Leases

3 Months Ended

Apr. 01, 2022

Leases [Abstract]

Leases

13. LEASES

The Company leases offices, facilities and equipment in locations throughout the United States, Asia Pacific and EMEA.

The Company’s leases do not provide an implicit rate, thus the Company uses an estimated incremental borrowing rate in determining the present value of lease payments.

The components of lease expense were summarized as follows:

	Three Months Ended
	April 1,			March 26,
(Dollars in millions)	2022			2021
Operating lease cost	$	5.1		$	3.7
Short-term lease cost		0.7			0.4
Total lease cost	$	5.8		$	4.1
Operating cash flows from operating leases	$	5.2		$	3.7
Weighted-average remaining lease term – operating leases		2.0			2.4
Weighted-average discount rate – operating leases		5.5	%		5.5	%

Future minimum payments under operating leases as of April 1, 2022 were summarized as follows:

(In millions)	Operating Leases
2022 remaining	$	15.1
2023		17.6
2024		14.2
2025		11.6
2026		10.3
Thereafter		31.6
Total minimum lease payments		100.4
Less: imputed interest		14.3
Lease liability	$	86.1