Leases

6 Months Ended

Jun. 28, 2020

Leases [Abstract]

Leases

Leases

The Company leases property, software, automobiles, trucks and trailers, pursuant to operating lease agreements. The Company also leases furniture, fixtures and equipment under finance leases. The leases have varying remaining lease terms with leases expiring through 2038, some of which include options to extend the leases.

The components of leases expense were as follows (in millions):

	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Operating lease cost	$	33.6	$	28.8	$	66.3	$	56.1
Finance lease cost:
Amortization of right-of-use assets	$	3.6	$	3.8	$	7.3	$	7.6
Interest on lease liabilities	0.3		0.2		0.5		0.5
Total finance lease cost	$	3.9	$	4.0	$	7.8	$	8.1

Supplemental cash flow information related to leases was as follows (in millions):

	Six Months Ended
	June 28, 2020		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	63.8	$	54.7
Operating cash flows related to finance leases	$	0.5	$	0.5
Financing cash flows related to finance leases	$	7.5	$	8.3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	116.7	$	49.0
Finance leases	$	8.3	$	—

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):

	June 28, 2020			December 29, 2019
Operating Leases
Operating lease right-of-use assets	$	927.8		$	811.1
Accumulated amortization	(117.9)			(75.2)
Operating lease right-of-use assets, net	$	809.9		$	735.9
Other accrued expenses	$	76.0		$	68.6
Operating lease liabilities	778.3			709.5
Total operating lease liabilities	$	854.3		$	778.1
Finance Leases
Property and equipment, gross	$	134.8		$	127.4
Accumulated depreciation	(98.5)			(90.9)
Property and equipment, net	$	36.3		$	36.5
Other accrued expenses	$	11.6		$	12.4
Other liabilities	14.7			12.6
Total finance lease liabilities	$	26.3		$	25.0
Weighted Average Remaining Lease Term (Years)
Operating leases	11.55			11.81
Finance leases	2.87			1.58
Weighted Average Discount Rate
Operating leases	5.6		%	5.7		%
Finance leases	3.7		%	4.6		%

Maturities of lease liabilities as of June 28, 2020 were as follows (in millions):

	Operating Leases		Finance Leases
2020 (excluding the six months ended June 28, 2020)	$	59.6	$	6.2
2021	120.5		10.3
2022	107.0		5.4
2023	98.3		3.1
2024	93.1		2.5
2025	89.4		0.3
Thereafter	612.7		—
	1,180.6		27.8
Less imputed interest	(326.3)		(1.5)
Total	$	854.3	$	26.3

Leases

Leases

The Company leases property, software, automobiles, trucks and trailers, pursuant to operating lease agreements. The Company also leases furniture, fixtures and equipment under finance leases. The leases have varying remaining lease terms with leases expiring through 2038, some of which include options to extend the leases.

The components of leases expense were as follows (in millions):

	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Operating lease cost	$	33.6	$	28.8	$	66.3	$	56.1
Finance lease cost:
Amortization of right-of-use assets	$	3.6	$	3.8	$	7.3	$	7.6
Interest on lease liabilities	0.3		0.2		0.5		0.5
Total finance lease cost	$	3.9	$	4.0	$	7.8	$	8.1

Supplemental cash flow information related to leases was as follows (in millions):

	Six Months Ended
	June 28, 2020		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	63.8	$	54.7
Operating cash flows related to finance leases	$	0.5	$	0.5
Financing cash flows related to finance leases	$	7.5	$	8.3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	116.7	$	49.0
Finance leases	$	8.3	$	—

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):

	June 28, 2020			December 29, 2019
Operating Leases
Operating lease right-of-use assets	$	927.8		$	811.1
Accumulated amortization	(117.9)			(75.2)
Operating lease right-of-use assets, net	$	809.9		$	735.9
Other accrued expenses	$	76.0		$	68.6
Operating lease liabilities	778.3			709.5
Total operating lease liabilities	$	854.3		$	778.1
Finance Leases
Property and equipment, gross	$	134.8		$	127.4
Accumulated depreciation	(98.5)			(90.9)
Property and equipment, net	$	36.3		$	36.5
Other accrued expenses	$	11.6		$	12.4
Other liabilities	14.7			12.6
Total finance lease liabilities	$	26.3		$	25.0
Weighted Average Remaining Lease Term (Years)
Operating leases	11.55			11.81
Finance leases	2.87			1.58
Weighted Average Discount Rate
Operating leases	5.6		%	5.7		%
Finance leases	3.7		%	4.6		%

Maturities of lease liabilities as of June 28, 2020 were as follows (in millions):

	Operating Leases		Finance Leases
2020 (excluding the six months ended June 28, 2020)	$	59.6	$	6.2
2021	120.5		10.3
2022	107.0		5.4
2023	98.3		3.1
2024	93.1		2.5
2025	89.4		0.3
Thereafter	612.7		—
	1,180.6		27.8
Less imputed interest	(326.3)		(1.5)
Total	$	854.3	$	26.3