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Leases | 3 Months Ended
--- | ---
Apr. 02, 2022
Leases [Abstract] |
Leases | Leases The Company has operating leases for production, office and warehouse facilities, manufacturing and office equipment and vehicles. Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are shown below (in millions):
| April 2, 2022 |  | December 31, 2021
Right-of-use assets under operating leases: |  |  |
Other long-term assets | $ | 677.2 |  |  | $ | 627.9 |
Lease obligations under operating leases: |  |  |
Accrued liabilities | $ | 130.5 |  |  | $ | 125.6 |
Other long-term liabilities | 569.1 |  |  | 523.6 |
| $ | 699.6 |  |  | $ | 649.2 |
Maturities of lease obligations as of April 2, 2022, are shown below (in millions):
| April 2, 2022
2022 (1) | $ | 115.2 |
2023 | 130.3 |
2024 | 110.8 |
2025 | 95.5 |
2026 | 84.9 |
Thereafter | 237.7 |
Total undiscounted cash flows | 774.4 |
Less: Imputed interest | (74.8) |
Lease obligations under operating leases | $ | 699.6 |
(1) For the remaining nine months Cash flow information related to operating leases is shown below (in millions):
| Three Months Ended
| April 2, 2022 |  | April 3, 2021
Non-cash activity: |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 62.5 |  |  | $ | 63.8 |
Operating cash flows: |  |  |
Cash paid related to operating lease obligations | $ | 40.4 |  |  | $ | 40.4 |
In addition to the right-of-use assets obtained in exchange for operating lease obligations shown above, in the three months ended April 2, 2022, the Company acquired $34.1 million of right-of-use assets and related lease liabilities in connection with its acquisition of Kongsberg ICS. See Note 3, "Acquisition." Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):
| Three Months Ended |  |
| April 2, 2022 |  | April 3, 2021 |  |  |  |
Operating lease expense | $ | 41.4 |  |  | $ | 39.0 |  |  |  |  |
Short-term lease expense | 5.4 |  |  | 4.2 |  |  |  |  |
Variable lease expense | 2.0 |  |  | 2.2 |  |  |  |  |
Total lease expense | $ | 48.8 |  |  | $ | 45.4 |  |  |  |  |
The weighted average lease term and discount rate for operating leases are shown below:
| April 2, 2022
Weighted average remaining lease term | Seven years
Weighted average discount rate | 2.9 | %
The Company is party to a finance lease agreement, which is not material to the accompanying condensed consolidated financial statements (Note 9, "Debt"). For further information related to the Company's leases, see Note 8, "Leases," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

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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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