Leases (Tables)

3 Months Ended

Apr. 03, 2021

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

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

	April 3, 2021		December 31, 2020
Right-of-use assets under operating leases:
Other long-term assets	$	563.3	$	540.3
Lease obligations under operating leases:
Accrued liabilities	$	124.7	$	116.3
Other long-term liabilities	452.7		438.9
	$	577.4	$	555.2

Maturity of Lease Obligations

Maturities of lease obligations as of April 3, 2021, are shown below (in millions):

	April 3, 2021
2021 (1)	$	110.7
2022	121.9
2023	94.0
2024	78.3
2025	65.1
Thereafter	185.2
Total undiscounted cash flows	655.2
Less: Imputed interest	(77.8)
Lease obligations under operating leases	$	577.4

(1) For the remaining nine months

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

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

	Three Months Ended
	April 3, 2021		April 4, 2020
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	63.8	$	37.4
Operating cash flows:
Cash paid related to operating lease obligations	$	40.4	$	35.7

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

	Three Months Ended
	April 3, 2021		April 4, 2020
Operating lease expense	$	39.0	$	36.3
Short-term lease expense	4.2		4.1
Variable lease expense	2.2		1.9
Total lease expense	$	45.4	$	42.3

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

	April 3, 2021
Weighted average remaining lease term	Seven years
Weighted average discount rate	3.5	%