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LEASES (Tables)

6 Months Ended

Apr. 26, 2020

Schedule of supplemental balance sheet information

Supplemental balance sheet information related to leases as of April 26, 2020, are:



(in thousands)	Location on Consolidated Statements of Financial Position	April 26, 2020
Right-of-Use Assets
Operating	Other Assets	$	59,054
Finance	Net Property, Plant and Equipment	65,059
Total Right-of-Use Assets		$	124,114
Liabilities
Current
Operating	Accrued Expenses	$	13,767
Finance	Current Maturities of Long-Term Debt	8,295
Noncurrent
Operating	Other Long-Term Liabilities	47,339
Finance	Long-Term Debt - Less Current Maturities	56,861
Total Lease Liabilities		$	126,263

The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position as of April 26, 2020, are:



	April 26, 2020
Weighted Average Remaining Lease Term
Operating Leases	7.37 years
Finance Leases	8.59 years
Weighted Average Discount Rate
Operating Leases	2.29	%
Finance Leases	3.57	%

Schedule of lease expenses and supplemental cash flow and other information related to leases

Supplemental cash flow and other information related to leases for the twenty-six weeks ended April 26, 2020, are:



(in thousands)	April 26, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$	7,258
Operating Cash Flows from Finance Leases	1,192
Financing Cash Flows from Finance Leases	4,069

ROU assets obtained in exchange for new operating lease liabilities	3,600

Lease expenses for the thirteen and twenty-six weeks ended April 26, 2020, are:



	Thirteen Weeks Ended		Twenty-Six Weeks Ended
(in thousands)	April 26, 2020		April 26, 2020
Operating Lease Cost ⁽¹⁾	$	5,366	$	10,490
Finance Lease Cost
Amortization of Right-of-Use Assets	2,001		4,000
Interest on Lease Liabilities	587		1,192
Variable Lease Cost ⁽²⁾	106,866		209,534
Net Lease Cost	$	114,820	$	225,216


⁽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.

Schedule of maturities of financing lease liabilities

The maturity of the Company's lease liabilities as of April 26, 2020, are:



(in thousands)	Operating Leases⁽¹⁾		Finance Leases ⁽²⁾		Total
2020 (twenty-six weeks remaining)	$	9,055	$	5,240	$	14,296
2021	12,787		10,324		23,111
2022	10,087		9,934		20,021
2023	8,428		9,738		18,166
2024	5,598		9,612		15,209
2025	3,415		8,117		11,532
2026 and beyond	18,644		21,192		39,836
Total Lease Payments	$	68,015	$	74,157	$	142,172
Less: Imputed Interest	6,908		9,001		15,909
Present Value of Lease Liabilities	$	61,107	$	65,156	$	126,263


⁽¹⁾	Operating lease payments exclude $0.2 million of legally binding minimum lease payments for leases signed but not yet commenced.


⁽²⁾	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 April 26, 2020, are:



(in thousands)	Operating Leases⁽¹⁾		Finance Leases ⁽²⁾		Total
2020 (twenty-six weeks remaining)	$	9,055	$	5,240	$	14,296
2021	12,787		10,324		23,111
2022	10,087		9,934		20,021
2023	8,428		9,738		18,166
2024	5,598		9,612		15,209
2025	3,415		8,117		11,532
2026 and beyond	18,644		21,192		39,836
Total Lease Payments	$	68,015	$	74,157	$	142,172
Less: Imputed Interest	6,908		9,001		15,909
Present Value of Lease Liabilities	$	61,107	$	65,156	$	126,263


⁽¹⁾	Operating lease payments exclude $0.2 million of legally binding minimum lease payments for leases signed but not yet commenced.

⁽²⁾

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.