LEASES

6 Months Ended

Mar. 29, 2025

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 29, 2025			September 28, 2024
	(In thousands)
Other assets	$	68,790		$	77,612

Accrued liabilities	$	21,627		$	22,270
Other long-term liabilities	35,628			44,513
Total lease liabilities	$	57,255		$	66,783

Weighted average remaining lease term (in years)	12.23			13.93
Weighted average discount rate	4.2		%	4.2		%

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


	Three Months Ended				Six Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(In thousands)
Operating lease expense (1)	$	7,684	$	8,073	$	15,588	$	16,245

					Six Months Ended
					March 29, 2025		March 30, 2024
					(In thousands)
Cash paid for operating lease liabilities					$	12,692	$	12,997

Right-of-use assets obtained in exchange for lease liabilities					$	1,355	$	—

(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 29, 2025, by fiscal year, are as follows:


	Operating Leases
	(In thousands)
Remainder of 2025	$	12,714
2026	19,823
2027	15,538
2028	5,168
2029	1,091
Thereafter	8,220
Total lease payments	62,554
Less: imputed interest	5,299
Total	$	57,255