
	Fair Value Hierarchy Level	June 27, 2026				June 28, 2025				September 30, 2025
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash equivalents	Level 1	$	5.2	$	5.2	$	22.8	$	22.8	$	25.3	$	25.3




Other
Investment securities in non-qualified retirement plan assets	Level 1	33.2		33.2		32.6		32.6		32.6		32.6


Vireo equity securities – common shares	Level 1	70.9		70.9		—		—		—		—
Vireo equity securities – warrant	Level 3	10.5		10.5		—		—		—		—
Convertible debt investments	Level 3	23.9		23.9		27.5		27.5		24.6		24.6

Liabilities




Debt instruments
Credit facilities – revolving loans	Level 2	25.0		25.0		—		—		—		—
Credit facilities – term loans	Level 2	487.5		487.5		587.5		587.5		500.0		500.0
Senior Notes due 2031 – 4.000%	Level 2	500.0		467.5		500.0		455.0		500.0		459.4
Senior Notes due 2032 – 4.375%	Level 2	400.0		372.5		400.0		365.0		400.0		367.0
Senior Notes due 2029 – 4.500%	Level 2	450.0		439.9		450.0		434.3		450.0		437.1
Senior Notes due 2026 – 5.250%	Level 2	250.0		249.4		250.0		248.8		250.0		249.4



Other debt	Level 2	—		—		—		—		5.2		5.2


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Fair value at beginning of period	$	26.2	$	28.1	$	24.6	$	45.8
Purchases	—		—		2.0		—
Securities received as consideration for sale of business	13.0		—		13.0		—
Total realized / unrealized gains (losses) included in net earnings	(10.4)		—		(10.4)		(7.0)
Total realized / unrealized gains (losses) included in / reclassified from OCI	5.6		(0.6)		5.2		(0.6)
Exchange	—		—		—		(10.7)
Fair value at end of period	$	34.4	$	27.5	$	34.4	$	27.5

The amortized cost basis of convertible debt investments was $46.5, $44.4 and $44.4 at June 27, 2026, June 28, 2025 and September 30, 2025, respectively. At June 27, 2026, June 28, 2025 and September 30, 2025, gross unrealized losses on convertible debt investments were $22.5, $16.9 and $19.8, respectively, and there were no gross unrealized gains. These investments have been in a continuous unrealized loss position for greater than 12 months as of June 27, 2026. The allowance for expected credit losses was $9.8 at June 27, 2026, and was $1.9 at June 28, 2025 and September 30, 2025. At June 27, 2026, the weighted-average period until scheduled maturity of the Company’s convertible debt investments was 3.1 years.

On April 8, 2026, the Company completed the sale of its Hawthorne business in North America to Vireo in exchange for the Vireo Equity Securities, which had an initial fair value of $97.0 on the April 8, 2026 closing date of the sale. Concurrent with the closing date, the Company elected the fair value option to measure the Vireo Equity Securities at fair value on a recurring basis. The Vireo Equity Securities are recorded in the “Other assets” line in the Condensed Consolidated Balance Sheets and all changes in fair value are recognized in the “Other non-operating expense, net” line in the Condensed Consolidated Statements of Operations. Management elected the fair value option because these investments are non-core to the Company’s continuing operations and are managed to maximize eventual realization value, with fair value measurement best reflecting the economic reality of the asset’s performance and liquidity profile.

The fair value of the warrant to purchase additional common shares of Vireo is estimated using a Black-Scholes model. Expected market price volatility is based on an analysis of the historical volatility of the common shares of Vireo and other comparable companies. The risk-free rate is based on the U.S. Treasury yield curve. The valuation model and related assumptions require significant judgment. The assumptions are impacted by economic conditions and may change in the future based on period specific facts and circumstances.

Vireo completed a 30-for-1 share consolidation effective June 5, 2026. As of June 27, 2026, after adjusting for this share consolidation, the Company, through GDH, holds 7.1 million common shares of Vireo and a warrant to acquire 2.7 million additional common shares of Vireo at a strike price of $25.50 per share. As of June 27, 2026, the fair value of the Vireo Equity Securities was $81.3. During the three and nine months ended June 27, 2026, the Company recorded unrealized losses on the Vireo Equity Securities of $15.7 in the “Other non-operating expense, net” line in the Condensed Consolidated Statements of Operations. Refer to “NOTE 2. DISCONTINUED OPERATIONS” for further details related to the sale of the Hawthorne business, as well as further details related to GDH, which is a variable interest entity that is consolidated by the Company.

Credit losses on convertible debt and other investments are measured based on the present value of expected future cash flows compared to amortized cost. Credit impairment losses are recognized through an allowance and recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance. In addition, the allowance for expected credit losses cannot cause the amortized cost net of the allowance to be below fair value. A progression of the allowance for expected credit losses on convertible debt and other investments is shown below:


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Balance at beginning of period	$	3.8	$	1.9	$	3.8	$	1.9

Additions to previously recognized expected credit losses	16.6		—		16.6		—


Balance at end of period	$	20.4	$	1.9	$	20.4	$	1.9