Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 12 Months Ended
Sep. 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
September 26, 2020
(in millions)
Operating leases
Right-of-use assets Operating lease right-of-use assets $ 115.9 
Current lease liabilities Current operating lease liabilities $ 33.5 
Non-current lease liabilities Long-term operating lease liabilities 86.5
Total operating lease liabilities $ 120.0 
Finance leases
Right-of-use assets Property, plant and equipment, net $ 0.3 
Current lease liabilities Current portion of long-term debt $ 0.1 
Non-current lease liabilities Long-term debt 0.1 
Total finance lease liabilities $ 0.2 
Weighted-average remaining lease term and discount rate for the Company's leases were as follows:
As of September 26, 2020
(in millions)
Weighted-average remaining lease term (in years):
Operating leases 4.8
Finance leases 2.0
Weighted-average discount rate:
Operating leases 3.43  %
Finance leases 4.80  %
Schedule of Supplemental Cash Flow and Other Information Related to Leases
Components of lease cost were as follows:
Fiscal Year Ended
September 26, 2020
(in millions)
Operating lease cost $ 39.1 
Finance lease cost:
Amortization of right-of-use assets 0.1
Interest on lease liabilities — 
Total finance lease cost $ 0.1 
Short-term lease cost 3.7
Variable lease cost 7.7
Total lease cost $ 50.6 
Supplemental cash flow information and non-cash activity related to the Company's leases was as follows:
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 $ 36.1 
Operating cash flows from finance leases $ — 
Financing cash flows from finance leases $ 0.1 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 39.6 
Finance leases $ — 
Operating Lease Maturity
Future non-cancelable lease payments under prior lease accounting rules (ASC 840) and under the new lease accounting rules (ASC 842) that went into effect September 29, 2019 were as follows:
As of September 26, 2020 As of September 28, 2019
ASC 842 ASC 840
Operating Leases Finance Leases Operating Leases
Fiscal Year (in millions)
2020 $ —  $ —  $ 38.0 
2021 $ 36.6  $ 0.1  $ 29.3 
2022 30.6  0.1  21.8 
2023 20.1  —  11.3 
2024 14.7  —  7.9 
2025 11.1  —  — 
Thereafter 17.5  —  20.7 
Total future undiscounted lease payments $ 130.6  $ 0.2  $ 129.0 
Less imputed interest (10.6) — 
Total reported lease liability $ 120.0  $ 0.2 
Finance Leases Maturity
Future non-cancelable lease payments under prior lease accounting rules (ASC 840) and under the new lease accounting rules (ASC 842) that went into effect September 29, 2019 were as follows:
As of September 26, 2020 As of September 28, 2019
ASC 842 ASC 840
Operating Leases Finance Leases Operating Leases
Fiscal Year (in millions)
2020 $ —  $ —  $ 38.0 
2021 $ 36.6  $ 0.1  $ 29.3 
2022 30.6  0.1  21.8 
2023 20.1  —  11.3 
2024 14.7  —  7.9 
2025 11.1  —  — 
Thereafter 17.5  —  20.7 
Total future undiscounted lease payments $ 130.6  $ 0.2  $ 129.0 
Less imputed interest (10.6) — 
Total reported lease liability $ 120.0  $ 0.2