Composition Of Certain Financial Statement Captions

6 Months Ended

Mar. 29, 2024

Composition Of Certain Financial Statement Captions [Abstract]

Composition Of Certain Financial Statement Captions

Composition of Certain Financial Statement Captions

The following tables present detailed information from our unaudited interim condensed consolidated balance sheets as of March 29, 2024 and September 29, 2023 (in thousands).

Accounts Receivable and Contract Assets

	March 29, 2024		September 29, 2023
Trade accounts receivable	$	132,787	$	137,820
Accounts receivable from patent administration program licensees	155,557		134,108
Contract assets	243,275		182,268
Accounts receivable and contract assets, gross	531,619		454,196
Less: allowance for credit losses on accounts receivable and contract assets	(6,318)		(9,821)
Total accounts receivable and contract assets, net	$	525,301	$	444,375

Accounts receivable as of March 29, 2024 and September 29, 2023, respectively, includes unbilled accounts receivable balances of $151.0 million and $150.4 million, related to amounts that are contractually owed. The unbilled balance represents our unconditional right to consideration related to fixed fee contracts which we are entitled to as a result of satisfying, or partially satisfying, performance obligations, as well as Via LA's unconditional right to consideration related to its patent administration programs.

Allowance for Credit Losses	Beginning Balance	Charges/(Credits)  to S&M and G&A	Additions/(Deductions)	Ending Balance
For fiscal year-to-date period ended March 29, 2024	10,969	(1,454)	(2,103)	7,412

Allowance for credit losses includes the provision for estimated credit losses on our sales-type leases, which was not material as of March 29, 2024 and September 29, 2023.

Inventories

	March 29, 2024		September 29, 2023
Raw materials	$	3,250	$	6,203
Work in process	5,426		3,972
Finished goods	27,121		25,448
Total inventories	$	35,797	$	35,623

Inventories are stated at the lower of cost and net realizable value. Inventory with a consumption period expected to exceed twelve months is recorded within other non-current assets in our unaudited interim condensed consolidated balance sheets. We have included $12.8 million and $8.1 million of inventory within non-current assets as of March 29, 2024 and September 29, 2023, respectively. Based on anticipated inventory consumption rates, and aside from existing write-downs due to excess inventory, we do not believe that material risk of obsolescence exists prior to ultimate sale.

Prepaid Expenses and Other Current Assets

	March 29, 2024		September 29, 2023
Prepaid expenses	$	28,753	$	24,435
Other current assets	21,668		26,257
Total prepaid expenses and other current assets	$	50,421	$	50,692

Accrued Liabilities

	March 29, 2024		September 29, 2023
Amounts payable to patent administration program partners	$	207,317	$	150,509
Accrued compensation and benefits	80,295		118,728
Accrued professional fees	11,592		18,632
Unpaid property, plant, and equipment additions	21,576		18,002
Accrued customer refunds	2,578		3,878
Accrued market development funds	6,416		5,010
Other accrued liabilities	33,109		36,640
Total accrued liabilities	$	362,883	$	351,399

Other Non-Current Liabilities

	March 29, 2024		September 29, 2023
Supplemental retirement plan obligations	$	4,544	$	4,302
Non-current tax liabilities (1)	73,312		74,482
Other liabilities	12,119		29,555
Total other non-current liabilities	$	89,975	$	108,339

(1)        Refer to Note 12 "Income Taxes" for additional information related to our tax liabilities.