Leases (Tables)

6 Months Ended

Jul. 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):

	July 3, 2021		December 31, 2020
Right-of-use assets under operating leases:
Other long-term assets	$	562.1	$	540.3
Lease obligations under operating leases:
Accrued liabilities	$	125.2	$	116.3
Other long-term liabilities	451.1		438.9
	$	576.3	$	555.2

Maturity of Lease Obligations

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

	July 3, 2021
2021 (1)	$	75.8
2022	128.9
2023	100.1
2024	83.2
2025	68.6
Thereafter	198.4
Total undiscounted cash flows	655.0
Less: Imputed interest	(78.7)
Lease obligations under operating leases	$	576.3

(1) For the remaining six 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):

	Six Months Ended
	July 3, 2021		July 4, 2020
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	94.3	$	83.2
Operating cash flows:
Cash paid related to operating lease obligations	$	81.1	$	70.9

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

	Three Months Ended				Six Months Ended
	July 3, 2021		July 4, 2020		July 3, 2021		July 4, 2020
Operating lease expense	$	39.9	$	35.3	$	78.9	$	71.6
Short-term lease expense	4.4		3.9		8.6		8.0
Variable lease expense	2.2		1.8		4.4		3.7
Total lease expense	$	46.5	$	41.0	$	91.9	$	83.3

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

	July 3, 2021
Weighted average remaining lease term	Seven years
Weighted average discount rate	3.4	%