Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

14. LEASES

The Company leases offices, facilities and equipment in locations throughout the United States, Asia Pacific and EMEA.

The Company’s leases do not provide an implicit rate, thus the Company uses an estimated incremental borrowing rate in determining the present value of lease payments.

The components of lease expense were summarized as follows:

	Three Months Ended				Nine Months Ended
	September 30,		September 24,		September 30,			September 24,
(Dollars in millions)	2022		2021		2022			2021
Operating lease cost	$	6.7	$	4.9	$	17.7		$	13.4
Short-term lease cost		0.1		0.5		1.1			1.4
Total lease cost	$	6.8	$	5.4	$	18.8		$	14.8
Operating cash flows from operating leases	$	5.7	$	5.3	$	16.8		$	14.5
Weighted-average remaining lease term – operating leases						7.2			1.8
Weighted-average discount rate – operating leases						4.7	%		5.1	%

Future minimum payments under operating leases as of September 30, 2022 were summarized as follows:

(In millions)	Operating Leases
2022 remaining	$	5.4
2023		19.9
2024		16.6
2025		12.4
2026		10.1
Thereafter		35.4
Total minimum lease payments		99.8
Less: imputed interest		14.7
Lease liability	$	85.1