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Leases | 3 Months Ended
--- | ---
Jan. 01, 2023
Leases [Abstract] |
Leases | Leases Our operating leases are primarily for corporate and project office spaces. To a much lesser extent, we have operating leases for vehicles and equipment. Our operating leases have remaining lease terms of one month to ten years, some of which may include options to extend the leases for up to five years. We determine if an arrangement is a lease at inception. Operating leases are included in "Right-of-use assets, operating leases", "Short-term lease liabilities, operating leases" and "Long-term lease liabilities, operating leases" in the consolidated balance sheets. Our finance leases are primarily for certain information technology equipment, and are included in "Other non-current assets", "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets at January 1, 2023 and October 2, 2022. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset at the commencement date also includes any lease payments made to the lessor at or before the commencement date and initial direct costs less lease incentives received. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The components of lease costs are as follows (in thousands):
| Three Months Ended |  |
| January 1, 2023 |  | January 2, 2022 |  |  |  |
Operating lease cost | $ | 20,961 |  |  | $ | 21,751 |  |  |  |  |
Sublease income | (32) |  |  | (125) |  |  |  |  |
Total lease cost | $ | 20,929 |  |  | $ | 21,626 |  |  |  |  |
Supplemental cash flow information related to leases is as follows (in thousands):
|  | Three Months Ended
|  | January 1, 2023 |  | January 2, 2022
Operating cash flows for operating leases |  | $ | 16,493 |  |  | $ | 17,519 |
Financing cash flows for finance leases |  | 1,316 |  |  | 945 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 11,117 |  |  | 12,347 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1,431 |  |  | $ | 1,349 |
Supplemental balance sheet and other information related to leases are as follows (in thousands):
| Balance at
| January 1, 2023 |  | October 2, 2022
Operating leases: |  |  |
Right-of-use assets | $ | 182,500 |  |  | $ | 182,319 |
Lease liabilities: |  |  |
Current | 55,809 |  |  | 57,865 |
Non-current | 148,034 |  |  | 146,285 |
Total operating lease liabilities | $ | 203,843 |  |  | $ | 204,150 |
Finance leases: |  |  |
Other non-current assets | $ | 9,932 |  |  | $ | 9,564 |
Other current liabilities | $ | 4,582 |  |  | $ | 4,481 |
Other non-current liabilities | $ | 5,343 |  |  | $ | 4,745 |
Weighted-average remaining lease term: |  |  |
Operating leases | 5 years |  | 5 years
Finance leases | 2 years |  | 2 years
Weighted-average discount rate: |  |  |
Operating leases | 2.2 | % |  | 2.2 | %
Finance leases | 3 | % |  | 3 | %
At January 1, 2023, we have approximately $8 million of operating leases that have not yet commenced. A maturity analysis of the future undiscounted cash flows associated with our lease liabilities at January 1, 2023 is as follows (in thousands):
| Operating Leases |  | Finance Leases
2023 (remaining) | $ | 49,216 |  |  | $ | 3,787 |
2024 | 51,833 |  |  | 3,699 |
2025 | 39,744 |  |  | 2,182 |
2026 | 25,234 |  |  | 574 |
2027 | 17,870 |  |  | 211 |
Beyond | 32,484 |  |  | — |
Total lease payments | 216,381 |  |  | 10,453 |
Less: imputed interest | (12,538) |  |  | (521) |
Total present value of lease liabilities | $ | 203,843 |  |  | $ | 9,932 |
Leases | Leases Our operating leases are primarily for corporate and project office spaces. To a much lesser extent, we have operating leases for vehicles and equipment. Our operating leases have remaining lease terms of one month to ten years, some of which may include options to extend the leases for up to five years. We determine if an arrangement is a lease at inception. Operating leases are included in "Right-of-use assets, operating leases", "Short-term lease liabilities, operating leases" and "Long-term lease liabilities, operating leases" in the consolidated balance sheets. Our finance leases are primarily for certain information technology equipment, and are included in "Other non-current assets", "Other current liabilities" and "Other non-current liabilities" in the consolidated balance sheets at January 1, 2023 and October 2, 2022. Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset at the commencement date also includes any lease payments made to the lessor at or before the commencement date and initial direct costs less lease incentives received. Lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The components of lease costs are as follows (in thousands):
| Three Months Ended |  |
| January 1, 2023 |  | January 2, 2022 |  |  |  |
Operating lease cost | $ | 20,961 |  |  | $ | 21,751 |  |  |  |  |
Sublease income | (32) |  |  | (125) |  |  |  |  |
Total lease cost | $ | 20,929 |  |  | $ | 21,626 |  |  |  |  |
Supplemental cash flow information related to leases is as follows (in thousands):
|  | Three Months Ended
|  | January 1, 2023 |  | January 2, 2022
Operating cash flows for operating leases |  | $ | 16,493 |  |  | $ | 17,519 |
Financing cash flows for finance leases |  | 1,316 |  |  | 945 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 11,117 |  |  | 12,347 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1,431 |  |  | $ | 1,349 |
Supplemental balance sheet and other information related to leases are as follows (in thousands):
| Balance at
| January 1, 2023 |  | October 2, 2022
Operating leases: |  |  |
Right-of-use assets | $ | 182,500 |  |  | $ | 182,319 |
Lease liabilities: |  |  |
Current | 55,809 |  |  | 57,865 |
Non-current | 148,034 |  |  | 146,285 |
Total operating lease liabilities | $ | 203,843 |  |  | $ | 204,150 |
Finance leases: |  |  |
Other non-current assets | $ | 9,932 |  |  | $ | 9,564 |
Other current liabilities | $ | 4,582 |  |  | $ | 4,481 |
Other non-current liabilities | $ | 5,343 |  |  | $ | 4,745 |
Weighted-average remaining lease term: |  |  |
Operating leases | 5 years |  | 5 years
Finance leases | 2 years |  | 2 years
Weighted-average discount rate: |  |  |
Operating leases | 2.2 | % |  | 2.2 | %
Finance leases | 3 | % |  | 3 | %
At January 1, 2023, we have approximately $8 million of operating leases that have not yet commenced. A maturity analysis of the future undiscounted cash flows associated with our lease liabilities at January 1, 2023 is as follows (in thousands):
| Operating Leases |  | Finance Leases
2023 (remaining) | $ | 49,216 |  |  | $ | 3,787 |
2024 | 51,833 |  |  | 3,699 |
2025 | 39,744 |  |  | 2,182 |
2026 | 25,234 |  |  | 574 |
2027 | 17,870 |  |  | 211 |
Beyond | 32,484 |  |  | — |
Total lease payments | 216,381 |  |  | 10,453 |
Less: imputed interest | (12,538) |  |  | (521) |
Total present value of lease liabilities | $ | 203,843 |  |  | $ | 9,932 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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