The lower 3 bits are status bits, unimportant for me, therefore ">>3".
And the upper 4 bits of the MSB (or at least the upper 3) don't mean anything, either.
So, << 3 the msb to get rid of them, then >> 3 the msb, to get the 5 useful bits back where they belong.
The LM92 is a digital temperature sensor and thermal window
comparator with an I2C™ Serial Bus interface and an accuracy of ±0.33°C.
I2C is meant for communication between chips ON THE SAME BOARD. 10" is a pretty larger board. 10' is a ridiculous size for a PCB.
On the same board, the components are connected by traces, not wire. The wire acts like an antenna, picking up noise.
If you need to have the sensor that far away from the Arduino, that sensor is not the one you want.