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FAIR VALUE MEASUREMENTS | 6 Months Ended
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Mar. 29, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:
|  | Fair Value Hierarchy Level |  | March 29, 2025 |  | March 30, 2024 |  | September 30, 2024
|  |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | Level 1 |  | $ | 5.0 |  |  | $ | 5.0 |  |  | $ | 28.1 |  |  | $ | 28.1 |  |  | $ | 51.2 |  |  | $ | 51.2 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities in non-qualified retirement plan assets |  | Level 1 |  | 30.4 |  |  | 30.4 |  |  | 42.3 |  |  | 42.3 |  |  | 32.4 |  |  | 32.4 |
Convertible debt investments |  | Level 3 |  | 28.1 |  |  | 28.1 |  |  | 84.5 |  |  | 84.5 |  |  | 45.8 |  |  | 45.8 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit facilities – revolving loans |  | Level 2 |  | 345.0 |  |  | 345.0 |  |  | 314.2 |  |  | 314.2 |  |  | — |  |  | — |
Credit facilities – term loans |  | Level 2 |  | 600.0 |  |  | 600.0 |  |  | 900.0 |  |  | 900.0 |  |  | 625.0 |  |  | 625.0 |
Senior Notes due 2031 – 4.000% |  | Level 2 |  | 500.0 |  |  | 440.0 |  |  | 500.0 |  |  | 427.5 |  |  | 500.0 |  |  | 456.3 |
Senior Notes due 2032 – 4.375% |  | Level 2 |  | 400.0 |  |  | 353.0 |  |  | 400.0 |  |  | 344.0 |  |  | 400.0 |  |  | 370.0 |
Senior Notes due 2029 – 4.500% |  | Level 2 |  | 450.0 |  |  | 420.8 |  |  | 450.0 |  |  | 405.0 |  |  | 450.0 |  |  | 432.0 |
Senior Notes due 2026 – 5.250% |  | Level 2 |  | 250.0 |  |  | 247.8 |  |  | 250.0 |  |  | 245.6 |  |  | 250.0 |  |  | 248.8 |
Other debt |  | Level 2 |  | 2.5 |  |  | 2.5 |  |  | 5.5 |  |  | 5.5 |  |  | — |  |  | — |
Changes in the balance of Level 3 convertible debt investments carried at fair value are presented below. There were no transfers into or out of Level 3.
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Fair value at beginning of period | $ | 28.1 |  |  | $ | 85.0 |  |  | $ | 45.8 |  |  | $ | 85.8 |
Total realized / unrealized gains (losses) included in net earnings | — |  |  | 0.1 |  |  | (7.0) |  |  | 0.2 |
Total realized / unrealized losses included in OCI | — |  |  | (0.6) |  |  | — |  | (1.5) |
Exchange for non-voting exchangeable shares of Fluent | — |  |  | — |  |  | (10.7) |  |  | — |
Fair value at end of period | $ | 28.1 |  |  | $ | 84.5 |  |  | $ | 28.1 |  |  | $ | 84.5 |
On December 18, 2024, the Company exchanged its convertible debt investment in RIV Capital for non-voting exchangeable shares of Fluent. Refer to “NOTE 2. INVESTMENT IN UNCONSOLIDATED AFFILIATES” for further details. The amortized cost basis of convertible debt investments was $44.4, $226.0 and $62.1 at March 29, 2025, March 30, 2024 and September 30, 2024, respectively. At March 29, 2025, March 30, 2024 and September 30, 2024, gross unrealized losses on convertible debt investments were $16.4, $141.4 and $16.4, respectively, and there were no gross unrealized gains. These investments have been in a continuous unrealized loss position for greater than 12 months as of March 29, 2025. The allowance for expected credit losses was $1.9, $101.3 and $1.9 at March 29, 2025, March 30, 2024 and September 30, 2024, respectively. At March 29, 2025, the weighted-average period until scheduled maturity of the Company’s convertible debt investments was 4.5 years.

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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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