Leases

12 Months Ended

Dec. 29, 2024

11. Leases

The Company has operating leases for headquarters and field offices and various equipment. Our leases generally have remaining lease terms of one year to 10 years. We determine if an arrangement is a lease at inception.

The components of lease expense are as follows (in millions of dollars):


		December Year to Date
Description	Statements of Earnings Location	2024		2023		2022
Operating:
Operating lease cost	Selling, general and administrative expenses	$	14.6	$	21.0	$	22.8
Short-term lease cost	Selling, general and administrative expenses	0.6		2.0		2.4
Variable lease cost	Selling, general and administrative expenses	3.5		6.1		5.2
Financing:
Amortization of ROU assets	Selling, general and administrative expenses	0.3		0.6		0.6
Interest on lease liabilities	Other income (expense), net	—		—		0.1
Total lease cost		$	19.0	$	29.7	$	31.1

Supplemental consolidated balance sheet information related to leases is as follows (in millions of dollars):


Description	Balance Sheet Location	As of Year-End 2024			As of Year-End 2023
ROU Assets:
Operating	Operating lease right-of-use assets	$	47.0	(1)	$	61.3	(2)
Financing	Net property and equipment	—			0.3
Total lease assets		$	47.0		$	61.6

ROU Liabilities:
Operating - current	Operating lease liabilities, current	$	12.3		$	14.0	(2)

Operating - noncurrent	Operating lease liabilities, noncurrent	50.9			51.9		(2)

Total lease liabilities		$	63.2		$	65.9

(1)ROU operating assets reflect an impairment charge of $12.1 million, related to our leased headquarters facility reflecting adjustments as to how we are utilizing the building as a part of our ongoing transformation efforts. The impairment charges related to the ROU assets are recorded in the asset impairment charge in the consolidated statements of earnings (see Restructuring and Transformation Activities footnote).

(2)ROU operating assets and liabilities, current and non-current, include held for sale leases (see Acquisitions and Dispositions footnote).

Weighted average remaining lease terms and discount rates for operating leases are as follows:


	December Year to Date
	2024		2023

Weighted average remaining lease term (years):	7.0		7.3


Weighted average discount rate:	5.8	%	5.4	%

Other information related to leases is as follows (in millions of dollars):


	December Year to Date
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15.0	$	20.6	$	22.4
Financing cash flows from financing leases	—		1.2		1.4

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	10.4	$	12.6	$	10.7

Maturities of lease liabilities as of year-end 2024 are as follows (in millions of dollars):


	Operating Leases
2025	$	15.5
2026	13.0
2027	9.5
2028	7.7
2029	6.9
Thereafter	23.5
Total future lease payments	76.1
Less: Imputed interest	12.9
Total	$	63.2