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Borrowings (Tables)
 12 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt The following table presents certain information regarding the Company’s long-term debt at September 30, 2022 and October 1, 2021 (dollars in thousands):
Interest RateMaturitySeptember 30, 2022October 1, 2021
Revolving Credit Facility
Benchmark + applicable margin (1) (2)
March 2024$1,105,294 $327,794 
2021 Term Loan FacilityBenchmark + applicable margin (1) (3)March 2024923,580 1,081,724 
2020 Term Loan FacilityBenchmark + applicable margin (1) (4)March 2025 (5)882,263 988,940 
Fixed-rate notes due:
Senior Notes, Series A4.27%May 2025190,000 190,000 
Senior Notes, Series B4.42%May 2028180,000 180,000 
Senior Notes, Series C4.52%May 2030130,000 130,000 
Less: Current Portion (4)(50,415)(53,456)
Less: Deferred Financing Fees(3,466)(5,069)
Total Long-term debt, net$3,357,256 $2,839,933 
(1)During the year ended September 30, 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to SONIA rates. Borrowings denominated in U.S. dollars remained benchmarked to LIBOR rates.
(2)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625%.The applicable LIBOR rates, including applicable margins, at September 30, 2022 and October 1, 2021 were approximately 4.08% and 1.45%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%. There were no amounts drawn in British pounds as of September 30, 2022.
(3)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2021 Term Loan Facility (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625%. The applicable LIBOR rate, including applicable margin, at September 30, 2022 and October 1, 2021was approximately 4.06% and 1.43%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%, which was approximately 3.60% at September 30, 2022.
(4)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2020 Term Loan Facility (defined below)), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rates, including applicable margins, at September 30, 2022 and October 1, 2021 were approximately 4.49% and 1.45%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin between 0.875% and 1.5%, which was approximately 3.60% at September 30, 2022.
(5)The 2020 Term Loan requires quarterly principal repayments of 1.25%, or $9.125 million and £3.125 million, of the aggregate initial principal amount borrowed.
Schedule of Interest Expense
The following table presents the amount of interest paid by the Company during September 30, 2022, October 1, 2021 and October 2, 2020 (in thousands):
For the Years Ended
September 30, 2022October 1, 2021October 2, 2020
$88,031$54,860$58,257