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Leases (Tables)

9 Months Ended

Jun. 26, 2020

Leases


(in thousands)	June 26, 2020
Assets
Operating lease assets	$	37,068
Finance lease assets	3,570
Total right-of-use assets, gross	$	40,638
Less: accumulated depreciation	(1,956)
Right-of-use assets, net	$	38,682

Liabilities
Current liabilities:
Current portion of operating lease liabilities	$	11,207
Current portion of finance lease liabilities	358
Lease obligations	$	11,565

Noncurrent liabilities:
Operating lease liabilities	$	27,014
Finance lease liabilities	899
Long-term lease obligations	$	27,913
Total lease obligations	$	39,478

Lease, cost

The following table summarizes lease costs by type of cost for the three months ended June 26, 2020. In the condensed consolidated statements of operations, cost of sales and selling, general and administrative expenses included lease costs of $4,464 and $349, respectively.


(in thousands)	Three months ended June 26, 2020
Condensed Consolidated Statement of Operations Classification	Total
Amortization of right-of-use assets	$	3,611
Interest on lease liabilities	10
Variable lease costs	405
Short term lease costs	787
Total lease costs	$	4,813

The following table summarizes lease costs by type of cost for the nine months ended June 26, 2020. In the condensed consolidated statements of operations, cost of sales and selling, general and administrative expenses included lease costs of $10,414 and $2,474, respectively.


(in thousands)	Nine months ended June 26, 2020
Condensed Consolidated Statement of Operations Classification	Total
Amortization of right-of-use assets	$	10,995
Interest on lease liabilities	32
Variable lease costs	487
Short term lease costs	1,374
Total lease costs	$	12,888

Lease Term and Discount Rate


	June 26, 2020
Weighted-average remaining lease term (years)
Operating leases	4.6
Finance leases	3.4

Weighted-average discount rate
Operating leases	3.83	%
Finance leases	3.16	%

Other Information


(in thousands)						Nine months ended June 26, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases						9,687
Operating cash flows from finance leases						20
Financing cash flows from finance leases						396

Operating lease liability, maturity

The Company's maturity analysis of its lease liabilities as of June 26, 2020 is as follows:


(in thousands)	Financing Leases		Operating Leases
2020	$	105	$	3,449
2021	400		11,785
2022	385		8,817
2023	314		6,769
2024	69		5,624
2025 and after	—		6,760
Total lease payments	$	1,273	$	43,204
Less: Interest	(16)		(4,983)
Present value of lease liabilities	$	1,257	$	38,221

Finance lease, liability, maturity

The Company's maturity analysis of its lease liabilities as of June 26, 2020 is as follows:


(in thousands)	Financing Leases		Operating Leases
2020	$	105	$	3,449
2021	400		11,785
2022	385		8,817
2023	314		6,769
2024	69		5,624
2025 and after	—		6,760
Total lease payments	$	1,273	$	43,204
Less: Interest	(16)		(4,983)
Present value of lease liabilities	$	1,257	$	38,221

Schedule of Minimum Future Operating Lease Payments

The following represents the Company's future minimum rental payments at September 30, 2019 for agreements classified as operating leases under ASC 840 with non-cancelable terms in excess of one year:


2020	$	13,526
2021	11,592
2022	8,666
2023	6,362
2024	5,097
2025 and thereafter	6,938
Total	$	52,181