LEASES

6 Months Ended

Mar. 30, 2024

Leases

The Company’s leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company’s initial lease liability and corresponding right-of-use (“ROU”) assets only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company’s balance sheet.

ROU assets and lease liabilities recorded in the condensed consolidated balance sheets are as follows:


	As of
	March 30, 2024			September 30, 2023
	(In thousands)
Other assets	$	85,569		$	95,750

Accrued liabilities	$	22,279		$	22,344
Other long-term liabilities	51,327			60,663
Total lease liabilities	$	73,606		$	83,007

Weighted average remaining lease term (in years)	11.14			12.97
Weighted average discount rate	4.0		%	3.9		%

Lease expense and supplemental cash flow information related to operating leases are as follows:


	Three Months Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
	(In thousands)
Operating lease expense (1)	$	8,073	$	8,198	$	16,245	$	17,565

					Six Months Ended
					March 30, 2024		April 1, 2023
					(In thousands)
Cash paid for operating lease liabilities					$	12,997	$	11,629

(1) Includes immaterial amounts of short-term leases, variable lease costs and sublease income.

Future lease payments under non-cancelable operating leases as of March 30, 2024, by fiscal year, are as follows:


	Operating Leases
	(In thousands)
Remainder of 2024	$	12,907
2025	22,987
2026	17,741
2027	13,850
2028	4,466
Thereafter	8,879
Total lease payments	80,830
Less: imputed interest	7,224
Total	$	73,606