v3.25.3
Fair Value Measurements
 12 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis (in millions):
  Fair Value Measurements at Reporting Date Using
 Balance at
September 28, 2025
Quoted Prices
in Active
Markets for 
Identical Assets
(Level 1)
Significant 
Other Observable 
Inputs
(Level 2)
Significant
Unobservable  Inputs
(Level 3)
Assets:
Cash and cash equivalents$3,219.8 $3,219.8 $— $— 
Short-term investments:
Available-for-sale debt securities:
Corporate debt securities67.8 — 55.9 11.9 
Mortgage and other asset-backed securities0.4 — 0.4 — 
State and local government obligations1.1 — 1.1 — 
U.S. government treasury securities82.6 82.6 — — 
Total available-for-sale debt securities151.9 82.6 57.4 11.9 
Marketable equity securities95.3 95.3 — — 
Total short-term investments247.2 177.9 57.4 11.9 
Prepaid expenses and other current assets:
Derivative assets15.9 — 15.9 — 
Long-term investments:
Available-for-sale debt securities:
Corporate debt securities132.2 — 105.5 26.7 
Mortgage and other asset-backed securities75.7 — 75.7 — 
State and local government obligations2.7 — 2.7 — 
U.S. government treasury securities36.3 36.3 — — 
Total Available-for-sale debt securities246.9 36.3 183.9 26.7 
Total long-term investments246.9 36.3 183.9 26.7 
Other long-term assets:
Derivative assets278.6 — 278.6 — 
Total assets$4,008.4 $3,434.0 $535.8 $38.6 
Liabilities:
Accrued liabilities:
Derivative liabilities$7.1 $— $7.1 $— 
Other long-term liabilities:
Derivative liabilities20.9 — 20.9 — 
Total liabilities$28.0 $— $28.0 $— 
  Fair Value Measurements at Reporting Date Using
 Balance at
September 29, 2024		Quoted Prices
in Active
Markets for 
Identical Assets
(Level 1)		Significant 
Other Observable 
Inputs
(Level 2)		Significant
Unobservable  Inputs
(Level 3)
Assets:
Cash and cash equivalents$3,286.2 $3,286.2 $— $— 
Short-term investments:
Available-for-sale debt securities
Corporate debt securities
51.8 — 51.8 — 
Foreign corporate bonds
0.2 — 0.2 — 
Mortgage and other asset-backed securities0.4 — 0.4 — 
State and local government obligations
1.4 — 1.4 — 
U.S. government treasury securities36.9 36.9 — — 
Total available-for-sale debt securities90.7 36.9 53.8 — 
Structured deposits84.1 — 84.1 — 
Marketable equity securities82.2 82.2 — — 
Total short-term investments257.0 119.1 137.9 — 
Prepaid expenses and other current assets:
Derivative assets8.7 — 8.7 — 
Long-term investments:
Available-for-sale debt securities
Corporate debt securities112.8 — 101.8 11.0 
Mortgage and other asset-backed securities64.4 — 64.4 — 
State and local government obligations3.7 — 3.7 — 
U.S. government treasury securities94.9 94.9 — — 
Total Available-for-sale debt securities
275.8 94.9 169.9 11.0 
Structured Deposit
0.2 — 0.2 — 
Total long-term investments
276.0 94.9 170.1 11.0 
Other long-term assets:
Derivative assets179.1 — 179.1 — 
Total assets$4,007.0 $3,500.2 $495.8 $11.0 
Liabilities:
Accrued liabilities:
Derivative liabilities$29.2 $— $29.2 $— 
Other long-term liabilities:
Derivative liabilities56.7 — 56.7 — 
Total liabilities$85.9 $— $85.9 $— 
There were no material transfers between levels, and there was no significant activity within Level 3 instruments during the periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.
Available-for-sale Debt Securities
The majority of long-term investments mature within 5 years. Proceeds from sales of securities were $1.1 million, $1.3 million, and $2.5 million for fiscal 2025, 2024, and 2023, respectively. Realized gains and losses were not material for fiscal 2025, 2024, and 2023. Gross unrealized holding gains and losses were not material as of September 28, 2025, and September 29, 2024.
Marketable Equity Securities
Marketable equity securities include equity mutual funds and exchange-traded funds. Our marketable equity securities portfolio approximates a portion of our liability under our MDCP, a defined contribution plan. Our MDCP liability was $115.6 million and $112.3 million as of September 28, 2025, and September 29, 2024, respectively. The changes in net unrealized holding gains and losses in the marketable equity securities portfolio included in earnings for fiscal 2025, 2024, and 2023 were not material. Gross unrealized holding gains and losses on marketable equity securities were not material as of September 28, 2025, and September 29, 2024.
Derivative Assets and Liabilities
Derivative assets and liabilities are described further in Note 3, Derivative Financial Instruments.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, ROU assets, goodwill and other intangible assets, equity and other investments, and other assets. These assets are measured at fair value if determined to be impaired. Impairment of property, plant and equipment and ROU assets is included in Note 1, Summary of Significant Accounting Policies and Estimates.
We recognized impairments during fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023. See Note 1, Summary of Significant Accounting Policies and Estimates, and Note 18, Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K for additional discussion of these impairments.
Fair Value of Other Financial Instruments
The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 9, Debt.