XML 53 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
12 Months Ended
Oct. 25, 2020
Leases [Abstract]  
Schedule of supplemental balance sheet information, lease term, and discount rate
Lease information included in the Consolidated Statements of Financial Position are:
(in thousands)Location on Consolidated Statements of
Financial Position
October 25, 2020
Right-of-Use Assets
OperatingOther Assets$53,119 
FinanceNet Property, Plant, and Equipment61,059 
Total Right-of-Use Assets$114,179 
Liabilities
Current
OperatingAccrued Expenses$12,025 
FinanceCurrent Maturities of Long-term Debt8,308 
Noncurrent
OperatingOther Long-term Liabilities43,126 
FinanceLong-term Debt - Less Current Maturities52,722 
Total Lease Liabilities$116,182 
The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
October 25, 2020
Weighted Average Remaining Lease Term
Operating Leases7.31 years
Finance Leases8.14 years
Weighted Average Discount Rate
Operating Leases2.28 %
Finance Leases3.54 %
Schedule of lease expenses and supplemental cash flow and other information related to leases
Lease expenses are:
Fiscal Year Ended
(in thousands)October 25, 2020
Operating Lease Cost (1)
$19,602 
Finance Lease Cost
Amortization of Right-of-Use Assets7,985 
Interest on Lease Liabilities2,304 
Variable Lease Cost (2)
424,955 
Net Lease Cost$454,846 
(1) Includes short-term lease costs, which are immaterial.
(2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices.
Supplemental cash flow and other information related to leases for the fifty-two weeks ended October 25, 2020, are:
(in thousands)October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases$15,412 
Operating Cash Flows from Finance Leases2,304 
Financing Cash Flows from Finance Leases8,189 
Right-of-Use Assets obtained in exchange for new operating lease liabilities5,210 
Schedule of maturities of financing lease liabilities
The maturity of the Company's lease liabilities as of October 25, 2020, are:
(in thousands)Operating Leases
Finance Leases (1)
Total
2021$13,363 $10,327 $23,690 
202210,354 9,934 20,287 
20238,658 9,738 18,396 
20245,835 9,612 15,447 
20253,545 8,117 11,661 
2026 and beyond18,644 21,192 39,836 
Total Lease Payments$60,399 $68,919 $129,318 
Less: Imputed Interest5,247 7,889 13,136 
Present Value of Lease Liabilities$55,152 $61,030 $116,182 
(1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.
Schedule of maturities of operating lease liabilities
The maturity of the Company's lease liabilities as of October 25, 2020, are:
(in thousands)Operating Leases
Finance Leases (1)
Total
2021$13,363 $10,327 $23,690 
202210,354 9,934 20,287 
20238,658 9,738 18,396 
20245,835 9,612 15,447 
20253,545 8,117 11,661 
2026 and beyond18,644 21,192 39,836 
Total Lease Payments$60,399 $68,919 $129,318 
Less: Imputed Interest5,247 7,889 13,136 
Present Value of Lease Liabilities$55,152 $61,030 $116,182 
(1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.
Schedule of noncancelable operating lease commitments
Noncancelable future operating and capital lease commitments on facilities and equipment at October 27, 2019, were as follows:
(in thousands)OperatingCapital
2020$15,603 $1,834 
202110,470 1,787 
20227,951 1,709 
20236,953 1,709 
20244,840 1,709 
2025 and beyond21,773 13,815 
Total Future Payments$67,590 $22,563 
Less: Interest2,850 
Present Value of Future Minimum Capital Lease Payments$19,713 
Schedule of noncancelable capital lease commitments
Noncancelable future operating and capital lease commitments on facilities and equipment at October 27, 2019, were as follows:
(in thousands)OperatingCapital
2020$15,603 $1,834 
202110,470 1,787 
20227,951 1,709 
20236,953 1,709 
20244,840 1,709 
2025 and beyond21,773 13,815 
Total Future Payments$67,590 $22,563 
Less: Interest2,850 
Present Value of Future Minimum Capital Lease Payments$19,713