XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.0.1
Leases
3 Months Ended
Dec. 30, 2023
Leases [Abstract]  
Leases Leases
The Company leases office space in Wilmington, MA and Montreal, QC through operating lease arrangements. The Company has no finance lease agreements. The operating lease arrangements expire at various dates through December 2030.
The following table presents the balance sheet location of the Company’s operating leases for each of the periods presented (in thousands):
December 30, 2023September 30, 2023
ROU assets:
Other long-term assets$17,609 $12,398 
Lease Liabilities:
Accrued expenses and other current liabilities$1,874 $1,347 
Other long-term liabilities17,369 12,291 
Total lease liabilities$19,243 $13,638 
The following table presents maturities of the Company’s operating lease liabilities as of December 30, 2023, presented under ASC Topic 842 (in thousands):
December 30, 2023
Remaining fiscal year 2024$2,370 
Fiscal year 20253,113 
Fiscal year 20263,524 
Fiscal year 20273,681 
Fiscal year 2028 and thereafter12,747 
Total future minimum payments$25,435 
Less: Implied interest(6,192)
Total lease liabilities$19,243 
The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of operating lease payments. To determine the estimated incremental borrowing rate, the Company uses publicly available credit ratings for peer companies. The Company estimates the incremental borrowing rate using yields for maturities that are in line with the duration of the lease payments. The weighted average discount rate for operating leases as of December 30, 2023 was 7.9%.
As of December 30, 2023, the weighted-average remaining lease term of the Company’s operating leases was approximately 6.2 years. Operating cash flows for amounts included in the measurement of the Company’s operating lease liabilities were $0.3 for the three months ended December 30, 2023.