Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

LEASES

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

Assets	Balance Sheet Location	September 30, 2023		December 31, 2022
Operating	Operating lease assets	$	199.9	$	217.1
Finance	Other non-current assets	19.4		22.0
Total		$	219.3	$	239.1

Liabilities	Balance Sheet Location	September 30, 2023		December 31, 2022
Current
Operating	Other accrued liabilities	$	27.9	$	28.4
Finance	Current indebtedness	2.1		3.3
Non-Current
Operating	Other non-current liabilities	173.0		189.5
Finance	Long-term debt, less current portion	16.3		17.4
Total		$	219.3	$	238.6

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

	Assets
	Operating				Financing
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
CSCA	$	93.9	$	100.5	$	13.2	$	13.8
CSCI	44.2		49.5		6.0		6.6
Unallocated	61.8		67.1		0.2		1.6
Total	$	199.9	$	217.1	$	19.4	$	22.0

	Liabilities
	Operating				Financing
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
CSCA	$	95.9	$	102.2	$	14.5	$	14.9
CSCI	46.9		51.7		3.7		4.1
Unallocated	58.1		64.0		0.2		1.7
Total	$	200.9	$	217.9	$	18.4	$	20.7

Lease expense was as follows (in millions):

	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Operating leases(1)	$	11.8	$	11.1	$	34.4	$	31.7
Finance leases
Amortization	$	0.9	$	1.3	$	3.1	$	4.2
Interest	0.1		0.2		0.4		0.5
Total finance leases	$	1.0	$	1.5	$	3.5	$	4.7

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

The annual future maturities of our leases as of September 30, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2023	$	8.4	$	0.7	$	9.1
2024	31.2		2.5		33.7
2025	28.4		2.3		30.7
2026	22.6		2.2		24.8
2027	21.6		2.1		23.7
After 2027	117.3		11.6		128.9
Total lease payments	229.5		21.4		250.9
Less: Interest	28.6		3.0		31.6
Present value of lease liabilities	$	200.9	$	18.4	$	219.3

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

	September 30, 2023		October 1, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.65		11.35
Finance leases	9.41		9.45
Weighted-average discount rate
Operating leases	2.7	%	2.5	%
Finance leases	3.1	%	2.9	%

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

	Nine Months Ended
	September 30, 2023		October 1, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	27.0	$	30.6
Operating cash flows for finance leases	$	0.4	$	0.5
Financing cash flows for finance leases	$	2.8	$	3.8
Leased assets obtained in exchange for new finance lease liabilities	$	0.5	$	—
Leased assets obtained in exchange for new operating lease liabilities	$	5.9	$	62.3

Leases

LEASES

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

Assets	Balance Sheet Location	September 30, 2023		December 31, 2022
Operating	Operating lease assets	$	199.9	$	217.1
Finance	Other non-current assets	19.4		22.0
Total		$	219.3	$	239.1

Liabilities	Balance Sheet Location	September 30, 2023		December 31, 2022
Current
Operating	Other accrued liabilities	$	27.9	$	28.4
Finance	Current indebtedness	2.1		3.3
Non-Current
Operating	Other non-current liabilities	173.0		189.5
Finance	Long-term debt, less current portion	16.3		17.4
Total		$	219.3	$	238.6

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

	Assets
	Operating				Financing
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
CSCA	$	93.9	$	100.5	$	13.2	$	13.8
CSCI	44.2		49.5		6.0		6.6
Unallocated	61.8		67.1		0.2		1.6
Total	$	199.9	$	217.1	$	19.4	$	22.0

	Liabilities
	Operating				Financing
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
CSCA	$	95.9	$	102.2	$	14.5	$	14.9
CSCI	46.9		51.7		3.7		4.1
Unallocated	58.1		64.0		0.2		1.7
Total	$	200.9	$	217.9	$	18.4	$	20.7

Lease expense was as follows (in millions):

	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Operating leases(1)	$	11.8	$	11.1	$	34.4	$	31.7
Finance leases
Amortization	$	0.9	$	1.3	$	3.1	$	4.2
Interest	0.1		0.2		0.4		0.5
Total finance leases	$	1.0	$	1.5	$	3.5	$	4.7

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

The annual future maturities of our leases as of September 30, 2023 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2023	$	8.4	$	0.7	$	9.1
2024	31.2		2.5		33.7
2025	28.4		2.3		30.7
2026	22.6		2.2		24.8
2027	21.6		2.1		23.7
After 2027	117.3		11.6		128.9
Total lease payments	229.5		21.4		250.9
Less: Interest	28.6		3.0		31.6
Present value of lease liabilities	$	200.9	$	18.4	$	219.3

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

	September 30, 2023		October 1, 2022
Weighted-average remaining lease term (in years)
Operating leases	10.65		11.35
Finance leases	9.41		9.45
Weighted-average discount rate
Operating leases	2.7	%	2.5	%
Finance leases	3.1	%	2.9	%

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

	Nine Months Ended
	September 30, 2023		October 1, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	27.0	$	30.6
Operating cash flows for finance leases	$	0.4	$	0.5
Financing cash flows for finance leases	$	2.8	$	3.8
Leased assets obtained in exchange for new finance lease liabilities	$	0.5	$	—
Leased assets obtained in exchange for new operating lease liabilities	$	5.9	$	62.3