Leases (Tables)

9 Months Ended

Jun. 28, 2020

Leases [Abstract]

Summary Of Leases Related To Consolidated Statement Of Financial Position

The following is a summary of the Company’s leases recognized on the Company’s Condensed Consolidated Statement of Financial Position as of June 28, 2020:

(in millions)	Line Item	June 28, 2020
Assets
Operating	Operating lease assets	$	92.4
Finance	Property, plant and equipment, net	138.0
Total leased assets		$	230.4
Liabilities
Current
Operating	Other current liabilities	$	20.8
Finance	Current portion of long-term debt	10.3
Long-term
Operating	Long-term operating lease liabilities	78.7
Finance	Long-term debt, net of current portion	150.8
Total lease liabilities		$	260.6

Schedule Of Lease Costs

The components of lease costs recognized in the Condensed Consolidated Statement of Income for the three and nine month periods ended June 28, 2020 are as follows:

	Three Month Period Ended		Nine Month Period Ended
(in millions)	June 28, 2020		June 28, 2020
Operating lease cost	$	6.2	$	18.8
Finance lease cost
Amortization of leased assets	3.7		10.7
Interest on lease liability	2.3		6.7
Variable lease cost	3.3		9.1
Total lease cost	$	15.5	$	45.3

Summary Of Cash Paid For Lease Liabilities

The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and nine month periods ending June 28, 2020:

	Three Month Period Ended		Nine Month Period Ended
(in millions)	June 28, 2020		June 28, 2020
Operating cash flow from operating leases	$	5.5	$	17.3
Operating cash flows from finance leases	2.2		6.8
Financing cash flows from finance leases	3.8		10.7
Supplemental non-cash flow disclosure
Acquisition of operating lease asset through lease obligations	2.2		6.4

Summary Of Weighted-Average Lease Term And Discount Rate

The following is a summary of weighted-average lease term and discount rate at June 28, 2020:

	June 28, 2020
Weighted average remaining lease term
Operating leases	6.3 years
Finance leases	15.6 years
Weighted average discount rate
Operating leases	4.62	%
Finance leases	5.60	%

Schedule Of Future Lease Payments Under Operating And Finance Leases

At June 28, 2020, future lease payments under operating and finance leases were as follows:

(in millions)	Finance Leases		Operating Leases
2020 remaining balance	$	4.1	$	6.4
2021	21.0		24.4
2022	17.7		19.7
2023	16.6		17.5
2024	16.3		11.2
Thereafter	180.8		37.1
Total lease payments	256.5		116.3
Amount representing interest	(95.4)		(16.8)
Total minimum lease payments	$	161.1	$	99.5

Schedule Of Minimum Commitments Under Leases

As of September 30, 2019, minimum commitments under the Company’s leases, as required under prior lease guidance, were as follows:

(in millions)	Finance Leases		Operating Leases
2020	$	17.5	$	25.0
2021	19.7		23.2
2022	16.5		20.6
2023	15.5		17.8
2024	15.4		10.8
Thereafter	179.9		37.5
Total lease payments	264.5		134.9
Amount representing interest	(98.9)		—
Total minimum lease payments	$	165.6	$	134.9