Note 5 Leases

9 Months Ended

Jul. 02, 2022

Leases [Abstract]

Lessee, Operating Leases

Leases

The Company’s leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company’s initial lease liability and corresponding right-of-use (“ROU”) assets only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company’s balance sheet.

ROU assets and lease liabilities recorded in the condensed consolidated balance sheet are as follows:

	As of
	July 2, 2022			October 2, 2021
	(In thousands)
Other assets	$	66,829		$	68,012
Accrued liabilities	$	15,784		$	17,219
Other long-term liabilities	38,053			38,587
Total lease liabilities	$	53,837		$	55,806
Weighted average remaining lease term (in years)	14.41			14.46
Weighted average discount rate	2.53		%	2.72		%

Lease expense and supplemental cash flow information related to operating leases are as follows:

	Three Months Ended				Nine Months Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
	(In thousands)
Operating lease expense (1)	$	6,009	$	5,297	$	17,779	$	15,859
					Nine Months Ended
					July 2, 2022		July 3, 2021
					(In thousands)
Cash paid for operating lease liabilities					$	14,566	$	14,725

(1)    Includes immaterial amounts of short term leases, variable lease costs and sublease income.

Future lease payments under non-cancelable operating leases as of July 2, 2022, by fiscal year, are as follows:

	Operating Leases
	(In thousands)
Remainder of 2022	$	4,654
2023	15,415
2024	11,564
2025	9,046
2026	5,771
2027	2,664
Thereafter	9,658
Total lease payments	58,772
Less: imputed interest	4,935
Total	$	53,837