LEASES (Tables)

9 Months Ended

Jul. 31, 2020

Leases [Abstract]

Lease, Cost

The following table presents the components of our lease costs (in thousands) paid during the three and nine months ended July 31, 2020:

Description	Three Months Ended July 31, 2020		Nine Months Ended July 31, 2020
Operating lease cost	$	3,743	$	12,011
Short-term lease cost	744		2,531
Variable lease cost (1)	106,166		310,106
Total lease cost	$	110,653	$	324,648

(1) Variable lease costs are attributable to payments made to independent contract poultry producers and are based on or influenced by output received from contract producers, birds placed, poultry house size and relative performance.

Other information regarding our operating leases includes the following:

Description	Amount
Cash outflows for operating leases included in the measurement of lease liabilities during the nine months ended July 31, 2020 (in thousands)	$	12,173
Non-cash amount of right of use assets and lease liabilities recorded upon adoption (in thousands) (1)	$	54,665
Weighted-average remaining lease term as of July 31, 2020 (years)	3.9
Weighted-average discount rate as of July 31, 2020	2.46		%

(1) There were no new right of use assets obtained in exchange for lease liabilities during the nine months ended July 31, 2020.

Schedule of Future Minimum Rental Payments for Operating Leases

The future maturities of obligations under non-cancelable operating leases at July 31, 2020 were as follows (in thousands):

Fiscal Year	Amount
2020 (remainder)	$	3,584
2021	14,398
2022	11,969
2023	8,327
2024	4,744
Thereafter	2,430
Total undiscounted operating lease payments	45,452
Less: imputed interest	(2,979)
Present value of lease liabilities	$	42,473