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Leases | 3 Months Ended
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Mar. 29, 2025
Leases [Abstract] |
Leases | Leases We primarily lease certain manufacturing plants, offices, warehouses, training and service centers at various locations worldwide that are classified as either operating or finance leases. Our leases have remaining lease terms up to 24 years, which include options to extend the lease term for periods up to 20 years when it is reasonably certain the option will be exercised. Operating lease cost totaled $18 million in both the first quarter of 2025 and 2024. Cash paid for operating leases approximated the lease cost and is classified in cash flows from operating activities. Noncash transactions related to operating leases totaled $7 million and $25 million in the first quarter of 2025 and 2024, respectively, reflecting new or extended leases. Finance lease, variable and short-term lease costs were not significant. Balance sheet and other information related to our leases is as follows:
(Dollars in millions) | March 29, 2025 | December 28, 2024
Operating leases: |  |
Other assets | $ | 355 | $ | 360
Other current liabilities | 54 | 55
Other liabilities | 313 | 316
Weighted-average remaining lease term (in years) | 9.9 | 10.0
Weighted-average discount rate | 4.89% | 4.84%
Finance leases: |  |
Property, plant and equipment, less accumulated amortization of $11 million and $9 million, respectively | $ | 97 | $ | 95
Long-term debt, including current portion | 99 | 97
Weighted-average remaining lease term (in years) | 6.8 | 5.9
Weighted-average discount rate | 6.65% | 6.72%
At March 29, 2025, maturities of our operating lease liabilities on an undiscounted basis totaled $53 million for the remainder of 2025, $59 million for 2026, $49 million for 2027, $46 million for 2028, $41 million for 2029 and $222 million thereafter.
Leases | Leases We primarily lease certain manufacturing plants, offices, warehouses, training and service centers at various locations worldwide that are classified as either operating or finance leases. Our leases have remaining lease terms up to 24 years, which include options to extend the lease term for periods up to 20 years when it is reasonably certain the option will be exercised. Operating lease cost totaled $18 million in both the first quarter of 2025 and 2024. Cash paid for operating leases approximated the lease cost and is classified in cash flows from operating activities. Noncash transactions related to operating leases totaled $7 million and $25 million in the first quarter of 2025 and 2024, respectively, reflecting new or extended leases. Finance lease, variable and short-term lease costs were not significant. Balance sheet and other information related to our leases is as follows:
(Dollars in millions) | March 29, 2025 | December 28, 2024
Operating leases: |  |
Other assets | $ | 355 | $ | 360
Other current liabilities | 54 | 55
Other liabilities | 313 | 316
Weighted-average remaining lease term (in years) | 9.9 | 10.0
Weighted-average discount rate | 4.89% | 4.84%
Finance leases: |  |
Property, plant and equipment, less accumulated amortization of $11 million and $9 million, respectively | $ | 97 | $ | 95
Long-term debt, including current portion | 99 | 97
Weighted-average remaining lease term (in years) | 6.8 | 5.9
Weighted-average discount rate | 6.65% | 6.72%
At March 29, 2025, maturities of our operating lease liabilities on an undiscounted basis totaled $53 million for the remainder of 2025, $59 million for 2026, $49 million for 2027, $46 million for 2028, $41 million for 2029 and $222 million thereafter.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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