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Leases

3 Months Ended

Mar. 28, 2020

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 finance leases range from 1 year to 8 years while our operating leases range from 1 year to 22 years, some of which may include options to extend the leases generally between 1 year and 10 years, and some of which may include options to terminate the leases within 1 year.

The components of lease expense for the three months ended March 28, 2020 and March 30, 2019, respectively, is shown in the table below:


	For the Three Months Ended
(in millions of U.S. dollars)	March 28, 2020		March 30, 2019
Operating lease cost	$	12.5	$	11.6
Short-term lease cost	2.3		0.9
Finance lease cost
Amortization of right-of-use assets	$	1.7	$	0.7
Interest on lease liabilities	1.0		0.2
Total finance lease cost	$	2.7	$	0.9
Sublease income	$	0.2	$	0.3

Supplemental cash flow information related to leases for the three months ended March 28, 2020 and March 30, 2019, respectively, is shown in the table below:


	For the Three Months Ended
(in millions of U.S. dollars)	March 28, 2020		March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12.6	$	12.9
Operating cash flows from finance leases	0.9		0.1
Financing cash flows from finance leases	1.4		0.7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7.3	$	1.3
Finance leases	21.7		9.2

Supplemental balance sheet information related to leases as of March 28, 2020 and December 28, 2019, respectively, is shown in the table below:


(in millions of U.S. dollars, except lease term and discount rate)	March 28, 2020		December 28, 2019
Operating leases
Operating lease right-of-use assets	$	181.7	$	185.7
Current operating lease obligations	37.5		36.5
Operating lease obligations	150.2		155.2
Total operating lease obligations	$	187.7	$	191.7

Financing leases
Property, plant and equipment, net	$	50.1	$	30.4
Current maturities of long-term debt	9.0		5.7
Long-term debt	40.5		23.7
Total finance lease obligations	$	49.5	$	29.4


Weighted Average Remaining Lease Term	March 28, 2020		December 28, 2019
Operating leases	8.5		8.7
Finance leases	5.8		5.6

Weighted Average Discount Rate
Operating leases	6.7	%	6.2	%
Finance leases	5.6	%	6.3	%

Maturities of operating lease obligations were as follows:


(in millions of U.S. dollars)	March 28, 2020		December 28, 2019
Remainder of 2020	$	37.7	$	47.8
2021	39.5		38.4
2022	30.6		29.6
2023	26.2		25.3
2024	21.1		20.6
Thereafter	93.9		93.5
Total lease payments	249.0		255.2
Less imputed interest	(61.3)		(63.5)
Present value of lease obligations	$	187.7	$	191.7

Maturities of finance lease obligations were as follows:


(in millions of U.S. dollars)	March 28, 2020		December 28, 2019
Remainder of 2020	$	9.5	$	6.8
2021	10.8		6.1
2022	9.8		5.7
2023	8.9		5.4
2024	7.3		4.6
Thereafter	11.5		6.4
Total lease payments	57.8		35.0
Less imputed interest	(8.3)		(5.6)
Present value of lease obligations	$	49.5	$	29.4

Leases

The components of lease expense for the three months ended March 28, 2020 and March 30, 2019, respectively, is shown in the table below:


	For the Three Months Ended
(in millions of U.S. dollars)	March 28, 2020		March 30, 2019
Operating lease cost	$	12.5	$	11.6
Short-term lease cost	2.3		0.9
Finance lease cost
Amortization of right-of-use assets	$	1.7	$	0.7
Interest on lease liabilities	1.0		0.2
Total finance lease cost	$	2.7	$	0.9
Sublease income	$	0.2	$	0.3

Supplemental cash flow information related to leases for the three months ended March 28, 2020 and March 30, 2019, respectively, is shown in the table below:


	For the Three Months Ended
(in millions of U.S. dollars)	March 28, 2020		March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12.6	$	12.9
Operating cash flows from finance leases	0.9		0.1
Financing cash flows from finance leases	1.4		0.7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7.3	$	1.3
Finance leases	21.7		9.2

Supplemental balance sheet information related to leases as of March 28, 2020 and December 28, 2019, respectively, is shown in the table below:


(in millions of U.S. dollars, except lease term and discount rate)	March 28, 2020		December 28, 2019
Operating leases
Operating lease right-of-use assets	$	181.7	$	185.7
Current operating lease obligations	37.5		36.5
Operating lease obligations	150.2		155.2
Total operating lease obligations	$	187.7	$	191.7

Financing leases
Property, plant and equipment, net	$	50.1	$	30.4
Current maturities of long-term debt	9.0		5.7
Long-term debt	40.5		23.7
Total finance lease obligations	$	49.5	$	29.4


Weighted Average Remaining Lease Term	March 28, 2020		December 28, 2019
Operating leases	8.5		8.7
Finance leases	5.8		5.6

Weighted Average Discount Rate
Operating leases	6.7	%	6.2	%
Finance leases	5.6	%	6.3	%

Maturities of operating lease obligations were as follows:


(in millions of U.S. dollars)	March 28, 2020		December 28, 2019
Remainder of 2020	$	37.7	$	47.8
2021	39.5		38.4
2022	30.6		29.6
2023	26.2		25.3
2024	21.1		20.6
Thereafter	93.9		93.5
Total lease payments	249.0		255.2
Less imputed interest	(61.3)		(63.5)
Present value of lease obligations	$	187.7	$	191.7

Maturities of finance lease obligations were as follows:


(in millions of U.S. dollars)	March 28, 2020		December 28, 2019
Remainder of 2020	$	9.5	$	6.8
2021	10.8		6.1
2022	9.8		5.7
2023	8.9		5.4
2024	7.3		4.6
Thereafter	11.5		6.4
Total lease payments	57.8		35.0
Less imputed interest	(8.3)		(5.6)
Present value of lease obligations	$	49.5	$	29.4