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Leases

12 Months Ended

Dec. 28, 2019

We have operating and finance leases for manufacturing and production facilities, branch distribution and warehouse facilities, vehicles and machinery and equipment. The remaining terms on our leases range from one year to 22 years, some of which may include options to extend the leases generally between one and 10 years, and some of which may include options to terminate the leases within one year.

The components of lease expense for the year ended December 28, 2019 were as follows:



	For the Year Ended
(in millions of U.S. dollars)	December 28, 2019
Operating lease cost	$	54.7
Short-term lease cost	5.0
Finance lease cost
Amortization of right-of-use assets	$	5.0
Interest on lease liabilities	1.3
Total finance lease cost	$	6.3
Sublease income	$	0.8

Supplemental cash flow information related to leases for the year ended December 28, 2019 was as follows:



	For the Year Ended
(in millions of U.S. dollars)	December 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	54.0
Operating cash flows from finance leases	1.2
Financing cash flows from finance leases	4.4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	28.9
Finance leases	30.6

Supplemental balance sheet information related to leases was as follows:



(in millions of U.S. dollars, except lease term and discount rate)	December 28, 2019
Operating leases
Operating lease right-of-use assets	$	203.1
Current operating lease obligations	41.7
Operating lease obligations	167.8
Total operating lease obligations	$	209.5

Financing leases
Property, plant and equipment, net	$	31.9
Current maturities of long-term debt	6.3
Long-term debt	24.6
Total finance lease obligations	$	30.9



Weighted Average Remaining Lease Term
Operating leases	7.8 years
Finance leases	5.9 years

Weighted Average Discount Rate
Operating leases	6.1	%
Finance leases	6.0	%

Maturities of lease obligations as of December 28, 2019 were as follows:



(in millions of U.S. dollars)	Operating Leases			Finance Leases
2020	$	53.9		$	7.5
2021	42.9			6.4
2022	32.9			5.9
2023	27.7			5.6
2024	22.3			4.8
Thereafter	95.9			6.4
Total lease payments	275.6			36.6
Less imputed interest	(66.1		)	(5.7		)
Present value of lease obligations	$	209.5		$	30.9

Leases (Topic 840) Disclosures

On December 30, 2018, we adopted the new lease standard using a modified-retrospective approach by recognizing and measuring leases at the adoption date with accumulative effect of initially applying the guidance recognized at the date of initial application and did not restate the prior periods presented in our Consolidated Financial Statements. As such, prior periods presented in our Consolidated Financial Statements continue to be in accordance with the former lease standard, Topic 840 Leases. See Note 1 to the Consolidated Financial Statements for additional information on our recently adopted accounting pronouncement.

Operating Leases

Under the previous lease standard, we leased buildings, machinery and equipment, computer hardware and furniture and fixtures. All contractual increases and rent-free periods included in the lease contract were taken into account when calculating the minimum lease payment and were recognized on a straight-line basis over the lease term. Certain leases had renewal periods and contingent rentals, which were not included in the table below. As of December 29, 2018, the minimum annual payments under operating leases were as follows:



(in millions of U.S. dollars)	Operating Leases
2019	$	51.6
2020	42.9
2021	36.2
2022	29.2
2023	23.4
Thereafter	106.9

Total rent expense under operating leases was $63.2 million and $54.3 million for the year ended December 29, 2018 and December 30, 2017, respectively, which is net of sublease income of $0.9 million for the year ended December 29, 2018.

Capital Leases

As of December 29, 2018, we had capital lease assets and accumulated depreciation of $6.7 million and $1.0 million, respectively, which were included in property, plant and equipment, net on the Consolidated Balance Sheet.

In addition, as of December 29, 2018, the future minimum payments required under capital leases over their remaining terms are summarized below:



(in millions of U.S. dollars)	Capital Leases
2019	$	1.9
2020	1.4
2021	0.7
2022	0.5
2023	0.4
Thereafter	0.1

Leases