The Company leases offices, facilities and equipment in locations throughout the United States, Asia and Europe. Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Right-of-use assets represent right to use an underlying asset for the lease term and lease liabilities represent obligation to make lease payments arising from the lease. ROU assets and liabilities are based on the estimated present value of lease payments over the lease term and are recognized at the lease commencement date.

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 Company used an estimated incremental borrowing rate of 7.0%, which is derived from information available at the lease commencement date.

(Dollars in millions)	Twelve months ended December 27, 2019
Operating lease cost	$	13.8
Short-term lease cost		1.1
Sublease income		(0.2	)
Total lease cost	$	14.7

Operating cash flows from operating leases	$	17.3
Weighted-average remaining lease term – operating leases		2.4
Weighted-average discount rate – operating leases		7.0	%

(In millions)	Operating Leases
2020	$	15.1
2021		11.4
2022		9.3
2023		4.4
2024		2.7
Thereafter		6.3
Total minimum lease payments		49.2
Less: imputed interest		7.2
Lease liability	$	42.0