Rent expense prior to adoption of ASC 842

[Table of Contents](#ic0f1e00f8fa04a87b8ba424679040b3d_7)  
The maturity of the Company's lease liabilities as of October 31, 2021, are: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) |  | Operating Leases |  | Finance Leases (1) |  | Total |
| 2022 |  | $ | 20,062  |  |  | $ | 10,025  |  |  | $ | 30,088  |  |
| 2023 |  | 17,334  |  |  | 9,827  |  |  | 27,161  |  |
| 2024 |  | 12,548  |  |  | 9,688  |  |  | 22,236  |  |
| 2025 |  | 9,557  |  |  | 8,134  |  |  | 17,690  |  |
| 2026 |  | 5,856  |  |  | 5,652  |  |  | 11,508  |  |
| 2027 and beyond |  | 16,516  |  |  | 15,540  |  |  | 32,056  |  |
| Total Lease Payments |  | $ | 81,872  |  |  | $ | 58,867  |  |  | $ | 140,738  |  |
| Less: Imputed Interest |  | 6,762  |  |  | 5,868  |  |  | 12,630  |  |
| Present Value of Lease Liabilities |  | $ | 75,110  |  |  | $ | 52,999  |  |  | $ | 128,109  |  |

(1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.  
Prior to the adoption of ASC 842 on October 28, 2019, rent expense under operating leases was $23.1 million in fiscal year 2019.  
  
Note L Long-term Debt and Other Borrowing ArrangementsLong-term Debt consists of: 

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| (in thousands)  | October 31, 2021 | October 25, 2020 |
|  |  |  |
| Senior Unsecured Notes, with Interest at 3.050%, Interest Due   Semi-annually through June 2051 Maturity Date | $ | 600,000  |  | $ | —  |  |
| Senior Unsecured Notes, with Interest at 1.800%, Interest Due   Semi-annually through June 2030 Maturity Date | 1,000,000  |  | 1,000,000  |  |
| Senior Unsecured Notes, with Interest at 1.700%, Interest Due   Semi-annually through June 2028 Maturity Date | 750,000  |  | —  |  |
| Senior Unsecured Notes, with Interest at 0.650%, Interest Due   Semi-annually through June 2024 Maturity Date | 950,000  |  | —  |  |
| Senior Unsecured Notes, with Interest at 4.125%, Interest Due   Semi-annually through April 2021 Maturity Date | —  |  | 250,000  |  |
| Unamortized Discount on Senior Notes | (8,484) |  | (2,630) |  |
| Unamortized Debt Issuance Costs | (23,435) |  | (7,979) |  |
| Finance Lease Liabilities(1) | 52,999  |  | 61,030  |  |
| Other Financing Arrangements | 2,823  |  | 3,206  |  |
| Total | 3,323,903  |  | 1,303,627  |  |
| Less: Current Maturities of Long-term Debt | 8,756  |  | 258,691  |  |
| Long-term Debt Less Current Maturities | $ | 3,315,147  |  | $ | 1,044,936  |  |

(1) See Note K - Leases for additional information   
Senior Unsecured Notes: The Company repaid its $250.0 million senior unsecured notes upon maturity in April 2021.  
On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion, due June 11, 2030. The notes bear interest at a fixed rate of 1.800% per annum, with interest paid semi-annually in arrears on June 11 and December 11 of each year, commencing December 11, 2020. The notes may be redeemed in whole or in part at any time at the applicable redemption price set forth in the prospectus supplement. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.   
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