Leases

6 Months Ended

Jun. 26, 2020

Leases [Abstract]

Leases

13. LEASES

The Company leases offices, facilities and equipment in locations throughout the United States, Asia and Europe.

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 components of lease expense were summarized as follows:

	Three Months Ended				Six Months Ended
	June 26,		June 28,		June 26,			June 28,
(Dollars in millions)	2020		2019		2020			2019
Operating lease cost	$	3.4	$	3.3	$	6.6		$	6.7
Short-term lease cost		0.3		0.4		0.6			0.6
Total lease cost	$	3.7	$	3.7	$	7.2		$	7.3
Operating cash flows from operating leases	$	4.4	$	3.7	$	8.8		$	3.7
Weighted-average remaining lease term – operating leases						2.2			2.3
Weighted-average discount rate – operating leases						5.5	%		7.0	%

Future minimum payments under operating leases as of June 26, 2020 were summarized as follows:

(In millions)	Operating Leases
2020 remaining	$	7.3
2021		12.0
2022		10.0
2023		7.1
2024		5.0
Thereafter		11.3
Total minimum lease payments		52.7
Less: imputed interest		7.2
Lease liability	$	45.5