XML 260 R15.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements
 12 Months Ended
Sep. 26, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
In general, we use cash holdings to purchase investment-grade securities diversified among security types, industries, and issuers. Our cash equivalents consist of highly-liquid money market funds. Our mutual fund investments held in our SERP are classified as trading securities. Derivative contracts are used to hedge currency risk, and these are carried at fair value and classified as other current assets, other non-current assets, and accrued liabilities in the consolidated balance sheets.
Our cash and investment portfolio consisted of the following (in thousands):
September 26, 2025
CostUnrealizedEstimated Fair Value
GainsLossesTotalLevel 1Level 2Level 3
Cash and cash equivalents:
Cash$529,422 $— $— $529,422 $529,422 $— $— 
Cash equivalents:
Money market funds172,471 — — 172,471 172,471 — — 
Cash and cash equivalents701,893 — — 701,893 701,893 — — 
Short-term investments:
Marketable equity securities703 — — 703 703 — — 
Short-term investments703 — — 703 703 — — 
Long-term investments:
Other investments80,205 — — 80,205 — — — 
Long-term investments80,205 — — 80,205 — — — 
Total cash, cash equivalents, and investments$782,801 $— $— $782,801 $702,596 $— $— 
Investments held in supplemental retirement plan:
Assets$5,413 $— $— $5,413 $5,413 $— $— 
Included in prepaid expenses and other current assets and other non-current assets
Liabilities$5,413 $— $— $5,413 $5,413 $— $— 
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets$— $1,442 $— $1,442 $— $1,442 $— 
Assets: included in other non-current assets— 111 — 111 — 111 — 
Liabilities: Included in other accrued liabilities— — (48)(48)— (48)— 

September 27, 2024
CostUnrealizedEstimated Fair Value
GainsLossesTotalLevel 1Level 2Level 3
Cash and cash equivalents:
Cash$482,047 $— $— $482,047 $482,047 $— $— 
Cash and cash equivalents482,047 — — 482,047 482,047 — — 
Long-term investments:
Other investments89,267 — — 89,267 — — 76,000 
Long-term investments89,267 — — 89,267 — — 76,000 
Total cash, cash equivalents, and investments$571,314 $— $— $571,314 $482,047 $— $76,000 
Investments held in supplemental retirement plan:
Assets$5,044 $— $— $5,044 $5,044 $— $— 
Included in prepaid expenses and other current assets and other non-current assets
Liabilities$5,044 $— $— $5,044 $5,044 $— $— 
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets$— $299 $— $299 $— $299 $— 
Equity Securities
Our equity securities primarily consist of our equity method investments, including our equity method investment in Access Advance, of $68.5 million and $84.3 million as of September 26, 2025 and September 27, 2024,
respectively, and equity securities without a readily determinable fair value, valued at $11.8 million and $5.0 million as of September 26, 2025 and September 27, 2024, respectively. The equity method investment and equity securities without a readily determinable value are recorded within long-term investments in our consolidated balance sheets.
The equity method investments are regularly assessed for impairment, and in the case of an impairment, we adjust the carrying value of our investment. Our share of the equity method investee's net income or loss is included in other income/(expense), net on the consolidated statements of operations. Our share of the equity method investee's net income was $24.1 million, $14.2 million, and $5.1 million in fiscal 2025, fiscal 2024, and fiscal 2023, respectively.
During fiscal 2025, we reclassified $8.7 million in assets held for sale to short-term and long-term investments. Refer to Note 15, "Business Combinations" for more information.
Fair Value Hierarchy
Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. We minimize the use of unobservable inputs and use observable market data, if available, when determining fair value. We classify our inputs to measure fair value using the following three-level hierarchy:
Level 1: Quoted prices in active markets at the measurement date for identical assets and liabilities. We base the fair value of our Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments.
Level 2: Prices may be based upon quoted prices in active markets or inputs not quoted on active markets but are corroborated by market data. We obtain the fair value of our Level 2 financial instruments from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or model driven valuations using observable market data or inputs corroborated by observable market data. To validate the fair value determination provided by our primary pricing service, we perform quality controls over values received which include comparing our pricing service provider’s assessment of the fair values of our investment securities against the fair values of our investment securities obtained from another independent source, reviewing the pricing movement in the context of overall market trends, and reviewing trading information from our investment managers. In addition, we assess the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The fair value of the currency derivatives are calculated from market spot rates, forward rates, interest rates, and credit ratings at the end of the period.
Level 3: Unobservable inputs are used when little or no market data is available and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
The following table describes the valuation techniques and inputs applicable to each class of security held within our investment portfolio:
Asset TypePrimary SourceUpdate FrequencyFair Value MethodologySecondary Source
Level 1
Money Market FundsNot ApplicableDaily$1 per shareNot Applicable
As a part of the acquisition of GE Licensing in fiscal 2024, we acquired GE Licensing’s ownership interest in Access Advance, which increased our equity method investment by $76 million. This increase in our investment was classified as Level 3 within the fair value hierarchy, and measured using the discounted cash flows method, whereby the cash flows expected to be generated by the business are discounted to their present value using a rate of return that reflects the relative risk of the investment and the time value of money. Inputs used in the valuation were the prospective financial information, including projected revenue associated with the investment, and discount rate to reflect the risk of the equity investment compared to the main operating business of GE Licensing. In determining the discount rate, a risk assessment was performed, where revenue growth was assessed, among other factors, and as such, revenue growth and the discount rate are considered interrelated unobservable inputs.
Securities In Gross Unrealized Loss Position
We periodically evaluate our investments for impairment by comparing the fair value with the cost basis for each of our investment securities. We had no securities that were in an unrealized loss position as of September 26, 2025 and September 27, 2024, respectively.
Cash Equivalents Maturities
The following table summarizes the amortized cost and estimated fair value of our cash equivalents as of September 26, 2025, which are recorded within cash and cash equivalents in our consolidated balance sheets (in thousands):
Range of maturityAmortized CostFair Value
Due within 1 year$172,471 $172,471 
Due in 1 to 2 years— — 
Due in 2 to 5 years— — 
Total$172,471 $172,471