- (Tables)

6 Months Ended

Jun. 28, 2019

Balance Sheet Related Disclosures [Abstract]

Certain significant amounts included in the Company's Consolidated Balance Sheet consist of the following (in millions):



	As of
	June 28, 2019			December 31, 2018
Inventories:
Raw materials	$	140.1		$	137.3
Work in process	823.6			760.7
Finished goods	310.1			327.2
	$	1,273.8		$	1,225.2
Property, plant and equipment, net:
Land	$	125.2		$	125.5
Buildings	841.3			820.4
Machinery and equipment	4,219.9			3,980.2
Property, plant and equipment, gross	5,186.4			4,926.1
Less: Accumulated depreciation	(2,566.4		)	(2,376.5		)
	$	2,620.0		$	2,549.6
Accrued expenses and other current liabilities:
Accrued payroll and related benefits	$	160.1		$	240.8
Sales related reserves	271.2			294.8
Income taxes payable	30.5			38.2
Other	156.4			85.3
	$	618.2		$	659.1

Pension expense

The components of the Company's net periodic pension expense are as follows (in millions):



	Quarters Ended						Six Months Ended
	June 28, 2019			June 29, 2018			June 28, 2019			June 29, 2018
Service cost	$	2.4		$	2.4		$	4.7		$	4.9
Interest cost	1.2			1.2			2.5			2.4
Expected return on plan assets	(1.5		)	(1.5		)	(3.0		)	(3.1		)
Total net periodic pension cost	$	2.1		$	2.1		$	4.2		$	4.2

Lease expense

The components of lease expense are as follows (in millions):



	Quarter Ended		Six Months Ended
	June 28, 2019		June 28, 2019
Operating lease expense	$	8.3	$	16.6
Variable lease expense	1.0		2.1
Short-term lease expense	0.6		1.3
Total lease expense	$	9.9	$	20.0

The lease liabilities recognized in the Consolidated Balance Sheet are as follows (in millions):



	As of
	June 28, 2019
Accrued expenses and other current liabilities	$	29.5
Other long-term liabilities	89.7
	$	119.2

Summary of Operating Leases Future Minimum Payments Receivable

The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Balance Sheet as of June 28, 2019 are as follows (in millions):



Remainder of 2019	$	17.8
2020	29.3
2021	22.5
2022	18.6
2023	13.2
Thereafter	49.0
Total lease payments (1)	$	150.4
Less: Interest	(31.2		)
Amounts recorded in the Consolidated Balance Sheet	$	119.2

(1) Excludes $12.3 million of expected cash receipts from sublease income.

The following represents future minimum lease obligations under non-cancelable operating leases as of December 31, 2018 (in millions):



2019	$	36.8
2020	27.6
2021	21.9
2022	16.8
2023	12.3
Thereafter	45.4
Total (1)	$	160.8

(1) Excludes $12.3 million of expected sublease income.