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Leases | 6 Months Ended
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Jun. 28, 2025
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):
| June 28, 2025 |  | December 31, 2024
Right-of-use assets under operating leases: |  |  |
Other long-term assets | $ | 722.8 |  |  | $ | 699.8 |
Lease obligations under operating leases: |  |  |
Accrued liabilities | $ | 166.8 |  |  | $ | 152.6 |
Other long-term liabilities | 592.9 |  |  | 582.5 |
| $ | 759.7 |  |  | $ | 735.1 |
Maturities of lease obligations as of June 28, 2025, are shown below (in millions):
| June 28, 2025
2025 (1) | $ | 98.2 |
2026 | 176.8 |
2027 | 149.6 |
2028 | 119.6 |
2029 | 86.7 |
Thereafter | 214.8 |
Total undiscounted cash flows | 845.7 |
Less: Imputed interest | (86.0) |
Lease obligations under operating leases | $ | 759.7 |
(1) For the remaining six months Cash flow information related to operating leases is shown below (in millions):
| Six Months Ended
| June 28, 2025 |  | June 29, 2024
Non-cash activity: |  |  |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 69.6 |  |  | $ | 88.5 |
Operating cash flows: |  |  |
Cash paid related to operating lease obligations | $ | 96.9 |  |  | $ | 95.4 |
Lease expense included in the accompanying condensed consolidated statements of comprehensive income (loss) is shown below (in millions):
| Three Months Ended |  | Six Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Operating lease expense | $ | 48.6 |  |  | $ | 47.4 |  |  | $ | 95.7 |  |  | $ | 94.7 |
Short-term lease expense | 5.3 |  |  | 5.3 |  |  | 10.5 |  |  | 10.9 |
Variable lease expense | 1.6 |  |  | 2.0 |  |  | 3.3 |  |  | 4.1 |
Total lease expense | $ | 55.5 |  |  | $ | 54.7 |  |  | $ | 109.5 |  |  | $ | 109.7 |
In the three and six months ended June 28, 2025, the Company incurred $10.7 million and $21.0 million, respectively, related to usage-based employee transportation costs. In the six months ended June 28, 2025, the Company recognized impairment charges of $0.1 million related to its right-of-use assets in conjunction with its restructuring actions (Note 2, "Restructuring"). In the six months ended June 29, 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 statements of comprehensive income (loss). The weighted average lease term and discount rate for operating leases are shown below:
| June 28, 2025
Weighted average remaining lease term | Six years
Weighted average discount rate | 3.9 | %
The Company is party to finance lease agreements, which are not material to the accompanying condensed consolidated financial statements (Note 7, "Debt"). For further information related to the Company's leases, see Note 7, "Leases," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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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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