Fair Value

12 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

4.    FAIR VALUE

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2, or 3 assets or liabilities during fiscal 2024.

Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):

	As of
	September 27, 2024								September 29, 2023
			Fair Value Measurements								Fair Value Measurements
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (1)	$	1,368.6	$	1,199.1	$	169.5	$	—	$	718.8	$	718.5	$	0.3	$	—
U.S. Treasury and government securities	50.1		36.5		13.6		—		19.2		—		19.2		—
Corporate bonds and notes	155.3		—		155.3		—		—		—		—		—
Municipal bonds	0.1		—		0.1		—		0.5		—		0.5		—
Total assets at fair value	$	1,574.1	$	1,235.6	$	338.5	$	—	$	738.5	$	718.5	$	20.0	$	—

(1) Cash equivalents included in Levels 1 and 2 consist of money market funds, corporate bonds and notes, and U.S. Treasury and government securities purchased with less than ninety days until maturity.

Assets Measured and Recorded at Fair Value on a Nonrecurring Basis

The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment. During fiscal 2024, the Company recorded impairment charges of $147.9 million primarily related to the abandonment or delay of previously capitalized in-process research and development (“IPR&D”) projects recorded within impairment, restructuring, and other charges. During fiscal 2023, the Company recorded impairment charges of $64.5 million primarily due to reduced overall market demand related to long-term supply capacity deposits of $47.5 million recorded within cost of goods sold and a loss on divested assets of $12.3 million recorded within impairment, restructuring, and other charges. During fiscal 2022, the Company recorded impairment charges of $20.7 million primarily related to the abandonment of two previously capitalized IPR&D projects recorded within impairment, restructuring, and other charges.

Fair Value of Debt

The Company’s debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are based on Level 2 inputs as the fair value is based on quoted prices for the Company’s debt and comparable instruments in inactive markets.

The carrying amount and estimated fair value of debt consists of the following (in millions):

	As of
	September 27, 2024				September 29, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
1.80% Senior Notes due 2026	$	498.5	$	478.4	$	497.7	$	444.5
3.00% Senior Notes due 2031	495.8		441.2		495.2		390.4
Total debt under Senior Notes	$	994.3	$	919.6	$	992.9	$	834.9