Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 4. Debt Term loan borrowings consisted of the following at the dates indicated:
Term loan borrowings are recognized on the Condensed Consolidated Balance Sheets at the unpaid principal balance, and are not subject to fair value measurement; however, given the variable rates on the loans that reset frequently, the Company estimates that the unpaid principal balance approximates fair value. If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy. At June 27, 2026 and September 27, 2025, $87.5 million and $91.3 million, respectively, were outstanding on the term loans. At June 27, 2026 and September 27, 2025, the stated interest rates on the term loans were 5.6% and 6.1%, respectively. At June 27, 2026 and September 27, 2025, the weighted-average annual effective interest rates for the term loans were 5.9% and 6.6%, respectively, which include amortization of the deferred debt issuance costs. At June 27, 2026, $8.3 million of letters of credit were outstanding, which reduces the availability on the revolving line of credit. There were no borrowings outstanding on the Revolving Credit Facility; therefore, the Company would have been able to borrow $141.7 million on the revolving line of credit. In connection with the acquisition of Micro Bird (see Note 13, Micro Bird Acquisition, for further discussion), the Company repaid all of Micro Bird's outstanding bank debt obligations, including interest accrued on outstanding principal balances, existing on the closing date, which totaled $129.6 million and was funded entirely from cash existing on the closing date. This amount is reflected as a financing cash outflow on the Condensed Consolidated Statement of Cash Flows for the nine months ended June 27, 2026. Although Micro Bird maintained an existing revolving credit facility with its primary bank subsequent to the acquisition having a maximum borrowing capacity of $50.0 million, no amounts were borrowed or repaid during the the three months ended June 27, 2026 following the repayment of the balance existing on the acquisition closing date as discussed previously above. Interest expense on all indebtedness was $2.0 million and $1.7 million for the three months ended June 27, 2026 and June 28, 2025, respectively, and $5.1 million and $5.5 million for the nine months ended June 27, 2026 and June 28, 2025, respectively. The schedule of remaining principal payments through maturity for the term loans is as follows:
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