Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.23.2
Operating Leases
6 Months Ended
Jul. 01, 2023
Leases [Abstract]  
OPERATING LEASES

6. OPERATING LEASES

The Company leases machinery, equipment, vehicles, buildings and office space, throughout its locations, which are classified as operating leases. Remaining terms on these leases range from less than one year to eight years. For the six months ended July 1, 2023 and July 2, 2022, operating lease costs totaled $3.4 in both periods.

Supplemental balance sheet information related to operating leases is as follows:

 

 

July 1, 2023

 

 

December 31, 2022

 

Right-of-use assets

 

$

17.1

 

 

$

19.2

 

Lease liabilities:

 

 

 

 

 

 

Current lease liabilities

 

$

4.9

 

 

$

5.8

 

Non-current lease liabilities

 

 

13.2

 

 

 

14.5

 

Total lease liabilities

 

$

18.1

 

 

$

20.3

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years):

 

 

4.5

 

 

 

 

Weighted average discount rate:

 

 

4.7

%

 

 

 

 

Supplemental cash flow information related to leases is as follows:

 

 

Six Months Ended

 

 

 

July 1, 2023

 

 

July 2, 2022

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

3.5

 

 

$

3.5

 

Non-cash impact of new leases and lease modifications

 

$

0.8

 

 

$

0.8

 

Maturities of lease liabilities are as follows:

2023 Remaining

 

 

 

$

3.2

 

2024

 

 

 

 

4.6

 

2025

 

 

 

 

4.3

 

2026

 

 

 

 

3.5

 

2027

 

 

 

 

1.6

 

2028

 

 

 

 

1.0

 

Thereafter

 

 

 

 

2.2

 

Total lease payments

 

 

 

 

20.4

 

Less: Imputed interest

 

 

 

 

(2.3

)

Total lease obligations

 

 

 

 

18.1

 

Less: Current lease liabilities

 

 

 

 

(4.9

)

Non-current lease liabilities

 

 

 

$

13.2