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FAIR VALUE MEASUREMENTS
 9 Months Ended
Jun. 26, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
15. FAIR VALUE MEASUREMENTS

Certain assets and liabilities are required to be recorded at fair value on a recurring basis.

The Company periodically uses forward currency contracts to hedge the effects of foreign exchange relating to intercompany balances denominated in a foreign currency. These derivative instruments are not formally designated as a hedge by the Company. Short-term forward currency contracts are recorded in either other current assets or other current liabilities and long-term forward currency contracts are recorded in either other long-term assets or other long-term liabilities in the condensed consolidated balance sheets. The fair value gains and losses are included in Other expense (income), net, within the condensed consolidated statements of operations. See Note 7, “Other Expense (Income), net” for further detail.

Cash flows associated with foreign currency related derivative financial instruments are recognized in the operating section of the condensed consolidated statements of cash flows. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles.

The Company had no active forward currency contracts as of June 26, 2026, or September 30, 2025.

The Company recognized a derivative asset associated with contingent consideration received in its HDPE divestiture during the three months ended June 26, 2026. See Note 3, “Divestitures” for further details.

The Company categorizes fair value measurements within a three-level hierarchy based on the observability of inputs used in measuring fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 inputs are observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3 inputs are unobservable inputs that reflect the assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the lowest level input that is significant to the valuation in its entirety.

The fair value of the HDPE derivative asset was determined using a Monte-Carlo simulation within an option pricing framework. Significant unobservable inputs utilized in the valuation include the projected future enterprise values, expected timing of a liquidity event, EBITDA volatility, equity volatility, correlation assumption and the weighted average cost of capital. Because the valuation is based on significant unobservable inputs, the derivative asset is categorized within Level 3 of the fair value hierarchy. During the three months ended June 26, 2026, the Company recognized the derivative asset at an initial fair value of $9,400 in connection with the HDPE business divestiture, and there were no transfers into or out of Level 3 during the period.

The following table presents the Company’s assets and liabilities measured at fair value:

June 26, 2026September 30, 2025
(in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash equivalents$240,937 $— $— $422,292 $— $— 
HDPE derivative asset— — 9,400 — — — 
The Company’s remaining financial instruments consist primarily of cash, accounts receivable and accounts payable whose carrying value approximate their fair value due to their short-term nature.

The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows:
June 26, 2026September 30, 2025
(in thousands)Carrying ValueFair ValueCarrying ValueFair Value
Senior Secured Term Loan Facility due September 29, 2032$371,135 $371,599 $373,000 $371,135 
Senior Notes due June 2031400,000 381,964 400,000 373,164 
Total Debt$771,135 $753,563 $773,000 $744,299 
In determining the approximate fair value of its long-term debt, the Company used the trading values among financial institutions, and these values fall within Level 2 of the fair value hierarchy. The carrying value of the ABL Credit Facility approximates fair value due to it being a market-linked variable rate debt.