Leases

3 Months Ended

Mar. 29, 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
	March 29, 2020		March 31, 2019
Operating lease cost	$	32.7	$	27.3
Finance lease cost:
Amortization of right-of-use assets	$	3.7	$	3.8
Interest on lease liabilities	0.2		0.3
Total finance lease cost	$	3.9	$	4.1

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

	Three Months Ended
	March 29, 2020		March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	31.4	$	26.5
Operating cash flows related to finance leases	$	0.3	$	0.3
Financing cash flows related to finance leases	$	3.8	$	5.6
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	81.7	$	1.9
Finance leases	$	5.2	$	—

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

	March 29, 2020			December 29, 2019
Operating Leases
Operating lease right-of-use assets	$	892.8		$	811.1
Accumulated amortization	(96.2		)	(75.2		)
Operating lease right-of-use assets, net	$	796.6		$	735.9
Other accrued expenses	$	73.6		$	68.6
Operating lease liabilities	766.5			709.5
Total operating lease liabilities	$	840.1		$	778.1
Finance Leases
Property and equipment, gross	$	131.6		$	127.4
Accumulated depreciation	(94.3		)	(90.9		)
Property and equipment, net	$	37.3		$	36.5
Other accrued expenses	$	11.6		$	12.4
Other liabilities	14.0			12.6
Total finance lease liabilities	$	25.6		$	25.0
Weighted Average Remaining Lease Term (Years)
Operating leases	11.56			11.81
Finance leases	2.83			1.58
Weighted Average Discount Rate
Operating leases	5.6		%	5.7		%
Finance leases	3.8		%	4.6		%

Maturities of lease liabilities as of March 29, 2020 were as follows (in millions):

	Operating Leases			Finance Leases
2020 (excluding the three months ended March 29, 2020)	$	88.5		$	10.0
2021	114.7			8.8
2022	103.4			3.9
2023	95.3			2.2
2024	90.0			2.2
2025	87.1			0.1
Thereafter	581.8			—
	1,160.8			27.2
Less imputed interest	(320.7		)	(1.6		)
Total	$	840.1		$	25.6

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
	March 29, 2020		March 31, 2019
Operating lease cost	$	32.7	$	27.3
Finance lease cost:
Amortization of right-of-use assets	$	3.7	$	3.8
Interest on lease liabilities	0.2		0.3
Total finance lease cost	$	3.9	$	4.1

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

	Three Months Ended
	March 29, 2020		March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$	31.4	$	26.5
Operating cash flows related to finance leases	$	0.3	$	0.3
Financing cash flows related to finance leases	$	3.8	$	5.6
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	81.7	$	1.9
Finance leases	$	5.2	$	—

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

	March 29, 2020			December 29, 2019
Operating Leases
Operating lease right-of-use assets	$	892.8		$	811.1
Accumulated amortization	(96.2		)	(75.2		)
Operating lease right-of-use assets, net	$	796.6		$	735.9
Other accrued expenses	$	73.6		$	68.6
Operating lease liabilities	766.5			709.5
Total operating lease liabilities	$	840.1		$	778.1
Finance Leases
Property and equipment, gross	$	131.6		$	127.4
Accumulated depreciation	(94.3		)	(90.9		)
Property and equipment, net	$	37.3		$	36.5
Other accrued expenses	$	11.6		$	12.4
Other liabilities	14.0			12.6
Total finance lease liabilities	$	25.6		$	25.0
Weighted Average Remaining Lease Term (Years)
Operating leases	11.56			11.81
Finance leases	2.83			1.58
Weighted Average Discount Rate
Operating leases	5.6		%	5.7		%
Finance leases	3.8		%	4.6		%

Maturities of lease liabilities as of March 29, 2020 were as follows (in millions):

	Operating Leases			Finance Leases
2020 (excluding the three months ended March 29, 2020)	$	88.5		$	10.0
2021	114.7			8.8
2022	103.4			3.9
2023	95.3			2.2
2024	90.0			2.2
2025	87.1			0.1
Thereafter	581.8			—
	1,160.8			27.2
Less imputed interest	(320.7		)	(1.6		)
Total	$	840.1		$	25.6