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Leases | 6 Months Ended
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Mar. 27, 2021
Lessee Disclosure [Abstract] |
Leases |
8. | Leases
The Partnership leases certain property, plant and equipment, including portions of its vehicle fleet, for various periods under noncancelable leases all of which were determined to be operating leases. The Partnership determines if an agreement contains a lease at inception based on the Partnership’s right to the economic benefits of the leased assets and its right to direct the use of the leased asset. Right-of-use assets represent the Partnership’s right to use an underlying asset, and right-of-use liabilities represent the Partnership’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments. This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership. Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years. The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options. Short-term leases are leases having an initial term of twelve months or less. The Partnership recognizes expenses for short-term leases on a straight-line basis, includes future minimum lease payments in the table below and does not record a lease asset or lease liability for such leases. The Partnership elected the following practical expedients related to Topic 842: (1) a package of practical expedients that allows the Partnership to not reassess: (a) whether expired or existing contracts contained leases; (b) the lease classification for expired or existing leases; and (c) the initial direct costs for existing leases; (2) for all underlying asset classes, an expedient that allows the Partnership to not apply the recognition requirements to short-term leases and account for lease and associated non-lease components as a single lease component; (3) an expedient that allows the use of hindsight to determine lease term; and (4) an expedient that allows the Partnership to not evaluate land easements that existed or expired before the Partnership’s fiscal 2020 adoption of Topic 842, and that were not previously accounted for as leases. The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment. See Note 14, “Guarantees” for more information. The Partnership does not have any material lease obligations that were signed, but not yet commenced as of March 27, 2021. Quantitative information on the Partnership’s lease population is as follows:
|  | Three Months Ended |  |  |  | Six Months Ended |
|  | March 27, |  |  | March 28, |  |  |  | March 27, |  |  | March 28, |
|  | 2021 |  |  | 2020 |  |  |  | 2021 |  |  | 2020 |
Lease expense |  | $ | 9,358 |  |  | $ | 7,673 |  |  |  | $ | 18,292 |  |  | $ | 14,935 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash payments for operating leases |  |  | 9,412 |  |  |  | 7,843 |  |  |  |  | 18,353 |  |  |  | 15,253 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 9,377 |  |  |  | 16,114 |  |  |  |  | 21,764 |  |  |  | 21,445 |
Weighted-average remaining lease term |  |  |  |  |  |  |  |  |  |  | 6.3 years |  |  | 6.6 years |
Weighted-average discount rate |  |  |  |  |  |  |  |  |  |  |  | 5.3 | % |  |  | 5.1 | %
The following table summarizes future minimum lease payments under non-cancelable operating leases as of March 27, 2021:
Fiscal Year |  | Operating Leases |
2021 (remaining) |  | $ | 17,602 |
2022 |  |  | 32,382 |
2023 |  |  | 27,241 |
2024 |  |  | 21,322 |
2025 |  |  | 16,904 |
2026 and thereafter |  |  | 30,989 |
Total future minimum lease payments |  | $ | 146,440 |
Less: interest |  |  | (22,480 | )
Total lease obligations |  | $ | 123,960 |

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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