XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Leases | 6 Months Ended
--- | ---
Jul. 02, 2023
Leases [Abstract] |
Leases | Leases The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no material finance leases. The Company's leases have remaining lease terms of 1 to 15 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. The rent expense under such arrangements and similar arrangements that do not qualify as leases under ASU 2016-02, net of sublease income amounted to $24.8 million and $48.3 million for the quarter and six months ended July 2, 2023, respectively, and $20.9 million and $43.2 million for the quarter and six months ended June 26, 2022, respectively, and was not material to the Company's financial statements. Expenses related to short-term leases (expected terms less than 12 months) or variable lease payments was not material in the quarters or six months ended July 2, 2023 or June 26, 2022. Information related to the Company’s leases for the quarters and six months ended July 2, 2023 and June 26, 2022 is as follows:
| Quarter Ended |  | Six Months Ended
| July 2, 2023 |  | June 26, 2022 |  | July 2, 2023 |  | June 26, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 13.1 |  |  | $ | 13.3 |  |  | $ | 25.8 |  |  | 26.7 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |
Operating leases net of lease modifications | $ | 2.1 |  |  | $ | (9.5) |  |  | $ | 67.7 |  |  | (0.5) |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |
Operating leases | 7.3 years |  | 4.6 years |  | 7.3 years |  | 4.6 years
Weighted Average Discount Rate |  |  |  |  |  |  |
Operating leases | 3.7 | % |  | 3.3 | % |  | 3.7 | % |  | 3.3 | %
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 July 2, 2023:
| July 2, 2023
2023 (excluding the six months ended July 2, 2023) | $ | 21.9 |
2024 | 39.6 |
2025 | 34.1 |
2026 | 28.2 |
2027 | 19.8 |
2028 and thereafter | 68.9 |
Total future lease payments | 212.5 |
Less imputed interest | 31.5 |
Present value of future operating lease payments | 181.0 |
Less current portion of operating lease liabilities (1) | 35.2 |
Non-current operating lease liability (2) | 145.8 |
Operating lease right-of-use assets, net (3) | $ | 153.1 |
(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.

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 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