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FINANCING OBLIGATION | 6 Months Ended
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Mar. 29, 2024
Debt Disclosure [Abstract] |
FINANCING OBLIGATION | FINANCING OBLIGATION We are party to a power purchase agreement for the use of electric power and thermal energy producing systems at our fabrication facility in Lowell, Massachusetts. T hese systems are expected to reduce our consumption of energy while delivering sustainable, resilient energy for heating and cooling. We do not own these systems; however, we control the use of the assets during operation. As of March 29, 2024 and September 29, 2023, the net book value of the systems in Property and equipment, net was $8.5 million and $8.9 million, respectively, and the corresponding liability was $9.4 million and $9.6 million, respectively, primarily classified in Financing obligation on our condensed consolidated balance sheet. The initial financing obligation was calculated based on future fixed payments allocated to the power generator of $16.8 million over the 15-year term, discounted at an implied discount rate of 7.4%, and the remaining future minimum payments are for power purchases. As of March 29, 2024 and September 29, 2023, we have $24.8 million and $25.5 million, respectively, in remaining fixed payments over a 14-year term associated with the power purchase agreement, of which $15.4 million and $15.9 million, respectively, is included in our consolidated balance sheets on a discounted basis. As of March 29, 2024, expected future minimum payments for the financing obligation were as follows (in thousands):
Fiscal year ending: |  | Amount
2024 |  | $ | 481 |
2025 |  | 982 |
2026 |  | 1,007 |
2027 |  | 1,031 |
2028 |  | 1,057 |
Thereafter |  | 10,858 |
Total payments |  | $ | 15,416 |
Less: interest |  | 5,980 |
Present value of liabilities |  | $ | 9,436 |

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