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PROPERTY AND EQUIPMENT | 6 Months Ended
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Mar. 29, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consists of the following (in thousands):
| March 29, 2024 |  | September 29, 2023
Construction in process | $ | 9,658 |  |  | $ | 10,256 |
Machinery and equipment | 278,937 |  |  | 238,037 |
Leasehold improvements | 38,292 |  |  | 35,342 |
Furniture and fixtures | 2,967 |  |  | 2,888 |
Computer equipment and software | 19,812 |  |  | 18,824 |
Finance lease assets | 64,845 |  |  | 64,126 |
Total property and equipment | 414,511 |  |  | 369,473 |
Less accumulated depreciation and amortization | (234,282) |  |  | (219,977) |
Property and equipment, net | $ | 180,229 |  |  | $ | 149,496 |
In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (CHIPS Act), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain qualifying investments in U.S. semiconductor manufacturing equipment. As of March 29, 2024, we recognized $3.6 million in Prepaid and other current assets with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets in the condensed consolidated balance sheet. Depreciation and amortization expense related to property and equipment for the three and six months ended March 29, 2024 was $7.8 million and $14.3 million, respectively. Depreciation and amortization expense related to property and equipment for the three and six months ended March 31, 2023 was $5.8 million and $11.8 million, respectively. Accumulated amortization on finance lease assets as of March 29, 2024 and September 29, 2023 was $9.0 million and $7.8 million, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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