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Leases (Tables) | 6 Months Ended
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Jul. 02, 2022
Leases [Abstract] |
Balance Sheet Location of Lease Assets and Liabilities | The balance sheet locations of our lease assets and liabilities were as follows (in millions):
Assets |  | Balance Sheet Location |  | July 2, 2022 |  | December 31, 2021
Operating |  | Operating lease assets |  | $ | 207.1 |  |  | $ | 166.9 |
Finance |  | Other non-current assets |  | 24.4 |  |  | 27.9 |
Total |  |  |  | $ | 231.5 |  |  | $ | 194.8 |
Liabilities |  | Balance Sheet Location |  | July 2, 2022 |  | December 31, 2021
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 27.2 |  |  | $ | 26.0 |
Finance |  | Current indebtedness |  | 4.2 |  |  | 4.9 |
Non-Current |  |  |  |  |  |
Operating |  | Other non-current liabilities |  | 178.6 |  |  | 147.3 |
Finance |  | Long-term debt, less current portion |  | 18.6 |  |  | 20.9 |
Total |  |  |  | $ | 228.6 |  |  | $ | 199.1 |
The below tables show our lease assets and liabilities by reporting segment (in millions):
|  | Assets |  |
|  | Operating |  | Financing |  |  |  |
|  | July 2, 2022 |  | December 31, 2021 |  | July 2, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
CSCA |  | $ | 102.8 |  |  | $ | 98.2 |  |  | $ | 14.5 |  |  | $ | 15.3 |  |  |  |  |  |  |  |  |
CSCI |  | 33.5 |  |  | 30.7 |  |  | 6.9 |  |  | 7.9 |  |  |  |  |  |  |  |  |
Unallocated |  | 70.8 |  |  | 38.0 |  |  | 3.0 |  |  | 4.7 |  |  |  |  |  |  |  |  |
Total |  | $ | 207.1 |  |  | $ | 166.9 |  |  | $ | 24.4 |  |  | $ | 27.9 |  |  |  |  |  |  |  |  |
|  | Liabilities
|  | Operating |  | Financing
|  | July 2, 2022 |  | December 31, 2021 |  | July 2, 2022 |  | December 31, 2021
CSCA |  | $ | 103.9 |  |  | $ | 99.7 |  |  | $ | 15.5 |  |  | $ | 16.0 |
CSCI |  | 34.9 |  |  | 31.8 |  |  | 4.3 |  |  | 5.0 |
Unallocated |  | 67.0 |  |  | 41.8 |  |  | 3.0 |  |  | 4.8 |
Total |  | $ | 205.8 |  |  | $ | 173.3 |  |  | $ | 22.8 |  |  | $ | 25.8 |
Lease Expense | Lease expense was as follows (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | July 2, 2022 |  | July 3, 2021 |  | July 2, 2022 |  | July 3, 2021
Operating leases(1) |  | $ | 10.8 |  |  | $ | 9.8 |  |  | $ | 20.6 |  |  | $ | 19.7 |
Finance leases |  |  |  |  |  |  |  |
Amortization |  | $ | 1.4 |  |  | $ | 1.5 |  |  | $ | 2.9 |  |  | $ | 3.0 |
Interest |  | 0.2 |  |  | 0.2 |  |  | 0.4 |  |  | 0.4 |
Total finance leases |  | $ | 1.6 |  |  | $ | 1.7 |  |  | $ | 3.3 |  |  | $ | 3.4 |
(1) Includes short-term leases and variable lease costs, which are immaterial.
Finance Lease Maturity | The annual future maturities of our leases as of July 2, 2022 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2022 |  | $ | 16.9 |  |  | $ | 2.6 |  |  | $ | 19.5 |
2023 |  | 30.3 |  |  | 3.8 |  |  | 34.1 |
2024 |  | 26.4 |  |  | 2.3 |  |  | 28.7 |
2025 |  | 23.0 |  |  | 2.2 |  |  | 25.2 |
2026 |  | 18.6 |  |  | 2.0 |  |  | 20.6 |
After 2026 |  | 123.4 |  |  | 13.6 |  |  | 137.0 |
Total lease payments |  | 238.6 |  |  | 26.5 |  |  | 265.1 |
Less: Interest |  | 32.8 |  |  | 3.7 |  |  | 36.5 |
Present value of lease liabilities |  | $ | 205.8 |  |  | $ | 22.8 |  |  | $ | 228.6 |
Operating Lease Liability Maturity | The annual future maturities of our leases as of July 2, 2022 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2022 |  | $ | 16.9 |  |  | $ | 2.6 |  |  | $ | 19.5 |
2023 |  | 30.3 |  |  | 3.8 |  |  | 34.1 |
2024 |  | 26.4 |  |  | 2.3 |  |  | 28.7 |
2025 |  | 23.0 |  |  | 2.2 |  |  | 25.2 |
2026 |  | 18.6 |  |  | 2.0 |  |  | 20.6 |
After 2026 |  | 123.4 |  |  | 13.6 |  |  | 137.0 |
Total lease payments |  | 238.6 |  |  | 26.5 |  |  | 265.1 |
Less: Interest |  | 32.8 |  |  | 3.7 |  |  | 36.5 |
Present value of lease liabilities |  | $ | 205.8 |  |  | $ | 22.8 |  |  | $ | 228.6 |
Weighted Average Lease Terms and Discount Rates | Our weighted average lease terms and discount rates are as follows:
|  | July 2, 2022 |  | July 3, 2021
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 11.45 |  | 11.59
Finance leases |  | 9.37 |  | 9.24
Weighted-average discount rate |  |  |  |
Operating leases |  | 2.53 | % |  | 2.71 | %
Finance leases |  | 2.86 | % |  | 2.76 | %
Lease Cash Flow Classifications | Our lease cash flow classifications are as follows (in millions):
|  | Six Months Ended
|  | July 2, 2022 |  | July 3, 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 16.6 |  |  | $ | 18.2 |
Operating cash flows for finance leases |  | $ | 0.3 |  |  | $ | 0.4 |
Financing cash flows for finance leases |  | $ | 2.6 |  |  | $ | 2.6 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | 4.4 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 42.8 |  |  | $ | 34.9 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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