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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 $3.4 in both periods.
Supplemental balance sheet information related to operating leases is as follows:
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July 1, 2023 |
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December 31, 2022 |
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Right-of-use assets |
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$ |
17.1 |
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$ |
19.2 |
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Lease liabilities: |
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Current lease liabilities |
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$ |
4.9 |
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$ |
5.8 |
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Non-current lease liabilities |
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13.2 |
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14.5 |
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Total lease liabilities |
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$ |
18.1 |
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$ |
20.3 |
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Weighted average remaining lease term (in years): |
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4.5 |
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Weighted average discount rate: |
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4.7 |
% |
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Supplemental cash flow information related to leases is as follows:
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Six Months Ended |
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July 1, 2023 |
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July 2, 2022 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
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$ |
3.5 |
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$ |
3.5 |
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Non-cash impact of new leases and lease modifications |
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$ |
0.8 |
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$ |
0.8 |
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Maturities of lease liabilities are as follows:
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2023 Remaining |
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$ |
3.2 |
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2024 |
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4.6 |
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2025 |
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4.3 |
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2026 |
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3.5 |
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2027 |
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1.6 |
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2028 |
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1.0 |
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Thereafter |
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2.2 |
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Total lease payments |
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20.4 |
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Less: Imputed interest |
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(2.3 |
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Total lease obligations |
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18.1 |
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Less: Current lease liabilities |
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(4.9 |
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Non-current lease liabilities |
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$ |
13.2 |
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