Varex Imaging Corp Leases Disclosure
| (In millions) | Balance Sheet Location | October 3, 2025 | September 27, 2024 | ||||||||||||||
| Assets | |||||||||||||||||
| Operating lease right-of-use assets | Operating lease assets | $ | 29.4 | $ | 28.3 | ||||||||||||
| Finance lease right-of-use assets | 5.7 | 6.6 | |||||||||||||||
| Liabilities | |||||||||||||||||
| Operating lease liabilities (current) | Current operating lease liabilities | 4.4 | 4.0 | ||||||||||||||
| Finance lease liabilities (current) | 0.4 | 0.4 | |||||||||||||||
| Operating lease liabilities (non-current) | Operating lease liabilities | 24.0 | 23.0 | ||||||||||||||
| Finance lease liabilities (non-current) | 5.6 | 5.9 | |||||||||||||||
| October 3, 2025 | September 27, 2024 | ||||||||||
| Operating lease weighted average remaining lease term (in years) | 7.7 | 7.9 | |||||||||
| Operating lease weighted average discount rate | 7.2 | % | 8.0 | % | |||||||
| Finance lease weighted average remaining lease term (in years) | 13.2 | 13.9 | |||||||||
| Finance lease weighted average discount rate | 6.1 | % | 6.1 | % | |||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
Total operating lease costs(1) | $ | 6.2 | $ | 6.3 | $ | 5.8 | |||||||||||
| Amortization of right-of-use assets | $ | 1.0 | $ | 0.3 | $ | 0.2 | |||||||||||
| Interest on lease liabilities | 0.4 | — | — | ||||||||||||||
| Total finance lease costs | $ | 1.4 | $ | 0.3 | $ | 0.2 | |||||||||||
| Operating cash flows from operating leases | $ | 6.1 | $ | 5.9 | $ | 7.8 | |||||||||||
| Operating cash flows from finance leases | 0.4 | — | — | ||||||||||||||
| Financing cash flows from finance leases | 0.6 | 0.5 | 0.3 | ||||||||||||||
| Total cash paid for amounts included in the measurement of lease liabilities | $ | 7.1 | $ | 6.4 | $ | 8.1 | |||||||||||
| Noncash operating right-of-use assets obtained in exchange for new lease liabilities | $ | 8.1 | $ | 5.4 | $ | 10.6 | |||||||||||
| Noncash finance right-of-use assets obtained in exchange for new lease liabilities | 0.2 | 6.5 | 0.2 | ||||||||||||||
| Total right-of-use assets obtained in exchange for new lease liabilities | $ | 8.3 | $ | 11.9 | $ | 10.8 | |||||||||||
| (In millions) | |||||||||||
| Fiscal years: | Operating Leases | Finance Leases | |||||||||
| 2026 | $ | 6.2 | $ | 0.7 | |||||||
| 2027 | 5.5 | 0.7 | |||||||||
| 2028 | 4.5 | 0.6 | |||||||||
| 2029 | 3.7 | 0.6 | |||||||||
| 2030 | 3.6 | 0.6 | |||||||||
| Thereafter | 14.0 | 5.5 | |||||||||
| Total future lease payments | $ | 37.5 | $ | 8.7 | |||||||
| Less: imputed interest | (9.1) | (2.7) | |||||||||
| Present value of lease liabilities | $ | 28.4 | $ | 6.0 | |||||||
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.