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Fair Value Measurements (Tables)

12 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following: 

									Fair Value Measurements at September 28, 2024
			Fair Value						Quoted Prices in Active Market for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds			$	341.7					$	341.7					$	—					$	—
U.S. Treasury securities			626.3						626.3						—						—
Commercial paper			24.9						24.9						—						—
Interest rate swaps			3.1						—						3.1						—
Foreign currency option contracts			0.8						—						0.8						—
Total			$	996.8					$	992.9					$	3.9					$	—
Liabilities:
Contingent consideration			$	1.1					$	—					$	—					$	1.1
Interest rate swaps			0.2						—						0.2						—
Forward foreign currency contracts			12.6						—						12.6						—
Total			$	13.9					$	—					$	12.8					$	1.1

									Fair Value Measurements at September 30, 2023
			Fair Value						Quoted Prices in Active Market for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Interest rate swaps			$	26.9					$	—					$	26.9					$	—
Forward foreign currency contracts			8.4						—						8.4						—
Total			$	35.3					$	—					$	35.3					$	—
Liabilities:
Contingent consideration			$	2.0					$	—					$	—					$	2.0
Total			$	2.0					$	—					$	—					$	2.0

Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of contingent consideration liabilities, during the years ended September 28, 2024, September 30, 2023, and September 24, 2022 were as follows:

						Years Ended
						2024						2023						2022
Balance at beginning of period						$	2.0					$	23.4					$	75.1
			Contingent consideration recorded at acquisition			—						1.1						—
			Fair value adjustments			1.7						(14.9)						(39.5)
			Payments			(2.6)						(7.6)						(12.2)
Balance at end of period						$	1.1					$	2.0					$	23.4

Schedule of Cash and Cash Equivalents

The Company’s cash and cash equivalents and short and long-term investments as of September 28, 2024 were as follows:

			Valuation																								Balance Sheet Classification
in millions			Cost						Unrealized Gains						Unrealized Losses						Fair Value						Cash and cash equivalents						Investments
Cash			$	1,437.1					$	—					$	—					$	1,437.1					$	1,437.1					$	—
Money market mutual funds			341.7						—						—						341.7						341.7						—
U.S. Treasury debt securities			624.7						1.6						—						626.3						356.5						269.8
Commercial paper			24.9						—						—						24.9						24.9						—
Total			$	2,428.4					$	1.6					$	—					$	2,430.0					$	2,160.2					$	269.8

Debt Securities, Available-for-Sale, Schedule of Maturity

The fair value of the available-for-sale securities by contractual maturity as of September 28, 2024 and September 30, 2023 are as follows:

			September 28, 2024						September 30, 2023
in millions			Fair Value						Fair Value
Due in three months or less			$	723.1					$	—
Due after three months through one year			173.4						—
Due after one year through five years			96.4						—
Total available-for-sale securities			$	992.9					$	—

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- Definition

Debt Securities, Available-for-Sale, Schedule of Maturity

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Tabular disclosure of the components of cash and cash equivalents.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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