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Leases (Tables)
3 Months Ended
Apr. 01, 2023
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 1,
2023
December 31, 2022
Right-of-use assets under operating leases:
Other long-term assets$724.3 $701.8 
Lease obligations under operating leases:
Accrued liabilities$144.8 $136.8 
Other long-term liabilities609.2 595.1 
$754.0 $731.9 
Maturity of Lease Obligations
Maturities of lease obligations as of April 1, 2023, are shown below (in millions):
April 1, 2023
2023 (1)
$127.6 
2024151.9 
2025129.8 
2026107.6 
202788.7 
Thereafter238.3 
Total undiscounted cash flows843.9 
Less: Imputed interest(89.9)
Lease obligations under operating leases$754.0 
(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 1,
2023
April 2,
2022
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$64.8 $62.5 
Operating cash flows:
Cash paid related to operating lease obligations$44.3 $40.4 
Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):
Three Months Ended
April 1,
2023
April 2,
2022
Operating lease expense$44.2 $41.4 
Short-term lease expense5.1 5.4 
Variable lease expense2.6 2.0 
Total lease expense$51.9 $48.8 
The weighted average lease term and discount rate for operating leases are shown below:
April 1,
2023
Weighted average remaining lease termSeven years
Weighted average discount rate3.6 %