Leases (Tables)

6 Months Ended

Jun. 29, 2019

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below (in millions):

	June 29, 2019
Right-of-use assets under operating leases:
Other long-term assets	$	447.6
Lease obligations under operating leases:
Accrued liabilities	$	108.3
Other long-term liabilities	347.2
	$	455.5

Maturity of Lease Obligations

Maturities of lease obligations as of June 29, 2019, are shown below (in millions):

	June 29, 2019
2019 (1)	$	65.7
2020	110.4
2021	85.8
2022	63.0
2023	46.0
Thereafter	144.2
Total undiscounted cash flows	515.1
Less: Imputed interest	(59.6		)
Lease obligations under operating leases	$	455.5

⁽¹⁾ For the remaining six months

Cash Flow Information, Lease Expense, Weighted Average Lease Term and Discount Rate

The weighted average lease term and discount rate for operating leases are shown below:

	June 29, 2019
Weighted average remaining lease term (in years)	6.6
Weighted average discount rate	3.8	%

Cash flow information related to operating leases is shown below (in millions):

	Six Months Ended
	June 29, 2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	66.1
Operating cash flows:
Cash paid related to operating lease obligations	$	66.5

Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):

	Three Months Ended		Six Months Ended
	June 29, 2019		June 29, 2019
Operating lease expense	$	35.0	$	67.5
Short-term lease expense	4.6		9.0
Variable lease expense	1.2		1.8
Total lease expense	$	40.8	$	78.3