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v3.23.1

Leases | 6 Months Ended
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Apr. 01, 2023
Leases |
Leases | Note 6. 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 unaudited condensed consolidated balance sheet are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of |
​ | ​ | April 1, | ​ | October 1, |
​ |  | 2023 |  | 2022 |
​ | ​ | (In thousands) |
Other assets | ​ | $ | 98,541 | ​ | $ | 79,495 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued liabilities | ​ | $ | 20,960 | ​ | $ | 16,695 | ​
Other long-term liabilities | ​ |  | 65,602 | ​ |  | 48,566 | ​
Total lease liabilities | ​ | $ | 86,562 | ​ | $ | 65,261 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ |  | 11.02 | ​ |  | 15.74 | ​
Weighted average discount rate | ​ |  | 3.68 | % |  | 2.40 | %
​ Lease expense and supplemental cash flow information related to operating leases are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | April 1, | ​ | April 2, | ​ | April 1, | ​ | April 2,
​ |  | 2023 |  | 2022 | ​ | 2023 |  | 2022
​ | ​ | (In thousands)
Operating lease expense (1) | ​ | $ | 8,198 | ​ | $ | 5,860 | ​ | $ | 17,565 | ​ | $ | 11,770
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | April 1, | ​ | April 2,
​ |  | 2023 |  | 2022
​ | ​ | (In thousands)
Cash paid for operating lease liabilities | ​ | $ | 11,629 | ​ | $ | 9,752
(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 1, 2023, by fiscal year, are as follows: ​
​ | ​ | ​ | ​
​ | ​ | Operating
​ |  | Leases
​ | ​ | (In thousands)
Remainder of 2023 | ​ | $ | 12,268
2024 | ​ |  | 22,789
2025 | ​ |  | 19,976
2026 | ​ |  | 15,759
2027 | ​ |  | 12,502
2028 | ​ |  | 3,498
Thereafter | ​ |  | 9,030
Total lease payments | ​ |  | 95,822
Less: imputed interest | ​ |  | 9,260
Total | ​ | $ | 86,562
​

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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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