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v3.25.2

LEASES | 9 Months Ended
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Jun. 28, 2025
Leases [Abstract] |
Lessee, Operating Leases | Leases The Company’s leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company’s initial lease liability and corresponding right-of-use (“ROU”) assets only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company’s balance sheet. ROU assets and lease liabilities recorded in the condensed consolidated balance sheets are as follows:
| As of
| June 28, 2025 |  | September 28, 2024
| (In thousands)
Other assets | $ | 69,928 |  | $ | 77,612
Accrued liabilities | $ | 21,587 |  | $ | 22,270
Other long-term liabilities | 37,715 |  | 44,513
Total lease liabilities | $ | 59,302 |  | $ | 66,783
Weighted average remaining lease term (in years) | 11.81 |  | 13.93
Weighted average discount rate | 4.3 | % |  | 4.2 | %
Lease expense and supplemental cash flow information related to operating leases are as follows:
| Three Months Ended |  | Nine Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
| (In thousands)
Operating lease expense (1) | $ | 7,898 |  |  | $ | 7,189 |  |  | $ | 23,486 |  |  | $ | 23,434 |
|  |  |  |  | Nine Months Ended
|  |  |  |  | June 28, 2025 |  | June 29, 2024
|  |  |  |  | (In thousands)
Cash paid for operating lease liabilities |  |  |  |  | $ | 19,180 |  |  | $ | 19,499 |
Right-of-use assets obtained in exchange for lease liabilities |  |  |  |  | $ | 1,493 |  |  | $ | 1,215 |
(1) Includes immaterial amounts of short-term leases, variable lease costs and sublease income. Future lease payments under non-cancelable operating leases as of June 28, 2025, by fiscal year, are as follows:
| Operating Leases
| (In thousands)
Remainder of 2025 | $ | 6,468 |
2026 | 22,489 |
2027 | 18,276 |
2028 | 7,363 |
2029 | 1,626 |
Thereafter | 8,632 |
Total lease payments | 64,854 |
Less: imputed interest | 5,552 |
Total | $ | 59,302 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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