Leases (Tables)

6 Months Ended

Jun. 29, 2019



(dollars in millions)	Three months ended June 29, 2019			Six months ended June 29, 2019
Lease expenses
Operating lease expenses	$	7.4		$	15.0
Finance lease amortization expenses	0.1			0.1
Short-term lease expenses	1.2			1.9
Variable lease expenses	2.3			2.7
Sublease income	(0.1		)	(0.1		)
Total lease expenses	$	10.9		$	19.6

Other information
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1.0		$	2.0

Cash paid for amounts included in the measurement of lease liabilities:
—Operating cash flows from operating leases				$	12.6
—Financing cash flows from finance leases				0.2
				$	12.8
Weighted-average remaining lease term — finance leases				13.4 years
Weighted-average remaining lease term — operating leases				10.3 years
Weighted-average discount rate — finance leases				2.6		%
Weighted-average discount rate — operating leases				5.7		%

Operating lease - Maturity analysis of liability

Maturity analysis of liabilities



(dollars in millions)	Operating leases		Finance leases ⁽¹⁾
Next 12 months	$	24.8	$	0.4
Year 2	22.0		0.4
Year 3	17.6		0.3
Year 4	14.9		0.2
Year 5	12.9		—
Year 6 and beyond	86.2		—
Total lease payments	178.4		1.3
Interest	47.1		0.3
Total present value of lease liabilities	$	131.3	$	1.0


⁽¹⁾	Although our finance leases have a weighted average remaining lease term of 13.4 years, the primary lease includes a ten year rent-free period at the end of the contract such that there will be no lease payments made beyond December 2022.

Finance lease - Maturity analysis of liability

Maturity analysis of liabilities



(dollars in millions)	Operating leases		Finance leases ⁽¹⁾
Next 12 months	$	24.8	$	0.4
Year 2	22.0		0.4
Year 3	17.6		0.3
Year 4	14.9		0.2
Year 5	12.9		—
Year 6 and beyond	86.2		—
Total lease payments	178.4		1.3
Interest	47.1		0.3
Total present value of lease liabilities	$	131.3	$	1.0


⁽¹⁾	Although our finance leases have a weighted average remaining lease term of 13.4 years, the primary lease includes a ten year rent-free period at the end of the contract such that there will be no lease payments made beyond December 2022.

Balance Sheet Location

Balance sheet presentation of leases as of June 29, 2019



(dollars in millions)	Operating leases		Finance leases
Right-of-use assets	$	122.1	$	1.0

Short-term lease liabilities (included in “Accrued expenses and other current liabilities”)	$	19.8	$	0.1
Long-term lease liabilities	111.5		0.9
Total lease liabilities	$	131.3	$	1.0

Contractual obligation future payments

Future minimum lease payments under operating and finance leases that had initial or remaining non-cancelable lease terms in excess of one year as of December 29, 2018 were as follows:



(dollars in millions)	Operating leases		Finance leases		Total
Fiscal year
2019	$	25.0	$	0.3	$	25.3
2020	21.3		0.3		21.6
2021	18.2		0.3		18.5
2022	14.4		0.3		14.7
2023	12.6		0.4		13.0
2024 and beyond	86.5		0.4		86.9
Total	$	178.0	$	2.0	$	180.0