Note 5 Leases

6 Months Ended

Apr. 02, 2022

Leases [Abstract]

Lessee, Operating Leases

Leases

The Company's leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. 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 right-of-use ("ROU") assets 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 2, 2022			October 2, 2021
	(In thousands)
Other assets	$	67,729		$	68,012
Accrued liabilities	$	16,869		$	17,219
Other long-term liabilities	38,989			38,587
Total lease liabilities	$	55,858		$	55,806
Weighted average remaining lease term (in years)	14.25			14.46
Weighted average discount rate	2.61		%	2.72		%

Lease expense and supplemental cash flow information related to operating leases are as follows:

	Three Months Ended				Six Months Ended
	April 2, 2022		April 3, 2021		April 2, 2022		April 3, 2021
	(In thousands)
Operating lease expense (1)	$	5,860	$	5,218	$	11,770	$	10,562
					Six Months Ended
					April 2, 2022		April 3, 2021
					(In thousands)
Cash paid for operating lease liabilities					$	9,752	$	9,891

(1)    Includes immaterial amounts of short term leases, variable lease costs and sublease income.

Future lease payments under non-cancelable operating leases as of April 2, 2022, by fiscal year, are as follows:

	Operating Leases
	(In thousands)
Remainder of 2022	$	9,612
2023	14,888
2024	10,785
2025	8,589
2026	5,352
2027	2,181
Thereafter	9,767
Total lease payments	61,174
Less: imputed interest	5,316
Total	$	55,858