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Leases | 3 Months Ended
--- | ---
Mar. 30, 2024
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):
| March 30, 2024 |  | December 31, 2023
Right-of-use assets under operating leases: |  |  |
Other long-term assets | $ | 733.2 |  |  | $ | 733.5 |
Lease obligations under operating leases: |  |  |
Accrued liabilities | $ | 154.4 |  |  | $ | 151.9 |
Other long-term liabilities | 618.7 |  |  | 623.0 |
| $ | 773.1 |  |  | $ | 774.9 |
Maturities of lease obligations as of March 30, 2024, are shown below (in millions):
| March 30, 2024
2024 (1) | $ | 137.8 |
2025 | 164.8 |
2026 | 138.9 |
2027 | 115.2 |
2028 | 93.1 |
Thereafter | 231.7 |
Total undiscounted cash flows | 881.5 |
Less: Imputed interest | (108.4) |
Lease obligations under operating leases | $ | 773.1 |
(1) For the remaining nine months Cash flow information related to operating leases is shown below (in millions):
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Non-cash activity: |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 53.1 |  |  | $ | 64.8 |
Operating cash flows: |  |  |
Cash paid related to operating lease obligations | $ | 48.0 |  |  | $ | 44.3 |
Lease expense included in the accompanying condensed consolidated statements of comprehensive income is shown below (in millions):
| Three Months Ended |  |
| March 30, 2024 |  | April 1, 2023 |  |  |  |
Operating lease expense | $ | 47.3 |  |  | $ | 44.2 |  |  |  |  |
Short-term lease expense | 5.6 |  |  | 5.1 |  |  |  |  |
Variable lease expense | 2.1 |  |  | 2.6 |  |  |  |  |
Total lease expense | $ | 55.0 |  |  | $ | 51.9 |  |  |  |  |
In the three months ended March 30, 2024, the Company recognized impairment charges of $0.9 million related to its right-of-use assets. The impairment charges are included in cost of sales in the accompanying condensed consolidated statement of comprehensive income. The weighted average lease term and discount rate for operating leases are shown below:
| March 30, 2024
Weighted average remaining lease term | Seven years
Weighted average discount rate | 4.0 | %
The Company is party to finance lease agreements, which are not material to the accompanying condensed consolidated financial statements (Note 8, "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, 2023.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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