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Leases

9 Months Ended

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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- References

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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

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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

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