Fair Value Measurements (Tables)

3 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 28, 2024
Assets:
Money market mutual funds	$	152.1	$	152.1	$	—	$	—
U.S. Treasury securities	254.5		254.5		—		—
Interest rate swaps	9.4		—		9.4		—
Foreign currency option contracts	0.4		—		0.4		—
Forward foreign currency contracts	9.7		—		9.7		—
Total	$	426.1	$	406.6	$	19.5	$	—
Liabilities:
Contingent consideration	$	1.1	$	—	$	—	$	1.1
Total	$	1.1	$	—	$	—	$	1.1
September 28, 2024
Assets:
Money market mutual funds	$	341.7	$	341.7	$	—	$	—
U.S. Treasury securities	626.3		626.3		—		—
Commercial paper	24.9		24.9		—		—
Interest rate swaps	3.1		—		3.1		—
Foreign currency option contracts	0.8		—		0.8		—
Total	$	996.8	$	992.9	$	3.9	$	—
Liabilities:
Contingent consideration	$	1.1	$	—	$	—	$	1.1
Interest rate swaps	0.2		—		0.2		—
Forward foreign currency contracts	12.6		—		12.6		—
Total	$	13.9	$	—	$	12.8	$	1.1

Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of contingent consideration liabilities, during the three month periods ended December 28, 2024 and December 30, 2023 were as follows:

		Three Months Ended
		December 28, 2024		December 30, 2023
Balance at beginning of period		$	1.1	$	2.0
	Contingent consideration recorded at acquisition	—		—
	Fair value adjustments	—		1.7
	Payments	—		—
Balance at end of period		$	1.1	$	3.7

Schedule of Cash and Cash Equivalents

The Company’s cash and cash equivalents and short and long term investments as of December 28, 2024 were as follows:

	Valuation								Balance Sheet Classification
in millions	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and cash equivalents		Investments
Cash	$	1,614.0	$	—	$	—	$	1,614.0	$	1,614.0	$	—
Money market mutual funds	152.1		—		—		152.1		152.1		—
U.S. Treasury debt securities	254.1		0.4		—		254.5		16.0		238.5
Total	$	2,020.2	$	0.4	$	—	$	2,020.6	$	1,782.1	$	238.5

Debt Securities, Available-for-Sale

The fair value of the available-for-sale securities by contractual maturity as of December 28, 2024 and September 28, 2024 were as follows:

	December 28, 2024		September 28, 2024
in millions	Fair Value		Fair Value
Due in three months or less	$	168.1	$	723.1
Due after three months through one year	190.6		173.4
Due after one year through five years	47.9		96.4
Total available-for-sale securities	$	406.6	$	992.9