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Borrowings (Tables) | 3 Months Ended
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Dec. 29, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | At December 29, 2023 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands):
| Interest Rate |  | Maturity |  | December 29, 2023 |  | September 29, 2023
Revolving Credit Facility | Benchmark + applicable margin (1) (2) |  | February 2028 |  | $ | — |  |  | $ | 10,000 |
2021 Term Loan Facility - USD Portion | Benchmark + applicable margin (1) (3) |  | February 2026 |  | 120,000 |  |  | 120,000 |
2021 Term Loan Facility - GBP Portion | Benchmark + applicable margin (1) (3) |  | September 2025 |  | 829,075 |  |  | 794,170 |
2020 Term Loan Facility | Benchmark + applicable margin (1) (4) |  | March 2025 (6) |  | 852,210 |  |  | 854,246 |
Fixed-rate: |  |  |  |  |  |  |
5.9% Bonds, due 2033 | 5.9% (5) |  | March 2033 |  | 500,000 |  |  | 500,000 |
6.35% Bonds, due 2028 | 6.35% |  | August 2028 |  | 600,000 |  |  | 600,000 |
Less: Current Portion (6) |  |  |  |  | (52,444) |  |  | (51,773) |
Less: Deferred Financing Fees |  |  |  |  | (13,961) |  |  | (13,172) |
Total Long-term debt, net |  |  |  |  | $ | 2,834,880 |  |  | $ | 2,813,471 |
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 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 Sterling Overnight Index Average ("SONIA") rates. (2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at December 29, 2023 and September 29, 2023 were approximately 6.70% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of December 29, 2023. (3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at December 29, 2023 and September 29, 2023 was approximately 6.70% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at December 29, 2023 and September 29, 2023, respectively. (4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at December 29, 2023 and September 29, 2023 were approximately 6.70% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at December 29, 2023 and September 29, 2023, respectively. (5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance. (6)The current portion of long-term debt is comprised primarily of the 2020 Term Loan Facility quarterly principal repayments of 1.25%, or $9.125 million and £3.125 million, of the aggregate initial principal amount borrowed.

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