Leases

12 Months Ended

Jan. 03, 2025

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 13 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:

	2024		2023		2022
(In millions)
Operating lease expense	$	31.4	$	33.5	$	36.3
Short-term lease expense and other	15.0		17.1		14.8
Total lease expense	$	46.4	$	50.6	$	51.1

Supplemental cash flow information related to leases was as follows:

	2024		2023		2022
(In millions)
Cash paid for liabilities included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	30.3	$	31.0	$	35.0
Right-of-use assets obtained in exchange for Operating lease liabilities:	$	44.1	$	47.0	$	26.3

(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	2024			2023
(In millions)
Operating lease right-of-use assets	$	123.5		$	124.0
Other current liabilities	$	21.2		$	29.1
Operating lease liabilities	123.4			121.9
Total operating lease liabilities	$	144.6		$	151.0
Weighted-average discount rate	4.58		%	4.27		%
Weighted-average remaining lease term	7 years			7 years

At the end of 2024, the maturities of lease liabilities were as follows:

(In millions)
2025	$	27.2
2026	28.8
2027	23.9
2028	20.6
2029	18.3
Thereafter	51.1
Total lease payments	$	169.9
Less: imputed interest	25.3
Total	$	144.6