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v3.22.2.2

Leases | 12 Months Ended
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Oct. 30, 2022
Leases [Abstract] |
Leases | Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are:
In thousands | Location on Consolidated Statements of Financial Position |  | October 30, 2022 | October 31, 2021
Right-of-Use Assets |  |  |  |
Operating | Other Assets |  | $ | 73,613 |  | $ | 72,291 |
Finance | Net Property, Plant, and Equipment |  | 45,563 |  | 53,433 |
Total Right-of-Use Assets |  | $ | 119,176 |  | $ | 125,724 |
Liabilities |  |  |  |
Current |  |  |  |
Operating | Accrued Expenses |  | $ | 21,183 |  | $ | 18,331 |
Finance | Current Maturities of Long-term Debt |  | 8,391 |  | 8,362 |
Noncurrent |  |  |  |
Operating | Other Long-term Liabilities |  | 55,571 |  | 56,779 |
Finance | Long-term Debt Less Current Maturities |  | 36,082 |  | 44,637 |
Total Lease Liabilities |  |  | $ | 121,227 |  | $ | 128,109 |
Lease expenses are:
|  | Fiscal Year Ended
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Operating Lease Cost (1) |  | $ | 25,702 |  | $ | 21,993 |  | $ | 19,602 |
Finance Lease Cost |  |  |  |
Amortization of Right-of-Use Assets |  | 7,965 |  | 8,104 |  | 7,985 |
Interest on Lease Liabilities |  | 1,707 |  | 2,019 |  | 2,304 |
Variable Lease Cost (2) |  | 463,439 |  | 544,635 |  | 424,955 |
Net Lease Cost |  | $ | 498,813 |  | $ | 576,751 |  | $ | 454,846 |
(1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
| October 30, 2022 | October 31, 2021
Weighted Average Remaining Lease Term |  |
Operating Leases | 5.32 years | 5.92 years
Finance Leases | 6.26 years | 7.18 years
Weighted Average Discount Rate |  |
Operating Leases | 2.08 | % | 1.76 | %
Finance Leases | 3.44 | % | 3.48 | %
Supplemental cash flow and other information related to leases for the fiscal year-end are:
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |
Operating Cash Flows from Operating Leases |  | $ | 24,098 |  | $ | 20,305 |  | $ | 15,412 |
Operating Cash Flows from Finance Leases |  | 1,707 |  | 2,019 |  | 2,304 |
Financing Cash Flows from Finance Leases |  | 8,491 |  | 8,598 |  | 8,189 |
Right-of-Use Assets obtained in exchange for new operating lease liabilities |  | 19,646 |  | 31,962 |  | 5,210 |
The maturity of the Company's lease liabilities as of October 30, 2022, are:
In thousands |  | Operating Leases |  | Finance Leases (1) |  | Total
2023 |  | $ | 23,405 |  |  | $ | 9,745 |  |  | $ | 33,150 |
2024 |  | 19,062 |  |  | 9,623 |  |  | 28,685 |
2025 |  | 14,892 |  |  | 8,120 |  |  | 23,012 |
2026 |  | 10,110 |  |  | 5,652 |  |  | 15,762 |
2027 |  | 4,429 |  |  | 4,314 |  |  | 8,743 |
2028 and beyond |  | 13,962 |  |  | 11,226 |  |  | 25,188 |
Total Lease Payments |  | $ | 85,859 |  |  | $ | 48,680 |  |  | $ | 134,539 |
Less: Imputed Interest |  | 9,105 |  |  | 4,207 |  |  | 13,312 |
Present Value of Lease Liabilities |  | $ | 76,754 |  |  | $ | 44,473 |  |  | $ | 121,227 |
(1) Over the life of the lease contracts, finance lease payments include $8.5 million related to purchase options which are reasonably certain of being exercised.
Leases | Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are:
In thousands | Location on Consolidated Statements of Financial Position |  | October 30, 2022 | October 31, 2021
Right-of-Use Assets |  |  |  |
Operating | Other Assets |  | $ | 73,613 |  | $ | 72,291 |
Finance | Net Property, Plant, and Equipment |  | 45,563 |  | 53,433 |
Total Right-of-Use Assets |  | $ | 119,176 |  | $ | 125,724 |
Liabilities |  |  |  |
Current |  |  |  |
Operating | Accrued Expenses |  | $ | 21,183 |  | $ | 18,331 |
Finance | Current Maturities of Long-term Debt |  | 8,391 |  | 8,362 |
Noncurrent |  |  |  |
Operating | Other Long-term Liabilities |  | 55,571 |  | 56,779 |
Finance | Long-term Debt Less Current Maturities |  | 36,082 |  | 44,637 |
Total Lease Liabilities |  |  | $ | 121,227 |  | $ | 128,109 |
Lease expenses are:
|  | Fiscal Year Ended
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Operating Lease Cost (1) |  | $ | 25,702 |  | $ | 21,993 |  | $ | 19,602 |
Finance Lease Cost |  |  |  |
Amortization of Right-of-Use Assets |  | 7,965 |  | 8,104 |  | 7,985 |
Interest on Lease Liabilities |  | 1,707 |  | 2,019 |  | 2,304 |
Variable Lease Cost (2) |  | 463,439 |  | 544,635 |  | 424,955 |
Net Lease Cost |  | $ | 498,813 |  | $ | 576,751 |  | $ | 454,846 |
(1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
| October 30, 2022 | October 31, 2021
Weighted Average Remaining Lease Term |  |
Operating Leases | 5.32 years | 5.92 years
Finance Leases | 6.26 years | 7.18 years
Weighted Average Discount Rate |  |
Operating Leases | 2.08 | % | 1.76 | %
Finance Leases | 3.44 | % | 3.48 | %
Supplemental cash flow and other information related to leases for the fiscal year-end are:
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |
Operating Cash Flows from Operating Leases |  | $ | 24,098 |  | $ | 20,305 |  | $ | 15,412 |
Operating Cash Flows from Finance Leases |  | 1,707 |  | 2,019 |  | 2,304 |
Financing Cash Flows from Finance Leases |  | 8,491 |  | 8,598 |  | 8,189 |
Right-of-Use Assets obtained in exchange for new operating lease liabilities |  | 19,646 |  | 31,962 |  | 5,210 |
The maturity of the Company's lease liabilities as of October 30, 2022, are:
In thousands |  | Operating Leases |  | Finance Leases (1) |  | Total
2023 |  | $ | 23,405 |  |  | $ | 9,745 |  |  | $ | 33,150 |
2024 |  | 19,062 |  |  | 9,623 |  |  | 28,685 |
2025 |  | 14,892 |  |  | 8,120 |  |  | 23,012 |
2026 |  | 10,110 |  |  | 5,652 |  |  | 15,762 |
2027 |  | 4,429 |  |  | 4,314 |  |  | 8,743 |
2028 and beyond |  | 13,962 |  |  | 11,226 |  |  | 25,188 |
Total Lease Payments |  | $ | 85,859 |  |  | $ | 48,680 |  |  | $ | 134,539 |
Less: Imputed Interest |  | 9,105 |  |  | 4,207 |  |  | 13,312 |
Present Value of Lease Liabilities |  | $ | 76,754 |  |  | $ | 44,473 |  |  | $ | 121,227 |
(1) Over the life of the lease contracts, finance lease payments include $8.5 million related to purchase options which are reasonably certain of being exercised.
Leases | Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are:
In thousands | Location on Consolidated Statements of Financial Position |  | October 30, 2022 | October 31, 2021
Right-of-Use Assets |  |  |  |
Operating | Other Assets |  | $ | 73,613 |  | $ | 72,291 |
Finance | Net Property, Plant, and Equipment |  | 45,563 |  | 53,433 |
Total Right-of-Use Assets |  | $ | 119,176 |  | $ | 125,724 |
Liabilities |  |  |  |
Current |  |  |  |
Operating | Accrued Expenses |  | $ | 21,183 |  | $ | 18,331 |
Finance | Current Maturities of Long-term Debt |  | 8,391 |  | 8,362 |
Noncurrent |  |  |  |
Operating | Other Long-term Liabilities |  | 55,571 |  | 56,779 |
Finance | Long-term Debt Less Current Maturities |  | 36,082 |  | 44,637 |
Total Lease Liabilities |  |  | $ | 121,227 |  | $ | 128,109 |
Lease expenses are:
|  | Fiscal Year Ended
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Operating Lease Cost (1) |  | $ | 25,702 |  | $ | 21,993 |  | $ | 19,602 |
Finance Lease Cost |  |  |  |
Amortization of Right-of-Use Assets |  | 7,965 |  | 8,104 |  | 7,985 |
Interest on Lease Liabilities |  | 1,707 |  | 2,019 |  | 2,304 |
Variable Lease Cost (2) |  | 463,439 |  | 544,635 |  | 424,955 |
Net Lease Cost |  | $ | 498,813 |  | $ | 576,751 |  | $ | 454,846 |
(1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
| October 30, 2022 | October 31, 2021
Weighted Average Remaining Lease Term |  |
Operating Leases | 5.32 years | 5.92 years
Finance Leases | 6.26 years | 7.18 years
Weighted Average Discount Rate |  |
Operating Leases | 2.08 | % | 1.76 | %
Finance Leases | 3.44 | % | 3.48 | %
Supplemental cash flow and other information related to leases for the fiscal year-end are:
In thousands |  | October 30, 2022 | October 31, 2021 | October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |
Operating Cash Flows from Operating Leases |  | $ | 24,098 |  | $ | 20,305 |  | $ | 15,412 |
Operating Cash Flows from Finance Leases |  | 1,707 |  | 2,019 |  | 2,304 |
Financing Cash Flows from Finance Leases |  | 8,491 |  | 8,598 |  | 8,189 |
Right-of-Use Assets obtained in exchange for new operating lease liabilities |  | 19,646 |  | 31,962 |  | 5,210 |
The maturity of the Company's lease liabilities as of October 30, 2022, are:
In thousands |  | Operating Leases |  | Finance Leases (1) |  | Total
2023 |  | $ | 23,405 |  |  | $ | 9,745 |  |  | $ | 33,150 |
2024 |  | 19,062 |  |  | 9,623 |  |  | 28,685 |
2025 |  | 14,892 |  |  | 8,120 |  |  | 23,012 |
2026 |  | 10,110 |  |  | 5,652 |  |  | 15,762 |
2027 |  | 4,429 |  |  | 4,314 |  |  | 8,743 |
2028 and beyond |  | 13,962 |  |  | 11,226 |  |  | 25,188 |
Total Lease Payments |  | $ | 85,859 |  |  | $ | 48,680 |  |  | $ | 134,539 |
Less: Imputed Interest |  | 9,105 |  |  | 4,207 |  |  | 13,312 |
Present Value of Lease Liabilities |  | $ | 76,754 |  |  | $ | 44,473 |  |  | $ | 121,227 |
(1) Over the life of the lease contracts, finance lease payments include $8.5 million related to purchase options which are reasonably certain of being exercised.

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