XML 47 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

LEASES | 12 Months Ended
--- | ---
Sep. 28, 2024
Leases [Abstract] |
LEASES | We have entered into various non-cancellable operating and finance lease agreements for certain of our offices, manufacturing, technology, sales support and service centers, equipment, and vehicles. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years, when it is reasonably certain that we will exercise that option. As of September 28, 2024, no option to extend the lease was recognized as right-of-use (“ROU”) assets and lease liabilities. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our ROU assets and corresponding liabilities. We have elected not to present short-term leases on the Consolidated Balance Sheets as these leases have a lease term of 12 months or less at lease inception. Operating leases are included in operating ROU assets, current and non-current operating lease liabilities, and finance leases are included in property, plant and equipment, accrued expenses and other current liabilities, and other liabilities on the Consolidated Balance Sheets. As of September 28, 2024, our finance leases are not material. The following table shows the components of lease expense:
(in thousands) | Fiscal
| 2024 |  | 2023 |  | 2022
Operating lease expense (1) | $ | 10,015 |  |  | 10,746 |  |  | 8,625 |
(1) Operating lease expense includes short-term lease and variable lease expenses, which is immaterial for the fiscal year ended September 28, 2024. The following table shows the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating and finance lease liabilities, and, as such, are excluded from the amounts below:
(in thousands) | Fiscal
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash outflows from operating leases | $ | 9,612 |  |  | $ | 9,314 |  |  | $ | 7,908 |
The following table shows the weighted-average lease terms and discount rates for operating leases:
| Fiscal
| 2024 |  | 2023
Operating leases: |  |  |
Weighted-average remaining lease term (in years): | 7.3 |  | 7.7
Weighted-average discount rate: | 7.2 | % |  | 6.7 | %
Future lease payments, excluding short-term leases, as of September 28, 2024, are detailed as follows:
(in thousands) | Operating leases
Fiscal 2025 | $ | 10,371 |
Fiscal 2026 | 7,928 |
Fiscal 2027 | 5,585 |
Fiscal 2028 | 5,027 |
Fiscal 2029 | 5,078 |
Fiscal 2030 and thereafter | 18,743 |
Total minimum lease payments | 52,732 |
Less: Interest | 11,769 |
Present value of lease obligations | 40,963 |
Less: Current portion | 7,718 |
Long-term portion of lease obligations | $ | 33,245 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration