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Fair Value
 3 Months Ended
Dec. 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 groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less-active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data.
•Level 3 - Fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including assumptions and judgments made by the Company.

Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):         
As of
December 27, 2024September 27, 2024
Fair Value MeasurementsFair Value Measurements
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Assets
Cash and cash equivalents (1)$1,602.5 $1,418.6 $183.9 $— $1,368.6 $1,199.1 $169.5 $— 
U.S. Treasury and government securities60.9 42.1 18.8 — 50.1 36.5 13.6 — 
Corporate bonds and notes 91.4 — 91.4 — 155.3 — 155.3 — 
Municipal bonds— — — — 0.1 — 0.1 — 
Total assets at fair value$1,754.8 $1,460.7 $294.1 $— $1,574.1 $1,235.6 $338.5 $— 
(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. There were no indicators of impairment identified during the three months ended December 27, 2024. During the three months ended December 29, 2023, the Company recorded an impairment charge of $16.1 million related to the abandonment of a previously capitalized in-process research and development (“IPR&D”) project recorded within restructuring, impairment, 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
December 27, 2024September 27, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
1.80% Senior Notes due 2026$498.8 $478.5 $498.5 $478.4 
3.00% Senior Notes due 2031495.9 429.4 495.8 441.2 
Total debt under Senior Notes$994.7 $907.9 $994.3 $919.6