Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
6 Months Ended
Mar. 28, 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
March 28, 2020
(in millions)
Operating leases
Right-of-use assets Operating lease right-of-use assets $ 99.1   
Current lease liabilities Current operating lease liabilities $ 32.4   
Non-current lease liabilities Long-term operating lease liabilities 70.8   
Total operating lease liabilities $ 103.2   
Finance leases
Right-of-use assets Property, plant and equipment, net $ 0.4   
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 March 28, 2020
Weighted-average remaining lease term (in years):
     Operating leases 4.8
     Finance leases 2.4
Weighted-average discount rate:
     Operating leases 3.83  %
     Finance leases 4.85  %
Schedule of Supplemental Cash Flow and Other Information Related to Leases
Components of lease cost were as follows:

Three months ended
March 28, 2020
(in millions)
Six months ended
March 28, 2020
(in millions)
Operating lease cost $ 9.7    $ 19.3   
Finance lease cost:
     Amortization of right-of-use assets $ —    $ —   
     Interest on lease liabilities —    —   
Total finance lease cost $ —    $ —   
Short-term lease cost $ 1.0    $ 1.7   
Variable lease cost $ 2.6    $ 3.5   
Total lease cost $ 13.3    $ 24.5   

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

Six months ended
March 28, 2020
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows from operating leases $ 17.8   
     Operating cash flows from finance leases $ —   
     Financing cash flows from finance leases $ —   
Right-of-use assets obtained in exchange for lease obligations:
     Operating leases $ 5.0   
     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 (in millions):


As of March 28, 2020 As of September 28, 2019
ASC 842 ASC 840
Operating Leases Finance Leases Operating Leases
Fiscal Year
2020 (excluding the six months ended March 28, 2020) $ 19.2    $ —   
2020 $ 38.0   
2021 30.4    0.1    29.3   
2022 22.9    0.1    21.8   
2023 12.5    —    11.3   
2024 8.8    —    7.9   
Thereafter 21.2    —    20.7   
Total future undiscounted lease payments $ 115.0    $ 0.2    $ 129.0   
Less imputed interest (11.8)   —   
Total reported lease liability $ 103.2    $ 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 (in millions):


As of March 28, 2020 As of September 28, 2019
ASC 842 ASC 840
Operating Leases Finance Leases Operating Leases
Fiscal Year
2020 (excluding the six months ended March 28, 2020) $ 19.2    $ —   
2020 $ 38.0   
2021 30.4    0.1    29.3   
2022 22.9    0.1    21.8   
2023 12.5    —    11.3   
2024 8.8    —    7.9   
Thereafter 21.2    —    20.7   
Total future undiscounted lease payments $ 115.0    $ 0.2    $ 129.0   
Less imputed interest (11.8)   —   
Total reported lease liability $ 103.2    $ 0.2