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Leases (Tables)

9 Months Ended

Oct. 03, 2020

Leases [Abstract]

Right-of-Use Assets and Lease Obligations

Operating lease assets and obligations included in the accompanying condensed consolidated balance sheet are shown below (in millions):

		October 3, 2020				December 31, 2019
Right-of-use assets under operating leases:
Other long-term assets		$	539.4			$	527.0
Lease obligations under operating leases:
Accrued liabilities		$	113.2			$	113.9
Other long-term liabilities			439.0				422.4
		$	552.2			$	536.3

Maturity of Lease Obligations

Maturities of lease obligations as of October 3, 2020, are shown below (in millions):

		October 3, 2020
2020 (1)		$	35.9
2021			129.6
2022			103.7
2023			81.6
2024			67.3
Thereafter			220.8
Total undiscounted cash flows			638.9
Less: Imputed interest			(86.7	)
Lease obligations under operating leases		$	552.2

^{(1) For the remaining three months}

Cash Flow Information, Lease Expense, Weighted Average Lease Term and Discount Rate

Cash flow information related to operating leases is shown below (in millions):

		Nine Months Ended
		October 3, 2020				September 28, 2019
Non-cash activity:
Right of use assets obtained in exchange for operating lease obligations		$	116.2			$	177.1
Operating cash flows:
Cash paid related to operating lease obligations		$	106.3			$	104.0

Lease expense included in the accompanying condensed consolidated statements of comprehensive income (loss) is shown below (in millions):

		Three Months Ended								Nine Months Ended
		October 3, 2020				September 28, 2019				October 3, 2020				September 28, 2019
Operating lease expense		$	38.6			$	36.9			$	110.2			$	104.4
Short-term lease expense			3.3				3.1				11.3				12.1
Variable lease expense			2.2				1.4				5.9				3.2
Total lease expense		$	44.1			$	41.4			$	127.4			$	119.7

In the nine months ended October 3, 2020, the Company recognized an impairment charge of $2.0 million related to its right-of-use assets in conjunction with its restructuring actions (Note 3, "Restructuring").

The weighted average lease term and discount rate for operating leases are shown below:

		October 3, 2020
Weighted average remaining lease term (in years)		6.9
Weighted average discount rate		3.4%

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- Definition

Assets And Liabilities, Lessee [Table Text Block]

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980

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