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Balance Sheet Information and Other Supplemental Disclosures
 3 Months Ended
Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information and Other Supplemental Disclosures
Note 5: Balance Sheet Information and Other Supplemental Disclosures

Goodwill

There was no change in the balance of goodwill from December 31, 2022 to March 31, 2023. Goodwill is tested for impairment annually on the first day of the fourth quarter or more frequently if events or changes in circumstances (each, a "triggering event") would more likely-than-not reduce the fair value of a reporting unit below its carrying value. Management did not identify any triggering events during the quarter ended March 31, 2023 that would require an interim impairment analysis.

Inventory

Details of Inventory included in the Company’s Consolidated Balance Sheets are as follows (in millions):
As of
March 31, 2023December 31, 2022
Inventories:
Raw materials$271.3 $236.8 
Work in process1,053.5 951.0 
Finished goods490.1 429.0 
$1,814.9 $1,616.8 

Defined Benefit Plans

The Company recognizes the aggregate amount of all over-funded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements. As of March 31, 2023, the net assets for the over-funded plans totaled $13.5 million. The total accrued pension liability for underfunded plans was $69.1 million, of which the current portion of $1.5 million was classified as accrued expenses and other current liabilities. As of December 31, 2022, the net funded status for all the plans was a liability of $53.8 million, of which the current portion of $0.4 million was classified as accrued expenses and other current liabilities.

The components of the net periodic pension expense were as follows (in millions):
Quarters Ended
March 31, 2023April 1, 2022
Service cost$1.2 $2.2 
Interest cost1.6 1.1 
Expected return on plan assets(1.2)(1.2)
Total net periodic pension cost$1.6 $2.1 

Leases

Operating lease arrangements are comprised primarily of real estate and equipment agreements. The components of lease expense were as follows (in millions):
Quarters Ended
March 31, 2023April 1, 2022
Operating lease$12.4 $11.2 
Variable lease1.8 1.6 
Short-term lease0.5 0.4 
Total lease expense$14.7 $13.2 
The ROU assets and lease liabilities recognized in the Consolidated Balance Sheets are as follows (in millions):
As of
March 31, 2023December 31, 2022
Operating lease liabilities included in:
Accrued expenses and other current liabilities$33.5 $35.2 
Other long-term liabilities244.8 246.5 
Total$278.3 $281.7 
Operating ROU assets included in:
Other assets$251.9 $262.1 
Current portion of financing lease liabilities$11.6 $14.2 
Long-term financing lease liabilities24.0 23.0 
Total$35.6 $37.2 
Right-of-use financing lease$45.2 $45.8 

As of March 31, 2023, the weighted-average remaining lease-terms were 10.8 years and 18.8 years, and the weighted-average discount rates were 4.8% and 6.0%, for operating and financing leases, respectively.

Supplemental Disclosure of Cash Flow Information

Certain of the Company's cash and non-cash activities were as follows (in millions):
Quarters Ended
March 31, 2023April 1, 2022
Non-cash investing activities:
Capital expenditures in accounts payable and other long-term liabilities$388.8 $225.4 
Operating ROU assets obtained in exchange of lease liabilities4.6 10.7 
Cash paid for:
Interest expense$29.1 $24.0 
Income taxes35.2 15.7 
Operating lease payments in operating cash flows11.2 11.0 

Reconciliation of the captions in the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows (in millions):
As of
March 31, 2023December 31, 2022April 1, 2022December 31, 2021
Consolidated Balance Sheets:
Cash and cash equivalents$2,702.4 $2,919.0 $1,645.1 $1,352.6 
Restricted cash (included in other current assets)14.2 14.0 18.8 20.1 
Restricted cash (included in other non-current assets)— — 5.0 5.0 
Cash, cash equivalents and restricted cash in Consolidated Statements of Cash Flows$2,716.6 $2,933.0 $1,668.9 $1,377.7 
As of March 31, 2023, $5.8 million of the restricted cash balance relating to the acquisition of GTAT was held in escrow and will be released during the fourth quarter of 2023 upon satisfaction of certain outstanding items contained in the Agreement and Plan of Merger relating to such acquisition.