LEASES

9 Months Ended

Jun. 28, 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
	June 28, 2025			September 28, 2024
	(In thousands)
Other assets	$	69,928		$	77,612

Accrued liabilities	$	21,587		$	22,270
Other long-term liabilities	37,715			44,513
Total lease liabilities	$	59,302		$	66,783

Weighted average remaining lease term (in years)	11.81			13.93
Weighted average discount rate	4.3		%	4.2		%

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


	Three Months Ended				Nine Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
	(In thousands)
Operating lease expense (1)	$	7,898	$	7,189	$	23,486	$	23,434

					Nine Months Ended
					June 28, 2025		June 29, 2024
					(In thousands)
Cash paid for operating lease liabilities					$	19,180	$	19,499

Right-of-use assets obtained in exchange for lease liabilities					$	1,493	$	1,215

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

Future lease payments under non-cancelable operating leases as of June 28, 2025, by fiscal year, are as follows:


	Operating Leases
	(In thousands)
Remainder of 2025	$	6,468
2026	22,489
2027	18,276
2028	7,363
2029	1,626
Thereafter	8,632
Total lease payments	64,854
Less: imputed interest	5,552
Total	$	59,302