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v3.20.2

Leases | 9 Months Ended
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Sep. 26, 2020
Leases [Abstract] |
Leases | LEASES The balance sheet locations of our lease assets and liabilities were as follows (in millions):
Assets |  | Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Operating |  | Operating lease assets |  | $ | 132.2 |  |  | $ | 129.9 |
Finance |  | Other non-current assets |  | 29.2 |  |  | 27.6 |
Total |  |  |  | $ | 161.4 |  |  | $ | 157.5 |
Liabilities |  | Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 31.6 |  |  | $ | 32.0 |
Finance |  | Current indebtedness |  | 6.5 |  |  | 3.4 |
Non-Current |  |  |  |  |  |
Operating |  | Other non-current liabilities |  | 106.9 |  |  | 101.7 |
Finance |  | Long-term debt, less current portion |  | 19.8 |  |  | 21.1 |
Total |  |  |  | $ | 164.8 |  |  | $ | 158.2 |
The below table shows our lease assets and liabilities by reporting segment (in millions):
|  | Assets |  | Liabilities
|  | Operating |  | Financing |  | Operating |  | Financing
|  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019
CSCA |  | $ | 22.5 |  |  | $ | 22.4 |  |  | $ | 15.8 |  |  | $ | 16.8 |  |  | $ | 22.8 |  |  | $ | 22.8 |  |  | $ | 16.0 |  |  | $ | 16.6 |
CSCI |  | 32.8 |  |  | 41.6 |  |  | 5.7 |  |  | 5.8 |  |  | 33.5 |  |  | 42.4 |  |  | 2.5 |  |  | 2.9 |
RX |  | 30.7 |  |  | 35.1 |  |  | 0.7 |  |  | 0.8 |  |  | 31.9 |  |  | 36.3 |  |  | 0.7 |  |  | 0.8 |
Unallocated |  | 46.2 |  |  | 30.8 |  |  | 7.0 |  |  | 4.2 |  |  | 50.3 |  |  | 32.2 |  |  | 7.1 |  |  | 4.2 |
Total |  | $ | 132.2 |  |  | $ | 129.9 |  |  | $ | 29.2 |  |  | $ | 27.6 |  |  | $ | 138.5 |  |  | $ | 133.7 |  |  | $ | 26.3 |  |  | $ | 24.5 |
Lease expense was as follows (in millions):
|  | Three Months Ended |  | Nine Months Ended
|  | September 26, 2020 |  | September 28, 2019 |  | September 26, 2020 |  | September 28, 2019
Operating leases(1) |  | $ | 10.6 |  |  | $ | 11.0 |  |  | $ | 32.1 |  |  | $ | 33.9 |
Finance leases |  |  |  |  |  |  |  |
Amortization |  | $ | 1.2 |  |  | $ | 0.9 |  |  | $ | 3.4 |  |  | $ | 2.3 |
Interest |  | 0.2 |  |  | 0.2 |  |  | 0.6 |  |  | 0.4 |
Total finance leases |  | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | 2.7 |
(1) Includes short-term leases and variable lease costs, which are immaterial. The annual future maturities of our leases as of September 26, 2020 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2020 |  | $ | 9.6 |  |  | $ | 1.4 |  |  | $ | 11.0 |
2021 |  | 33.2 |  |  | 6.9 |  |  | 40.1 |
2022 |  | 25.3 |  |  | 4.2 |  |  | 29.5 |
2023 |  | 18.7 |  |  | 2.5 |  |  | 21.2 |
2024 |  | 16.0 |  |  | 1.4 |  |  | 17.4 |
After 2024 |  | 54.6 |  |  | 14.3 |  |  | 68.9 |
Total lease payments |  | 157.4 |  |  | 30.7 |  |  | 188.1 |
Less: Interest |  | 18.9 |  |  | 4.4 |  |  | 23.3 |
Present value of lease liabilities |  | $ | 138.5 |  |  | $ | 26.3 |  |  | $ | 164.8 |
Our weighted average lease terms and discount rates are as follows:
|  | September 26, 2020 |  | September 28, 2019
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 6.54 |  |  | 6.58 |
Finance leases |  | 9.03 |  |  | 10.90 |
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.80 | % |  | 4.17 | %
Finance leases |  | 3.20 | % |  | 3.50 | %
Our lease cash flow classifications are as follows (in millions):
|  | Nine Months Ended
|  | September 26, 2020 |  | September 28, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 31.2 |  |  | $ | 33.6 |
Operating cash flows for finance leases |  | $ | 0.6 |  |  | $ | 0.4 |
Financing cash flows for finance leases |  | $ | 3.1 |  |  | $ | 2.2 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 4.7 |  |  | $ | 19.0 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 26.2 |  |  | $ | 5.3 |
Leases | LEASES The balance sheet locations of our lease assets and liabilities were as follows (in millions):
Assets |  | Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Operating |  | Operating lease assets |  | $ | 132.2 |  |  | $ | 129.9 |
Finance |  | Other non-current assets |  | 29.2 |  |  | 27.6 |
Total |  |  |  | $ | 161.4 |  |  | $ | 157.5 |
Liabilities |  | Balance Sheet Location |  | September 26, 2020 |  | December 31, 2019
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 31.6 |  |  | $ | 32.0 |
Finance |  | Current indebtedness |  | 6.5 |  |  | 3.4 |
Non-Current |  |  |  |  |  |
Operating |  | Other non-current liabilities |  | 106.9 |  |  | 101.7 |
Finance |  | Long-term debt, less current portion |  | 19.8 |  |  | 21.1 |
Total |  |  |  | $ | 164.8 |  |  | $ | 158.2 |
The below table shows our lease assets and liabilities by reporting segment (in millions):
|  | Assets |  | Liabilities
|  | Operating |  | Financing |  | Operating |  | Financing
|  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019 |  | September 26, 2020 |  | December 31, 2019
CSCA |  | $ | 22.5 |  |  | $ | 22.4 |  |  | $ | 15.8 |  |  | $ | 16.8 |  |  | $ | 22.8 |  |  | $ | 22.8 |  |  | $ | 16.0 |  |  | $ | 16.6 |
CSCI |  | 32.8 |  |  | 41.6 |  |  | 5.7 |  |  | 5.8 |  |  | 33.5 |  |  | 42.4 |  |  | 2.5 |  |  | 2.9 |
RX |  | 30.7 |  |  | 35.1 |  |  | 0.7 |  |  | 0.8 |  |  | 31.9 |  |  | 36.3 |  |  | 0.7 |  |  | 0.8 |
Unallocated |  | 46.2 |  |  | 30.8 |  |  | 7.0 |  |  | 4.2 |  |  | 50.3 |  |  | 32.2 |  |  | 7.1 |  |  | 4.2 |
Total |  | $ | 132.2 |  |  | $ | 129.9 |  |  | $ | 29.2 |  |  | $ | 27.6 |  |  | $ | 138.5 |  |  | $ | 133.7 |  |  | $ | 26.3 |  |  | $ | 24.5 |
Lease expense was as follows (in millions):
|  | Three Months Ended |  | Nine Months Ended
|  | September 26, 2020 |  | September 28, 2019 |  | September 26, 2020 |  | September 28, 2019
Operating leases(1) |  | $ | 10.6 |  |  | $ | 11.0 |  |  | $ | 32.1 |  |  | $ | 33.9 |
Finance leases |  |  |  |  |  |  |  |
Amortization |  | $ | 1.2 |  |  | $ | 0.9 |  |  | $ | 3.4 |  |  | $ | 2.3 |
Interest |  | 0.2 |  |  | 0.2 |  |  | 0.6 |  |  | 0.4 |
Total finance leases |  | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | 4.0 |  |  | $ | 2.7 |
(1) Includes short-term leases and variable lease costs, which are immaterial. The annual future maturities of our leases as of September 26, 2020 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2020 |  | $ | 9.6 |  |  | $ | 1.4 |  |  | $ | 11.0 |
2021 |  | 33.2 |  |  | 6.9 |  |  | 40.1 |
2022 |  | 25.3 |  |  | 4.2 |  |  | 29.5 |
2023 |  | 18.7 |  |  | 2.5 |  |  | 21.2 |
2024 |  | 16.0 |  |  | 1.4 |  |  | 17.4 |
After 2024 |  | 54.6 |  |  | 14.3 |  |  | 68.9 |
Total lease payments |  | 157.4 |  |  | 30.7 |  |  | 188.1 |
Less: Interest |  | 18.9 |  |  | 4.4 |  |  | 23.3 |
Present value of lease liabilities |  | $ | 138.5 |  |  | $ | 26.3 |  |  | $ | 164.8 |
Our weighted average lease terms and discount rates are as follows:
|  | September 26, 2020 |  | September 28, 2019
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 6.54 |  |  | 6.58 |
Finance leases |  | 9.03 |  |  | 10.90 |
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.80 | % |  | 4.17 | %
Finance leases |  | 3.20 | % |  | 3.50 | %
Our lease cash flow classifications are as follows (in millions):
|  | Nine Months Ended
|  | September 26, 2020 |  | September 28, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 31.2 |  |  | $ | 33.6 |
Operating cash flows for finance leases |  | $ | 0.6 |  |  | $ | 0.4 |
Financing cash flows for finance leases |  | $ | 3.1 |  |  | $ | 2.2 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 4.7 |  |  | $ | 19.0 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 26.2 |  |  | $ | 5.3 |

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