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Leases (Notes)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2023, 2022 and 2021:
($ in millions)Fiscal Year
202320222021
Lease Cost
Finance Lease Cost:
   Amortization of right of use asset$10.9 $8.9 $7.1 
   Interest on lease liabilities4.6 4.1 3.1 
Operating lease cost17.6 16.4 22.7 
Short-term lease cost4.5 2.9 1.6 
Variable lease cost1.0 1.0 0.9 
Sublease income(0.4)— (0.3)
Total lease cost$38.2 $33.3 $35.1 
Other information
Cash paid for amounts included in the measurement of lease liabilities
   Operating cash flows from finance leases$4.6 $4.1 $3.0 
   Operating cash flows from operating leases$16.8 $17.4 $20.0 
   Financing cash flows from finance leases$24.9 $20.9 $14.3 
Right of use assets obtained in exchange for new finance lease liabilities$54.6 $15.3 $58.9 
Right of use assets obtained in exchange for new operating lease liabilities$25.8 $18.0 $4.8 
Weighted average remaining lease term - finance leases4 years4 years5 years
Weighted average remaining lease term - operating leases7 years6 years5 years
Weighted average discount rate - finance leases5.4 %5.6 %5.2 %
Weighted average discount rate - operating leases7.1 %6.8 %6.5 %
The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2023 (in millions):
Fiscal YearDecember 31, 2023
2024$17.0 
202514.4 
202613.2 
202710.4 
20288.2 
2029 and thereafter24.9 
Total undiscounted lease payments$88.1 
Present value adjustment (19.4)
Operating lease liabilities$68.7 

The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 31, 2023 (in millions):
Fiscal YearDecember 31, 2023
2024$32.4 
202527.8 
202620.8 
202716.9 
202810.5 
2029 and thereafter9.1 
Total undiscounted lease payments$117.5 
Present value adjustment (15.3)
Finance lease liabilities$102.2 
The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 31, 2023, the lenders had made $28.4 million of progress payments on behalf of the Company, and $39.7 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $68.1 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. Progress payments made on behalf of the Company in fiscal years 2023, 2022 and 2021 include $2.8 million, $1.8 million and $16.2 million, respectively, received as proceeds on the sale of ongoing construction in progress projects that were converted to leases, which is presented as investing activities source of cash on the consolidated statements of cash flows for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022.
Leases Leases
The following represents the components of lease cost and other information for both operating and financing leases for the fiscal years 2023, 2022 and 2021:
($ in millions)Fiscal Year
202320222021
Lease Cost
Finance Lease Cost:
   Amortization of right of use asset$10.9 $8.9 $7.1 
   Interest on lease liabilities4.6 4.1 3.1 
Operating lease cost17.6 16.4 22.7 
Short-term lease cost4.5 2.9 1.6 
Variable lease cost1.0 1.0 0.9 
Sublease income(0.4)— (0.3)
Total lease cost$38.2 $33.3 $35.1 
Other information
Cash paid for amounts included in the measurement of lease liabilities
   Operating cash flows from finance leases$4.6 $4.1 $3.0 
   Operating cash flows from operating leases$16.8 $17.4 $20.0 
   Financing cash flows from finance leases$24.9 $20.9 $14.3 
Right of use assets obtained in exchange for new finance lease liabilities$54.6 $15.3 $58.9 
Right of use assets obtained in exchange for new operating lease liabilities$25.8 $18.0 $4.8 
Weighted average remaining lease term - finance leases4 years4 years5 years
Weighted average remaining lease term - operating leases7 years6 years5 years
Weighted average discount rate - finance leases5.4 %5.6 %5.2 %
Weighted average discount rate - operating leases7.1 %6.8 %6.5 %
The following table reconciles future minimum undiscounted rental commitments for operating leases to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2023 (in millions):
Fiscal YearDecember 31, 2023
2024$17.0 
202514.4 
202613.2 
202710.4 
20288.2 
2029 and thereafter24.9 
Total undiscounted lease payments$88.1 
Present value adjustment (19.4)
Operating lease liabilities$68.7 

The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the consolidated balance sheet as of December 31, 2023 (in millions):
Fiscal YearDecember 31, 2023
2024$32.4 
202527.8 
202620.8 
202716.9 
202810.5 
2029 and thereafter9.1 
Total undiscounted lease payments$117.5 
Present value adjustment (15.3)
Finance lease liabilities$102.2 
The Company has agreed to enter into certain finance lease contracts with lenders for progress payments on machinery and equipment that is being constructed at the request and specification of the Company. As of December 31, 2023, the lenders had made $28.4 million of progress payments on behalf of the Company, and $39.7 million of progress payments are scheduled to be paid. Upon payment of the final progress payments by the lenders, finance leases will commence, and $68.1 million, discounted using the applicable discount rates at lease inceptions, of ROU assets and lease liabilities will be recognized by the Company. Progress payments made on behalf of the Company in fiscal years 2023, 2022 and 2021 include $2.8 million, $1.8 million and $16.2 million, respectively, received as proceeds on the sale of ongoing construction in progress projects that were converted to leases, which is presented as investing activities source of cash on the consolidated statements of cash flows for the fiscal years ended December 31, 2023, January 1, 2023 and January 2, 2022.