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Leases (Tables)
9 Months Ended
Apr. 01, 2023
Leases [Abstract]  
Assets and Liabilities, Lessee
The following table summarizes the ROU assets and lease liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of April 1, 2023 and July 2, 2022:
April 1,
2023
July 2,
2022
Location Recorded on Balance Sheet
(millions)
Assets:
Operating leases$1,363.8 $1,281.6 Operating lease right-of-use assets
Finance leases 1.4 1.9 Property and equipment, net
Total lease assets$1,365.2 $1,283.5 
Liabilities:
Operating leases:
Current lease liabilities$294.7 $288.7 Current portion of operating lease liabilities
Long-term lease liabilities1,332.0 1,282.3 Long-term operating lease liabilities
Total operating lease liabilities$1,626.7 $1,571.0 
Finance leases:
Current lease liabilities$1.2 $1.1 Accrued liabilities
Long-term lease liabilities1.5 2.4 Other liabilities
Total finance lease liabilities $2.7 $3.5 
Total lease liabilities $1,629.4 $1,574.5 
Lease, Cost
The following table summarizes the composition of net lease costs, primarily recorded within SG&A expenses on the Company's Condensed Consolidated Statements of Operations for the three and nine months ended April 1, 2023 and April 2, 2022:
Three Months EndedNine Months Ended
April 1, 2023April 2, 2022April 1, 2023April 2, 2022
(millions)
Finance lease cost:
Amortization of right-of-use assets$0.3 $0.2 $0.8 $0.7 
Interest on lease liabilities(1)
0.1 0.1 0.3 0.3 
Total finance lease cost0.4 0.3 1.1 1.0 
Operating lease cost81.3 83.7 239.1 254.4 
Short-term lease cost5.8 5.0 22.2 14.6 
Variable lease cost(2)
60.0 45.8 158.4 144.6 
Less: sublease income(4.4)(5.1)(13.7)(15.2)
Total net lease cost$143.1 $129.7 $407.1 $399.4 
(1)    Interest on lease liabilities is recorded within Interest expense, net on the Company's Condensed Consolidated Statement of Operations.
(2) Rent concessions negotiated related to Covid-19 are recorded in variable lease expense.
The following table summarizes certain cash flow information related to the Company's leases for the nine months ended April 1, 2023 and April 2, 2022:
Nine Months Ended
April 1, 2023April 2, 2022
(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$290.3 $321.1 
Operating cash flows from finance leases0.3 0.3 
Financing cash flows from finance leases0.8 0.7 
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities299.2 102.1