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Fair Value Measurements (Tables) | 3 Months Ended
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Dec. 28, 2024
Fair Value Disclosures [Abstract] |
Fair Value Assets and Liabilities Measured on Recurring Basis |
|  |  | Fair Value at Reporting Date Using
| Fair Value |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
December 28, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Money market mutual funds | $ | 152.1 |  |  | $ | 152.1 |  |  | $ | — |  |  | $ | — |
U.S. Treasury securities | 254.5 |  |  | 254.5 |  |  | — |  |  | — |
Interest rate swaps | 9.4 |  |  | — |  |  | 9.4 |  |  | — |
Foreign currency option contracts | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
Forward foreign currency contracts | 9.7 |  |  | — |  |  | 9.7 |  |  | — |
Total | $ | 426.1 |  |  | $ | 406.6 |  |  | $ | 19.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |
Total | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |
September 28, 2024 |  |  |  |  |  |  |
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 |
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 three month periods ended December 28, 2024 and December 30, 2023 were as follows:
|  | Three Months Ended |  |
|  | December 28, 2024 |  | December 30, 2023 |  |  |  |
Balance at beginning of period | $ | 1.1 |  |  | $ | 2.0 |  |  |  |  |
| Contingent consideration recorded at acquisition | — |  |  | — |  |  |  |  |
| Fair value adjustments | — |  |  | 1.7 |  |  |  |  |
| Payments | — |  |  | — |  |  |  |  |
Balance at end of period | $ | 1.1 |  |  | $ | 3.7 |  |  |  |  |
Schedule of Cash and Cash Equivalents | The Company’s cash and cash equivalents and short and long term investments as of December 28, 2024 were as follows:
| Valuation |  | Balance Sheet Classification
in millions | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cash and cash equivalents |  | Investments
Cash | $ | 1,614.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,614.0 |  |  | $ | 1,614.0 |  |  | $ | — |
Money market mutual funds | 152.1 |  |  | — |  |  | — |  |  | 152.1 |  |  | 152.1 |  |  | — |
U.S. Treasury debt securities | 254.1 |  |  | 0.4 |  |  | — |  |  | 254.5 |  |  | 16.0 |  |  | 238.5 |
Total | $ | 2,020.2 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 2,020.6 |  |  | $ | 1,782.1 |  |  | $ | 238.5 |
Debt Securities, Available-for-Sale | The fair value of the available-for-sale securities by contractual maturity as of December 28, 2024 and September 28, 2024 were as follows:
| December 28, 2024 |  | September 28, 2024
in millions | Fair Value |  | Fair Value
Due in three months or less | $ | 168.1 |  |  | $ | 723.1 |
Due after three months through one year | 190.6 |  |  | 173.4 |
Due after one year through five years | 47.9 |  |  | 96.4 |
Total available-for-sale securities | $ | 406.6 |  |  | $ | 992.9 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
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- Definition 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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