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Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Summary of Components of Lease Expense

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

%

Summary of Future Minimum Payments under Operating Leases

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