge in an effort to save judicial effort and avoid duplication of labor. On August 15, 2023, the parties filed a stipulation to stay the case in the Southern District of California pending the resolution of the lawsuit pending in the Northern District of California. On August 21, 2023, the court entered an Order to Show Cause why the action should not be either dismissed or transferred to

the federal court for the Northern District of California. Following the parties’ submission of their respective responses, the court dismissed the action without prejudice on September 11, 2023. The plaintiff retains his ability to pursue a PAGA action in state court pursuant to the June 6, 2023 notice. On January 22, 2024, the plaintiff filed a demand for arbitration of the claims set forth in the Complaint previously filed in state court in June 2023. We dispute the plaintiff’s allegations and intend to vigorously defend the litigation.

On January 27, 2023, a purported class action complaint was filed in federal court in the Northern District of Georgia against the Company and two of the Company’s officers. The complaint alleges violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 for materially false and misleading statements made between May 2021 and May 2022. The complaint seeks unspecified damages as well as equitable relief. On March 28, 2023, the original plaintiff, City of Southfield General Employees Retirement System, and a new plaintiff, International Union of Operating Engineers, Local No. 793, Members Pension Benefit Trust of Ontario, filed a lead plaintiff motion, seeking to be appointed co-lead plaintiffs. On April 3, 2023, the Company along with its named officers filed a motion to dismiss the complaint. On May 19, 2023, the court granted the lead plaintiff motion. On June 30, 2023, the plaintiffs filed an Amended Complaint, which added a claim under Section 20A of the Exchange Act and extended the alleged class period to February 28, 2023. On August 21, 2023, the Company filed a Motion to Dismiss the Amended Complaint. The plaintiffs filed their Response in Opposition to this motion on October 5, 2023. The court heard oral argument on this motion on January 18, 2024. We dispute these allegations and intend to defend the litigation vigorously.

Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit) Provision

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2023		Fiscal Year 2022		Fiscal Year 2021
Current income tax:
Federal	$	6,880	$	2,829	$	138
State	3,246		4,838		4,242
Deferred income tax:
Federal	(3,878)		11,079		15,015
State	(2,111)		(55)		1,686
Income tax provision (benefit)	$	4,137	$	18,691	$	21,081

Schedule of Effective Income Tax Rate Reconciliation

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate as shown in the following table:


In thousands	Fiscal Year 2023			Fiscal Year 2022			Fiscal Year 2021
Federal income tax provision at statutory rate	$	(12,970)		$	12,771		$	31,358
State income tax provision, net of federal income tax	1,305			3,527			7,130
Increase (decrease) in deferred tax asset valuation allowance	2,238			477			(441)
Executive compensation limitation	354			1,218			283
Goodwill impairment	12,614			—			—
Stranded tax effect of matured interest rate swaps	—			—			(2,125)
Tax provision (benefit) of equity-based compensation deductions	1,211			(27)			(14,408)
Other, net	(615)			725			(716)
Net income tax provision (benefit)	$	4,137		$	18,691		$	21,081
Effective income tax rate	(6.7)		%	30.7		%	14.1		%

Schedule of Deferred Tax Assets and Liabilities


In thousands	As of December 30, 2023		As of December 31, 2022
Deferred tax assets:
NOL carry-forwards	$	7,399	$	5,708

Credit carryforwards	267		547
Deferred revenue	5,984		6,376
Accrued expenses and reserves	13,344		10,233
Loss on equity and other investments	888		899
Stock-based compensation	6,050		5,214

Operating lease liabilities	119,916		115,870

Subtotal	153,848		144,847
Valuation allowances	(5,760)		(3,522)
Total net deferred tax assets	148,088		141,325
Deferred tax liabilities:
Depreciation of property and equipment	(61,118)		(59,446)
Amortization of intangible assets	(68,729)		(70,946)
Unrealized gains on hedging instruments	(1,407)		(3,568)
Right of use asset	(101,780)		(97,954)
Other	(2,938)		(3,281)
Total deferred tax liabilities	(235,972)		(235,195)
Net deferred tax liabilities	$	(87,884)	$	(93,870)