Leases

12 Months Ended

Sep. 27, 2024

Leases [Abstract]

LEASES

10.     LEASES

The Company’s lease arrangements consist primarily of corporate, manufacturing, design, and other facility agreements as well as various machinery and office equipment agreements. The leases expire at various dates through 2061, some of which include options to extend the lease term. The longest potential remaining lease term consists of a 37 year land lease in Osaka, Japan.

During fiscal 2024, fiscal 2023, and fiscal 2022, the Company recorded $35.5 million, $39.8 million, and $43.6 million of operating lease expense, and $20.6 million, $19.2 million, and $12.3 million of variable lease expense, respectively.

Supplemental cash information and non-cash activities related to operating leases are as follows (in millions):

	Fiscal Year Ended
	September 27, 2024		September 29, 2023		September 30, 2022
Operating cash outflows from operating leases	$	35.4	$	34.0	$	32.0
Operating lease assets obtained in exchange for new lease liabilities	$	16.2	$	11.1	$	84.6

Operating leases are classified as follows (in millions):

	As of
	September 27, 2024		September 29, 2023
Other current liabilities	$	20.2	$	28.3
Long-term operating lease liabilities	185.9		188.7
Total lease liabilities	$	206.1	$	217.0

Maturities of lease liabilities under operating leases by fiscal year are as follows (in millions):

	As of
	September 27, 2024
2025	$	20.0
2026	32.4
2027	31.0
2028	28.4
2029	26.1
Thereafter	102.4
Total lease payments	240.3
Less: imputed interest	(34.2)
Present value of lease liabilities	206.1
Less: current portion (included in other current liabilities)	(20.2)
Long-term operating lease liabilities	$	185.9

Weighted-average remaining lease term and discount rate related to operating leases are as follows:

	As of
	September 27, 2024		September 29, 2023
Weighted-average remaining lease term (in years)	11.9		12.3
Weighted-average discount rate	3.7	%	3.6	%