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Lease Receivable | 9 Months Ended
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Oct. 01, 2022
Leases [Abstract] |
Lease Receivable | 6. Lease Receivable Effective January 2, 2022, the Company adopted ASU 2021-05 prospectively for leases that commenced or were modified on or after the date of adoption, resulting in the Company recording these operating lease assets within property, plant, and equipment, net of accumulated depreciation. The equipment costs associated with such new operating leases were initially deferred and will subsequently be amortized over the lease term on a straight-line basis. The Company recognizes revenue and costs, as well as a lease receivable, at the time the lease commences pursuant to deferred equipment agreements containing embedded sales-type leases. Lease revenue related to both operating-type and sales-type leases for the three months ended October 1, 2022 and October 2, 2021 was approximately $16.0 million and $12.0 million, respectively, and is included within product revenue in the accompanying condensed consolidated statements of operations. Lease revenue related to both operating-type and sales-type leases for each of the nine months ended October 1, 2022 and October 2, 2021 was approximately $40.0 million, and is included within revenue in the accompanying condensed consolidated statements of operations. Costs related to embedded leases within the Company’s deferred equipment agreements are included in cost of goods sold in the accompanying condensed consolidated statements of operations. Lease receivable from sales-type leases consists of the following:
(in millions) | October 1, 2022 |  | January 1, 2022 |  |
Lease receivable | $ | 110.0 |  |  | $ | 102.6 |  |  |
Allowance for credit loss | (0.3) |  |  | (0.3) |  |  |
Lease receivable, net | 109.7 |  |  | 102.3 |  |  |
Less: current portion of lease receivable | (30.1) |  |  | (28.7) |  |  |
Lease receivable, noncurrent | $ | 79.6 |  |  | $ | 73.6 |  |  |
As of October 1, 2022, estimated future maturities of customer sales-type lease receivables and operating lease payments for each of the following fiscal years are as follows:
| Future Lease Receivables/Payments (in millions)
Fiscal year | Sales-Type Leases |  | Operating Leases
2022 (balance of year) | $ | 7.8 |  |  | $ | 0.7 |
2023 | 29.1 |  |  | 2.6 |
2024 | 25.4 |  |  | 2.5 |
2025 | 19.9 |  |  | 2.5 |
2026 | 13.4 |  |  | 2.3 |
Thereafter | 14.1 |  |  | 4.8 |
Total | $ | 109.7 |  |  | $ | 15.4 |
Less: imputed interest(1) | — |  |  |
Present value of total lease payments | $ | 109.7 |  |  |
______________ (1) The calculation of the rates implicit in the leases resulted in negative discount rates. Therefore, the Company as a lessor used a 0% discount rate to measure the net investment in the lease.

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- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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