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Leases (Tables) | 12 Months Ended
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Sep. 28, 2024
Leases [Abstract] |
Assets And Liabilities, Lessee | The following table presents supplemental balance sheet information related to the Company's operating and finance leases:
|  |  | September 28, 2024 | September 30, 2023
|  | Balance Sheet Location | Operating Leases | Finance Leases | Operating Leases | Finance Leases
Assets |  |  |  |  |  |
Lease right-of-use assets |  | Other assets | $ | 92.2 |  | $ | — |  | $ | 62.7 |  | $ | — |
Finance lease right-of-use assets (non-current) |  | Property, plant and equipment, net | $ | — |  | $ | 5.0 |  | $ | — |  | $ | 5.6 |
Liabilities |  |  |  |  |  |
Operating lease liabilities (current) |  | Accrued expenses | $ | 24.0 |  | $ | — |  | $ | 20.4 |  | $ | — |
Finance lease liabilities (current) |  | Finance lease obligations - short term | $ | — |  | $ | 3.3 |  | $ | — |  | $ | 3.1 |
Operating lease liabilities (non-current) |  | Other long-term liabilities | $ | 83.9 |  | $ | — |  | $ | 47.1 |  | $ | — |
Finance lease liabilities (non-current) |  | Finance lease obligations - long term | $ | — |  | $ | 12.2 |  | $ | — |  | $ | 15.3 |
The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases:
|  | As of September 28, 2024 | As of September 30, 2023 |  |
|  | Operating Leases | Finance Lease | Operating Leases | Finance Lease |  |  |
Weighted average remaining lease term |  | 5.92 | 4.83 | 4.18 | 5.69 |  |  |
Weighted average discount rate |  | 5.0 | % | 4.1 | % | 2.9 | % | 4.2 | % |  |  |
Lease, Cost | The following table provides information related to the Company’s operating and finance leases:
|  | Year Ended September 28, 2024 | Year Ended September 30, 2023 |
Operating lease cost (a) | $ | 41.3 |  | $ | 29.9 |  |
Finance lease cost - amortization of right-of-use assets | $ | 0.7 |  | $ | 0.7 |  |
Finance lease cost - interest cost | $ | 0.8 |  | $ | 0.8 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows from finance leases | $ | 0.7 |  | $ | 0.9 |  |
| Operating cash flows from operating leases | $ | 26.1 |  | $ | 28.3 |  |
| Financing cash flows from finance leases | $ | 3.8 |  | $ | 4.0 |  |
| Total cash paid for amounts included in the measurement of lease liabilities | $ | 30.6 |  | $ | 33.2 |  |
ROU assets arising from entering into new operating lease obligations (b) | $ | 60.4 |  | $ | 15.7 |  |
ROU assets arising from entering into new finance lease obligations | $ | — |  | $ | — |  |
(a) Includes short-term lease expense and variable lease costs, which were immaterial for the year ended September 28, 2024. During the first quarter of fiscal 2024, in conjunction with the strategy change to move the Mobidiag development activities and operations to the Company’s San Diego, California location, the Company recorded a lease asset impairment charge of $12.5 million. Please refer to Footnote 8 for additional details. (b) During fiscal 2024, the Company renewed two leases at the Company’s Marlborough, Massachusetts locations in the amount of $23.3 million and $8.4 million for a term of 10 years and 5 years, respectively.
Finance Lease, Liability, Maturity | The following table presents the future minimum lease payments under non-cancellable operating lease liabilities and finance leases as of September 28, 2024:
Fiscal Year | Operating Leases | Finance Leases
2025 | $ | 28.7 |  | $ | 3.8 |
2026 | 25.1 |  | 3.8 |
2027 | 20.8 |  | 4.0 |
2028 | 14.4 |  | 3.0 |
2029 | 8.0 |  | 0.6 |
Thereafter | 29.6 |  | 1.7 |
Total future minimum lease payments | 126.6 |  | 16.9 |
Less: imputed interest | (18.7) |  | (1.4) |
Present value of lease liabilities | $ | 107.9 |  | $ | 15.5 |
Lessee, Operating Lease, Liability, Maturity | The following table presents the future minimum lease payments under non-cancellable operating lease liabilities and finance leases as of September 28, 2024:
Fiscal Year | Operating Leases | Finance Leases
2025 | $ | 28.7 |  | $ | 3.8 |
2026 | 25.1 |  | 3.8 |
2027 | 20.8 |  | 4.0 |
2028 | 14.4 |  | 3.0 |
2029 | 8.0 |  | 0.6 |
Thereafter | 29.6 |  | 1.7 |
Total future minimum lease payments | 126.6 |  | 16.9 |
Less: imputed interest | (18.7) |  | (1.4) |
Present value of lease liabilities | $ | 107.9 |  | $ | 15.5 |
Operating Lease, Lease Income | The future minimum annual rental income payments under these lease and sublease agreements at September 28, 2024 are as follows:
Fiscal 2025 |  | $ | 1.2 |  |
Fiscal 2026 |  | 1.1 |  |
Fiscal 2027 |  | 1.1 |  |
Fiscal 2028 |  | 0.8 |  |
Fiscal 2029 |  | 0.4 |  |
Thereafter |  | 0.6 |  |
Total |  | $ | 5.2 |  |

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