Leases (Tables)

6 Months Ended

Jul. 01, 2023

Leases [Abstract]

Balance Sheet Location of Lease Assets and Liabilities

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

Assets	Balance Sheet Location	July 1, 2023		December 31, 2022
Operating	Operating lease assets	$	206.9	$	217.1
Finance	Other non-current assets	20.4		22.0
Total		$	227.3	$	239.1

Liabilities	Balance Sheet Location	July 1, 2023		December 31, 2022
Current
Operating	Other accrued liabilities	$	28.3	$	28.4
Finance	Current indebtedness	2.4		3.3
Non-Current
Operating	Other non-current liabilities	180.3		189.5
Finance	Long-term debt, less current portion	16.9		17.4
Total		$	227.9	$	238.6

The below tables show our lease assets and liabilities by reporting segment (in millions):

	Assets
	Operating				Financing
	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
CSCA	$	95.3	$	100.5	$	13.5	$	13.8
CSCI	48.0		49.5		6.4		6.6
Unallocated	63.6		67.1		0.5		1.6
Total	$	206.9	$	217.1	$	20.4	$	22.0

	Liabilities
	Operating				Financing
	July 1, 2023		December 31, 2022		July 1, 2023		December 31, 2022
CSCA	$	97.6	$	102.2	$	14.8	$	14.9
CSCI	50.6		51.7		3.9		4.1
Unallocated	60.4		64.0		0.6		1.7
Total	$	208.6	$	217.9	$	19.3	$	20.7

Lease Expense

Lease expense was as follows (in millions):

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Operating leases(1)	$	10.6	$	10.8	$	22.6	$	20.6
Finance leases
Amortization	$	1.1	$	1.4	$	2.2	$	2.9
Interest	0.1		0.2		0.3		0.4
Total finance leases	$	1.2	$	1.6	$	2.5	$	3.3

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

Finance Lease Maturity

The annual future maturities of our leases as of July 1, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2023	$	16.8	$	1.7	$	18.5
2024	30.3		2.5		32.8
2025	28.0		2.3		30.3
2026	22.6		2.1		24.7
2027	21.8		2.2		24.0
After 2027	118.9		11.7		130.6
Total lease payments	238.4		22.5		260.9
Less: Interest	29.8		3.2		33.0
Present value of lease liabilities	$	208.6	$	19.3	$	227.9

Operating Lease Liability Maturity

The annual future maturities of our leases as of July 1, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2023	$	16.8	$	1.7	$	18.5
2024	30.3		2.5		32.8
2025	28.0		2.3		30.3
2026	22.6		2.1		24.7
2027	21.8		2.2		24.0
After 2027	118.9		11.7		130.6
Total lease payments	238.4		22.5		260.9
Less: Interest	29.8		3.2		33.0
Present value of lease liabilities	$	208.6	$	19.3	$	227.9

Weighted Average Lease Terms and Discount Rates

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

	July 1, 2023		July 2, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.72		11.45
Finance leases	9.42		9.37
Weighted-average discount rate
Operating leases	2.6	%	2.5	%
Finance leases	3.0	%	2.9	%

Lease Cash Flow Classifications

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

	Six Months Ended
	July 1, 2023		July 2, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	18.2	$	16.6
Operating cash flows for finance leases	$	0.3	$	0.3
Financing cash flows for finance leases	$	2.0	$	2.6
Leased assets obtained in exchange for new finance lease liabilities	$	0.4	$	—
Leased assets obtained in exchange for new operating lease liabilities	$	3.2	$	42.8