Leases (Tables)

3 Months Ended

Sep. 28, 2019

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 September 28, 2019 (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 September 28, 2019
Assets:
Operating	Operating lease right-of-use assets	$	409.4
Finance	Property, plant and equipment, net		159.7
Total lease assets		$	569.1
Liabilities:
Current
Operating	Operating lease obligations—current installments	$	80.8
Finance	Finance lease obligations—current installments		21.5
Non-current
Operating	Operating lease obligations, excluding current installments		330.1
Finance	Finance lease obligations, excluding current installments		147.9
Total lease liabilities		$	580.3

Weighted average remaining lease term
Operating leases		7.5 years
Finance leases		7.2 years
Weighted average discount rate
Operating leases			5.4	%
Finance leases			6.0	%

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 three months ended September 28, 2019 (in millions):

Lease Cost	Statement of Operations Location	Three months ended September 28, 2019
Finance lease cost:
Amortization of finance lease assets	Operating expenses	$	4.7
Interest on lease liabilities	Interest expense		2.2
Total finance lease cost		$	6.9
Operating lease cost	Operating expenses		28.1
Short-term lease cost	Operating expenses		5.9
Total lease cost		$	40.9

Summary of Supplemental Cash Flow Information Related to Leases

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

(In millions)	Three months ended September 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	26.8
Operating cash flows from finance leases		2.2
Financing cash flows from finance leases		4.6
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		8.7
Finance leases		26.8

Summary of Future Minimum Lease Payments Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases as of September 28, 2019 are as follows (in millions):

Fiscal Year	Operating Leases		Finance Leases
Remaining 2020	$	76.9	$	23.1
2021		89.9		30.4
2022		74.4		29.9
2023		59.2		28.8
2024		42.2		28.0
Thereafter		175.9		72.3
Total future minimum lease payments	$	518.5	$	212.5
Less: Interest		107.6		43.1
Present value of future minimum lease payments	$	410.9	$	169.4

Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases Prior to Adoption of ASC 842

Future minimum lease payments in effect as of June 29, 2019 under non-cancelable leases, as determined prior to the adoption of ASC 842, were as follows (in millions):

Fiscal Year	Operating Leases		Finance Leases
2020	$	104.7	$	26.7
2021		89.6		26.3
2022		73.8		25.8
2023		58.2		24.7
2024		40.8		23.9
Thereafter		163.8		58.4
Total future minimum lease payments	$	530.9	$	185.8
Less: Interest				38.6
Present value of future minimum lease payments			$	147.2