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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Dec. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of December 29, 2023, the Company had the following outstanding derivatives designated as net investment hedging instruments:
(In millions, except 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 December 29, 2023:
|  |  |  | Notional Value of Derivatives not Designated as Hedging Instruments:
(In millions of equivalent USD) |  |  |  | Sell contracts
Australian Dollar |  |  |  | $ | 3.8 |
Chinese Renminbi |  |  |  | 10.2 |
Euro |  |  |  | 13.3 |
Indian Rupee |  |  |  | 5.0 |
|  |  |  | $ | 32.3 |
Schedule of Net Investment Hedges | The following table summarizes the amount of pre-tax income 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 Recognized in OCI on Derivative Three Months Ended |  | Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) |  | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended
(In millions) | December 29, 2023 |  | December 30, 2022 |  |  | December 29, 2023 |  | December 30, 2022
Cross currency swap contracts | $ | (2.7) |  |  | $ | (4.0) |  |  | Interest expense |  | $ | 0.3 |  |  | $ | 0.2 |
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 Condensed Consolidated Balance Sheets where the instruments are recorded:
(In millions) |  |  |  | Derivative Assets and Liabilities
Derivatives Designated as Net Investment Hedges |  | Balance Sheet Location |  | December 29, 2023 |  | September 29, 2023
Cross currency swap contracts |  | Prepaid expenses and other current assets |  | $ | 0.8 |  |  | $ | 0.7 |
Cross currency swap contracts |  | Other long-term liabilities |  | $ | 7.7 |  |  | $ | 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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