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LEASES | 3 Months Ended
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Dec. 27, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases certain facilities and machinery and equipment under long-term, non-cancelable operating leases. The Company determines if an arrangement is a lease at inception. As of December 27, 2024, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 16 years. Some of the leases contain variable payment terms, such as payments based on fluctuations in the Consumer Price Index (CPI). Some leases also contain options to extend or terminate the lease. To the extent the Company is reasonably certain to exercise these options, they have been considered in the calculation of the right-of-use ("ROU") assets and lease liabilities. Under current lease agreements, there are no residual value guarantees or restrictive lease covenants. In calculating the ROU assets and lease liabilities, several assumptions and judgments were made by the Company, including whether a contract is or contains a lease under the applicable definition, and the determination of the discount rate, which is assumed to be the incremental borrowing rate. The incremental borrowing rate is derived from information available to the Company at the lease commencement date based on lease length and location. The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three months ended December 27, 2024 and December 29, 2023 were as follows:
| Three months ended |
| December 27, 2024 | December 29, 2023 |  |
Lease Cost |  |  |  |
Operating lease costs | $ | 2,624 |  | $ | 2,465 |  |  |
Short-term lease costs | 567 |  | 627 |  |  |
Variable lease costs | 49 |  | 43 |  |  |
Total lease cost | $ | 3,240 |  | $ | 3,135 |  |  |
Included in the amounts in the table above was rent expense to related parties of $314 and $314 for the three months ended December 27, 2024 and December 29, 2023, respectively. As of December 27, 2024, the Company did not have any finance leases or sublease agreements. Additionally, the Company does not have any leases in which it is the lessor. While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended December 27, 2024. As of December 27, 2024, the Company did not have any significant operating lease commitments that have not yet commenced. Supplemental balance sheet, cash flow, and other information related to operating leases was as follows:
| Three months ended |  |  |
| December 27, 2024 | December 29, 2023 |  |  |
Operating leases: |  |  |  |  |
Operating lease ROU assets | $ | 48,248 |  | $ | 51,852 |  |  |  |
Current operating lease liabilities | 8,161 |  | 7,284 |  |  |  |
Non-current operating lease liabilities | 41,897 |  | 46,239 |  |  |  |
Total operating lease liabilities | $ | 50,058 |  | $ | 53,523 |  |  |  |
Weighted average remaining lease term (in years) | 10.73 | 11.50 |  |  |
Weighted average discount rate | 3.35 | % | 3.19 | % |  |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | 2,508 |  | $ | 2,268 |  |  |  |
ROU assets obtained in exchange for lease liabilities | $ | 3,228 |  | $ | 2,061 |  |  |  |
Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at December 27, 2024 were as follows:
Year | Related parties included in total |  | Total
Remainder of 2025 | $ | 986 |  |  | $ | 7,597 |
2026 | 1,348 |  |  | 8,744 |
2027 | 226 |  |  | 7,096 |
2028 | — |  |  | 4,766 |
2029 | — |  |  | 3,497 |
Thereafter | — |  |  | 29,759 |
Total undiscounted lease payments | 2,560 |  |  | 61,459 |
Less: Imputed interest | (39) |  |  | (11,401) |
Total net lease liability | $ | 2,521 |  |  | $ | 50,058 |

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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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