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Leases (Tables)

3 Months Ended

Dec. 27, 2019

Leases [Abstract]

Assets and Liabilities Lessee

The following table summarizes the location of the operating and finance leases in the Company’s Condensed Consolidated Balance Sheets as of December 27, 2019 (in thousands), as well as the weighted average remaining lease term and weighted average discount rate:

Leases		Balance Sheet Location		December 27, 2019
Assets:
Operating		Operating Lease Right-of-use Assets		$	561,872
Finance		Property and Equipment, net		134,539
Total lease assets				$	696,411
Liabilities:
Current
Operating		Current operating lease liabilities		$	75,751
Finance		Current maturities of long-term borrowings		30,928
Noncurrent
Operating		Noncurrent Operating Lease Liabilities		345,500
Finance		Long-term borrowings		111,624
Total lease liabilities				$	563,803
Weighted average remaining lease term (in years)
Operating leases				9.1
Finance leases				8.5
Weighted average discount rate
Operating leases				3.6		%
Finance leases				4.1		%

Lease, Cost

The following table summarizes the location of lease related costs in the Condensed Consolidated Statements of Income for the three months ended December 27, 2019 (in thousands):

				Three Months Ended
Lease Cost		Income Statement Location		December 27, 2019
Operating lease cost1:
Fixed lease costs		Cost of services provided		$	29,529
Variable lease costs2		Cost of services provided		196,625
Short-term lease costs		Cost of services provided		21,330
Finance lease cost3:
Amortization of right-of-use-assets		Depreciation and amortization		7,087
Interest on lease liabilities		Interest and Other Financing Costs, net		1,291
Net lease cost				$	255,862

(1)	Excludes sublease income, which is immaterial.
(2)	Includes $193.6 million of costs related to leases associated with revenue contracts with customers. These costs represent the rent the Company pays its clients to operate at their locations, typically based on a percentage of sales.
(3)	Excludes variable lease costs, which are immaterial.

Lease, Supplemental Cash Flow Information

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

		Three Months Ended
		December 27, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	245,284
Operating cash flows from finance leases		1,270
Financing cash flows from finance leases		8,613
Right-of-use lease assets obtained in exchange for lease obligations:
Operating leases		$	23,768
Finance leases		1,722

Finance Lease, Liability, Maturity

Future minimum lease payments under non-cancelable leases as of December 27, 2019 are as follows (in thousands):

	Operating leases				Finance leases				Total
Remainder of 2020	$	68,984			$	18,818			$	87,802
2021	76,092				35,769				111,861
2022	58,588				19,827				78,415
2023	46,282				16,558				62,840
2024	38,567				14,042				52,609
Thereafter	213,448				52,396				265,844
Total future minimum lease payments	501,961				157,410				659,371
Less: Interest	(80,710		)		(14,858		)		(95,568		)
Present value of lease liabilities	$	421,251			$	142,552			$	563,803

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments under non-cancelable leases as of December 27, 2019 are as follows (in thousands):

	Operating leases				Finance leases				Total
Remainder of 2020	$	68,984			$	18,818			$	87,802
2021	76,092				35,769				111,861
2022	58,588				19,827				78,415
2023	46,282				16,558				62,840
2024	38,567				14,042				52,609
Thereafter	213,448				52,396				265,844
Total future minimum lease payments	501,961				157,410				659,371
Less: Interest	(80,710		)		(14,858		)		(95,568		)
Present value of lease liabilities	$	421,251			$	142,552			$	563,803

Schedule of Future Minimum Rental Payments for Operating Leases

Following is a schedule of the future minimum rental and similar commitments under all non-cancelable operating leases as of September 27, 2019 (in thousands):

2020	$	101,061
2021	74,908
2022	56,765
2023	43,795
2024	36,215
2025-Thereafter	214,818
Total minimum rental obligations	$	527,562

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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