Leases, Codification Topic 842

12 Months Ended

Sep. 29, 2023

Leases [Abstract]

Lessee, Operating 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 total lease term consists of a 40-year land lease in Osaka, Japan.

During the fiscal years ended September 29, 2023, September 30, 2022, and October 1, 2021, the Company recorded $39.8 million, $43.6 million, and $33.9 million of operating lease expense, and $19.2 million, $12.3 million, and $3.2 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 29, 2023		September 30, 2022		October 1, 2021
Operating cash outflows from operating leases	$	34.0	$	32.0	$	32.5
Operating lease assets obtained in exchange for new lease liabilities	$	11.1	$	84.6	$	24.8

Operating leases are classified as follows (in millions):

	As of
	September 29, 2023		September 30, 2022
Other current liabilities	$	28.3	$	18.5
Long-term operating lease liabilities	188.7		206.9
Total lease liabilities	$	217.0	$	225.4

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

	As of
	September 29, 2023
2024	$	20.6
2025	32.7
2026	29.3
2027	28.5
2028	26.3
Thereafter	123.9
Total lease payments	261.3
Less: imputed interest	(44.3)
Present value of lease liabilities	217.0
Less: current portion (included in other current liabilities)	(28.3)
Total	$	188.7

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

	As of
	September 29, 2023		September 30, 2022
Weighted-average remaining lease term (years)	12.3		12.1
Weighted-average discount rate	3.6	%	3.3	%