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Fair Value Measurements | 3 Months Ended
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Dec. 28, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements 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 (including collars). 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 11 for further discussion and information on derivative contracts. In addition, the Company has a contingent consideration liability that is recorded at fair value, which is based on Level 3 inputs. The following table summarizes certain fair value information at December 28, 2024 and September 28, 2024 for investment assets and other liabilities measured at fair value on a recurring basis, as well as the carrying amount of certain investments.
|  |  | 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 |  |  |  |  |
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 and long-lived assets, primarily property, plant and equipment, intangible assets and goodwill. 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 an in-process research and development project from the Mobidiag acquisition, reducing the carrying value of this asset to $22.4 million. There were no other remeasurements in the three months ended December 28, 2024 and December 30, 2023. 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 are recorded at fair value. The carrying amount of the insurance contracts are recorded at the 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 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 |
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 three months ended December 28, 2024. 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 three months ended December 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 three months ended December 28, 2024 and December 30, 2023, respectively. There were no sales of available-for-sale securities during the three months ended December 28, 2024. 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 |
Amounts outstanding under the Company’s 2021 Credit Agreement of $1.2 billion aggregate principal as of December 28, 2024 are 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 4.625% Senior Notes due 2028 (the “2028 Senior Notes”) and 3.250% Senior Notes due 2029 (the “2029 Senior Notes”) had fair values of $387.4 million and $860.9 million, respectively, as of December 28, 2024 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.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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