Leases

12 Months Ended

Dec. 29, 2023

Leases [Abstract]

Leases

NOTE 9: LEASES

We have operating leases primarily for certain of our major facilities, including corporate offices, research and development facilities, and manufacturing facilities. Lease terms range from 1 to 12 years, and certain leases include options to extend the lease for up to 10 years. We consider options to extend the lease in determining the lease term.

Operating lease expense consisted of:

	2023		2022		2021
(In millions)
Operating lease expense	$	33.5	$	36.3	$	35.5
Short-term lease expense and other	17.1		14.8		17.8
Total lease expense	$	50.6	$	51.1	$	53.3

Supplemental cash flow information related to leases was as follows:

	2023		2022		2021
(In millions)
Cash paid for liabilities included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	31.0	$	35.0	$	35.9
Right-of-use assets obtained in exchange for Operating lease liabilities:	$	47.0	$	26.3	$	49.5

(1)Excludes cash payments for short-term leases, which are not capitalized.

Supplemental balance sheet information related to leases was as follows:

At the End of Year	2023			2022
(In millions)
Operating lease right-of-use assets	$	124.0		$	121.2
Other current liabilities	$	29.1		$	35.0
Operating lease liabilities	121.9			105.1
Total operating lease liabilities	$	151.0		$	140.1
Weighted-average discount rate	4.27		%	3.30		%
Weighted-average remaining lease term	7 years			6 years

At the end of 2023, the maturities of lease liabilities were as follows:

(In millions)
2024	$	34.6
2025	29.3
2026	25.0
2027	20.3
2028	16.4
Thereafter	47.9
Total lease payments	$	173.5
Less: imputed interest	22.5
Total	$	151.0

We signed operating leases for real estate of approximately $21.5 million that have not yet commenced at the end of 2023, and as such, have not been recognized on our Consolidated Balance Sheets. These operating leases are expected to commence in 2024 with lease terms ranging from 1 to 11 years.