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Leases | 3 Months Ended
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Mar. 28, 2021
Leases [Abstract] |
Leases | Leases The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. These leases have remaining lease terms of 1 to 18 years, some of which include options to extend lease terms or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases. For the quarters ended March 28, 2021 and March 29, 2020, the Company's operating lease and other rental expenses were $21.8 million and $22.9 million, respectively. Expense related to short-term leases (expected terms less than 12 months) and variable lease payments was not material in the quarters ended March 28, 2021 or March 29, 2020. Information related to the Company’s leases for the quarters ended March 28, 2021 and March 29, 2020 are as follows:
| Quarter Ended |  |
| March 28, 2021 |  | March 29, 2020 |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 13.2 |  |  | $ | 11.6 |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |
Operating leases | $ | 7.3 |  |  | $ | 64.2 |  |  |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |
Operating leases | 5.9 years |  | 6.0 years |  |  |  |
Weighted Average Discount Rate |  |  |  |  |  |  |
Operating leases | 3.1 | % |  | 4.2 | % |  |  |  |
The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of March 28, 2021:
| March 28, 2021
2021 (excluding the three months ended March 28, 2021) | $ | 38.9 |
2022 | 47.8 |
2023 | 39.8 |
2024 | 27.9 |
2025 | 22.8 |
2026 and thereafter | 48.3 |
Total future lease payments | 225.5 |
Less imputed interest | 22.5 |
Present value of future operating lease payments | 203.0 |
Less current portion of operating lease liabilities (1) | 45.9 |
Non-current operating lease liability (2) | 157.1 |
Operating lease right-of-use assets, net (3) | $ | 186.4 |
(1) Included in Accrued liabilities on the consolidated balance sheets. (2) Included in Other liabilities on the consolidated balance sheets. (3) Included in Property, plant, and equipment on the consolidated balance sheets.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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