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Leases (Tables)

6 Months Ended

Dec. 28, 2019

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheet as of December 28, 2019:



	December 28, 2019		Location Recorded on Balance Sheet
	(millions)
Assets:
Operating leases	$	1,996.5	Operating lease right-of-use assets
Finance leases	3.6		Property and equipment, net
Total lease assets	$	2,000.1
Liabilities:
Operating leases:
Current lease liabilities	$	329.8	Current lease liabilities
Long-term lease liabilities	1,901.2		Long-term lease liabilities
Total operating lease liabilities	$	2,231.0
Finance leases:
Current lease liabilities	$	0.8	Accrued liabilities
Long-term lease liabilities	4.9		Other liabilities
Total finance lease liabilities	$	5.7

Total lease liabilities	$	2,236.7

Lease, Cost

The following table summarizes the composition of net lease costs, primarily recorded within SG&A expenses on the Company's Condensed Consolidated Statement of Operations for the three and six months ended December 28, 2019:



	Three Months Ended			Six Month Ended
	December 28, 2019
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.2		$	0.4
Interest on lease liabilities⁽¹⁾	0.1			0.3
Total finance lease cost	0.3			0.7
Operating lease cost	105.5			217.3
Short-term lease cost	1.9			3.6
Variable lease cost	61.1			112.1
Operating lease right-of-use impairment	—			35.8
Less: sublease income	(5.3		)	(10.7		)
Total net lease cost	$	163.5		$	358.8


⁽¹⁾	Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.

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



	Six Months Ended
	December 28, 2019
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	206.6
Operating cash flows from finance leases	0.3
Financing cash flows from finance leases	0.4
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	86.1
Right-of-use assets obtained in exchange for finance lease liabilities	—

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating leases and finance leases recorded on the Condensed Consolidated Balance Sheet as of December 28, 2019:



	December 28, 2019
Weighted average remaining lease term (years):
Operating leases	8.81
Finance leases	5.42
Weighted average discount rate:
Operating leases	3.6	%
Finance leases	11.3	%

Lessee, Operating Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Condensed Consolidated Balance Sheet as of December 28, 2019:



	December 28, 2019
	Operating Leases		Finance Leases		Total
	(millions)
Remainder of Fiscal 2020	$	193.6	$	0.7	$	194.3
Fiscal 2021	398.5		1.4		399.9
Fiscal 2022	357.7		1.4		359.1
Fiscal 2023	312.3		1.4		313.7
Fiscal 2024	263.9		1.4		265.3
Fiscal 2025 and thereafter	1,156.2		1.3		1,157.5
Total lease payments	2,682.2		7.6		2,689.8
Less: imputed interest	451.2		1.9		453.1
Total lease liabilities	$	2,231.0	$	5.7	$	2,236.7

Finance Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Condensed Consolidated Balance Sheet as of December 28, 2019:



	December 28, 2019
	Operating Leases		Finance Leases		Total
	(millions)
Remainder of Fiscal 2020	$	193.6	$	0.7	$	194.3
Fiscal 2021	398.5		1.4		399.9
Fiscal 2022	357.7		1.4		359.1
Fiscal 2023	312.3		1.4		313.7
Fiscal 2024	263.9		1.4		265.3
Fiscal 2025 and thereafter	1,156.2		1.3		1,157.5
Total lease payments	2,682.2		7.6		2,689.8
Less: imputed interest	451.2		1.9		453.1
Total lease liabilities	$	2,231.0	$	5.7	$	2,236.7

Lessor, Operating Lease, Payments to be Received, Maturity

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of December 28, 2019 are as follows:



	December 28, 2019
	(millions)
Remainder of Fiscal 2020	$	10.6
Fiscal 2021	21.1
Fiscal 2022	20.1
Fiscal 2023	16.0
Fiscal 2024	15.5
Fiscal 2025 and thereafter	187.5
Total sublease income	$	270.8

Future Minimum Rental Payments for Operating Leases

As reported under the previous accounting standard, the following table provides a summary of future minimum rental payments under non-cancelable operating leases, as of June 29, 2019:



	June 29, 2019
	(millions)
2020	$	399.0
2021	341.5
2022	308.2
2023	270.4
2024	226.5
Subsequent to 2024	1,065.7
Total minimum future rental payments	$	2,611.3