XML 50 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases (Tables)
12 Months Ended
Oct. 30, 2022
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 thousandsLocation on Consolidated Statements of
Financial Position
October 30, 2022October 31, 2021
Right-of-Use Assets
OperatingOther Assets$73,613 $72,291 
FinanceNet Property, Plant, and Equipment45,563 53,433 
Total Right-of-Use Assets$119,176 $125,724 
Liabilities
Current
OperatingAccrued Expenses$21,183 $18,331 
FinanceCurrent Maturities of Long-term Debt8,391 8,362 
Noncurrent
OperatingOther Long-term Liabilities55,571 56,779 
FinanceLong-term Debt Less Current Maturities36,082 44,637 
Total Lease Liabilities$121,227 $128,109 
The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
October 30, 2022October 31, 2021
Weighted Average Remaining Lease Term
Operating Leases5.32 years5.92 years
Finance Leases6.26 years7.18 years
Weighted Average Discount Rate
Operating Leases2.08 %1.76 %
Finance Leases3.44 %3.48 %
Schedule of lease expenses and supplemental cash flow and other information related to leases
Lease expenses are:
Fiscal Year Ended
In thousandsOctober 30, 2022October 31, 2021October 25, 2020
Operating Lease Cost (1)
$25,702 $21,993 $19,602 
Finance Lease Cost
Amortization of Right-of-Use Assets7,965 8,104 7,985 
Interest on Lease Liabilities1,707 2,019 2,304 
Variable Lease Cost (2)
463,439 544,635 424,955 
Net Lease Cost$498,813 $576,751 $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 fiscal year-end are:
In thousandsOctober 30, 2022October 31, 2021October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases$24,098 $20,305 $15,412 
Operating Cash Flows from Finance Leases1,707 2,019 2,304 
Financing Cash Flows from Finance Leases8,491 8,598 8,189 
Right-of-Use Assets obtained in exchange for new operating lease liabilities19,646 31,962 5,210 
Schedule of maturities of financing lease liabilities
The maturity of the Company's lease liabilities as of October 30, 2022, are:
In thousandsOperating Leases
Finance Leases (1)
Total
2023$23,405 $9,745 $33,150 
202419,062 9,623 28,685 
202514,892 8,120 23,012 
202610,110 5,652 15,762 
20274,429 4,314 8,743 
2028 and beyond13,962 11,226 25,188 
Total Lease Payments$85,859 $48,680 $134,539 
Less: Imputed Interest9,105 4,207 13,312 
Present Value of Lease Liabilities$76,754 $44,473 $121,227 
(1) Over the life of the lease contracts, finance lease payments include $8.5 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 30, 2022, are:
In thousandsOperating Leases
Finance Leases (1)
Total
2023$23,405 $9,745 $33,150 
202419,062 9,623 28,685 
202514,892 8,120 23,012 
202610,110 5,652 15,762 
20274,429 4,314 8,743 
2028 and beyond13,962 11,226 25,188 
Total Lease Payments$85,859 $48,680 $134,539 
Less: Imputed Interest9,105 4,207 13,312 
Present Value of Lease Liabilities$76,754 $44,473 $121,227 
(1) Over the life of the lease contracts, finance lease payments include $8.5 million related to purchase options which are reasonably certain of being exercised.