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Note 15 - Leases | 6 Months Ended
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Apr. 02, 2022
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | (15) Leases We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of twelve months or less are not recorded on our consolidated balance sheets. Lease expense for operating leases with original terms of more than twelve months was $350,000 and $361,000 for the three-month periods ended April 2, 2022 and April 3, 2021, respectively, and $717,000 and $721,000 for the six-month periods ended April 2, 2022 and April 3, 2021, respectively. Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate, which approximates the rate to borrow on a collateralized basis, as of the commencement date in determining the present value of lease payments. Supplemental cash flow and non-cash information related to leases is as follows:
|  | Six Months Ended |
(In thousands) |  | April 2, 2022 |  |  | April 3, 2021 |
Cash paid for operating leases included in operating cash flows |  | $ | 717 |  |  | $ | 724 |
Right-of-use assets obtained in exchange for new lease obligations |  |  | 1,124 |  |  |  | 303 |
Supplemental balance sheet information related to leases is as follows:
(In thousands) |  | April 2, 2022 |  |  | October 2, 2021 |
Right-of-use assets: |  |  |  |  |  |  |  |
Other assets |  | $ | 2,135 |  |  | $ | 1,717 |
Lease liabilities: |  |  |  |  |  |  |  |
Accrued expenses |  |  | 1,191 |  |  |  | 1,030 |
Other liabilities |  |  | 948 |  |  |  | 695 |
Total operating lease liabilities |  | $ | 2,139 |  |  | $ | 1,725 |
The weighted average remaining lease terms and discount rates for operating leases are as follows:
|  | April 2, 2022 |  |  | October 2, 2021 |
Weighted average lease term (years) |  |  | 2.0 |  |  |  | 1.8 |
Weighted average discount rate |  |  | 3.7 | % |  |  | 4.1 | %
Aggregate future operating lease payments as of April 2, 2022 are as follows:
(In thousands) |  |  |  |
2022 |  | $ | 675 |
2023 |  |  | 989 |
2024 |  |  | 489 |
2025 |  |  | 68 |
Total future operating lease payments |  |  | 2,221 |
Less: imputed interest |  |  | (82 | )
Present value of lease liabilities |  | $ | 2,139 |

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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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