Leases (Tables)

12 Months Ended

Jul. 02, 2022

Leases [Abstract]

Summary of Right-of-Use Assets and Lease Liabilities in Consolidated Balance Sheet

The following table presents the location of the right-of-use assets and lease liabilities in the Company’s consolidated balance sheet as of July 2, 2022 and July 3, 2021 (in millions), as well as the weighted-average lease term and discount rate for the Company’s leases:

Leases	Consolidated Balance Sheet Location	As of July 2, 2022			As of July 3, 2021
Assets:
Operating	Operating lease right-of-use assets	$	623.4		$	438.7
Finance	Property, plant and equipment, net		463.8			294.6
Total lease assets		$	1,087.2		$	733.3
Liabilities:
Current
Operating	Operating lease obligations—current installments	$	111.0		$	77.0
Finance	Finance lease obligations—current installments		79.9			48.7
Non-current
Operating	Operating lease obligations, excluding current installments		530.8			378.0
Finance	Finance lease obligations, excluding current installments		366.7			255.0
Total lease liabilities		$	1,088.4		$	758.7
Weighted average remaining lease term
Operating leases		8.2 years			8.6 years
Finance leases		5.7 years			6.2 years
Weighted average discount rate
Operating leases			3.9	%		4.6	%
Finance leases			3.7	%		4.5	%

Summary of Location of Lease Costs in Consolidated Statement of Operations

The following table presents the location of lease costs in the Company consolidated statement of operations for the periods reported (in millions):

		Fiscal year ended
Lease Cost	Statement of Operations Location	July 2, 2022		July 3, 2021		June 27, 2020
Finance lease cost:
Amortization of finance lease assets	Operating expenses	$	71.8	$	37.0	$	24.4
Interest on lease liabilities	Interest expense		16.4		13.0		10.3
Total finance lease cost		$	88.2	$	50.0	$	34.7
Operating lease cost	Operating expenses		149.3		108.4		111.3
Short-term lease cost	Operating expenses		51.6		23.7		23.0
Total lease cost		$	289.1	$	182.1	$	169.0

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the periods reported is as follows (in millions):

	Fiscal year ended
(In millions)	July 2, 2022		July 3, 2021		June 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	134.5	$	100.5	$	107.2
Operating cash flows from finance leases		16.4		13.0		10.3
Financing cash flows from finance leases		72.1		37.9		24.2
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		75.0		92.5		73.7
Finance leases		109.4		125.6		93.0

Summary of Future Minimum Lease Payments Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases as of July 2, 2022, are as follows (in millions):

Fiscal Year	Operating Leases		Finance Leases
2023	$	132.6	$	94.9
2024		109.5		93.1
2025		91.3		85.4
2026		75.0		80.9
2027		66.2		65.0
Thereafter		284.6		75.6
Total future minimum lease payments	$	759.2	$	494.9
Less: Interest		117.4		48.3
Present value of future minimum lease payments	$	641.8	$	446.6