XML 58 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
 12 Months Ended
Oct. 02, 2020
Leases [Abstract]  
Assets and Liabilities Lessee
The following table summarizes the location of the operating and finance leases in the Company’s Consolidated Balance Sheets as of October 2, 2020 (in thousands), as well as the weighted average remaining lease term and weighted average discount rate:
LeasesBalance Sheet LocationOctober 2, 2020
Assets:
Operating(1), (2)
Operating Lease Right-of-use Assets$551,394 
FinanceProperty and Equipment, net134,080 
Total lease assets$685,474 
Liabilities:
Current
Operating(2)
Current operating lease liabilities$71,810 
    FinanceCurrent maturities of long-term borrowings29,983 
Noncurrent
    Operating(2)
Noncurrent Operating Lease Liabilities341,667 
    FinanceLong-term borrowings112,605 
Total lease liabilities$556,065 
Weighted average remaining lease term (in years)
    Operating leases8.8
    Finance leases8.5
Weighted average discount rate
    Operating leases3.6 %
    Finance leases4.2 %
(1)
Includes $193.6 million of long-term prepaid rent as of October 2, 2020.
(2)Includes the write-down of certain rental properties from disposal by abandonment and the write-off of certain right-of-use assets related to client contracts that were reassessed due to the impact of COVID-19 during fiscal 2020 (see Note 1).
Lease, Cost
The following table summarizes the location of lease related costs in the Consolidated Statements of (Loss) Income for the fiscal year ended October 2, 2020 (in thousands):
Fiscal Year Ended
Lease CostIncome Statement LocationOctober 2, 2020
Operating lease cost(1):
Fixed lease costs
Cost of services provided $121,434 
Variable lease costs(2)
Cost of services provided 392,700 
Short-term lease costs
Cost of services provided 59,865 
Finance lease cost(3):
Amortization of right-of-use-assets
Depreciation and amortization30,542 
Interest on lease liabilities
Interest and Other Financing Costs, net
5,319 
Net lease cost$609,860 
(1)
Excludes sublease income, which is immaterial.
(2)
Includes $375.0 million of costs related to leases associated with revenue contracts with customers for fiscal 2020. These costs represent the rent the Company pays its clients to operate at their locations, typically based on a percentage of sales. Variable lease costs during fiscal 2020 were impacted by COVID-19.
(3)
Excludes variable lease costs, which are immaterial.
Lease, Supplemental Cash Flow Information
Supplemental cash flow information related to leases for the period reported is as follows (in thousands):
Fiscal Year Ended
October 2, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)
$144,792 
Operating cash flows from finance leases
5,341 
Financing cash flows from finance leases
34,674 
Lease assets obtained in exchange for lease obligations:
Operating leases
$90,533 
Finance leases
29,317 
(1)
Excludes cash paid for variable and short-term lease costs of $414.0 million and $59.9 million, respectively, that are not included within the measurement of lease liabilities.
Finance Lease, Liability, Maturity
Future minimum lease payments under non-cancelable leases as of October 2, 2020 are as follows (in thousands):
Operating leasesFinance leasesTotal
2021$85,005 $31,290 116,295 
202268,500 25,467 93,967 
202355,331 19,741 75,072 
202445,581 17,117 62,698 
202537,409 14,551 51,960 
Thereafter184,776 49,163 233,939 
Total future minimum lease payments$476,602 $157,329 $633,931 
Less: Interest(63,125)(14,741)(77,866)
Present value of lease liabilities$413,477 $142,588 $556,065 
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments under non-cancelable leases as of October 2, 2020 are as follows (in thousands):
Operating leasesFinance leasesTotal
2021$85,005 $31,290 116,295 
202268,500 25,467 93,967 
202355,331 19,741 75,072 
202445,581 17,117 62,698 
202537,409 14,551 51,960 
Thereafter184,776 49,163 233,939 
Total future minimum lease payments$476,602 $157,329 $633,931 
Less: Interest(63,125)(14,741)(77,866)
Present value of lease liabilities$413,477 $142,588 $556,065 
Schedule of Future Minimum Rental Commitments Under All Noncancelable Operating Leases
Following is a schedule of the future minimum rental and similar commitments under all non-cancelable operating leases as of September 27, 2019 (in thousands):
2020$101,061 
202174,908 
202256,765 
202343,795 
202436,215 
2025-Thereafter214,818 
Total minimum rental obligations$527,562