Leases

3 Months Ended

Mar. 30, 2024

Leases [Abstract]

Leases

LEASES

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

Assets	Balance Sheet Location	March 30, 2024		December 31, 2023
Operating	Operating lease assets	$	176.7	$	183.6
Finance	Other non-current assets	13.4		13.7
Total		$	190.1	$	197.3

Liabilities	Balance Sheet Location	March 30, 2024		December 31, 2023
Current
Operating	Other accrued liabilities	$	26.6	$	27.5
Finance	Current indebtedness	1.9		1.9
Non-Current
Operating	Other non-current liabilities	152.5		159.6
Finance	Long-term debt, less current portion	13.0		13.2
Total		$	194.0	$	202.2

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

	Assets
	Operating				Financing
	March 30, 2024		December 31, 2023		March 30, 2024		December 31, 2023
CSCA	$	77.3	$	79.3	$	12.7	$	12.8
CSCI	42.0		44.7		0.2		0.3
Unallocated	57.4		59.6		0.5		0.6
Total	$	176.7	$	183.6	$	13.4	$	13.7

	Liabilities
	Operating				Financing
	March 30, 2024		December 31, 2023		March 30, 2024		December 31, 2023
CSCA	$	79.2	$	81.6	$	14.1	$	14.2
CSCI	45.5		47.8		0.2		0.3
Unallocated	54.4		57.7		0.6		0.6
Total	$	179.1	$	187.1	$	14.9	$	15.1

Lease expense was as follows (in millions):

	Three Months Ended
	March 30, 2024		April 1, 2023
Operating leases(1)	$	11.6	$	12.0
Finance leases
Amortization	$	0.6	$	1.1
Interest	0.1		0.1
Total finance leases	$	0.7	$	1.2

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

The annual future maturities of our leases as of March 30, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	24.3	$	1.8	$	26.1
2025	30.3		1.9		32.2
2026	24.4		1.6		26.0
2027	22.6		1.6		24.2
2028	16.5		1.6		18.1
After 2028	88.9		9.0		97.9
Total lease payments	$	207.0	$	17.5	$	224.5
Less: Interest	27.9		2.6		30.5
Present value of lease liabilities	$	179.1	$	14.9	$	194.0

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

	March 30, 2024		April 1, 2023
Weighted-average remaining lease term (in years)
Operating leases	9.72		10.85
Finance leases	9.43		9.49
Weighted-average discount rate
Operating leases	3.3	%	2.5	%
Finance leases	3.5	%	3.0	%

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

	Three Months Ended
	March 30, 2024		April 1, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	8.5	$	9.0
Operating cash flows for finance leases	$	0.1	$	0.1
Financing cash flows for finance leases	$	0.5	$	1.0
Leased assets obtained in exchange for new finance lease liabilities	$	0.3	$	—
Leased assets obtained in exchange for new operating lease liabilities	$	1.7	$	1.4

Leases

LEASES

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

Assets	Balance Sheet Location	March 30, 2024		December 31, 2023
Operating	Operating lease assets	$	176.7	$	183.6
Finance	Other non-current assets	13.4		13.7
Total		$	190.1	$	197.3

Liabilities	Balance Sheet Location	March 30, 2024		December 31, 2023
Current
Operating	Other accrued liabilities	$	26.6	$	27.5
Finance	Current indebtedness	1.9		1.9
Non-Current
Operating	Other non-current liabilities	152.5		159.6
Finance	Long-term debt, less current portion	13.0		13.2
Total		$	194.0	$	202.2

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

	Assets
	Operating				Financing
	March 30, 2024		December 31, 2023		March 30, 2024		December 31, 2023
CSCA	$	77.3	$	79.3	$	12.7	$	12.8
CSCI	42.0		44.7		0.2		0.3
Unallocated	57.4		59.6		0.5		0.6
Total	$	176.7	$	183.6	$	13.4	$	13.7

	Liabilities
	Operating				Financing
	March 30, 2024		December 31, 2023		March 30, 2024		December 31, 2023
CSCA	$	79.2	$	81.6	$	14.1	$	14.2
CSCI	45.5		47.8		0.2		0.3
Unallocated	54.4		57.7		0.6		0.6
Total	$	179.1	$	187.1	$	14.9	$	15.1

Lease expense was as follows (in millions):

	Three Months Ended
	March 30, 2024		April 1, 2023
Operating leases(1)	$	11.6	$	12.0
Finance leases
Amortization	$	0.6	$	1.1
Interest	0.1		0.1
Total finance leases	$	0.7	$	1.2

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

The annual future maturities of our leases as of March 30, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	24.3	$	1.8	$	26.1
2025	30.3		1.9		32.2
2026	24.4		1.6		26.0
2027	22.6		1.6		24.2
2028	16.5		1.6		18.1
After 2028	88.9		9.0		97.9
Total lease payments	$	207.0	$	17.5	$	224.5
Less: Interest	27.9		2.6		30.5
Present value of lease liabilities	$	179.1	$	14.9	$	194.0

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

	March 30, 2024		April 1, 2023
Weighted-average remaining lease term (in years)
Operating leases	9.72		10.85
Finance leases	9.43		9.49
Weighted-average discount rate
Operating leases	3.3	%	2.5	%
Finance leases	3.5	%	3.0	%

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

	Three Months Ended
	March 30, 2024		April 1, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	8.5	$	9.0
Operating cash flows for finance leases	$	0.1	$	0.1
Financing cash flows for finance leases	$	0.5	$	1.0
Leased assets obtained in exchange for new finance lease liabilities	$	0.3	$	—
Leased assets obtained in exchange for new operating lease liabilities	$	1.7	$	1.4