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v3.22.2

Leases | 6 Months Ended
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Jul. 02, 2022
Leases [Abstract] |
Leases | LEASES 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 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. 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 |
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 | %
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 |
Leases | LEASES 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 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. 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 |
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 | %
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 The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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