Central Garden & Pet Company Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Jun. 26, 2021

Supplemental balance sheet information related to the Company's leases was as follows:


	Balance Sheet Classification	June 26, 2021		June 27, 2020
		(in millions)
Operating leases
Right-of-use assets	Operating lease right-of-use assets	$	149.6	$	99.1
Current lease liabilities	Current lease liabilities	$	39.6	$	31.6
Non-current lease liabilities	Long-term lease liabilities	115.2		71.5
Total operating lease liabilities		$	154.8	$	103.1

Finance leases
Right-of-use assets	Property, plant and equipment, net	$	0.2	$	0.3
Current lease liabilities	Current portion of long-term debt	$	0.1	$	0.1
Non-current lease liabilities	Long-term debt	—		0.1
Total finance lease liabilities		$	0.1	$	0.2

Weighted-average remaining lease term and discount rate for the Company's leases were as follows:


	June 26, 2021		June 27, 2020

Weighted-average remaining lease term (in years):
Operating leases	6.4		4.8
Finance leases	1.4		2.2
Weighted-average discount rate:
Operating leases	2.8	%	3.8	%
Finance leases	4.8	%	4.8	%

Components of lease cost were as follows:


	Nine Months Ended June 26, 2021		Nine Months Ended June 27, 2020
	(in millions)
Operating lease cost	$	32.9	$	29.0
Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1
Interest on lease liabilities	—		—
Total finance lease cost	$	0.1	$	0.1
Short-term lease cost	$	3.5	$	2.7
Variable lease cost	$	8.1	$	5.1
Total lease cost	$	44.6	$	36.9

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


	Nine Months Ended June 26, 2021		Nine Months Ended June 27, 2020
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29.4	$	26.8
Operating cash flows from finance leases	$	—	$	—
Financing cash flows from finance leases	$	0.1	$	0.1
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	63.5	$	13.7
Finance leases	$	—	$	—

Future non-cancelable lease payments are as follows:


	As of June 26, 2021
	Operating Leases		Finance Leases
Fiscal Year	(in millions)
2021 (remaining three months)	$	11.6	$	—
2022	41.3		0.1
2023	29.6		—
2024	22.3		—
2025	18.2		—
Thereafter	49.1		—
Total future undiscounted lease payments	$	172.1	$	0.1
Less imputed interest	(17.3)		—
Total reported lease liability	$	154.8	$	0.1

Future non-cancelable lease payments are as follows:


	As of June 26, 2021
	Operating Leases		Finance Leases
Fiscal Year	(in millions)
2021 (remaining three months)	$	11.6	$	—
2022	41.3		0.1
2023	29.6		—
2024	22.3		—
2025	18.2		—
Thereafter	49.1		—
Total future undiscounted lease payments	$	172.1	$	0.1
Less imputed interest	(17.3)		—
Total reported lease liability	$	154.8	$	0.1