Leases

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Leases

LEASES

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	June 29, 2024		December 31, 2023
Operating	Operating lease assets	$	190.0	$	183.6
Finance	Other non-current assets	12.9		13.7
Total		$	202.9	$	197.3

Liabilities	Balance Sheet Location	June 29, 2024		December 31, 2023
Current
Operating	Other accrued liabilities	$	29.0	$	27.5
Finance	Current indebtedness	1.8		1.9
Non-Current
Operating	Other non-current liabilities	164.3		159.6
Finance	Long-term debt, less current portion	12.6		13.2
Total		$	207.7	$	202.2

The below tables show our lease assets and liabilities by reporting segment (in millions):

	Assets
	Operating				Financing
	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
CSCA	$	95.4	$	79.3	$	12.3	$	12.8
CSCI	37.1		44.7		0.2		0.3
Unallocated	57.5		59.6		0.4		0.6
Total	$	190.0	$	183.6	$	12.9	$	13.7

	Liabilities
	Operating				Financing
	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
CSCA	$	97.7	$	81.6	$	13.8	$	14.2
CSCI	40.7		47.8		0.2		0.3
Unallocated	54.9		57.7		0.4		0.6
Total	$	193.3	$	187.1	$	14.4	$	15.1

Lease expense was as follows (in millions):

	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating leases(1)	$	12.6	$	10.6	$	24.2	$	22.6
Finance leases
Amortization	$	0.5	$	1.1	$	1.1	$	2.2
Interest	0.1		0.1		0.3		0.3
Total finance leases	$	0.6	$	1.2	$	1.4	$	2.5

(1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of June 29, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	17.8	$	1.2	$	19.0
2025	34.2		2.0		36.2
2026	27.2		1.6		28.8
2027	24.9		1.6		26.5
2028	18.2		1.6		19.8
After 2028	106.2		8.9		115.1
Total lease payments	$	228.5	$	16.9	$	245.4
Less: Interest	35.2		2.5		37.7
Present value of lease liabilities	$	193.3	$	14.4	$	207.7

Our weighted average lease terms and discount rates are as follows:

	June 29, 2024		July 1, 2023
Weighted-average remaining lease term (in years)
Operating leases	9.76		10.72
Finance leases	9.28		9.42
Weighted-average discount rate
Operating leases	3.6	%	2.6	%
Finance leases	3.5	%	3.0	%

Our lease cash flow classifications are as follows (in millions):

	Six Months Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	17.1	$	18.2
Operating cash flows for finance leases	$	0.3	$	0.3
Financing cash flows for finance leases	$	1.0	$	2.0
Leased assets obtained in exchange for new finance lease liabilities	$	0.4	$	0.4
Leased assets obtained in exchange for new operating lease liabilities	$	25.2	$	3.2

Leases

LEASES

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets	Balance Sheet Location	June 29, 2024		December 31, 2023
Operating	Operating lease assets	$	190.0	$	183.6
Finance	Other non-current assets	12.9		13.7
Total		$	202.9	$	197.3

Liabilities	Balance Sheet Location	June 29, 2024		December 31, 2023
Current
Operating	Other accrued liabilities	$	29.0	$	27.5
Finance	Current indebtedness	1.8		1.9
Non-Current
Operating	Other non-current liabilities	164.3		159.6
Finance	Long-term debt, less current portion	12.6		13.2
Total		$	207.7	$	202.2

The below tables show our lease assets and liabilities by reporting segment (in millions):

	Assets
	Operating				Financing
	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
CSCA	$	95.4	$	79.3	$	12.3	$	12.8
CSCI	37.1		44.7		0.2		0.3
Unallocated	57.5		59.6		0.4		0.6
Total	$	190.0	$	183.6	$	12.9	$	13.7

	Liabilities
	Operating				Financing
	June 29, 2024		December 31, 2023		June 29, 2024		December 31, 2023
CSCA	$	97.7	$	81.6	$	13.8	$	14.2
CSCI	40.7		47.8		0.2		0.3
Unallocated	54.9		57.7		0.4		0.6
Total	$	193.3	$	187.1	$	14.4	$	15.1

Lease expense was as follows (in millions):

	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating leases(1)	$	12.6	$	10.6	$	24.2	$	22.6
Finance leases
Amortization	$	0.5	$	1.1	$	1.1	$	2.2
Interest	0.1		0.1		0.3		0.3
Total finance leases	$	0.6	$	1.2	$	1.4	$	2.5

(1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of June 29, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2024	$	17.8	$	1.2	$	19.0
2025	34.2		2.0		36.2
2026	27.2		1.6		28.8
2027	24.9		1.6		26.5
2028	18.2		1.6		19.8
After 2028	106.2		8.9		115.1
Total lease payments	$	228.5	$	16.9	$	245.4
Less: Interest	35.2		2.5		37.7
Present value of lease liabilities	$	193.3	$	14.4	$	207.7

Our weighted average lease terms and discount rates are as follows:

	June 29, 2024		July 1, 2023
Weighted-average remaining lease term (in years)
Operating leases	9.76		10.72
Finance leases	9.28		9.42
Weighted-average discount rate
Operating leases	3.6	%	2.6	%
Finance leases	3.5	%	3.0	%

Our lease cash flow classifications are as follows (in millions):

	Six Months Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	17.1	$	18.2
Operating cash flows for finance leases	$	0.3	$	0.3
Financing cash flows for finance leases	$	1.0	$	2.0
Leased assets obtained in exchange for new finance lease liabilities	$	0.4	$	0.4
Leased assets obtained in exchange for new operating lease liabilities	$	25.2	$	3.2