Leases (Tables)

6 Months Ended

Sep. 28, 2019

The following table summarizes ROU assets and lease liabilities recorded on the Company's consolidated balance sheet as of September 28, 2019:



	September 28, 2019		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,567.1	Operating lease right-of-use assets
Finance leases	176.5		Property and equipment, net
Total lease assets	$	1,743.6
Liabilities:
Operating leases:
Current portion	$	273.2	Current operating lease liabilities
Non-current portion	1,651.3		Long-term operating lease liabilities
Total operating lease liabilities	1,924.5
Finance leases:
Current portion	10.7		Accrued expenses and other current liabilities
Non-current portion	196.1		Other non-current liabilities
Total finance lease liabilities	206.8
Total lease liabilities	$	2,131.3

Lease Cost

The following table summarizes the composition of net lease cost during the three-month and six-month periods ended September 28, 2019:



	September 28, 2019
	Three Months Ended			Six Months Ended			Location Recorded in Earnings
	(millions)
Operating lease cost	$	81.5		$	160.1		^(a)
Finance lease costs:
Depreciation of leased assets	4.7			8.9			SG&A expenses
Accretion of lease liabilities	2.1			4.0			Interest expense
Variable lease cost	75.7			153.7			^(b)
Short-term lease cost	1.8			3.5			SG&A expenses
Sublease income	(0.8		)	(1.7		)	Restructuring and other charges
Total lease cost	$	165.0		$	328.5

^(a)

During the three months ended September 28, 2019, $1.5 million included within cost of goods sold, $76.4 million included within SG&A expenses, and $3.6 million included within restructuring and other charges. During the six months ended September 28, 2019, $2.3 million included within cost of goods sold, $152.4 million included within SG&A expenses, and $5.4 million included within restructuring and other charges.

^(b)

During the three months ended September 28, 2019, $0.5 million included within cost of goods sold, $74.2 million included within SG&A expenses, and $1.0 million included within restructuring and other charges. During the six months ended September 28, 2019, $2.1 million included within cost of goods sold, $150.1 million included within SG&A expenses, and $1.5 million included within restructuring and other charges.

Cash paid for amounts included in the measurement of lease liabilities

The following table summarizes certain cash flow information related to the Company's leases for the six months ended ended September 28, 2019:



	September 28, 2019
	Six Months Ended
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	194.1
Operating cash flows from finance leases	4.0
Financing cash flows from finance leases	7.7

Lease Liability Maturity

The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the consolidated balance sheet as of September 28, 2019:



	September 28, 2019
	Operating Leases			Finance Leases
	(millions)
Remainder of Fiscal 2020	$	140.4		$	9.0
Fiscal 2021	335.0			18.6
Fiscal 2022	309.8			23.3
Fiscal 2023	277.4			22.5
Fiscal 2024	250.7			22.4
Fiscal 2025 and thereafter	797.1			175.6
Total lease payments	2,110.4			271.4
Less: interest	(185.9		)	(64.6		)
Total lease liabilities	$	1,924.5		$	206.8

Supplemental lease information

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheet as of September 28, 2019:

September 28, 2019

Operating
Leases

Finance
Leases

Weighted-average remaining lease term (years)

Weighted-average discount rate