XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.25.3

LEASES | 12 Months Ended
--- | ---
Oct. 03, 2025
Leases [Abstract] |
LEASES | LEASES The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and certain equipment. The Company's lease agreements do not contain any material residual value guarantees, variable lease costs, bargain purchase options or restrictive covenants. The Company does not have any lease transactions with related parties. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet and expense for these leases is recognized on a straight-line basis over the lease term. The Company's leases have remaining lease terms of less than one year to approximately ninety-three years, some of which may include options to extend the leases for up to five years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease contract. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of fixed lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company's incremental borrowing rate is based on a credit-adjusted risk-free rate, which best approximates a secured rate over a similar term of lease. The following table presents supplemental balance sheet information related to the Company's operating and finance leases:
(In millions) | Balance Sheet Location |  | October 3, 2025 |  | September 27, 2024
Assets |  |  |  |  |
Operating lease right-of-use assets | Operating lease assets |  | $ | 29.4 |  |  | $ | 28.3 |
Finance lease right-of-use assets | Property, plant, and equipment, net |  | 5.7 |  |  | 6.6 |
Liabilities |  |  |  |  |
Operating lease liabilities (current) | Current operating lease liabilities |  | 4.4 |  |  | 4.0 |
Finance lease liabilities (current) | Accrued liabilities and other current liabilities |  | 0.4 |  |  | 0.4 |
Operating lease liabilities (non-current) | Operating lease liabilities |  | 24.0 |  |  | 23.0 |
Finance lease liabilities (non-current) | Other long-term liabilities |  | 5.6 |  |  | 5.9 |
The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases:
| October 3, 2025 |  | September 27, 2024
Operating lease weighted average remaining lease term (in years) | 7.7 |  | 7.9
Operating lease weighted average discount rate | 7.2 | % |  | 8.0 | %
Finance lease weighted average remaining lease term (in years) | 13.2 |  | 13.9
Finance lease weighted average discount rate | 6.1 | % |  | 6.1 | %
The following table provides information related to the Company’s operating and finance leases:
(In millions) | 2025 |  | 2024 |  | 2023 |  |
Total operating lease costs(1) | $ | 6.2 |  |  | $ | 6.3 |  |  | $ | 5.8 |  |  |
Amortization of right-of-use assets | $ | 1.0 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  |
Interest on lease liabilities | 0.4 |  |  | — |  |  | — |  |  |
Total finance lease costs | $ | 1.4 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  |
Operating cash flows from operating leases | $ | 6.1 |  |  | $ | 5.9 |  |  | $ | 7.8 |  |  |
Operating cash flows from finance leases | 0.4 |  |  | — |  |  | — |  |  |
Financing cash flows from finance leases | 0.6 |  |  | 0.5 |  |  | 0.3 |  |  |
Total cash paid for amounts included in the measurement of lease liabilities | $ | 7.1 |  |  | $ | 6.4 |  |  | $ | 8.1 |  |  |
Noncash operating right-of-use assets obtained in exchange for new lease liabilities | $ | 8.1 |  |  | $ | 5.4 |  |  | $ | 10.6 |  |  |
Noncash finance right-of-use assets obtained in exchange for new lease liabilities | 0.2 |  |  | 6.5 |  |  | 0.2 |  |  |
Total right-of-use assets obtained in exchange for new lease liabilities | $ | 8.3 |  |  | $ | 11.9 |  |  | $ | 10.8 |  |  |
(1) Includes variable and short-term lease expense, which were immaterial for fiscal years 2025, 2024, and 2023. As of October 3, 2025, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows:
(In millions) |  |  |
Fiscal years: | Operating Leases |  | Finance Leases
2026 | $ | 6.2 |  |  | $ | 0.7 |
2027 | 5.5 |  |  | 0.7 |
2028 | 4.5 |  |  | 0.6 |
2029 | 3.7 |  |  | 0.6 |
2030 | 3.6 |  |  | 0.6 |
Thereafter | 14.0 |  |  | 5.5 |
Total future lease payments | $ | 37.5 |  |  | $ | 8.7 |
Less: imputed interest | (9.1) |  |  | (2.7) |
Present value of lease liabilities | $ | 28.4 |  |  | $ | 6.0 |
As of October 3, 2025, the Company had not entered into any material leases that have not yet commenced.
LEASES | LEASES The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and certain equipment. The Company's lease agreements do not contain any material residual value guarantees, variable lease costs, bargain purchase options or restrictive covenants. The Company does not have any lease transactions with related parties. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet and expense for these leases is recognized on a straight-line basis over the lease term. The Company's leases have remaining lease terms of less than one year to approximately ninety-three years, some of which may include options to extend the leases for up to five years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease contract. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of fixed lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company's incremental borrowing rate is based on a credit-adjusted risk-free rate, which best approximates a secured rate over a similar term of lease. The following table presents supplemental balance sheet information related to the Company's operating and finance leases:
(In millions) | Balance Sheet Location |  | October 3, 2025 |  | September 27, 2024
Assets |  |  |  |  |
Operating lease right-of-use assets | Operating lease assets |  | $ | 29.4 |  |  | $ | 28.3 |
Finance lease right-of-use assets | Property, plant, and equipment, net |  | 5.7 |  |  | 6.6 |
Liabilities |  |  |  |  |
Operating lease liabilities (current) | Current operating lease liabilities |  | 4.4 |  |  | 4.0 |
Finance lease liabilities (current) | Accrued liabilities and other current liabilities |  | 0.4 |  |  | 0.4 |
Operating lease liabilities (non-current) | Operating lease liabilities |  | 24.0 |  |  | 23.0 |
Finance lease liabilities (non-current) | Other long-term liabilities |  | 5.6 |  |  | 5.9 |
The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases:
| October 3, 2025 |  | September 27, 2024
Operating lease weighted average remaining lease term (in years) | 7.7 |  | 7.9
Operating lease weighted average discount rate | 7.2 | % |  | 8.0 | %
Finance lease weighted average remaining lease term (in years) | 13.2 |  | 13.9
Finance lease weighted average discount rate | 6.1 | % |  | 6.1 | %
The following table provides information related to the Company’s operating and finance leases:
(In millions) | 2025 |  | 2024 |  | 2023 |  |
Total operating lease costs(1) | $ | 6.2 |  |  | $ | 6.3 |  |  | $ | 5.8 |  |  |
Amortization of right-of-use assets | $ | 1.0 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  |
Interest on lease liabilities | 0.4 |  |  | — |  |  | — |  |  |
Total finance lease costs | $ | 1.4 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  |
Operating cash flows from operating leases | $ | 6.1 |  |  | $ | 5.9 |  |  | $ | 7.8 |  |  |
Operating cash flows from finance leases | 0.4 |  |  | — |  |  | — |  |  |
Financing cash flows from finance leases | 0.6 |  |  | 0.5 |  |  | 0.3 |  |  |
Total cash paid for amounts included in the measurement of lease liabilities | $ | 7.1 |  |  | $ | 6.4 |  |  | $ | 8.1 |  |  |
Noncash operating right-of-use assets obtained in exchange for new lease liabilities | $ | 8.1 |  |  | $ | 5.4 |  |  | $ | 10.6 |  |  |
Noncash finance right-of-use assets obtained in exchange for new lease liabilities | 0.2 |  |  | 6.5 |  |  | 0.2 |  |  |
Total right-of-use assets obtained in exchange for new lease liabilities | $ | 8.3 |  |  | $ | 11.9 |  |  | $ | 10.8 |  |  |
(1) Includes variable and short-term lease expense, which were immaterial for fiscal years 2025, 2024, and 2023. As of October 3, 2025, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows:
(In millions) |  |  |
Fiscal years: | Operating Leases |  | Finance Leases
2026 | $ | 6.2 |  |  | $ | 0.7 |
2027 | 5.5 |  |  | 0.7 |
2028 | 4.5 |  |  | 0.6 |
2029 | 3.7 |  |  | 0.6 |
2030 | 3.6 |  |  | 0.6 |
Thereafter | 14.0 |  |  | 5.5 |
Total future lease payments | $ | 37.5 |  |  | $ | 8.7 |
Less: imputed interest | (9.1) |  |  | (2.7) |
Present value of lease liabilities | $ | 28.4 |  |  | $ | 6.0 |
As of October 3, 2025, the Company had not entered into any material leases that have not yet commenced.

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 finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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