Leases

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Leases

LEASES

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	June 27, 2020		December 31, 2019
Operating	Operating lease assets	$	136.7	$	129.9
Finance	Other non-current assets	27.7		27.6
Total		$	164.4	$	157.5

Liabilities	Balance Sheet Location	June 27, 2020		December 31, 2019
Current
Operating	Other accrued liabilities	$	32.0	$	32.0
Finance	Current indebtedness	5.8		3.4
Non-Current
Operating	Other non-current liabilities	109.5		101.7
Finance	Long-term debt, less current portion	19.0		21.1
Total		$	166.3	$	158.2

The below table shows our lease assets and liabilities by reporting segment (in millions):

	Assets								Liabilities
	Operating				Financing				Operating				Financing
	June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019
CSCA	$	22.0	$	22.4	$	16.2	$	16.8	$	22.2	$	22.8	$	16.3	$	16.6
CSCI	34.7		41.6		5.6		5.8		35.4		42.4		2.5		2.9
RX	32.6		35.1		0.7		0.8		34.0		36.3		0.7		0.8
Unallocated	47.4		30.8		5.2		4.2		49.9		32.2		5.3		4.2
Total	$	136.7	$	129.9	$	27.7	$	27.6	$	141.5	$	133.7	$	24.8	$	24.5

Lease expense was as follows (in millions):

	Three Months Ended				Six Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating leases(1)	$	11.2	$	11.2	$	23.7	$	23.2
Finance leases
Amortization	$	1.1	$	0.7	$	2.2	$	1.3
Interest	0.2		0.1		0.4		0.2
Total finance leases	$	1.3	$	0.8	$	2.6	$	1.5

(1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of June 27, 2020 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2020	$	19.3	$	2.4	$	21.7
2021	31.0		6.1		37.1
2022	23.9		3.4		27.3
2023	18.2		1.9		20.1
2024	15.8		1.4		17.2
After 2024	52.2		14.3		66.5
Total lease payments	160.4		29.5		189.9
Less: Interest	18.9		4.7		23.6
Present value of lease liabilities	$	141.5	$	24.8	$	166.3

Our weighted average lease terms and discount rates are as follows:

	June 27, 2020		June 29, 2019
Weighted-average remaining lease term (in years)
Operating leases	6.66		6.59
Finance leases	9.68		9.43
Weighted-average discount rate
Operating leases	3.87	%	4.19	%
Finance leases	3.38	%	4.35	%

Our lease cash flow classifications are as follows (in millions):

	Six Months Ended
	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	20.4	$	23.0
Operating cash flows for finance leases	$	0.4	$	0.2
Financing cash flows for finance leases	$	2.0	$	1.4
Leased assets obtained in exchange for new finance lease liabilities	$	2.3	$	7.8
Leased assets obtained in exchange for new operating lease liabilities	$	23.1	$	12.8

Leases

LEASES

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	June 27, 2020		December 31, 2019
Operating	Operating lease assets	$	136.7	$	129.9
Finance	Other non-current assets	27.7		27.6
Total		$	164.4	$	157.5

Liabilities	Balance Sheet Location	June 27, 2020		December 31, 2019
Current
Operating	Other accrued liabilities	$	32.0	$	32.0
Finance	Current indebtedness	5.8		3.4
Non-Current
Operating	Other non-current liabilities	109.5		101.7
Finance	Long-term debt, less current portion	19.0		21.1
Total		$	166.3	$	158.2

The below table shows our lease assets and liabilities by reporting segment (in millions):

	Assets								Liabilities
	Operating				Financing				Operating				Financing
	June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019		June 27, 2020		December 31, 2019
CSCA	$	22.0	$	22.4	$	16.2	$	16.8	$	22.2	$	22.8	$	16.3	$	16.6
CSCI	34.7		41.6		5.6		5.8		35.4		42.4		2.5		2.9
RX	32.6		35.1		0.7		0.8		34.0		36.3		0.7		0.8
Unallocated	47.4		30.8		5.2		4.2		49.9		32.2		5.3		4.2
Total	$	136.7	$	129.9	$	27.7	$	27.6	$	141.5	$	133.7	$	24.8	$	24.5

Lease expense was as follows (in millions):

	Three Months Ended				Six Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Operating leases(1)	$	11.2	$	11.2	$	23.7	$	23.2
Finance leases
Amortization	$	1.1	$	0.7	$	2.2	$	1.3
Interest	0.2		0.1		0.4		0.2
Total finance leases	$	1.3	$	0.8	$	2.6	$	1.5

(1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of June 27, 2020 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2020	$	19.3	$	2.4	$	21.7
2021	31.0		6.1		37.1
2022	23.9		3.4		27.3
2023	18.2		1.9		20.1
2024	15.8		1.4		17.2
After 2024	52.2		14.3		66.5
Total lease payments	160.4		29.5		189.9
Less: Interest	18.9		4.7		23.6
Present value of lease liabilities	$	141.5	$	24.8	$	166.3

Our weighted average lease terms and discount rates are as follows:

	June 27, 2020		June 29, 2019
Weighted-average remaining lease term (in years)
Operating leases	6.66		6.59
Finance leases	9.68		9.43
Weighted-average discount rate
Operating leases	3.87	%	4.19	%
Finance leases	3.38	%	4.35	%

Our lease cash flow classifications are as follows (in millions):

	Six Months Ended
	June 27, 2020		June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	20.4	$	23.0
Operating cash flows for finance leases	$	0.4	$	0.2
Financing cash flows for finance leases	$	2.0	$	1.4
Leased assets obtained in exchange for new finance lease liabilities	$	2.3	$	7.8
Leased assets obtained in exchange for new operating lease liabilities	$	23.1	$	12.8