Leases

12 Months Ended

Dec. 30, 2022

Leases [Abstract]

Leases

14. 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. Renewal options are typically solely at our discretion and are only included within the lease obligation and right-of-use asset when we are reasonably certain that the renewal options would be exercised. The components of lease expense were summarized as follows:

	Year Ended
(Dollars in millions)	December 30, 2022			December 31, 2021
Operating lease cost	$	21.9		$	18.9
Short-term lease cost		1.9			1.9
Sublease income		(0.4	)		(0.1	)
Total lease cost	$	23.4		$	20.7
Operating cash flows used in operating leases	$	21.9		$	20.4
Weighted-average remaining lease term – operating leases		8.3			1.2
Weighted-average discount rate – operating leases		4.8	%		5.5	%

Future minimum payments under operating leases as of December 30, 2022 were summarized as follows:

(In millions)	Operating Leases
2023	$	21.3
2024		18.1
2025		13.9
2026		10.4
2027		10.1
Thereafter		46.3
Total minimum lease payments		120.1
Less: imputed interest		(22.7	)
Lease liability	$	97.4

As of December 30, 2022, legally binding minimum lease payments of $98.8 million were signed but not yet commenced.