Leases (Tables)

3 Months Ended

Mar. 30, 2024

Leases [Abstract]

Schedule of 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	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

Schedule of Lease Expense

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.

Schedule of Finance Lease Maturity

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

Schedule of Operating Lease Liability Maturity

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

Schedule of Weighted Average Lease Terms and Discount Rates

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	%

Schedule of Lease Cash Flow Classifications

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