XML 37 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

COMMITMENTS AND LEASES | 12 Months Ended
--- | ---
Dec. 28, 2024
Leases [Abstract] |
COMMITMENTS AND LEASES | COMMITMENTS AND LEASES Supplemental cost information related to leases is shown below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating lease costs |  | $ | 75.1 |  |  | $ | 73.6 |  |  | $ | 70.8 |
Lease costs related to finance leases were not material in 2024, 2023 or 2022. Supplemental balance sheet information related to leases is shown below.
(In millions) |  | Balance Sheet Location |  | 2024 |  | 2023
Assets |  |  |  |  |  |
Operating |  | Other assets |  | $ | 227.5 |  |  | $ | 200.2 |
Finance(1) |  | Property, plant and equipment, net |  | 32.5 |  |  | 29.6 |
Total leased assets |  |  |  | $ | 260.0 |  |  | $ | 229.8 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating |  | Other current liabilities |  | $ | 49.6 |  |  | $ | 45.4 |
Finance |  | Short-term borrowings and current portion of long-term debt and finance leases |  | 4.3 |  |  | 6.3 |
Non-current: |  |  |  |  |  |
Operating |  | Long-term retirement benefits and other liabilities |  | 176.1 |  |  | 152.3 |
Finance |  | Long-term debt and finance leases |  | 9.1 |  |  | 7.0 |
Total lease liabilities |  |  |  | $ | 239.1 |  |  | $ | 211.0 |
(1) Finance lease assets are net of accumulated amortization of $18.7 million and $14.6 million as of December 28, 2024 and December 30, 2023, respectively. Supplemental cash flow information related to leases is shown below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in measurement of operating lease liabilities |  | $ | 61.0 |  |  | $ | 55.8 |  |  | $ | 60.5 |
Operating lease assets obtained in exchange for operating lease liabilities |  | 93.0 |  |  | 92.4 |  |  | 37.2 |
Cash flows related to finance leases were not material in 2024, 2023 or 2022. Weighted average remaining lease term and discount rate information related to leases as of December 28, 2024 and December 30, 2023 is shown below.
|  | 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |  |
Operating |  | 6.7 |  | 7.1
Finance |  | 3.6 |  | 3.1
Weighted average discount rate (percentage): |  |  |  |
Operating |  | 4.6 | % |  | 4.1 | %
Finance |  | 4.7 |  |  | 4.2 |
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 55.6 |  |  | $ | 5.3 |
2026 |  | 47.8 |  |  | 3.6 |
2027 |  | 37.0 |  |  | 2.8 |
2028 |  | 26.3 |  |  | 1.8 |
2029 |  | 21.8 |  |  | .9 |
2030 and thereafter |  | 72.5 |  |  | .5 |
Total lease payments |  | 261.0 |  |  | 14.9 |
Less: imputed interest |  | (35.3) |  |  | (1.6) |
Present value of lease liabilities |  | $ | 225.7 |  |  | $ | 13.3 |
As of December 28, 2024, we had no significant operating or finance leases that had not yet commenced.
COMMITMENTS AND LEASES | COMMITMENTS AND LEASES Supplemental cost information related to leases is shown below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating lease costs |  | $ | 75.1 |  |  | $ | 73.6 |  |  | $ | 70.8 |
Lease costs related to finance leases were not material in 2024, 2023 or 2022. Supplemental balance sheet information related to leases is shown below.
(In millions) |  | Balance Sheet Location |  | 2024 |  | 2023
Assets |  |  |  |  |  |
Operating |  | Other assets |  | $ | 227.5 |  |  | $ | 200.2 |
Finance(1) |  | Property, plant and equipment, net |  | 32.5 |  |  | 29.6 |
Total leased assets |  |  |  | $ | 260.0 |  |  | $ | 229.8 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating |  | Other current liabilities |  | $ | 49.6 |  |  | $ | 45.4 |
Finance |  | Short-term borrowings and current portion of long-term debt and finance leases |  | 4.3 |  |  | 6.3 |
Non-current: |  |  |  |  |  |
Operating |  | Long-term retirement benefits and other liabilities |  | 176.1 |  |  | 152.3 |
Finance |  | Long-term debt and finance leases |  | 9.1 |  |  | 7.0 |
Total lease liabilities |  |  |  | $ | 239.1 |  |  | $ | 211.0 |
(1) Finance lease assets are net of accumulated amortization of $18.7 million and $14.6 million as of December 28, 2024 and December 30, 2023, respectively. Supplemental cash flow information related to leases is shown below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in measurement of operating lease liabilities |  | $ | 61.0 |  |  | $ | 55.8 |  |  | $ | 60.5 |
Operating lease assets obtained in exchange for operating lease liabilities |  | 93.0 |  |  | 92.4 |  |  | 37.2 |
Cash flows related to finance leases were not material in 2024, 2023 or 2022. Weighted average remaining lease term and discount rate information related to leases as of December 28, 2024 and December 30, 2023 is shown below.
|  | 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |  |
Operating |  | 6.7 |  | 7.1
Finance |  | 3.6 |  | 3.1
Weighted average discount rate (percentage): |  |  |  |
Operating |  | 4.6 | % |  | 4.1 | %
Finance |  | 4.7 |  |  | 4.2 |
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions) |  | Operating Leases |  | Finance Leases
2025 |  | $ | 55.6 |  |  | $ | 5.3 |
2026 |  | 47.8 |  |  | 3.6 |
2027 |  | 37.0 |  |  | 2.8 |
2028 |  | 26.3 |  |  | 1.8 |
2029 |  | 21.8 |  |  | .9 |
2030 and thereafter |  | 72.5 |  |  | .5 |
Total lease payments |  | 261.0 |  |  | 14.9 |
Less: imputed interest |  | (35.3) |  |  | (1.6) |
Present value of lease liabilities |  | $ | 225.7 |  |  | $ | 13.3 |
As of December 28, 2024, we had no significant operating or finance leases that had not yet commenced.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration