Leases (Tables)

6 Months Ended

Jun. 26, 2021

Components of lease expense were as follows:


	13 weeks ended				26 weeks ended
(In millions)	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
Operating lease costs:
Operating lease cost (a) (b)	$	8.6	$	10.6	$	18.6	$	22.4

Finance lease costs:
Amortization of right-of-use assets (a)	$	0.1	$	0.2	0.3		0.4
Interest on lease liabilities (c)	—		0.1		—		0.1
Total finance lease cost	$	0.1	$	0.3	$	0.3	$	0.5

____________________

(a) Included in selling, general and administrative expense and cost of products sold.

(b) Includes short-term rent expense of $0.5 million and $0.8 million in the second quarters of 2021 and 2020, respectively, and $1.1 million and $1.5 million in the respective year-to-date periods. Also includes variable rent expense of $0.3 million and $0.2 million in the second quarters of 2021 and 2020, respectively, and $0.7 million and $0.3 million in the respective year-to-date periods.

Schedule of Supplemental Cash Flow information related to Leases

Supplemental cash flow information related to leases is as follows:


	26 weeks ended
(In millions)	June 26, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(18.2)	$	(21.0)

Financing cash flows from finance leases	$	(0.7)	$	(0.3)

Leased assets obtained in exchange for new operating lease liabilities	$	—	$	2.7

Supplemental Balance Sheet information related to Leases

Supplemental information related to leases is as follows:


	As of
(In millions, except lease term and discount rate)	June 26, 2021			December 26, 2020
Operating Leases:
Operating lease right-of-use assets	$	89.0		$	97.9

Accrued liabilities	$	24.4		$	26.5
Operating lease liabilities	65.5			70.1
Total Operating lease liabilities	$	89.9		$	96.6

Finance Leases:
Property, plant and equipment, at cost	$	19.2		$	19.7
Accumulated amortization	(12.2)			(12.2)
Property, plant and equipment, net	$	7.0		$	7.5

Current portion of finance lease obligations	$	1.4		$	1.4
Long-term finance lease obligations	1.1			1.9
Total Finance lease liabilities	$	2.5		$	3.3

Weighted average remaining lease term
Operating leases	5.4 years			5.4 years
Finance leases	1.9 years			2.4 years

Weighted average discount rate
Operating leases	5.4		%	5.7		%
Finance leases	5.1		%	5.1		%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of June 26, 2021 and December 26, 2020 were as follows:


	As of				As of
	June 26, 2021				December 26, 2020
(In millions)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
2021	$	19.4	$	0.8	$	30.1	$	1.6
2022	23.9		1.8		21.1		1.9
2023	17.9		—		14.8		—
2024	12.9		—		10.2		—
2025	7.4		—		6.9		—
Thereafter	30.4		—		30.8		—
Total undiscounted lease liability	$	111.9	$	2.6	$	113.9	$	3.5
Less imputed interest	(22.0)		(0.1)		(17.3)		(0.2)
Total	$	89.9	$	2.5	$	96.6	$	3.3