Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 12 Months Ended
Sep. 25, 2021
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Supplemental balance sheet information related to the Company's leases was as follows:
Balance Sheet Classification As of
September 25, 2021		 As of September 26, 2020
(in millions)
Operating leases
Right-of-use assets Operating lease right-of-use assets $ 165.6  $ 115.9 
Current lease liabilities Current operating lease liabilities $ 40.7  $ 33.5 
Non-current lease liabilities Long-term operating lease liabilities 130.1  86.5 
Total operating lease liabilities $ 170.8  $ 120.0 
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:
As of September 25, 2021 As of September 26, 2020
Weighted-average remaining lease term (in years):
Operating leases 6.4 4.8
Finance leases 1.1 2.0
Weighted-average discount rate:
Operating leases 2.75  % 3.43  %
Finance leases 4.86  % 4.80  %
Schedule of Supplemental Cash Flow and Other Information Related to Leases Components of lease cost were as follows:
Fiscal Year Ended
September 25, 2021		 Fiscal Year Ended
September 26, 2020
(in millions)
Operating lease cost $ 45.1  $ 39.1 
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 
0
Short-term lease cost 4.2 3.7
Variable lease cost 11.0 7.7
Total lease cost $ 60.4  $ 50.6 
Supplemental cash flow information and non-cash activity related to the Company's leases was as follows:
Fiscal Year Ended
September 25, 2021		 Fiscal Year Ended
September 26, 2020
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 40.3  $ 36.1 
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 $ 90.8  $ 39.6 
Finance leases $ —  $ — 
Schedule of Operating Lease Maturity Lease liability maturities as of September 25, 2021 are as follows:
As of September 25, 2021
Operating Leases Finance Leases
Fiscal Year (in millions)
2022 $ 44.7  $ 0.1 
2023 34.7  — 
2024 28.0  — 
2025 22.8  — 
2026 13.9  — 
Thereafter 45.4  — 
Total future undiscounted lease payments $ 189.5  $ 0.1 
Less imputed interest (18.7) — 
Total reported lease liability $ 170.8  $ 0.1 
Schedule of Finance Leases Maturity Lease liability maturities as of September 25, 2021 are as follows:
As of September 25, 2021
Operating Leases Finance Leases
Fiscal Year (in millions)
2022 $ 44.7  $ 0.1 
2023 34.7  — 
2024 28.0  — 
2025 22.8  — 
2026 13.9  — 
Thereafter 45.4  — 
Total future undiscounted lease payments $ 189.5  $ 0.1 
Less imputed interest (18.7) — 
Total reported lease liability $ 170.8  $ 0.1