Leases (Notes)

9 Months Ended

Sep. 27, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

10. Leases

The Company assesses all contracts at inception to determine whether a lease exists. The Company leases office space, manufacturing and warehousing facilities, equipment and vehicles, all of which are operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. The Company's lease agreements do not contain variable lease payments or any material residual value guarantees.

Lease assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term as of the commencement date. As the Company's leases do not generally provide an implicit rate, the Company utilized its incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. The Company used the incremental borrowing rate on December 29, 2018 for leases that commenced prior to that date. Most leases include one or more options to terminate or renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at the Company's sole discretion. Termination and renewal options are included within the lease assets and liabilities only to the extent they are reasonably certain.

Lease assets and liabilities were reported in the following unaudited condensed consolidated balance sheet captions in the amounts shown:

	September 27, 2019
Other assets	$	84.7
Accrued and other current liabilities	$	18.8
Other liabilities	72.1
Total lease liabilities	$	90.9

Dependent on the nature of the leased asset, lease expense is included within cost of sales or selling, general and administrative expenses ("SG&A"). The components of lease expense were as follows:

	Three Months Ended			Nine Months Ended
	September 27, 2019			September 27, 2019
Lease cost:
Operating lease cost	$	5.4		$	15.6
Short-term lease cost	1.0			3.2
Sublease income	(0.2		)	(0.6		)
Total lease cost	$	6.2		$	18.2

Lease terms and discount rates were as follows:

	September 27, 2019
Weighted-average remaining lease term (in years) - operating lease	7.5
Weighted-average discount rate - operating leases	3.8	%

Maturities of lease liabilities as of September 27, 2019 were as follows:

Remainder of Fiscal 2019	$	5.7
Fiscal 2020	21.6
Fiscal 2021	16.7
Fiscal 2022	12.6
Fiscal 2023	11.7
Thereafter	36.7
Total lease payments	105.0
Less: Interest	(14.1		)
Present value of lease liabilities	$	90.9

Other supplemental cash flow information related to leases were as follows:

	Nine Months Ended
	September 27, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	17.1
Lease assets obtained in exchange for lease obligations:
Operating leases	7.7