Leases (Tables)

6 Months Ended

Dec. 31, 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 December 31, 2022 and July 2, 2022 (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 December 31, 2022			As of July 2, 2022
Assets:
Operating	Operating lease right-of-use assets	$	666.5		$	623.4
Finance	Property, plant and equipment, net		484.6			463.8
Total lease assets		$	1,151.1		$	1,087.2
Liabilities:
Current
Operating	Operating lease obligations—current installments	$	103.8		$	111.0
Finance	Finance lease obligations—current installments		88.1			79.9
Non-current
Operating	Operating lease obligations, excluding current installments		587.1			530.8
Finance	Finance lease obligations, excluding current installments		378.9			366.7
Total lease liabilities		$	1,157.9		$	1,088.4
Weighted average remaining lease term
Operating leases		8.3 years			8.2 years
Finance leases		5.6 years			5.7 years
Weighted average discount rate
Operating leases			4.4	%		3.9	%
Finance leases			3.8	%		3.7	%

Summary of Location of Lease Costs in Consolidated Statement of Operations

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

		Three Months Ended				Six Months Ended
Lease Cost	Statement of Operations Location	December 31, 2022		January 1, 2022		December 31, 2022		January 1, 2022
Finance lease cost:
Amortization of finance lease assets	Operating expenses	$	21.2	$	18.4	$	41.6	$	31.3
Interest on lease liabilities	Interest expense		4.5		4.3		8.7		8.2
Total finance lease cost		$	25.7	$	22.7	$	50.3	$	39.5
Operating lease cost	Operating expenses		37.2		38.7		73.9		68.3
Short-term lease cost	Operating expenses		16.7		17.7		34.7		28.6
Total lease cost		$	79.6	$	79.1	$	158.9	$	136.4

Summary of Supplemental Cash Flow Information Related to Leases

The following table presents the supplemental cash flow information related to leases for the periods reported (in millions):

	Six Months Ended
(In millions)	December 31, 2022		January 1, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	68.8	$	64.0
Operating cash flows from finance leases		8.7		8.2
Financing cash flows from finance leases		42.8		33.8
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		108.1		36.3
Finance leases		63.2		82.1

Summary of Future Minimum Lease Payments Under Non-Cancelable Leases

The following table presents the future minimum lease payments under non-cancelable leases as of December 31, 2022 (in millions):

Fiscal Year	Operating Leases		Finance Leases
2023	$	67.0	$	51.6
2024		127.4		103.3
2025		109.6		95.5
2026		92.1		91.0
2027		83.8		75.2
Thereafter		362.4		105.4
Total future minimum lease payments	$	842.3	$	522.0
Less: Interest		151.4		55.0
Present value of future minimum lease payments	$	690.9	$	467.0