Leases

12 Months Ended

Oct. 30, 2021

Leases [Abstract]

Leases

Leases

The Company enters into operating leases which primarily relate to certain facilities. The Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present at the inception of an arrangement. Lease assets represent the Company's right to use underlying assets for the lease term, and lease liabilities represent the obligation to make lease payments over the lease term. At lease commencement, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property. The Company has agreements with lease and non-lease components, which are accounted for as a single lease component. Non-lease components may include real estate taxes, insurance, maintenance, parking and other operating costs. If these costs are variable costs they are not included in the measurement of the right-of-use assets and lease liabilities, but are expensed when the event determining the amount of variable consideration to be paid occurs. The Company’s leases have remaining lease terms of less than one year to approximately twenty-four years, some of which may include options to extend the initial term of the lease. These options are included in determining the initial lease term at lease commencement only if the Company is reasonably certain to exercise the option. Lease costs are recognized on a straight-line basis as lease expense over the lease term. For leases with terms of twelve months or less the Company recognizes the related lease payments as expense either on a straight-line basis over the lease term or as incurred depending on whether the lease payments are fixed or variable.

The following table presents supplemental balance sheet information related to the Company's operating leases:

	October 30, 2021		October 31, 2020
Assets
Operating lease right-of-use assets in Other assets	$	279,542	$	256,625
Liabilities
Operating lease liabilities in Accrued liabilities	$	52,576	$	39,923
Operating lease liabilities in Other non-current liabilities	$	295,782	$	288,492

Details of the Company's operating leases are as follows:

	October 30, 2021		October 31, 2020
Lease expense	$	50,799	$	45,892
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows from operating leases	$	53,724	$	47,243
Lease assets obtained in exchange for new lease liabilities	$	25,946	$	54,392
Weighted average remaining lease term	7.9 years		9.2 years
Weighted average discount rate	2.9%		3.1%

The following table presents the maturities of the Company's operating lease liabilities as of October 30, 2021:

Fiscal year	Operating Leases
2022	$	61,855
2023	53,964
2024	49,454
2025	44,055
2026	40,004
Thereafter	143,670
Total future minimum operating lease payments	393,002
Less: imputed interest	(44,644)
Present value of operating lease liabilities	$	348,358