Leases

3 Months Ended

Apr. 03, 2021

Leases [Abstract]

Leases

LEASES

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

Assets	Balance Sheet Location	April 3, 2021		December 31, 2020
Operating	Operating lease assets	$	149.7	$	154.7
Finance	Other non-current assets	32.2		29.8
Total		$	181.9	$	184.5

Liabilities	Balance Sheet Location	April 3, 2021		December 31, 2020
Current
Operating	Other accrued liabilities	$	27.1	$	28.3
Finance	Current indebtedness	5.2		6.7
Non-Current
Operating	Other non-current liabilities	128.2		132.5
Finance	Long-term debt, less current portion	24.3		20.2
Total		$	184.8	$	187.7

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

	Assets								Liabilities
	Operating				Financing				Operating				Financing
	April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020
CSCA	$	74.2	$	75.9	$	16.3	$	16.7	$	73.9	$	75.8	$	16.7	$	17.0
CSCI	32.9		34.4		8.7		5.9		33.7		35.2		5.5		2.5
Unallocated	42.6		44.4		7.2		7.2		47.7		49.8		7.3		7.4
Total	$	149.7	$	154.7	$	32.2	$	29.8	$	155.3	$	160.8	$	29.5	$	26.9

    Lease expense was as follows (in millions):

	Three Months Ended
	April 3, 2021		March 28, 2020
Operating leases(1)	$	9.8	$	9.6
Finance leases
Amortization	$	1.5	$	1.0
Interest	0.2		0.2
Total finance leases	$	1.7	$	1.2

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

The annual future maturities of our leases as of April 3, 2021 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2021	$	24.0	$	4.5	$	28.5
2022	26.2		5.5		31.7
2023	18.9		3.8		22.7
2024	15.9		2.3		18.2
2025	13.9		2.2		16.1
After 2025	80.5		15.8		96.3
Total lease payments	179.4		34.1		213.5
Less: Interest	24.1		4.6		28.7
Present value of lease liabilities	$	155.3	$	29.5	$	184.8

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

	April 3, 2021		March 28, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.52		5.98
Finance leases	9.31		10.10
Weighted-average discount rate
Operating leases	2.97	%	3.97	%
Finance leases	2.76	%	3.42	%

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

	Three Months Ended
	April 3, 2021		March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	10.0	$	8.9
Operating cash flows for finance leases	$	0.2	$	0.2
Financing cash flows for finance leases	$	1.3	$	0.9
Leased assets obtained in exchange for new finance lease liabilities	$	4.2	$	1.5
Leased assets obtained in exchange for new operating lease liabilities	$	3.9	$	4.9

Leases

LEASES

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

Assets	Balance Sheet Location	April 3, 2021		December 31, 2020
Operating	Operating lease assets	$	149.7	$	154.7
Finance	Other non-current assets	32.2		29.8
Total		$	181.9	$	184.5

Liabilities	Balance Sheet Location	April 3, 2021		December 31, 2020
Current
Operating	Other accrued liabilities	$	27.1	$	28.3
Finance	Current indebtedness	5.2		6.7
Non-Current
Operating	Other non-current liabilities	128.2		132.5
Finance	Long-term debt, less current portion	24.3		20.2
Total		$	184.8	$	187.7

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

	Assets								Liabilities
	Operating				Financing				Operating				Financing
	April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020		April 3, 2021		December 31, 2020
CSCA	$	74.2	$	75.9	$	16.3	$	16.7	$	73.9	$	75.8	$	16.7	$	17.0
CSCI	32.9		34.4		8.7		5.9		33.7		35.2		5.5		2.5
Unallocated	42.6		44.4		7.2		7.2		47.7		49.8		7.3		7.4
Total	$	149.7	$	154.7	$	32.2	$	29.8	$	155.3	$	160.8	$	29.5	$	26.9

    Lease expense was as follows (in millions):

	Three Months Ended
	April 3, 2021		March 28, 2020
Operating leases(1)	$	9.8	$	9.6
Finance leases
Amortization	$	1.5	$	1.0
Interest	0.2		0.2
Total finance leases	$	1.7	$	1.2

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

The annual future maturities of our leases as of April 3, 2021 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2021	$	24.0	$	4.5	$	28.5
2022	26.2		5.5		31.7
2023	18.9		3.8		22.7
2024	15.9		2.3		18.2
2025	13.9		2.2		16.1
After 2025	80.5		15.8		96.3
Total lease payments	179.4		34.1		213.5
Less: Interest	24.1		4.6		28.7
Present value of lease liabilities	$	155.3	$	29.5	$	184.8

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

	April 3, 2021		March 28, 2020
Weighted-average remaining lease term (in years)
Operating leases	10.52		5.98
Finance leases	9.31		10.10
Weighted-average discount rate
Operating leases	2.97	%	3.97	%
Finance leases	2.76	%	3.42	%

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

	Three Months Ended
	April 3, 2021		March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	10.0	$	8.9
Operating cash flows for finance leases	$	0.2	$	0.2
Financing cash flows for finance leases	$	1.3	$	0.9
Leased assets obtained in exchange for new finance lease liabilities	$	4.2	$	1.5
Leased assets obtained in exchange for new operating lease liabilities	$	3.9	$	4.9