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Note 14 - Leases | 6 Months Ended
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Mar. 30, 2024
Notes to Financial Statements |
Lessee, Leases [Text Block] |
Note 14 | Leases
General Lease Description We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 month to 20 years. We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from 1 year to 5 years. Significant Assumptions and Judgments Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following:
| • | Whether explicitly or implicitly identified assets have been deployed in the contract; and
| • | Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract.
Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration. Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded. Discount Rate The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics. As of March 30, 2024, the weighted-average discount rate of our operating and finance leases was 5.4% and 3.9%, respectively. As of September 30, 2023, the weighted-average discount rate of our operating and finance leases was 4.4% and 3.9%, respectively. Practical Expedients and Accounting Policy Elections We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets. Amounts Recognized in the Financial Statements The components of lease expense were as follows:
|  | Three months ended |  |  | Three months ended |  |  | Six months ended |  |  | Six months ended |
|  | March 30, 2024 |  |  | March 25, 2023 |  |  | March 30, 2024 |  |  | March 25, 2023 |
Operating lease cost in Cost of goods sold and Operating Expenses |  | $ | 7,101 |  |  | $ | 3,778 |  |  | $ | 12,995 |  |  | $ | 7,750 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of assets in Cost of goods sold and Operating Expenses |  | $ | 53 |  |  | $ | 22 |  |  | $ | 106 |  |  | $ | 56 |
Interest on lease liabilities in Interest expense & other |  |  | 7 |  |  |  | 2 |  |  |  | 15 |  |  |  | 4 |
Total finance lease cost |  | $ | 60 |  |  | $ | 24 |  |  | $ | 121 |  |  | $ | 60 |
Short-term lease cost in Cost of goods sold and Operating Expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total net lease cost |  | $ | 7,161 |  |  | $ | 3,802 |  |  | $ | 13,116 |  |  | $ | 7,810 |
Supplemental balance sheet information related to leases is as follows:
|  | March 30, 2024 |  |  | September 30, 2023 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 154,104 |  |  | $ | 88,868 |
Current operating lease liabilities |  | $ | 19,179 |  |  | $ | 16,478 |
Noncurrent operating lease liabilities |  |  | 141,726 |  |  |  | 77,631 |
Total operating lease liabilities |  | $ | 160,905 |  |  | $ | 94,109 |
Finance Leases |  |  |  |  |  |  |  |
Finance lease right-of-use assets in Property, plant and equipment, net |  | $ | 776 |  |  | $ | 789 |
Current finance lease liabilities |  | $ | 170 |  |  | $ | 201 |
Noncurrent finance lease liabilities |  |  | 506 |  |  |  | 600 |
Total finance lease liabilities |  | $ | 676 |  |  | $ | 801 |
Supplemental cash flow information related to leases is as follows:
|  | Three months ended |  |  | Three months ended |  |  | Six months ended |  |  | Six months ended |
|  | March 30, 2024 |  |  | March 25, 2023 |  |  | March 30, 2024 |  |  | March 25, 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 5,722 |  |  | $ | 3,861 |  |  | $ | 11,694 |  |  | $ | 7,779 |
Operating cash flows from finance leases |  | $ | 7 |  |  | $ | 2 |  |  | $ | 15 |  |  | $ | 4 |
Financing cash flows from finance leases |  | $ | 25 |  |  | $ | 32 |  |  | $ | 110 |  |  | $ | 71 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets |  | $ | 25,567 |  |  | $ | 3,821 |  |  | $ | 75,421 |  |  | $ | 6,497 |
Supplemental noncash information on lease liabilities removed due to purchase of leased asset |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
As of March 30, 2024, the maturities of lease liabilities were as follows:
|  | Operating Leases |  |  | Finance Leases |
Six months ending September 28, 2024 |  | $ | 13,595 |  |  | $ | 116 |
2025 |  |  | 23,889 |  |  |  | 189 |
2026 |  |  | 20,722 |  |  |  | 154 |
2027 |  |  | 19,824 |  |  |  | 153 |
2028 |  |  | 16,682 |  |  |  | 104 |
Thereafter |  |  | 134,027 |  |  |  | 20 |
Total minimum payments |  |  | 228,739 |  |  |  | 736 |
Less amount representing interest |  |  | (67,834 | ) |  |  | (60 | )
Present value of lease obligations |  | $ | 160,905 |  |  | $ | 676 |
As of March 30, 2024 the weighted-average remaining term of our operating and finance leases was 15.8 years and 3.8 years, respectively. As of September 30, 2023 the weighted-average remaining term of our operating and finance leases was 10.3 years and 4.2 years, respectively.

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