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Fair Value Measurements
 12 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company applies the provisions of ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value each reporting period and its nonfinancial assets and liabilities that are re-measured and reported at fair value on a non-recurring basis. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.
Fair Value Hierarchy
ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. Financial assets and liabilities are categorized within the valuation hierarchy based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows:
•Level 1—Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.
•Level 2—Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.
•Level 3—Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The Company has investments in money market funds, United States Treasury securities and commercial paper that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. These investments are classified as Cash and cash equivalents, and Short term and Long term investments on the Consolidated Balance Sheets, which is determined based on maturities at the time of purchase and re-evaluated at each balance sheet date.
The Company also has investments in derivative instruments comprised of interest rate swaps, forward foreign currency contracts and foreign currency option contracts. These instruments were valued using analyses obtained from independent third-party valuation specialists based on market observable inputs, representing Level 2 assets. The fair values of these derivative contracts represent the estimated amounts the Company would receive or pay to terminate the contracts. Refer to Note 2 for
further discussion and information on these derivative contracts.
Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following: 
  
Fair Value Measurements at September 27, 2025
 Fair ValueQuoted 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$740.2 $740.2 $— $— 
U.S. Treasury securities332.8 332.8 — — 
Interest rate swaps3.2 — 3.2 — 
Forward foreign currency contracts1.6 — 1.6 — 
Total$1,077.8 $1,073.0 $4.8 $— 
Liabilities:
Forward foreign currency contracts$6.1 $— $6.1 $— 
Total$6.1 $— $6.1 $— 

  
Fair Value Measurements at September 28, 2024
 Fair ValueQuoted 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 securities626.3 626.3 — — 
Commercial paper24.9 24.9 — — 
Interest rate swaps3.1 — 3.1 — 
Forward currency option contracts0.8 — 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 contracts12.6 — 12.6 — 
Total$13.9 $— $12.8 $1.1 
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 27, 2025, September 28, 2024, and September 30, 2023 were as follows:
Years Ended
2025
2024
2023
Balance at beginning of period$1.1 $2.0 $23.4 
Contingent consideration recorded at acquisition— — 1.1 
Fair value adjustments— 1.7 (14.9)
Payments(1.1)(2.6)(7.6)
Balance at end of period$— $1.1 $2.0 
Assets Measured and Recorded at Fair Value on a Nonrecurring Basis
The Company remeasures the fair value of certain assets and liabilities upon the occurrence of certain events. Such assets are comprised of equity investments, property, plant and equipment, intangible assets, and goodwill. During the second quarter
of fiscal 2025, the Company recorded intangible asset impairment charges, excluding an in-process research and development project from the Mobidiag acquisition, aggregating $204.0 million related to developed technology, trade names, and customer relationships acquired in the Acessa, Bolder, Diagenode and Mobidiag acquisitions. The Acessa and Bolder businesses are part of the Company’s GYN Surgical segment and the Diagenode and Mobidiag businesses are part of the Company’s Diagnostics segment. The total charges by asset group for each of Acessa, Bolder, Diagenode and Mobidiag were $61.9 million, $64.5 million, $38.6 million, and $39.0 million, respectively. Subsequent to the impairment charges, the carrying values of the definite-lived intangible assets for the Acessa, Bolder, Diagenode and Mobidiag asset groups were $7.2 million, zero, $3.0 million, and $6.7 million, respectively. During the second quarter of fiscal 2025, the Company also recorded a $16.9 million impairment charge for the in-process research and development project from the Mobidiag acquisition. During the fourth quarter of fiscal 2025, the Company recorded an additional $5.0 million impairment charge on this in-process research and development project reducing the carrying value to zero.
During the third quarter of fiscal 2024, the Company recorded intangible asset impairment charges of $13.3 million and $0.4 million, respectively, related to its BioZorb developed technology and trade name intangible assets acquired in the Focal acquisition, which is within the Breast Health reportable segment, reducing the carrying value of the assets to zero. During the second quarter of fiscal 2024, the Company recorded intangible asset impairment charges of $25.9 million and $0.9 million, respectively, related to its BioZorb developed technology and trade name intangible assets reducing the carrying value of the assets to $13.9 million and $0.5 million, respectively. See Note 2 for further discussion.
During the first quarter of fiscal 2024, the Company recorded a $12.5 million impairment charge for right-of-use lease assets related to the closure of its Mobidiag facilities in Finland and France (see Note 8 for further discussion), reducing the carrying value to zero. In addition, during the first quarter of fiscal 2024, the Company recorded a $4.3 million impairment charge for the in-process research and development project from the Mobidiag acquisition, reducing the carrying value of this asset to $22.4 million.
During the fourth quarter of fiscal 2023, the Company’s SSI ultrasound imaging business met the criteria to be classified as assets held-for-sale, and the Company recorded a $51.7 million loss to record the asset group at its fair value less costs to sell. During the third quarter of fiscal 2023, the Company identified indicators of impairment related to the long-lived assets of its Mobidiag business and based on the fair value of the asset group recorded impairment charges aggregating $186.9 million, of which $174.8 million was allocated to intangible assets and $12.1 million was allocated to property, plant and equipment. Subsequent to the impairment charges, the carrying value of the definite-lived intangible assets and property, plant and equipment was $65.8 million and $4.6 million, respectively. In addition, the Company recorded a $10.5 million impairment charge for the only in-process research and development project from the Mobidiag acquisition, and the resulting carrying value was $26.5 million. During the third quarter of fiscal 2023, the Company identified indicators of impairment related to the long-lived assets of its SSI ultrasound imaging business and recorded impairment charges aggregating $26.4 million, of which $20.6 million was allocated to intangible assets and $5.8 million was allocated to equipment. Subsequent to the impairment charges, the carrying value of these assets was zero.
Disclosure of Fair Value of Financial Instruments
The Company’s financial instruments mainly consist of cash and cash equivalents, United States Treasury securities, commercial paper, accounts receivable, equity investments, interest rate swaps, forward foreign currency contracts, foreign currency option contracts, insurance contracts, accounts payable and debt obligations. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these instruments. The Company’s United States Treasury securities, commercial paper, interest rate swaps, forward foreign currency contracts and foreign currency option contracts were recorded at fair value. The carrying amount of the insurance contracts were recorded at their cash surrender value, as required by U.S. GAAP, which approximates fair value. The Company believes the carrying amounts of its equity investments approximate fair value.
The Company’s cash and cash equivalents and short-term investments were as follows:
September 27, 2025
ValuationBalance Sheet Classification
in millionsCostUnrealized GainsUnrealized LossesFair ValueCash and cash equivalentsInvestments
Cash$1,129.7 $— $— $1,129.7 $1,129.7 $— 
Money market mutual funds740.2 — — 740.2 740.2 — 
U.S. Treasury debt securities332.7 0.1 — 332.8 89.6 243.2 
Total$2,202.6 $0.1 $— $2,202.7 $1,959.5 $243.2 
September 28, 2024
ValuationBalance Sheet Classification
in millionsCostUnrealized GainsUnrealized LossesFair ValueCash and cash equivalentsInvestments
Cash$1,437.1 $— $— $1,437.1 $1,437.1 $— 
Money market mutual funds341.7 — — 341.7 341.7 — 
U.S. Treasury debt securities624.7 1.6 — 626.3 356.5 269.8 
Commercial paper24.9 — — 24.9 24.9 — 
Total$2,428.4 $1.6 $— $2,430.0 $2,160.2 $269.8 
The Company classifies its investments in debt securities as available-for-sale and records them at fair value, with changes in fair value reported as a component of accumulated other comprehensive income (loss), which was immaterial for the year ended September 27, 2025. The Company periodically assesses these securities for potential impairment losses and credit losses. The amount of credit losses, if any, will be determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. There were no impairments and credit losses related to available-for-sale securities for the years ended September 27, 2025 and September 28, 2024.
The Company classifies all highly liquid investments with stated maturities of three months or less from the date of purchase as cash equivalents. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during the years ended September 27, 2025 and September 28, 2024, respectively. There were no sales prior to maturities, of available-for-sale securities during the years ended September 27, 2025 and September 28, 2024.
The fair value of the available-for-sale securities by contractual maturity as of September 27, 2025 and September 28, 2024 are as follows:
September 27, 2025September 28, 2024
in millionsFair ValueFair Value
Due in three months or less$89.6 $381.4 
Due after three months through one year243.2 173.4 
Due after one year through five years— 96.4 
Total available-for-sale securities$332.8 $651.2 
Amounts outstanding under the Company’s 2025 Credit Agreement of $1.169 billion aggregate principal as of September 27, 2025 were subject to variable rates of interest based on current market rates, and as such, the Company believes the carrying amount of these obligations approximates fair value. The Company’s 2028 Senior Notes and 2029 Senior Notes had fair values of approximately $397.9 million and $916.8 million, respectively, as of September 27, 2025 based on their trading prices, representing a Level 1 measurement. Refer to Note 9 for the carrying amounts of the various components of the Company’s debt.