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LEASES (Tables)

9 Months Ended

Jul. 04, 2021

Leases [Abstract]

Summary of Leases Related to Consolidated Statement of Financial Position

The following is a summary of the leases recognized on the Company’s Condensed Consolidated Statements of Financial Position as of July 4, 2021 and September 30, 2020:

(in millions)						Line Item						July 4, 2021						September 30, 2020
Assets
Operating						Operating lease assets						$	118.3					$	103.8
Finance						Property, plant and equipment, net						127.5						136.3
Total leased assets												$	245.8					$	240.1
Liabilities
Current
Operating						Other current liabilities						$	25.8					$	22.4
Finance						Current portion of long-term debt						11.7						12.1
Long-term
Operating						Long-term operating lease liabilities						99.7						88.8
Finance						Long-term debt, net of current portion						142.2						148.4
Total lease liabilities												$	279.4					$	271.7

Schedule of Lease Costs, Cash Paid, Weighted-Average Lease Term and Discount Rate

The components of lease costs recognized in the Condensed Consolidated Statements of Income for the three and nine month periods ended July 4, 2021 and June 28, 2020 are as follows:

						Three Month Periods Ended												Nine Month Periods Ended
(in millions)						July 4, 2021						June 28, 2020						July 4, 2021						June 28, 2020
Operating lease cost						$	8.7					$	6.2					$	23.6					$	18.8
Finance lease cost
Amortization of leased assets						3.2						3.7						10.7						10.7
Interest on lease liability						2.2						2.3						6.6						6.7
Variable lease cost						3.6						3.3						9.5						9.1
Total lease cost						$	17.7					$	15.5					$	50.4					$	45.3

The following is a summary of the Company’s cash paid for amounts included in the measurement of lease liabilities recognized in the Condensed Consolidated Statement of Cash Flow, including supplemental non-cash activity related to operating leases, for the three and nine month periods ending July 4, 2021 and June 28, 2020:

						Three Month Periods Ended												Nine Month Periods Ended
(in millions)						July 4, 2021						June 28, 2020						July 4, 2021						June 28, 2020
Operating cash flow from operating leases						$	9.9					$	5.5					$	24.1					$	17.3
Operating cash flows from finance leases						2.2						2.2						6.7						6.8
Financing cash flows from finance leases						3.1						3.8						8.8						10.7
Supplemental non-cash flow disclosure
Acquisition of operating lease asset through lease obligations						21.9						2.2						32.9						6.4

The following is a summary of weighted-average lease term and discount rate at July 4, 2021 and September 30, 2020:

						July 4, 2021						September 30, 2020
Weighted average remaining lease term
Operating leases						6.4 years						6.6 years
Finance leases						15.2 years						15.6 years
Weighted average discount rate
Operating leases						4.3		%				4.7		%
Finance leases						5.7		%				5.6		%

Schedule of Future Lease Payments Under Operating Leases

At July 4, 2021, future lease payments under operating and finance leases were as follows:

(in millions)						Finance Leases						Operating Leases
2021 remaining balance						$	5.3					$	8.4
2022						18.6						29.3
2023						17.6						27.1
2024						17.1						18.3
2025						15.3						14.9
Thereafter						167.2						46.8
Total lease payments						241.1						144.8
Amount representing interest						(87.2)						(19.3)
Total minimum lease payments						$	153.9					$	125.5

Schedule of Future Lease Payments Under Finance Leases

At July 4, 2021, future lease payments under operating and finance leases were as follows:

(in millions)						Finance Leases						Operating Leases
2021 remaining balance						$	5.3					$	8.4
2022						18.6						29.3
2023						17.6						27.1
2024						17.1						18.3
2025						15.3						14.9
Thereafter						167.2						46.8
Total lease payments						241.1						144.8
Amount representing interest						(87.2)						(19.3)
Total minimum lease payments						$	153.9					$	125.5

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- Definition

Assets And Liabilities, Lessee

+ References

No definition available.

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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- Definition

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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