Leases, Codification Topic 842

12 Months Ended

Oct. 01, 2021

Leases [Abstract]

Lessee, Operating Leases

11.     LEASES

The Company’s lease arrangements consist primarily of corporate, manufacturing, and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2033, some of which include options to extend the lease term. The options with the longest potential total lease term consist of options for extension of up to three five-year periods following expiration of the original lease term.

During the fiscal years ended October 1, 2021, and October 2, 2020, the Company recorded $33.9 million and $28.1 million of operating lease expense and $3.2 million and $7.6 million of variable lease expense, respectively. During the fiscal year ended September 27, 2019, the Company recorded $18.7 million of rent expense. The Company’s finance leases and short-term leases are immaterial.

Supplemental cash information and non-cash activities related to operating leases are as follows (in millions):

	Fiscal Year Ended
	October 1, 2021		October 2, 2020
Operating cash outflows from operating leases	$	32.5	25.4
Operating lease assets obtained in exchange for new lease liabilities	$	24.8	31.0

Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions):

	As of
	October 1, 2021
2022	31.9
2023	29.4
2024	24.4
2025	22.3
2026	21.7
Thereafter	69.1
Total lease payments	198.8
Less: imputed interest	(21.3)
Present value of lease liabilities	177.5
Less: current portion (included in other current liabilities)	(33.0)
Total	$	144.5

Weighted-average remaining lease term and discount rate related to operating leases are as follows:

	As of
	October 1, 2021		October 2, 2020
Weighted-average remaining lease term (years)	7.5		8.2
Weighted-average discount rate	3.1	%	3.3	%