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Balance Sheet Information and Other
 6 Months Ended
Jul. 03, 2020
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information and Other
Note 6: Balance Sheet Information and Other

Goodwill
Changes in the goodwill balance from December 31, 2019 through July 3, 2020 were as follows (in millions):

Net balance as of December 31, 2019$1,659.2  
Addition due to business combination4.2  
Net balance as of July 3, 2020$1,663.4  

Goodwill is tested for impairment annually on the first day of the fourth quarter or more frequently if events or changes in circumstances (each, a "triggering event") would more likely than not reduce the carrying value of goodwill below its fair value. Management considered the general economic decline and the impact of the COVID-19 pandemic, but did not identify any triggering events during the quarter and six months ended July 3, 2020 that would require an interim impairment analysis.

Inventory

Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions):
As of
July 3, 2020December 31, 2019
Inventories:
Raw materials$148.0  $138.4  
Work in process848.0  772.9  
Finished goods289.4  321.1  
$1,285.4  $1,232.4  

Defined Benefit Plans

As of July 3, 2020, the total accrued pension liability for underfunded plans was $133.5 million, of which the current portion of $0.3 million was classified as accrued expenses and other current liabilities. As of December 31, 2019, the total accrued pension liability for underfunded plans was $132.7 million, of which the current portion of $0.3 million was classified as accrued expenses and other current liabilities.

The components of the net periodic pension expense were as follows (in millions):
Quarters EndedSix Months Ended
July 3, 2020June 28, 2019July 3, 2020June 28, 2019
Service cost$2.7  $2.4  $5.4  $4.7  
Interest cost1.1  1.2  2.3  2.5  
Expected return on plan assets(1.5) (1.5) (3.1) (3.0) 
Curtailment gain(1.6) —  (1.6) —  
Total net periodic pension cost$0.7  $2.1  $3.0  $4.2  

Leases

Operating lease arrangements are comprised primarily of real estate and equipment agreements. The components of lease expense were as follows (in millions):
Quarters EndedSix Months Ended
July 3, 2020June 28, 2019July 3, 2020June 28, 2019
Operating lease$9.1  $8.3  $18.2  $16.6  
Variable lease0.7  1.0  1.8  2.1  
Short-term lease1.2  0.6  2.4  1.3  
Total lease expense$11.0  $9.9  $22.4  $20.0  

The lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions):
As of
July 3, 2020December 31, 2019
Accrued expenses and other current liabilities$27.6  $26.1  
Other long-term liabilities120.1  87.9  
Total lease obligations$147.7  $114.0  

Operating lease assets of $143.4 million and $110.2 million are included in other assets in the Consolidated Balance Sheets as of July 3, 2020 and December 31, 2019, respectively. As of July 3, 2020, the weighted-average remaining lease-term was 7.2 years and the weighted-average discount rate was 5.0%.

Supplemental Disclosure of Cash Flow Information

Certain of the Company's cash and non-cash activities were as follows (in millions):
Six Months Ended
July 3, 2020June 28, 2019
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities$152.8  $173.0  
Sale of property in exchange of note receivable4.7  $—  
Right-of-use assets obtained in exchange of lease liabilities49.0  4.8  
Non-cash financing activity:
Liability incurred for purchase of business$—  $38.9  
Cash (received) paid for:
Interest income$(3.4) $(3.0) 
Interest expense58.4  40.3  
Income taxes15.5  32.1  
Operating lease payments in operating cash flows18.3  17.5  

Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):
As of
July 3, 2020December 31, 2019June 28, 2019December 31, 2018
Consolidated Balance Sheets:
Cash and cash equivalents$2,060.4  $894.2  $885.2  $1,069.6  
Restricted cash (included in other current assets)0.3  —  13.9  17.5  
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,060.7  $894.2  $899.1  $1,087.1  
The restricted cash balance through June 28, 2019, which included the consideration held in escrow for the acquisition of Aptina in 2014, was released during the year ended December 31, 2019 upon satisfaction of certain outstanding items contained in the merger agreement for such acquisition.