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Leases

12 Months Ended

Sep. 30, 2024

Note 9—Leases

The Company entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2025 and 2038. For certain leases the Company has options to extend the lease term for up to 10 years. Payments under the Company’s lease arrangements are generally fixed.

As of September 30, 2024 and 2023, ROU assets included in other assets on the consolidated balance sheets was $873 million and $488 million, respectively. As of September 30, 2024 and 2023, the current portion of lease liabilities included in accrued liabilities on the consolidated balance sheets was $150 million and $106 million, respectively, and the long-term portion included in other liabilities was $685 million and $412 million, respectively.

During fiscal 2024, 2023 and 2022, total operating lease cost was $179 million, $129 million and $117 million, respectively. As of September 30, 2024 and 2023, the weighted-average remaining lease term for operating leases was approximately eight years and the weighted-average discount rate for operating leases was 3.51% and 2.43%, respectively.

As of September 30, 2024, the present value of future minimum lease payments was as follows:


	Operating Leases
	(in millions)
Fiscal:
2025	$	179
2026	162
2027	123
2028	99
2029	76
Thereafter	357
Total undiscounted lease payments	996
Less: imputed interest	(161)
Present value of lease liabilities	$	835

During fiscal 2024, 2023 and 2022, ROU assets obtained in exchange for lease liabilities was $410 million, $82 million and $74 million, respectively.