Leases (Tables)

12 Months Ended

Jul. 01, 2023

Leases [Abstract]

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 July 1, 2023 and July 2, 2022 (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 July 1, 2023				As of July 2, 2022
Assets:
Operating		Operating lease right-of-use assets		$	703.6			$	623.4
Finance		Property, plant and equipment, net			566.2				463.8
Total lease assets				$	1,269.8			$	1,087.2
Liabilities:
Current
Operating		Operating lease obligations—current installments		$	105.5			$	111.0
Finance		Finance lease obligations—current installments			102.6				79.9
Non-current
Operating		Operating lease obligations, excluding current installments			628.9				530.8
Finance		Finance lease obligations, excluding current installments			447.3				366.7
Total lease liabilities				$	1,284.3			$	1,088.4

Weighted average remaining lease term
Operating leases				8.7 years				8.2 years
Finance leases				5.7 years				5.7 years
Weighted average discount rate
Operating leases					4.7	%			3.9	%
Finance leases					4.2	%			3.7	%

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 periods reported (in millions):


				Fiscal year ended
Lease Cost		Statement of Operations Location		July 1, 2023				July 2, 2022				July 3, 2021
Finance lease cost:
Amortization of finance lease assets		Operating expenses		$	88.4			$	71.8			$	37.0
Interest on lease liabilities		Interest expense			19.6				16.4				13.0
Total finance lease cost				$	108.0			$	88.2			$	50.0
Operating lease cost		Operating expenses			147.9				149.3				108.4
Short-term lease cost		Operating expenses			73.7				51.6				23.7
Total lease cost				$	329.6			$	289.1			$	182.1

Summary of Supplemental Cash Flow Information Related to Leases

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


		Fiscal year ended
(In millions)		July 1, 2023				July 2, 2022				July 3, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	135.7			$	134.5			$	100.5
Operating cash flows from finance leases			19.6				16.4				13.0
Financing cash flows from finance leases			88.5				72.1				37.9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			201.3				75.0				92.5
Finance leases			191.8				109.4				125.6

Summary of Future Minimum Lease Payments Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases as of July 1, 2023, are as follows (in millions):


Fiscal Year		Operating Leases				Finance Leases
2024		$	137.3			$	124.7
2025			125.6				116.7
2026			106.0				112.0
2027			96.5				96.1
2028			85.6				71.1
Thereafter			372.9				105.3
Total future minimum lease payments		$	923.9			$	625.9
Less: Interest			189.5				76.0
Present value of future minimum lease payments		$	734.4			$	549.9