Commitments & Contingencies
|9 Months Ended|
Jul. 03, 2021
|Commitments And Contingencies Disclosure [Abstract]|
|Commitments & Contingencies||
Note 10—Commitments & Contingencies
We are defendants in lawsuits or potential claims encountered in the normal course of business. When the potential liability from a matter can be estimated and the loss is considered probable, we record the estimated loss. Due to uncertainties related to the resolution of lawsuits, investigations and claims, the ultimate outcome may differ from the estimates. We do not expect that the resolutions of any of these matters will have a material effect on our condensed consolidated financial position or results of operations. We did not record any material loss contingencies as of July 3, 2021, October 3, 2020, and June 27, 2020.
Our workers’ compensation insurance program, general liability insurance program, and employee group medical plan have self-insurance retention features of up to $0.4 million per event as of July 3, 2021 and October 3, 2020 respectively. We had standby letters of credit outstanding in the amounts of $9.2 million and $11.6 million as of July 3, 2021 and October 3, 2020, respectively, for the purpose of securing such obligations under our workers’ compensation self-insurance programs.
In addition to our lease obligations, we maintain future purchase commitments related to inventory and operational requirements.
The following table summarizes the future minimum purchase commitments as of July 3, 2021 (in thousands):
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef