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Leases | 12 Months Ended
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Oct. 31, 2023
Leases |
Leases | 15. Leases ​ We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. ​ We also lease certain property, plant and equipment, including office facilities, under operating leases. The lease term consists of the noncancellable period of the lease and the periods covered by options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company's lease agreements do not contain any residual value guarantees. ​ Lease Position ​ The following table presents the lease-related assets and liabilities recorded on the balance sheet as of October 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | October 31, |  | October 31,
​ | ​ | ​ | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets |  |  | ​ |  | ​ | ​ |
Non-current assets: |  |  | ​ |  | ​ | ​ |
Operating lease assets | Operating lease right-of-use assets | ​ | $ | 48,033 | ​ | $ | 54,518
Finance lease assets | Property, plant and equipment, net | ​ |  | 6,777 | ​ |  | 5,721
​ | ​ | ​ | $ | 54,810 | ​ | $ | 60,239
Liabilities |  | ​ |  |  | ​ |  |
Current liabilities: |  | ​ |  |  | ​ |  |
Operating | Current portion of operating leases | ​ | $ | 7,062 | ​ | $ | 6,925
Finance | Current portion of long-term obligations and finance leases | ​ |  | 1,604 | ​ |  | 1,574
Long-term obligations |  | ​ |  |  | ​ |  |
Operating | Long-term operating leases, less current portion | ​ |  | 45,393 | ​ |  | 52,140
Finance | Long-term obligations and finance leases, less current portion | ​ |  | 5,647 | ​ |  | 4,447
​ | ​ | ​ | $ | 59,706 | ​ | $ | 65,086
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term: |  | Fiscal 2023 | ​ | Fiscal 2022
Operating leases |  | 8.2 years | ​ | ​ | 9.3 years | ​
Finance leases |  | 6.5 years | ​ | ​ | 6.9 years | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate: |  |  | ​ | ​ |  | ​
Operating leases |  | 3.10 | % | ​ | 2.87 | %
Finance leases |  | 4.83 | % | ​ | 3.62 | %
​ Lease Costs ​ The following table presents certain information related to the lease costs for finance and operating leases for the years ended October 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended | ​ | Year ended
​ |  | October 31, 2023 | ​ | October 31, 2022
Amortization of financing lease assets (recorded in cost of sales) |  | $ | 1,913 | ​ | $ | 1,756
Operating lease cost | ​ | ​ | 8,511 | ​ | ​ | 8,733
Short-term lease cost | ​ | ​ | 2,476 | ​ | ​ | 2,483
Sublease income | ​ | ​ | — | ​ | ​ | (30)
Variable lease cost | ​ | ​ | 198 | ​ | ​ | 133
Interest on financing lease liabilities | ​ | ​ | 273 | ​ | ​ | 213
Total lease cost | ​ | $ | 13,371 | ​ | $ | 13,288
​ Other Information ​ The following table presents supplemental cash flow information related to the leases for the years ended October 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended | ​ | Year ended
Cash paid for amounts included in the measurement of lease liabilities |  | October 31, 2023 | ​ | October 31, 2022
Operating cash flows for operating leases |  | $ | 7,043 | ​ | $ | 7,012
Financing cash flows for finance leases | ​ | ​ | 1,793 | ​ | ​ | 1,683
Operating cash flows for finance leases | ​ | ​ | 262 | ​ | ​ | 213
​ The total right-of-use assets obtained in exchange for new operating leases for the years ended October 31, 2023 and 2022 were $0.7 million and $1.0 million, respectively. ​ Undiscounted Cash Flows ​ The following table reconciles the undiscounted cash flows for each of the first five years and total remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of October 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance
​ |  | Leases |  | Leases
2024 |  | $ | 8,556 |  | $ | 1,909
2025 | ​ | ​ | 7,539 | ​ | ​ | 1,415
2026 | ​ | ​ | 7,058 | ​ | ​ | 1,137
2027 | ​ | ​ | 6,670 | ​ | ​ | 997
2028 | ​ | ​ | 6,501 | ​ | ​ | 748
Thereafter | ​ | ​ | 23,204 | ​ | ​ | 2,235
Total lease payments | ​ | ​ | 59,528 | ​ | ​ | 8,441
Less: imputed interest | ​ | ​ | 7,073 | ​ | ​ | 1,190
Total lease liability |  | $ | 52,455 |  | $ | 7,251
​

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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