Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.2.2
Leases (Tables)
 12 Months Ended
Sep. 24, 2022
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Supplemental balance sheet information related to the Company's leases was as follows:
Balance Sheet Classification September 24, 2022 September 25, 2021
(in millions)
Operating leases
Right-of-use assets Operating lease right-of-use assets $ 186.3  $ 165.6 
Current lease liabilities Current operating lease liabilities $ 48.1  $ 40.7 
Non-current lease liabilities Long-term operating lease liabilities 147.7  130.1 
Total operating lease liabilities $ 195.8  $ 170.8 
Finance leases
Right-of-use assets Property, plant and equipment, net $ 0.1  $ 0.2 
Current lease liabilities Current portion of long-term debt $ —  $ 0.1 
Non-current lease liabilities Long-term debt —  — 
Total finance lease liabilities $ —  $ 0.1 
Weighted-average remaining lease term and discount rate for the Company's leases were as follows:
September 24, 2022 September 25, 2021
Weighted-average remaining lease term (in years):
Operating leases 5.6 6.4
Finance leases 1.0 1.1
Weighted-average discount rate:
Operating leases 2.97  % 2.75  %
Finance leases 5.13  % 4.86  %
Schedule of Supplemental Cash Flow and Other Information Related to Leases Components of lease cost were as follows:
Fiscal Year Ended
September 24, 2022 September 25, 2021
(in millions)
Operating lease cost $ 53.8  $ 45.1 
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 9.3 4.2
Variable lease cost 8.8 11.0
Total lease cost $ 72.0  $ 60.4 
Supplemental cash flow information and non-cash activity related to the Company's leases was as follows:
Fiscal Year Ended
September 24, 2022 September 25, 2021
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 45.1  $ 40.3 
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 $ 70.8  $ 90.8 
Finance leases $ —  $ — 
Schedule of Operating Lease Maturity Lease liability maturities as of September 24, 2022 are as follows:
September 24, 2022
Operating Leases Finance Leases
Fiscal Year (in millions)
2023 $ 52.6  $ — 
2024 46.3  — 
2025 37.3  — 
2026 24.9  — 
2027 15.4  — 
Thereafter 38.3  — 
Total future undiscounted lease payments $ 214.8  $ — 
Less imputed interest (19.0) — 
Total reported lease liability $ 195.8  $ — 
Schedule of Finance Leases Maturity Lease liability maturities as of September 24, 2022 are as follows:
September 24, 2022
Operating Leases Finance Leases
Fiscal Year (in millions)
2023 $ 52.6  $ — 
2024 46.3  — 
2025 37.3  — 
2026 24.9  — 
2027 15.4  — 
Thereafter 38.3  — 
Total future undiscounted lease payments $ 214.8  $ — 
Less imputed interest (19.0) — 
Total reported lease liability $ 195.8  $ —