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Leases (Tables)

9 Months Ended

Sep. 28, 2024

Leases [Abstract]

Schedule of 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						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

Schedule of Lease Expense

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.

Schedule of Finance Lease Maturity

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

Schedule of Operating Lease Liability Maturity

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

Schedule of Weighted Average Lease Terms and Discount Rates

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		%

Schedule of Lease Cash Flow Classifications

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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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

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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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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.

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