|12 Months Ended
Oct. 02, 2021
We lease certain locations, office, distribution, and manufacturing facilities under operating leases that expire at various dates through December 2031. 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 typically for periods of or more years. Certain of these arrangements are cancelable on short notice and others require payments upon early termination. We do not have any finance leases.
In April 2020, the Financial Accounting Standards Board issued Staff Q&A - Topic 842 and Topic 840: Accounting For Lease Concessions Related to the Effects of the COVID-19 Pandemic. This guidance provides entities with the option to elect to account for certain lease concessions as though the enforceable rights and obligations had existed in the original lease. As a result, an entity will not need to reassess each existing contract to determine whether enforceable rights and obligations for concessions exist and an entity can elect to apply or not to apply the lease modification guidance in Accounting Standards Codification Topic 842, Leases, to those contracts.
The following table summarizes the components of lease expense (in thousands):
As of October 2, 2021 and October 3, 2020, operating lease right-of-use assets obtained in exchange for operating lease liabilities totaled $9.7 million and $4.7 million, respectively.
The following table presents the weighted-average remaining lease term and discount rate for operating leases:
The following table summarizes the future annual minimum lease payments as of October 2, 2021 (in thousands):