Note 5 Leases

6 Months Ended

Apr. 03, 2021

Leases of Lessee Disclosure [Text Block]

LeasesThe Company's leases consist primarily of operating leases for buildings and land. These leases have initial lease terms of up to 44 years and, upon adoption of ASC 842, are recorded on the Company's balance sheet as lease liabilities and corresponding right-of-use ("ROU") assets. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the

Company's initial lease liability and corresponding ROU asset only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company's balance sheet.

ROU assets and lease liabilities recorded in the condensed consolidated balance sheet are as follows:


	As of
	April 3, 2021			October 3, 2020
	(In thousands)
Other assets (1)	$	49,988		$	52,552

Accrued liabilities	16,780			16,659
Other long-term liabilities	35,101			37,015
Total lease liabilities	$	51,881		$	53,674

Weighted average remaining lease term (in years)	6.67			6.88
Weighted average discount rate	2.98		%	3.13		%

(1) Net of accumulated amortization of $21 million and $16 million as of April 3, 2021 and October 3, 2020, respectively.

Cash paid for operating lease liabilities was $10 million and $9 million for the six months ended April 3, 2021 and March 28, 2020, respectively. Operating lease expense, which includes an immaterial amount for short-term leases, variable lease costs and sublease income, was $5 million and $11 million for the three and six months ended April 3, 2021, respectively and $4 million and $8 million for the three and six months ended March 28, 2020, respectively.

Future lease payments under non-cancelable operating leases as of April 3, 2021, by fiscal year, are as follows:


	Operating Leases
	(In thousands)
Remainder of 2021	$	9,433
2022	15,934
2023	9,265
2024	5,554
2025	4,106
2026	2,375
Thereafter	10,963
Total lease payments	57,630
Less: imputed interest	5,749
Total	$	51,881