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Leases (Tables)
6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense were summarized as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

July 1,

 

 

June 30,

 

 

July 1,

 

(Dollars in millions)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating lease cost

 

$

6.4

 

 

$

5.9

 

 

$

12.4

 

 

$

11.0

 

Short-term lease cost

 

 

1.2

 

 

 

0.3

 

 

 

1.7

 

 

 

1.0

 

Sublease income

 

 

(0.1

)

 

 

 

 

 

(0.2

)

 

 

 

Total lease cost

 

$

7.5

 

 

$

6.2

 

 

$

13.9

 

 

$

12.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows used in operating leases

 

$

6.3

 

 

$

5.9

 

 

$

12.0

 

 

$

11.1

 

Weighted-average remaining lease term – operating leases

 

 

 

 

 

 

 

 

9.4

 

 

 

3.4

 

Weighted-average discount rate – operating leases

 

 

 

 

 

 

 

 

6.1

%

 

 

4.8

%

Summary of Future Minimum Payments under Operating Leases

Future minimum payments under operating leases as of June 30, 2023 were summarized as follows:

 

(In millions)

 

Operating Leases

 

2023 (remaining in year)

 

$

13.0

 

2024

 

 

23.1

 

2025

 

 

19.5

 

2026

 

 

16.0

 

2027

 

 

15.8

 

Thereafter

 

 

92.6

 

Total minimum lease payments

 

 

180.0

 

Less: imputed interest

 

 

(47.9

)

Lease liability

 

$

132.1