XML 61 R44.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

3 Months Ended

Jan. 02, 2022

Summary of Leases Related to Consolidated Statement of Financial Position

The following is a summary of the leases recognized on the Company’s Condensed Consolidated Statements of Financial Position as of January 2, 2022 and September 30, 2021:


(in millions)	Line Item	January 2, 2022		September 30, 2021
Assets
Operating	Operating lease assets	$	56.3	$	56.5
Finance	Property, plant and equipment, net	81.9		84.2
Total leased assets		$	138.2	$	140.7
Liabilities
Current
Operating	Other current liabilities	$	19.1	$	17.4
Finance	Current portion of long-term debt	8.1		7.9
Long-term
Operating	Long-term operating lease liabilities	42.6		44.5
Finance	Long-term debt, net of current portion	91.9		94.0
Total lease liabilities		$	161.7	$	163.8

Schedule of Lease Costs, Cash Paid, Weighted-Average Lease Term and Discount Rate

The components of lease costs recognized in the Condensed Consolidated Statements of Income for the three month periods ended January 2, 2022 and January 3, 2021 are as follows:


	Three Month Periods Ended
(in millions)	January 2, 2022		January 3, 2021
Operating lease cost	$	5.2	$	3.8
Finance lease cost
Amortization of leased assets	2.7		3.1
Interest on lease liability	1.3		1.5
Variable lease cost	2.3		2.3
Total lease cost	$	11.5	$	10.7

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 month periods ending January 2, 2022 and January 3, 2021:


	Three Month Periods Ended
(in millions)	January 2, 2022		January 3, 2021
Operating cash flow from operating leases	$	5.4	$	3.4
Operating cash flows from finance leases	1.3		1.5
Financing cash flows from finance leases	2.1		2.7
Supplemental non-cash flow disclosure
Acquisition of operating lease asset through lease obligations	4.8		7.3

The following is a summary of weighted-average lease term and discount rate at January 2, 2022 and September 30, 2021:


	January 2, 2022		September 30, 2021
Weighted average remaining lease term
Operating leases	4.4 years		4.6 years
Finance leases	10.2 years		10.4 years
Weighted average discount rate
Operating leases	4.1	%	4.3	%
Finance leases	5.1	%	4.9	%

Schedule of Future Lease Payments Under Operating Leases

At January 2, 2022, future lease payments under operating and finance leases were as follows:


(in millions)	Finance Leases		Operating Leases
2022 remaining balance	$	9.5	$	16.0
2023	13.5		19.9
2024	13.3		10.6
2025	11.9		7.5
2026	11.7		5.2
Thereafter	70.2		8.8
Total lease payments	130.1		68.0
Amount representing interest	(30.1)		(6.3)
Total minimum lease payments	$	100.0	$	61.7

Schedule of Future Lease Payments Under Finance Leases

At January 2, 2022, future lease payments under operating and finance leases were as follows:


(in millions)	Finance Leases		Operating Leases
2022 remaining balance	$	9.5	$	16.0
2023	13.5		19.9
2024	13.3		10.6
2025	11.9		7.5
2026	11.7		5.2
Thereafter	70.2		8.8
Total lease payments	130.1		68.0
Amount representing interest	(30.1)		(6.3)
Total minimum lease payments	$	100.0	$	61.7