Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
6 Months Ended
Apr. 03, 2021
Leases [Abstract]  
Leases

Note 8—Leases

Lessee Arrangements

Operating Leases

We lease certain store, office, distribution, and manufacturing facilities under operating leases that expire at various dates through October 2030. We are obligated to make cash payments in connection with various lease obligations and purchase commitments. All of these obligations require cash payments to be made by us over varying periods of time. Certain leases are renewable at our option for periods of five to ten years. Certain of these arrangements are cancelable on short notice and others require payments upon early termination.

The following table summarizes the future annual minimum lease payments as of April 3, 2021 (in thousands):

  

 

Amount

 

Remainder of Fiscal 2021

 

$

34,560

 

2022

 

 

61,431

 

2023

 

 

49,272

 

2024

 

 

36,334

 

2025

 

 

22,248

 

Thereafter

 

 

17,224

 

Total

 

$

221,069

 

Less: amount of lease payments representing imputed interest

 

 

35,178

 

Present value of future minimum lease payments

 

 

185,891

 

Less: current obligations under leases

 

 

55,395

 

Long-Term lease obligations

 

$

130,496

 

 

Operating lease expense totaled $16.3 million and $16.1 million for the three months ended April 3, 2021 and March 28, 2020, respectively. Operating lease expense totaled $33.3 million and $31.9 million for the six months ended April 3, 2021 and March 28, 2020, respectively.