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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

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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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.

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Tabular disclosure for net investment hedges of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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