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Leases (Tables) | 9 Months Ended
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Jul. 04, 2020
Leases [Abstract] |
Schedule of Impacts of Adoption of New Accounting Pronouncements | As a result of the adoption, the following adjustments were made to the opening balances of the Company's Condensed Consolidated Balance Sheets (in thousands):
| September 28, 2019 |  | Impacts due to adoption of Topic 842 |  | September 29, 2019
ASSETS |  |  |  |  |
Prepaid expenses and other | $ | 31,974 |  |  | $ | (170) |  |  | $ | 31,804 |
Operating right-of-use assets | — |  |  | 75,790 |  |  | 75,790 |
Property, plant and equipment, net | 384,224 |  |  | (1,833) |  |  | 382,391 |
Deferred income taxes | 13,654 |  |  | 432 |  |  | 14,086 |
Other non-current assets | 64,714 |  |  | (30,193) |  |  | 34,521 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
Other accrued liabilities | $ | 106,461 |  |  | $ | 7,939 |  |  | $ | 114,400 |
Long-term debt and finance lease obligations, net of current portion | 187,278 |  |  | (207) |  |  | 187,071 |
Long-term operating lease liabilities | — |  |  | 37,371 |  |  | 37,371 |
Retained earnings | 1,178,677 |  |  | (1,077) |  |  | 1,177,600 |
Schedule of Lease Expense and Other Information | The components of lease expense for three and nine months ended July 4, 2020 were as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | July 4, 2020 |  | July 4, 2020
Finance lease expense: |  |  |  |
Amortization of right-of-use assets |  | $ | 951 |  |  | $ | 3,220 |
Interest on lease liabilities |  | 1,236 |  |  | 3,738 |
Operating lease expense |  | 2,898 |  |  | 8,977 |
Other lease expense |  | 957 |  |  | 2,216 |
Total |  | $ | 6,042 |  |  | $ | 18,151 |
Other information related to the Company’s leases was as follows:
|  | July 4, 2020
Weighted-average remaining lease term (in years) |  |
Finance leases |  | 12.8
Operating leases |  | 18.5
Weighted-average discount rate |  |
Finance leases |  | 17.6 | %
Operating leases |  | 3.0 | %
|  | Three Months Ended |  | Nine Months Ended
|  | July 4, 2020 |  | July 4, 2020
Cash paid for amounts included in the measurement of lease liabilities (in thousands) |  |  |  |
Operating cash flows used in finance leases |  | $ | 1,152 |  |  | $ | 3,401 |
Operating cash flows used in operating leases |  | 2,445 |  |  | 8,283 |
Finance cash flows used in finance leases |  | 989 |  |  | 2,553 |
ROU assets obtained in exchange for lease liabilities (in thousands) |  |  |  |
Operating leases |  | $ | 83 |  |  | $ | 7,592 |
Finance leases |  | 2,133 |  |  | 2,490 |
Schedule of Lease Assets and Liabilities | The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands):
| Financial Statement Line Item | July 4, 2020
ASSETS |  |
Finance lease assets | Property, plant and equipment, net | $ | 37,484 |
Operating lease assets | Right-of-use operating lease assets | 71,885 |
Total lease assets |  | $ | 109,369 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
Current |  |
Finance lease liabilities | Current portion of long-term debt and finance lease obligations | $ | 2,765 |
Operating lease liabilities | Other accrued liabilities | 8,061 |
Non-current |  |
Finance lease liabilities | Long-term debt and finance lease obligations, net of current portion | 37,387 |
Operating lease liabilities | Long-term operating lease liabilities | 38,077 |
Total lease liabilities |  | $ | 86,290 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments required under finance and operating leases as of July 4, 2020, were as follows (in thousands):
|  | Operating leases |  | Finance leases
Remaining 2020 |  | $ | 2,581 |  |  | $ | 1,782 |
2021 |  | 8,787 |  |  | 7,285 |
2022 |  | 8,013 |  |  | 6,811 |
2023 |  | 7,570 |  |  | 5,785 |
2024 |  | 5,963 |  |  | 4,993 |
2025 and thereafter |  | 20,457 |  |  | 98,762 |
Total minimum lease payments |  | 53,371 |  |  | 125,418 |
Less: imputed interest |  | (7,233) |  |  | (85,266) |
Present value of lease liabilities |  | $ | 46,138 |  |  | $ | 40,152 |
Schedule of Future Minimum Lease Payments (Prior to Adoption) | Future minimum lease payments required under long-term operating and capital leases as of September 28, 2019, were as follows (in thousands):
|  | Operating leases |  | Capital leases
2020 |  | $ | 10,395 |  |  | $ | 6,734 |
2021 |  | 6,554 |  |  | 3,490 |
2022 |  | 5,584 |  |  | 2,884 |
2023 |  | 5,153 |  |  | 1,652 |
2024 |  | 3,713 |  |  | 958 |
Thereafter |  | 9,426 |  |  | 34,143 |
Total |  | $ | 40,825 |  |  | $ | 49,861 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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