Leases (Tables)

6 Months Ended

Apr. 04, 2020

Schedule of Impacts of Adoption of New Accounting Pronouncements

As a result of the adoption, the following adjustments were made to the opening balances of the Company's Condensed Consolidated Balance Sheets (in thousands):



	September 28, 2019		Impacts due to adoption of Topic 842			September 29, 2019
ASSETS
Prepaid expenses and other	$	31,974	$	(170	)	$	31,804
Operating right-of-use assets	—		75,790			75,790
Property, plant and equipment, net	384,224		(1,833		)	382,391
Deferred income taxes	13,654		432			14,086
Other non-current assets	64,714		(30,193		)	34,521
LIABILITIES AND SHAREHOLDERS' EQUITY
Other accrued liabilities	$	106,461	$	7,939		$	114,400
Long-term debt and finance lease obligations, net of current portion	187,278		(207		)	187,071
Long-term operating lease liabilities	—		37,371			37,371
Retained earnings	1,178,677		(1,077		)	1,177,600

Schedule of Lease Expense and Other Information

The components of lease expense for three and six months ended April 4, 2020 were as follows (in thousands):



	Three Months Ended		Six Months Ended
	April 4, 2020		April 4, 2020
Finance lease expense:
Amortization of right-of-use assets	$	1,075	$	2,269
Interest on lease liabilities	1,211		2,502
Operating lease expense	2,898		6,079
Other lease expense	1,139		1,259
Total	$	6,323	$	12,109

Other information related to the Company’s leases was as follows:



	April 4, 2020
Weighted-average remaining lease term (in years)
Finance leases	13.4
Operating leases	18.3
Weighted-average discount rate
Finance leases	17.8	%
Operating leases	3.0	%



	Three Months Ended		Six Months Ended
	April 4, 2020		April 4, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
Operating cash flows used in finance leases	$	1,125	$	2,249
Operating cash flows used in operating leases	2,659		5,838
Finance cash flows used in finance leases	845		1,564
ROU assets obtained in exchange for lease liabilities (in thousands)
Operating leases	$	6	$	7,509
Finance leases	83		357

Schedule of Lease Assets and Liabilities

The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands):



	Financial Statement Line Item	April 4, 2020
ASSETS
Finance lease assets	Property, plant and equipment, net	$	36,227
Operating lease assets	Right-of-use operating lease assets	74,371
Total lease assets		$	110,598

LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Finance lease liabilities	Current portion of long-term debt and finance lease obligations	$	2,372
Operating lease liabilities	Other accrued liabilities	8,545
Non-current
Finance lease liabilities	Long-term debt and finance lease obligations, net of current portion	36,532
Operating lease liabilities	Long-term operating lease liabilities	39,617
Total lease liabilities		$	87,066

Schedule of Future Minimum Lease Payments

Future minimum lease payments required under finance and operating leases as of April 4, 2020, were as follows (in thousands):



	Operating leases			Finance leases
Remaining 2020	$	5,241		$	3,602
2021	8,710			6,535
2022	7,950			6,068
2023	7,532			5,321
2024	5,936			4,993
2025 and thereafter	20,362			98,771
Total minimum lease payments	55,731			125,290
Less: imputed interest	(7,569		)	(86,386		)
Present value of lease liabilities	$	48,162		$	38,904

Schedule of Future Minimum Lease Payments (Prior to Adoption)

Future minimum lease payments required under long-term operating and capital leases as of September 28, 2019, were as follows (in thousands):



	Operating leases		Capital leases
2020	$	10,395	$	6,734
2021	6,554		3,490
2022	5,584		2,884
2023	5,153		1,652
2024	3,713		958
Thereafter	9,426		34,143
Total	$	40,825	$	49,861