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v3.24.3

Leases | 9 Months Ended
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Sep. 28, 2024
Leases [Abstract] |
Leases | LEASES The balance sheet locations of our lease assets and liabilities were as follows (in millions):
Assets |  | Balance Sheet Location |  | September 28, 2024 |  | December 31, 2023
Operating |  | Operating lease assets |  | $ | 182.2 |  |  | $ | 183.6 |
Finance |  | Other non-current assets |  | 12.2 |  |  | 13.7 |
Total |  |  |  | $ | 194.4 |  |  | $ | 197.3 |
Liabilities |  | Balance Sheet Location |  | September 28, 2024 |  | December 31, 2023
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 30.0 |  |  | $ | 27.5 |
Finance |  | Current indebtedness |  | 1.7 |  |  | 1.9 |
Non-Current |  |  |  |  |  |
Operating |  | Other non-current liabilities |  | 159.7 |  |  | 159.6 |
Finance |  | Long-term debt, less current portion |  | 12.3 |  |  | 13.2 |
Total |  |  |  | $ | 203.7 |  |  | $ | 202.2 |
The below tables show our lease assets and liabilities by reporting segment (in millions):
|  | Assets
|  | Operating |  | Financing |  |  |  |
|  | September 28, 2024 |  | December 31, 2023 |  | September 28, 2024 |  | December 31, 2023 |  |  |  |  |  |  |  |
CSCA |  | $ | 91.9 |  |  | $ | 79.3 |  |  | $ | 11.9 |  |  | $ | 12.8 |  |  |  |  |  |  |  |  |
CSCI |  | 34.7 |  |  | 44.7 |  |  | — |  |  | 0.3 |  |  |  |  |  |  |  |  |
Unallocated |  | 55.6 |  |  | 59.6 |  |  | 0.3 |  |  | 0.6 |  |  |  |  |  |  |  |  |
Total |  | $ | 182.2 |  |  | $ | 183.6 |  |  | $ | 12.2 |  |  | $ | 13.7 |  |  |  |  |  |  |  |  |
|  | Liabilities
|  | Operating |  | Financing
|  | September 28, 2024 |  | December 31, 2023 |  | September 28, 2024 |  | December 31, 2023
CSCA |  | $ | 95.2 |  |  | $ | 81.6 |  |  | $ | 13.5 |  |  | $ | 14.2 |
CSCI |  | 40.5 |  |  | 47.8 |  |  | 0.1 |  |  | 0.3 |
Unallocated |  | 54.0 |  |  | 57.7 |  |  | 0.4 |  |  | 0.6 |
Total |  | $ | 189.7 |  |  | $ | 187.1 |  |  | $ | 14.0 |  |  | $ | 15.1 |
Lease expense was as follows (in millions):
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Operating leases(1) |  | $ | 12.5 |  |  | $ | 11.8 |  |  | $ | 36.7 |  |  | $ | 34.4 |
Finance leases |  |  |  |  |  |  |  |
Amortization |  | $ | 0.6 |  |  | $ | 0.9 |  |  | $ | 1.7 |  |  | $ | 3.1 |
Interest |  | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | 0.4 |
Total finance leases |  | $ | 0.7 |  |  | $ | 1.0 |  |  | $ | 2.0 |  |  | $ | 3.5 |
(1) Includes short-term leases and variable lease costs, which are immaterial. The annual future maturities of our leases as of September 28, 2024 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 9.2 |  |  | $ | 0.6 |  |  | $ | 9.8 |
2025 |  | 35.3 |  |  | 2.0 |  |  | 37.3 |
2026 |  | 27.9 |  |  | 1.6 |  |  | 29.5 |
2027 |  | 25.7 |  |  | 1.6 |  |  | 27.3 |
2028 |  | 18.6 |  |  | 1.6 |  |  | 20.2 |
After 2028 |  | 106.5 |  |  | 9.0 |  |  | 115.5 |
Total lease payments |  | $ | 223.2 |  |  | $ | 16.4 |  |  | $ | 239.6 |
Less: Interest |  | 33.5 |  |  | 2.4 |  |  | 35.9 |
Present value of lease liabilities |  | $ | 189.7 |  |  | $ | 14.0 |  |  | $ | 203.7 |
Our weighted average lease terms and discount rates are as follows:
|  | September 28, 2024 |  | September 30, 2023
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 9.59 |  | 10.65
Finance leases |  | 9.12 |  | 9.41
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.8 | % |  | 2.7 | %
Finance leases |  | 3.5 | % |  | 3.1 | %
Our lease cash flow classifications are as follows (in millions):
|  | Nine Months Ended
|  | September 28, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 26.7 |  |  | $ | 27.0 |
Operating cash flows for finance leases |  | $ | 0.4 |  |  | $ | 0.4 |
Financing cash flows for finance leases |  | $ | 1.5 |  |  | $ | 2.8 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 0.4 |  |  | $ | 0.5 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 26.5 |  |  | $ | 5.9 |
Leases | LEASES The balance sheet locations of our lease assets and liabilities were as follows (in millions):
Assets |  | Balance Sheet Location |  | September 28, 2024 |  | December 31, 2023
Operating |  | Operating lease assets |  | $ | 182.2 |  |  | $ | 183.6 |
Finance |  | Other non-current assets |  | 12.2 |  |  | 13.7 |
Total |  |  |  | $ | 194.4 |  |  | $ | 197.3 |
Liabilities |  | Balance Sheet Location |  | September 28, 2024 |  | December 31, 2023
Current |  |  |  |  |  |
Operating |  | Other accrued liabilities |  | $ | 30.0 |  |  | $ | 27.5 |
Finance |  | Current indebtedness |  | 1.7 |  |  | 1.9 |
Non-Current |  |  |  |  |  |
Operating |  | Other non-current liabilities |  | 159.7 |  |  | 159.6 |
Finance |  | Long-term debt, less current portion |  | 12.3 |  |  | 13.2 |
Total |  |  |  | $ | 203.7 |  |  | $ | 202.2 |
The below tables show our lease assets and liabilities by reporting segment (in millions):
|  | Assets
|  | Operating |  | Financing |  |  |  |
|  | September 28, 2024 |  | December 31, 2023 |  | September 28, 2024 |  | December 31, 2023 |  |  |  |  |  |  |  |
CSCA |  | $ | 91.9 |  |  | $ | 79.3 |  |  | $ | 11.9 |  |  | $ | 12.8 |  |  |  |  |  |  |  |  |
CSCI |  | 34.7 |  |  | 44.7 |  |  | — |  |  | 0.3 |  |  |  |  |  |  |  |  |
Unallocated |  | 55.6 |  |  | 59.6 |  |  | 0.3 |  |  | 0.6 |  |  |  |  |  |  |  |  |
Total |  | $ | 182.2 |  |  | $ | 183.6 |  |  | $ | 12.2 |  |  | $ | 13.7 |  |  |  |  |  |  |  |  |
|  | Liabilities
|  | Operating |  | Financing
|  | September 28, 2024 |  | December 31, 2023 |  | September 28, 2024 |  | December 31, 2023
CSCA |  | $ | 95.2 |  |  | $ | 81.6 |  |  | $ | 13.5 |  |  | $ | 14.2 |
CSCI |  | 40.5 |  |  | 47.8 |  |  | 0.1 |  |  | 0.3 |
Unallocated |  | 54.0 |  |  | 57.7 |  |  | 0.4 |  |  | 0.6 |
Total |  | $ | 189.7 |  |  | $ | 187.1 |  |  | $ | 14.0 |  |  | $ | 15.1 |
Lease expense was as follows (in millions):
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Operating leases(1) |  | $ | 12.5 |  |  | $ | 11.8 |  |  | $ | 36.7 |  |  | $ | 34.4 |
Finance leases |  |  |  |  |  |  |  |
Amortization |  | $ | 0.6 |  |  | $ | 0.9 |  |  | $ | 1.7 |  |  | $ | 3.1 |
Interest |  | 0.1 |  |  | 0.1 |  |  | 0.3 |  |  | 0.4 |
Total finance leases |  | $ | 0.7 |  |  | $ | 1.0 |  |  | $ | 2.0 |  |  | $ | 3.5 |
(1) Includes short-term leases and variable lease costs, which are immaterial. The annual future maturities of our leases as of September 28, 2024 are as follows (in millions):
|  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 9.2 |  |  | $ | 0.6 |  |  | $ | 9.8 |
2025 |  | 35.3 |  |  | 2.0 |  |  | 37.3 |
2026 |  | 27.9 |  |  | 1.6 |  |  | 29.5 |
2027 |  | 25.7 |  |  | 1.6 |  |  | 27.3 |
2028 |  | 18.6 |  |  | 1.6 |  |  | 20.2 |
After 2028 |  | 106.5 |  |  | 9.0 |  |  | 115.5 |
Total lease payments |  | $ | 223.2 |  |  | $ | 16.4 |  |  | $ | 239.6 |
Less: Interest |  | 33.5 |  |  | 2.4 |  |  | 35.9 |
Present value of lease liabilities |  | $ | 189.7 |  |  | $ | 14.0 |  |  | $ | 203.7 |
Our weighted average lease terms and discount rates are as follows:
|  | September 28, 2024 |  | September 30, 2023
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 9.59 |  | 10.65
Finance leases |  | 9.12 |  | 9.41
Weighted-average discount rate |  |  |  |
Operating leases |  | 3.8 | % |  | 2.7 | %
Finance leases |  | 3.5 | % |  | 3.1 | %
Our lease cash flow classifications are as follows (in millions):
|  | Nine Months Ended
|  | September 28, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 26.7 |  |  | $ | 27.0 |
Operating cash flows for finance leases |  | $ | 0.4 |  |  | $ | 0.4 |
Financing cash flows for finance leases |  | $ | 1.5 |  |  | $ | 2.8 |
Leased assets obtained in exchange for new finance lease liabilities |  | $ | 0.4 |  |  | $ | 0.5 |
Leased assets obtained in exchange for new operating lease liabilities |  | $ | 26.5 |  |  | $ | 5.9 |

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