Leases

3 Months Ended

Mar. 31, 2023

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. 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:

	Three Months Ended
	March 31,			April 1,
(Dollars in millions)	2023			2022
Operating lease cost	$	5.9		$	5.1
Short-term lease cost		0.5			0.7
Sublease income		(0.1	)		-
Total lease cost	$	6.3		$	5.8
Operating cash flows used in operating leases	$	5.7		$	5.2
Weighted-average remaining lease term – operating leases		9.3			2.0
Weighted-average discount rate – operating leases		5.6	%		5.5	%

Future minimum payments under operating leases as of March 31, 2023 were summarized as follows:

(In millions)	Operating Leases
2023 (remaining in year)	$	17.5
2024		20.1
2025		16.2
2026		12.6
2027		12.2
Thereafter		71.6
Total minimum lease payments		150.2
Less: imputed interest		(37.2	)
Lease liability	$	113.0