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Leases | 12 Months Ended
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Dec. 29, 2024
Leases [Abstract] |
Leases | 11. Leases The Company has operating leases for headquarters and field offices and various equipment. Our leases generally have remaining lease terms of one year to 10 years. We determine if an arrangement is a lease at inception. The components of lease expense are as follows (in millions of dollars):
|  |  |  | December Year to Date
Description |  | Statements of Earnings Location |  | 2024 |  | 2023 |  | 2022
Operating: |  |  |  |  |  |  |  |
Operating lease cost |  | Selling, general and administrative expenses |  | $ | 14.6 |  |  | $ | 21.0 |  |  | $ | 22.8 |
Short-term lease cost |  | Selling, general and administrative expenses |  | 0.6 |  |  | 2.0 |  |  | 2.4 |
Variable lease cost |  | Selling, general and administrative expenses |  | 3.5 |  |  | 6.1 |  |  | 5.2 |
Financing: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | Selling, general and administrative expenses |  | 0.3 |  |  | 0.6 |  |  | 0.6 |
Interest on lease liabilities |  | Other income (expense), net |  | — |  |  | — |  |  | 0.1 |
Total lease cost |  |  |  | $ | 19.0 |  |  | $ | 29.7 |  |  | $ | 31.1 |
Supplemental consolidated balance sheet information related to leases is as follows (in millions of dollars):
Description |  | Balance Sheet Location |  | As of Year-End 2024 |  | As of Year-End 2023 |
ROU Assets: |  |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 47.0 |  | (1) | $ | 61.3 |  | (2)
Financing |  | Net property and equipment |  | — |  |  | 0.3 |  |
Total lease assets |  |  |  | $ | 47.0 |  |  | $ | 61.6 |  |
ROU Liabilities: |  |  |  |  |  |  |
Operating - current |  | Operating lease liabilities, current |  | $ | 12.3 |  |  | $ | 14.0 |  | (2)
Operating - noncurrent |  | Operating lease liabilities, noncurrent |  | 50.9 |  |  | 51.9 |  | (2)
Total lease liabilities |  |  |  | $ | 63.2 |  |  | $ | 65.9 |  |
(1)ROU operating assets reflect an impairment charge of $12.1 million, related to our leased headquarters facility reflecting adjustments as to how we are utilizing the building as a part of our ongoing transformation efforts. The impairment charges related to the ROU assets are recorded in the asset impairment charge in the consolidated statements of earnings (see Restructuring and Transformation Activities footnote). (2)ROU operating assets and liabilities, current and non-current, include held for sale leases (see Acquisitions and Dispositions footnote). Weighted average remaining lease terms and discount rates for operating leases are as follows:
| December Year to Date
| 2024 |  | 2023
Weighted average remaining lease term (years): | 7.0 |  | 7.3
Weighted average discount rate: | 5.8 | % |  | 5.4 | %
Other information related to leases is as follows (in millions of dollars):
|  |  | December Year to Date
|  |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  | $ | 15.0 |  |  | $ | 20.6 |  |  | $ | 22.4 |
Financing cash flows from financing leases |  |  | — |  |  | 1.2 |  |  | 1.4 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |
Operating leases |  |  | $ | 10.4 |  |  | $ | 12.6 |  |  | $ | 10.7 |
Maturities of lease liabilities as of year-end 2024 are as follows (in millions of dollars):
| Operating Leases |  |
2025 | $ | 15.5 |  |  |
2026 | 13.0 |  |  |
2027 | 9.5 |  |  |
2028 | 7.7 |  |  |
2029 | 6.9 |  |  |
Thereafter | 23.5 |  |  |
Total future lease payments | 76.1 |  |  |
Less: Imputed interest | 12.9 |  |  |
Total | $ | 63.2 |  |  |

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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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