Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.4
Leases (Tables)
3 Months Ended
Dec. 26, 2020
Leases [Abstract]  
Supplemental Balance Sheet Information
Supplemental balance sheet information related to the Company's leases was as follows:

Balance Sheet Classification As of
December 26, 2020
As of
December 28, 2019
(in millions)
Operating leases
Right-of-use assets Operating lease right-of-use assets $ 115.8  $ 105.3 
Current lease liabilities Current operating lease liabilities $ 34.8  $ 34.3 
Non-current lease liabilities Long-term operating lease liabilities 85.7  75.3
Total operating lease liabilities $ 120.5  $ 109.6 
Finance leases
Right-of-use assets Property, plant and equipment, net $ 0.3  $ 0.4 
Current lease liabilities Current portion of long-term debt $ 0.1  $ 0.1 
Non-current lease liabilities Long-term debt 0.1  0.2 
Total finance lease liabilities $ 0.2  $ 0.3 
Weighted-average remaining lease term and discount rate for the Company's leases were as follows:

As of December 26, 2020 As of December 28, 2019
Weighted-average remaining lease term (in years):
     Operating leases 4.7 4.9
     Finance leases 1.8 2.6
Weighted-average discount rate:
     Operating leases 3.16  % 3.88  %
     Finance leases 4.81  % 4.86  %
Schedule of Supplemental Cash Flow and Other Information Related to Leases
Components of lease cost were as follows:

Three months ended
December 26, 2020
Three months ended
December 28, 2019
(in millions)
Operating lease cost $ 10.0  $ 9.6 
Finance lease cost:
     Amortization of right-of-use assets $ —  $ — 
     Interest on lease liabilities —  — 
Total finance lease cost $ —  $ — 
Short-term lease cost $ 0.9  $ 0.7 
Variable lease cost $ 2.2  $ 0.9 
Total lease cost $ 13.1  $ 11.2 

Supplemental cash flow information and non-cash activity related to the Company's leases was as follows:

Three Months Ended
December 26, 2020
Three months ended
December 28, 2019
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows from operating leases $ 8.7  $ 8.6 
     Operating cash flows from finance leases $ —  $ — 
     Financing cash flows from finance leases $ —  $ — 
Right-of-use assets obtained in exchange for lease obligations:
     Operating leases $ 9.3  $ 2.5 
     Finance leases $ —  $ — 
Operating Lease Maturity
Future non-cancelable lease payments are as follows:

As of December 26, 2020
Operating Leases Finance Leases
Fiscal Year (in millions)
2021 (remaining nine months) $ 37.7  $ 0.1 
2022 30.4  0.1 
2023 19.7  — 
2024 15.4  — 
2025 11.9  — 
Thereafter 15.2  — 
Total future undiscounted lease payments $ 130.3  $ 0.2 
Less imputed interest (9.8) — 
Total reported lease liability $ 120.5  $ 0.2 
Finance Leases Maturity
Future non-cancelable lease payments are as follows:

As of December 26, 2020
Operating Leases Finance Leases
Fiscal Year (in millions)
2021 (remaining nine months) $ 37.7  $ 0.1 
2022 30.4  0.1 
2023 19.7  — 
2024 15.4  — 
2025 11.9  — 
Thereafter 15.2  — 
Total future undiscounted lease payments $ 130.3  $ 0.2 
Less imputed interest (9.8) — 
Total reported lease liability $ 120.5  $ 0.2