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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of September 27, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments:
(In millions, except for number of instruments) | Number of Instruments |  | Notional Value
Cross currency swap contracts | 2 |  | $ | 58.7 |
The following table shows the notional amounts of outstanding foreign currency contracts as of September 27, 2024:
| Notional Value of Derivatives not Designated as Hedging Instruments:
(In millions of equivalent USD) | Buy Contracts |  | Sell Contracts
Australian Dollar | $ | — |  |  | $ | 2.6 |
Chinese Renminbi | — |  |  | 31.8 |
Euro | — |  |  | 20.7 |
Indian Rupee | 1.2 |  |  | — |
Japanese Yen | 7.8 |  |  | — |
Mexican Peso | — |  |  | 1.6 |
Swiss Franc | 3.7 |  |  | — |
Philippine Peso | 6.8 |  |  | — |
Total notional value | $ | 19.5 |  |  | $ | 56.7 |
Schedule of Net Investment Hedges | The following table summarizes the amount of pre-tax gain (loss) recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges:
| Amount of (Loss) or Gain Recognized in OCI on Derivatives Fiscal Year Ended |  | Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) |  | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022 |  |  | 2024 |  | 2023 |  | 2022
Cross currency swap contracts | $ | (3.9) |  |  | $ | (4.4) |  |  | $ | 8.7 |  |  | Interest expense |  | $ | 0.9 |  |  | $ | 0.9 |  |  | $ | 1.2 |
These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Balance Sheets where the instruments are recorded:
(In millions) |  |  |  | Derivative Assets and Liabilities
Derivatives Designated as Net Investment Hedges |  | Balance Sheet Location |  | 2024 |  | 2023
Cross currency swap contracts |  | Prepaid expenses and other current assets |  | $ | 1.0 |  |  | $ | 0.7 |
Cross currency swap contracts |  | Other long-term liabilities |  | $ | 8.6 |  |  | $ | 4.9 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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