Varex Imaging (VREX) 10-K 19 Nov 24 2024 FY Annual report Financial data

Cover

Cover - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Nov. 14, 2024	Mar. 29, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 27, 2024
Current Fiscal Year End Date	--09-27
Document Transition Report	false
Entity File Number	001-37860
Entity Registrant Name	VAREX IMAGING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3434516
Entity Address, Address Line One	1678 S. Pioneer Road
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84104
City Area Code	(801)
Local Phone Number	972-5000
Title of 12(b) Security	Common Stock
Trading Symbol	VREX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 732.2
Entity Common Stock, Shares Outstanding		41.1
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of registrant’s proxy statement relating to registrant’s 2025 annual meeting of stockholders are incorporated by reference in Part III of this annual report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001681622

Audit Information

Audit Information	12 Months Ended
	Sep. 27, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Salt Lake City, Utah

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenues, net	$ 811	$ 893.4	$ 859.4
Cost of revenues	554.1	603.1	575.9
Gross profit	256.9	290.3	283.5
Operating expenses:
Research and development	87	84.8	77
Selling, general and administrative	137.8	128.4	118.3
Total operating expenses	224.8	213.2	195.3
Operating income	32.1	77.1	88.2
Interest income	7.3	3.7	0.4
Interest expense	(30.2)	(29.3)	(39.8)
Other expense, net	(4.2)	(20.2)	(4.3)
Interest and other expense, net	(27.1)	(45.8)	(43.7)
Income before taxes	5	31.3	44.5
Income tax expense (benefit)	52.2	(17.4)	13.7
Net (loss) income	(47.2)	48.7	30.8
Less: Net income attributable to noncontrolling interests	0.5	0.5	0.5
Net (loss) income attributable to Varex	$ (47.7)	$ 48.2	$ 30.3
Net (loss) income per common share attributable to Varex
Basic (in USD per share)	$ (1.17)	$ 1.20	$ 0.76
Diluted (in USD per share)	$ (1.17)	$ 1.08	$ 0.73
Weighted average common shares outstanding
Basic (in shares)	40.8	40.3	39.8
Diluted (in shares)	40.8	50.3	41.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (47.2)	$ 48.7	$ 30.8
Other comprehensive (loss) income, net of tax
Unrealized gain (loss) on defined benefit obligations	0	(1)	1.4
Income (loss) on forward contracts	0.1	0.1	(0.6)
Unrealized income (loss) on available-for-sale securities	0.1	0.1	(0.1)
Foreign currency translation adjustments	(1.9)	(0.5)	(0.6)
Total comprehensive (loss) income	(48.9)	47.4	30.9
Less: Comprehensive income attributable to noncontrolling interests	0.5	0.5	0.5
Comprehensive (loss) income attributable to Varex	$ (49.4)	$ 46.9	$ 30.4

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Current assets:
Cash and cash equivalents	$ 168.7	$ 152.6
Marketable securities	31.8	41.3
Accounts receivable, net of allowance for credit losses of $1.0 million and $0.6 million at September 27, 2024 and September 29, 2023, respectively	157.7	163.6
Inventories, net	264.8	277.5
Prepaid expenses and other current assets	26.9	23.3
Total current assets	649.9	658.3
Property, plant and equipment, net	153.4	143.6
Goodwill	291	288.5
Intangible assets, net	16.1	22.4
Investments in privately-held companies	26.8	29
Deferred tax assets	4.7	41.3
Operating lease assets	28.3	29
Other assets	46.8	37.5
Total assets	1,217	1,249.6
Current liabilities:
Accounts payable	59.1	64.7
Accrued liabilities and other current liabilities	78.6	82.6
Current operating lease liabilities	4	3.8
Current maturities of long-term debt, net	46.3	1.5
Deferred revenues	7.9	10.2
Total current liabilities	195.9	162.8
Long-term debt, net	397.1	441.1
Deferred tax liabilities	1.4	0
Operating lease liabilities	23	23.1
Other long-term liabilities	50.4	41.6
Total liabilities	667.8	668.6
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, none issued	0	0
Common stock, $0.01 par value: 150,000,000 shares authorized: Shares issued and outstanding: 41,094,179 and 40,529,573 at September 27, 2024 and September 29, 2023, respectively	0.4	0.4
Additional paid-in capital	467.2	450.4
Accumulated other comprehensive loss	(2.9)	(1.2)
Retained earnings	70.4	118.1
Total Varex stockholders' equity	535.1	567.7
Noncontrolling interests	14.1	13.3
Total stockholders' equity	549.2	581
Total liabilities and stockholders' equity	$ 1,217	$ 1,249.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 0.6
Preferred stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, issued (in shares)	41,094,179	40,529,573
Common stock, shares, outstanding (in shares)	41,094,179	40,529,573

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Varex Equity	Total Varex Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Balance at beginning of period at Oct. 01, 2021	$ 496.5		$ 483.3		$ 0.4	$ 449.4		$ 0	$ 33.5		$ 13.2
Shares outstanding, beginning of period (in shares) at Oct. 01, 2021					39,400,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	30.8		30.3						30.3		0.5
Exercise of stock options	3.8		3.8			3.8
Exercise of stock options (in shares)					100,000
Common stock issued upon vesting of restricted shares (in shares)					400,000
Shares withheld on vesting of restricted shares	(2.8)		(2.8)			(2.8)
Shares withheld on vesting of restricted shares (in shares)					(100,000)
Common stock issued under employee stock purchase plan	4.9		4.9			4.9
Common stock issued under employee stock purchase plan (in shares)					300,000
Share-based compensation	14		14			14
Unrealized and realized loss (gain) on forward contracts	(0.6)		(0.6)					(0.6)
Unrealized loss (gain) on change in fair value of available-for-sale securities	(0.1)		(0.1)					(0.1)
Unrealized loss (gain) on defined benefit obligations, net of tax	1.4		1.4					1.4
Foreign currency translation adjustments	(0.6)		(0.6)					(0.6)
Other	(0.6)		(0.2)			(0.2)					(0.4)
Balance at ending of period at Sep. 30, 2022	$ 546.7	$ (28.5)	533.4	$ (28.5)	$ 0.4	469.1	$ (34.6)	0.1	63.8	$ 6.1	13.3
Shares outstanding, end of period (in shares) at Sep. 30, 2022					40,100,000
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Net (loss) income	$ 48.7		48.2						48.2		0.5
Exercise of stock options	0.2		0.2			0.2
Common stock issued upon vesting of restricted shares (in shares)					200,000
Shares withheld on vesting of restricted shares	(1.4)		(1.4)			(1.4)
Shares withheld on vesting of restricted shares (in shares)					(100,000)
Common stock issued under employee stock purchase plan	3.9		3.9			3.9
Common stock issued under employee stock purchase plan (in shares)					300,000
Share-based compensation	13.5		13.5			13.5
Unrealized and realized loss (gain) on forward contracts	0.1		0.1					0.1
Unrealized loss (gain) on change in fair value of available-for-sale securities	0.1		0.1					0.1
Unrealized loss (gain) on defined benefit obligations, net of tax	(1)		(1)					(1)
Foreign currency translation adjustments	(0.5)		(0.5)					(0.5)
Other	(0.8)		(0.3)			(0.3)					(0.5)
Balance at ending of period at Sep. 29, 2023	$ 581		567.7		$ 0.4	450.4		(1.2)	118.1		13.3
Shares outstanding, end of period (in shares) at Sep. 29, 2023	40,529,573				40,500,000
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ (47.2)		(47.7)						(47.7)		0.5
Common stock issued upon vesting of restricted shares (in shares)					400,000
Shares withheld on vesting of restricted shares	(2.2)		(2.2)			(2.2)
Shares withheld on vesting of restricted shares (in shares)					(100,000)
Common stock issued under employee stock purchase plan	3.8		3.8			3.8
Common stock issued under employee stock purchase plan (in shares)					300,000
Share-based compensation	15.2		15.2			15.2
Unrealized and realized loss (gain) on forward contracts	0.1		0.1					0.1
Unrealized loss (gain) on change in fair value of available-for-sale securities	0.1		0.1					0.1
Unrealized loss (gain) on defined benefit obligations, net of tax	0
Business acquisitions	0.7										0.7
Foreign currency translation adjustments	(1.9)		(1.9)					(1.9)
Other	(0.4)										(0.4)
Balance at ending of period at Sep. 27, 2024	$ 549.2		$ 535.1		$ 0.4	$ 467.2		$ (2.9)	$ 70.4		$ 14.1
Shares outstanding, end of period (in shares) at Sep. 27, 2024	41,094,179				41,100,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income	$ (47,200,000)	$ 48,700,000	$ 30,800,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share-based compensation expense	15,300,000	13,500,000	14,000,000
Depreciation	21,200,000	19,500,000	19,000,000
Amortization of intangible assets	9,900,000	13,700,000	14,600,000
Deferred taxes	37,000,000	(39,500,000)	600,000
Loss from equity method investments	2,000,000	1,600,000	2,600,000
Impairment of equity method investment	0	16,400,000	0
Amortization of deferred loan costs	2,800,000	2,600,000	10,900,000
Gain on purchase of business	(2,100,000)	0	0
Inventory write-down	4,900,000	5,600,000	6,400,000
Loss on operating lease abandonment	0	0	1,900,000
Other, net	1,500,000	3,000,000	4,100,000
Changes in assets and liabilities:
Accounts receivable	6,700,000	9,800,000	(18,100,000)
Inventories	6,600,000	20,200,000	(85,000,000)
Prepaid expenses and other assets	3,300,000	7,000,000	10,300,000
Accounts payable	(3,200,000)	(15,000,000)	19,700,000
Accrued liabilities and other current and long-term liabilities	(9,100,000)	(1,000,000)	(14,900,000)
Deferred revenues	(2,300,000)	2,300,000	0
Net cash provided by operating activities	47,300,000	108,400,000	16,900,000
Cash flows from investing activities:
Purchases of property, plant and equipment	(26,900,000)	(20,700,000)	(21,300,000)
Loss on settlement of cash flow hedge	0	(200,000)	(500,000)
Proceeds from maturities of marketable debt securities	58,800,000	28,300,000	2,000,000
Purchase of marketable debt securities	(56,600,000)	(52,200,000)	(18,700,000)
Purchase of marketable equity securities	(200,000)	(2,700,000)	(2,400,000)
Purchase of certificates of deposit	(4,200,000)	(1,000,000)	(7,200,000)
Proceeds from maturities of certificates of deposit	1,800,000	0	0
Acquisitions of businesses, net of cash acquired	900,000	(1,000,000)	0
Settlement of net investment hedge	0	7,000,000	0
Proceeds from sales of business and assets	0	0	1,700,000
Investments in and loans to privately-held companies	0	0	(600,000)
Other	(1,100,000)	(2,400,000)	(1,400,000)
Net cash used in investing activities	(27,500,000)	(44,900,000)	(48,400,000)
Cash flows from financing activities:
Repayments of borrowings	(1,600,000)	(2,400,000)	(29,400,000)
Payment of debt issuance costs	(2,300,000)	0	0
Proceeds from shares issued under employee stock purchase plan	3,800,000	3,900,000	4,900,000
Proceeds from exercise of stock options	0	200,000	3,800,000
Taxes related to net share settlement of equity awards	(2,200,000)	(1,400,000)	(2,800,000)
Other financing activities	(1,000,000)	(500,000)	(300,000)
Net cash used in financing activities	(3,300,000)	(200,000)	(23,800,000)
Effects of exchange rate changes on cash and cash equivalents and restricted cash	(100,000)	100,000	(200,000)
Net increase (decrease) in cash and cash equivalents and restricted cash	16,400,000	63,400,000	(55,500,000)
Cash and cash equivalents and restricted cash at beginning of period	154,000,000	90,600,000	146,100,000
Cash and cash equivalents and restricted cash at end of period	170,400,000	154,000,000	90,600,000
Supplemental cash flow information:
Cash paid for interest	27,600,000	27,400,000	29,500,000
Cash paid for income tax, net of refunds	20,200,000	16,700,000	2,200,000
Supplemental non-cash activities:
Purchases of property, plant and equipment financed through accounts payable	$ 1,000,000	$ 2,700,000	$ 1,500,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Varex Imaging Corporation (the “Company” or “Varex”) designs, manufactures, sells, and services a broad range of medical products, which include X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, ionization chambers, high voltage connectors, image processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. The Company sells its products to imaging system original equipment manufacturer (“OEM”) customers for incorporation into new medical diagnostic, radiation therapy, dental, and veterinary equipment, as well as to independent service companies and distributors, and directly to end-users for replacement purposes. The Company also designs, manufactures, sells and services industrial products, which include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, coolers, imaging processing software and image detection products for security and inspection purposes, such as cargo screening at ports and borders and nondestructive examination in a variety of applications. The Company generally sells security and inspection products to OEM customers who incorporate Varex’s products into their inspection or irradiation systems and processes. The Company conducts an active research and development program to focus on new technologies and applications in both medical and industrial X-ray imaging. Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company has consolidated all its majority owned subsidiaries and entities over which it has control. All intercompany balances and transactions have been eliminated in consolidation. Reclassification of Prior Period Presentation Certain prior period amounts in the Financial Statements and the Notes to the Consolidated Financial Statements have had a change in presentation to conform to current period presentation. This change does not affect previously reported results. Segment Reporting The Company has two reportable operating segments; (i) Medical and (ii) Industrial. See Note 17, Segment Information, included in this report, for further information on the Company’s segments. Fiscal Year The fiscal years of the Company as reported are the 52 or 53-week period ending on the Friday nearest September 30. Fiscal year 2024 was the 52-week period that ended September 27, 2024, fiscal year 2023 was the 52-week period that ended September 29, 2023, and fiscal year 2022 was the 52-week period that ended September 30, 2022. Variable Interest Entities For entities in which the Company has variable interests, the Company focuses on identifying which entity has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and which entity has the obligation to absorb losses or the right to receive residual returns from the variable interest entity. If the Company is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity will be included in the Company’s consolidated financial statements. As of September 27, 2024, the Company had variable interests in two entities, neither of which were consolidated by the Company. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include the valuation of inventories, valuation of goodwill and intangible assets, receivables, warranties, refund liabilities, long-lived asset valuations, impairment of investments, valuation of financial instruments, and taxes on income. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers unrestricted currency on hand, demand deposits, time deposits, and all highly-liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents. Restricted Cash Restricted cash primarily consists of cash collateral related to certain lease and inventory arrangements. Restricted cash is included in other assets on the Company's Consolidated Balance Sheets. Cash and cash equivalents and restricted cash as reported within the Consolidated Statements of Cash Flows consisted of the following: Twelve Months Ended September 27, 2024 Twelve Months Ended September 29, 2023 (In millions) Beginning of Period End of Period Beginning of Period End of Period Cash and cash equivalents $ 152.6 $ 168.7 $ 89.4 $ 152.6 Restricted cash 1.4 1.7 1.2 1.4 Total as presented in the Consolidated Statements of Cash Flows $ 154.0 $ 170.4 $ 90.6 $ 154.0 Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or, other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Derivative Instruments and Hedging Activities The Company records all derivatives on the Consolidated Balance Sheets at fair value as of the reporting date. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of other comprehensive income or loss and reclassified from accumulated other comprehensive loss ("OCI") into earnings when the hedged transaction affects earnings. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported as a component of other comprehensive income or loss until the hedged item is sold. The portion of the change in fair value of the Company's net investment hedges (or cross currency swaps) related to the cross-currency basis spread is an excluded component in the assessment of the effectiveness of these net investment hedges (or cross currency swaps). A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective, in which case, a quantitative assessment of hedge effectiveness is performed. Concentration of Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities, certificates of deposit, and trade accounts receivable. Cash held with financial institutions may exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. To date, the Company has not realized any losses on its deposits of cash and cash equivalents. The Company performs ongoing credit evaluations of its customers and, except for government tenders, group purchases, and orders with a letter of credit, its industrial customers often provide a down payment. The Company maintains an allowance for credit losses based upon the expected collectability of all accounts receivable. The Company obtains some of the components in its products from a limited group of suppliers or from a single-source supplier. When these suppliers are unable to meet the Company's supply needs, the Company's production is negatively impacted. Credit is extended to customers based on an evaluation of the customer’s financial condition, and collateral is not required. In certain circumstances, a customer may be required to prepay all or a portion of the contract price prior to transfer of control. During the periods presented, one of the Company's customers accounted for a significant portion of revenues, as set forth below: Fiscal Years 2024 2023 2022 Canon Medical Systems Corporation 17.6 % 16.5 % 17.2 % Canon Medical Systems Corporation accounted for 9.5% and 13.8% of the Company’s accounts receivable as of September 27, 2024 and September 29, 2023, respectively. Inventories, net Inventory is valued at the lower of cost or net realizable value. Costs include materials, labor, external service, and manufacturing overhead and is computed on a first-in-first-out basis. The Company evaluates the carrying value of its inventories taking into consideration such factors as historical and anticipated future sales compared to quantities on hand and the prices the Company expects to obtain for products. The Company adjusts excess and obsolete inventories to net realizable value and write-downs of excess and obsolete inventories are recorded as a component of cost of revenues. The following table summarizes the Company’s inventories, net: (In millions) September 27, 2024 September 29, 2023 Raw materials and parts $ 214.5 $ 217.5 Work-in-process 16.2 20.0 Finished goods 34.1 40.0 Total inventories $ 264.8 $ 277.5 The Company recorded inventory write-downs of $4.9 million, $5.6 million and $6.4 million for the twelve months ended September 27, 2024, September 29, 2023, and September 30, 2022, respectively. Property, Plant and Equipment, net Property, plant and equipment are stated at cost, net of accumulated depreciation. Major improvements are capitalized, while repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or remaining lease term. Land is not subject to depreciation, but land improvements are depreciated over fifteen years. Land leasehold rights and leasehold improvements are depreciated over the lesser of their estimated useful lives or remaining lease terms. Buildings are depreciated up to thirty years. Machinery and equipment are depreciated over a range from three The following table summarizes the Company’s property, plant and equipment, net: (In millions) September 27, 2024 September 29, 2023 Land $ 8.6 $ 8.3 Buildings and leasehold improvements 165.5 159.1 Machinery and equipment 206.5 194.9 Construction in progress 25.0 20.8 Gross property, plant and equipment 405.6 383.1 Accumulated depreciation and amortization (252.2) (239.5) Total property, plant and equipment, net $ 153.4 $ 143.6 The Company recorded depreciation expense of $21.2 million, $19.5 million, and $19.0 million in fiscal years 2024, 2023 and 2022, respectively. Equity Method Investments The Company accounts for its equity investments in privately-held companies under the equity method of accounting if the Company has the ability to exercise significant influence in, but not control, these investments. The Company records impairment losses on its equity method investments if an impairment exists and is deemed to be other-than-temporary, which is based on various factors, including but not limited to, the length of time the fair value of the investment is below the carrying value, the absence of an ability to recover the carrying amount of the investment, and the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. During fiscal year 2023, the Company recorded a before-tax impairment charge totaling $16.4 million, which is included in other expense, net in the Company's Consolidated Statements of Operations. There was no impairment recorded during fiscal years 2024 and 2022. Marketable Securities The Company's marketable securities consist primarily of financial instruments such as United States treasury securities, United States agency obligations, corporate bonds, commercial paper, money market funds, and equity securities. Marketable Debt Securities The Company's marketable debt securities are classified as available-for-sale. Classification of marketable debt securities is determined at the time of purchase, and the Company reevaluates such classification as of each balance sheet date. Marketable debt securities are recorded at estimated fair value and included in cash and cash equivalents, prepaid expenses and other current assets, and other assets within the Consolidated Balance Sheets. Any unrealized gains or losses are included in accumulated other comprehensive loss within the Consolidated Balance Sheets. When the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Consolidated Statements of Operations. When the fair value of a marketable debt security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in accumulated other comprehensive loss, and are recognized in the Consolidated Statements of Operations only if the Company sells or intends to sell the security before recovery of its cost basis. There were no impairments related to marketable debt securities recorded during the twelve months ended September 27, 2024. Marketable Equity Securities Marketable equity securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date and included in other assets within the Consolidated Balance Sheets. All unrealized gains and losses on marketable equity securities are recorded as part of other expense, net in the Company's Consolidated Statements of Operations. See Note 11, Fair Value , for further details. Goodwill and Intangible Assets Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net identified tangible and intangible assets acquired. Purchased intangible assets are carried at cost, net of accumulated amortization, and are included in intangible assets, net in the Company's Consolidated Balance Sheets. Intangible assets with finite lives are amortized over their estimated useful lives of primarily two Impairment of Long-lived Assets, Intangible Assets, and Goodwill The Company reviews long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Company assesses these assets for impairment based on their estimated undiscounted future cash flows. If the carrying value of the assets exceeds the estimated future undiscounted cash flows, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. The Company evaluates goodwill for impairment at least annually at the beginning of the fourth quarter of each fiscal year or whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The evaluation includes consideration of qualitative factors including industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. If the Company determines that a quantitative analysis is necessary, the Company performs a step one analysis, which consists of a comparison of the fair value of a reporting unit against its carrying amount, including the goodwill allocated to each reporting unit. In fiscal years 2023 and 2022 the Company performed the annual goodwill qualitative impairment test for our two reporting units and determined that, at those dates, it was not more likely than not that the fair values of the reporting units were less than their carrying amount and accordingly recorded no impairment. In the fourth quarter of 2024, changes in facts and circumstances related to reduced demand of the Company's medical products, coupled with a sustained decrease in the Company's stock price, resulted in the Company determining that an indicator of possible impairment existed within its reporting units. Accordingly, the Company performed a quantitative impairment analysis to determine the fair values of those reporting units, using both an income approach utilizing the discounted cash flow method and market approach utilizing the public company market multiple method. Based on the output of the analysis, the Company determined that the fair values of both the Medical and Industrial reporting units exceeded their carrying amounts. Accordingly, no impairment charges were recorded during the year ended September 27, 2024. Loss Contingencies From time to time, the Company is involved in legal proceedings, claims and government inspections or investigations, customs and duties audits, and other contingency matters, both inside and outside the United States, arising in the ordinary course of its business or otherwise. The Company accrues amounts for probable losses, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss (including, among other things, probable settlement value). A loss or a range of loss is disclosed when it is reasonably possible that a material loss will be incurred and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. When a loss contingency is probable but not reasonably estimable the nature of the contingency and the fact that an estimate cannot be made is disclosed. See Note 13, Commitments and Contingencies, for further information regarding certain of our contractual obligations and contingencies. Supplier Finance Programs The Company participates in voluntary supply chain finance programs with a financial intermediary which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. As part of participating in these arrangements, the Company generally receives more favorable payment terms from its suppliers. The Company does not receive fees, payments, extended payment terms, or other direct economic benefits from the intermediary. The following table presents the change in the direct supplier financing obligation: Fiscal Years Ended (In millions) September 27, 2024 September 29, 2023 Confirmed obligations outstanding at the beginning of the period $ 4.2 $ 5.1 Invoices confirmed during the period 31.3 42.9 Confirmed invoices paid during the period (32.9) (43.8) Confirmed obligations outstanding at the end of the period $ 2.6 $ 4.2 Environmental Obligations The Company's operations and facilities, past and present, are subject to environmental laws, including laws that regulate the handling, storage, transport, and disposal of hazardous substances. Certain of those laws impose cleanup liabilities under certain circumstances. In connection with those laws and certain of our past and present operations and facilities, the Company is obligated to indemnify Varian for the cleanup liabilities related to prior corporate restructuring activities. The Company anticipates that it will be obligated to reimburse Varian for 20% of the liabilities of Varian related to these sites (after adjusting for any insurance proceeds or tax benefits received by Varian). As of September 27, 2024 and September 29, 2023, the Company's estimated liability for these sites was $3.9 million and $2.8 million, net of expected insurance proceeds, respectively. Product Warranty The Company warrants most of its products for a specific period of time, usually 12 to 24 months from delivery or acceptance, against material defects. The Company provides for the estimated future costs of warranty obligations in cost of revenues when the related revenues are recognized. The accrued warranty costs represent the best estimate at the time of sale of the total costs that the Company will incur to repair or replace product parts that fail while still under warranty. The amount of the accrued estimated warranty costs obligation for established products is primarily based on historical experience as to product failures adjusted for current information on repair costs. For new products, estimates include the historical experience of similar products, as well as a reasonable allowance for warranty expenses associated with new products. On a quarterly basis, the Company reviews the accrued warranty costs and updates the historical warranty cost trends, if required. The following table reflects the changes in the Company’s accrued product warranty: Fiscal Years Ended (In millions) September 27, 2024 September 29, 2023 Accrued product warranty, at beginning of period $ 7.7 $ 7.9 New accruals charged to cost of revenues 21.0 12.7 Product warranty expenditures (17.9) (12.9) Accrued product warranty, at end of period $ 10.8 $ 7.7 Leases The Company determines if an arrangement is or contains a lease at the inception of an arrangement. The Company's operating lease right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets may also include initial direct costs incurred and prepaid lease payments, less lease incentives. Lease liabilities and their corresponding ROU assets are recognized based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company recognizes operating leases with lease terms of more than twelve months in operating lease assets, current operating lease liabilities, and operating lease liabilities on its Consolidated Balance Sheets. The Company recognizes finance leases with lease terms of more than twelve months in property, plant and equipment, net, accrued liabilities and other current liabilities, and other long-term liabilities on its Consolidated Balance Sheets. For purposes of calculating lease liabilities and the corresponding ROU assets, the Company's lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Revenue Recognition The Company’s revenues are derived primarily from the sale of hardware and services. The Company recognizes its revenues net of any value-added or sales tax and net of sales discounts. The Company sells a high proportion of its X-ray products to a limited number of OEM customers. X-ray imaging components including X-ray tubes, digital detectors and image-processing tools, and security and inspection products are generally sold on a stand-alone basis. However, the Company occasionally sells its digital detectors, X-ray tubes and imaging processing tools as a package that is optimized for digital X-ray imaging and sells its Linatron® X-ray linear accelerators together with its image processing software and image detection products to OEM customers that incorporate them into their inspection or irradiation systems and processes. Service contracts are often sold with certain security and inspection products and computer-aided detection products. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, a performance obligation is satisfied Contracts and Performance Obligations The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts or purchase orders. For each contract, the Company considers the obligation to transfer products and services to the customer, which are distinct, to be performance obligations. Transaction Price and Allocation to Performance Obligations Transaction prices of products or services are typically based on contracted rates. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method when there is a large number of transactions with similar characteristics or the most likely amount method when there are two possible outcomes, depending on the circumstances of the transaction, to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The Company allows customers to return specific parts of purchased X-ray tubes for a partial refund credit, which is identified as variable consideration. For sales with a right of return, revenue is reduced and a liability is recorded for expected returns, and an asset is recorded for the right to recover products from customers on settling the liability. The Company recognizes a reduction to revenue and cost of sales at the time of sale and a corresponding refund liability and right of return asset. The Company records this estimate based on the historical volume of product returns and adjusts the estimate on a quarterly basis based on the current quarter sales and current quarter returns. If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation could be sold separately. Recognition of Revenue Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Service revenue is generally recognized over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract, and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Disaggregation of Revenue Revenue is disaggregated from contracts between geography and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Refer to Note 17, Segment Information, included in this report, for the disaggregation of the Company’s revenue based on reportable operating segments and disaggregated by geographic region. Contract Balances Contract liabilities are included within the deferred revenues, and other long-term liabilities balances in the Consolidated Balance Sheets. The Company does not have any material contract assets. Deferred revenue represents the Company's obligation to transfer goods or services to its customers for which it has already received consideration (or the amount is due) from the customer. The Company's deferred revenue balance primarily relates to contract advances and billings for warranty contracts. Deferred revenue that is estimated to be recognized during the following twelve-month period is recorded as deferred revenues and the remaining portion is recorded as other long-term liabilities in the Consolidated Balance Sheets. Costs to Obtain or Fulfill a Customer Contract The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included as a component of cost of revenues. Allowance for Credit Losses The Company evaluates the creditworthiness of customers prior to authorizing shipment for all major sale transactions. On a quarterly basis, the Company considers historical trends, current information and any reasonable and supportable forecasts to determine if an amount should be included in the allowance for credit losses. The Company had an allowance for credit losses of $1.0 million and $0.6 million as of September 27, 2024 and September 29, 2023, respectively. Share-Based Compensation Expense The Company has an equity-based incentive plan that provides for the grant of nonqualified stock options, restricted stock units, and performance stock units to directors, officers, and other employees. The Company also permits employees to purchase shares under the Varex employee stock purchase plan. The Company values stock options granted and the option component of the shares of common stock purchased under the equity-based incentive plans and stock purchased under the employee stock purchase plan using the Black-Scholes option-pricing model. Share-based compensation expense for restricted stock units is measured using the fair value of the Company’s stock on the date of grant and is amortized over the award’s respective service period. The Black-Scholes option-pricing model requires the input of certain assumptions, and changes in the assumptions can materially affect the fair value estimates of share-based payment awards. The Company measures and recognizes expense for all share-based payment awards based on their fair values. Share-based compensation expense recognized in the Consolidated Statements of Operations includes compensation expense for the share-based payment awards based on the grant date fair value estimated in accordance with the guidance on share-based compensation. The Company records forfeitures as they occur. The Company attributes the value of share-based compensation to expense using the straight-line method. The Company considers only the direct tax impacts of share-based compensation awards when calculating the amount of tax windfalls or shortfalls. Vesting of certain performance stock u

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Right of Return Assets and Refund Liabilities Right of return assets are included within the prepaid expenses and other current assets, and other assets in the Consolidated Balance Sheets. Refund liabilities are included within the accrued liabilities and other current liabilities and other long-term liabilities in the Consolidated Balance Sheets. The following tables summarize the changes in the right of return assets and refund liabilities for the twelve months ended September 27, 2024 and September 29, 2023: (In millions) Right of Return Assets Balance at October 1, 2022 $ 25.4 Costs recovered from product returns during the period (5.1) Right of return assets from shipments of products, subject to return during the period 6.8 Adjustment for actual vs. reserved product returns (1.1) Balance at September 29, 2023 $ 26.0 Costs recovered from product returns during the period (7.2) Right of return assets from shipments of products, subject to return during the period 5.6 Adjustment for actual vs. reserved product returns 0.8 Balance at September 27, 2024 $ 25.2 (In millions) Refund Liabilities Balance at October 1, 2022 $ 28.2 Release of refund liability included in beginning of year refund liability (5.6) Additions to refund liabilities 7.5 Adjustment for actual vs. reserved product returns (1.2) Balance at September 29, 2023 $ 28.9 Release of refund liability included in beginning of year refund liability (8.0) Additions to refund liabilities 6.2 Adjustment for actual vs. reserved product returns 0.9 Balance at September 27, 2024 $ 28.0 During fiscal year 2024, the Company recognized revenue of $9.9 million related to deferred revenue which existed at September 29, 2023. During fiscal year 2023, the Company recognized revenue of $6.7 million related to deferred revenue which existed at September 30, 2022. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which revenue has not yet been recognized, which are primarily related to contracts where control will be transferred to customers over the next 12 months. See Note 1, Summary of Significant Accounting Policies, for details on the nature of the remaining performance obligations within these contracts and how they will be resolved.

LEASES

LEASES	12 Months Ended
	Sep. 27, 2024
Leases [Abstract]
LEASES	LEASES The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and certain equipment. The Company's lease agreements do not contain any material residual value guarantees, variable lease costs, bargain purchase options or restrictive covenants. The Company does not have any lease transactions with related parties. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet and expense for these leases is recognized on a straight-line basis over the lease term. The Company's leases have remaining lease terms of less than one year to approximately ninety-four years, some of which may include options to extend the leases for up to six years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease contract. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of fixed lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company's incremental borrowing rate is based on a credit-adjusted risk-free rate, which best approximates a secured rate over a similar term of lease. During the twelve months ended September 30, 2022, the Company recorded a loss due to abandonment of $1.9 million, which is included in selling, general and administrative on the Consolidated Statements of Operations. The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location September 27, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.3 $ 29.0 Finance lease right-of-use assets Property, plant and equipment, net 6.6 0.3 Liabilities Operating lease liabilities (current) Current operating lease liabilities 4.0 3.8 Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.4 0.1 Operating lease liabilities (non-current) Operating lease liabilities 23.0 23.1 Finance lease liabilities (non-current) Other long-term liabilities $ 5.9 $ 0.2 The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases: September 27, 2024 September 29, 2023 Operating lease weighted average remaining lease term (in years) 7.9 7.8 Operating lease weighted average discount rate 8.0 % 7.9 % Finance lease weighted average remaining lease term (in years) 13.9 3.6 Finance lease weighted average discount rate 6.1 % 4.7 % The following table provides information related to the Company’s operating and finance leases: (In millions) 2024 2023 2022 Total operating lease costs (1) $ 6.3 $ 5.8 $ 6.4 Total finance lease costs $ 0.3 $ 0.2 $ 0.2 Operating cash flows from operating leases $ 5.9 $ 7.8 $ 7.3 Financing cash flows from finance leases 0.5 0.3 0.2 Total cash paid for amounts included in the measurement of lease liabilities $ 6.4 $ 8.1 $ 7.5 Non-cash operating right-of-use assets obtained in exchange for new lease liabilities $ 5.4 $ 10.6 $ 5.4 Non-cash finance right-of-use assets obtained in exchange for new lease liabilities 6.5 0.2 0.1 Total right-of-use assets obtained in exchange for new lease liabilities $ 11.9 $ 10.8 $ 5.5 (1) Includes variable and short-term lease expense, which were immaterial for fiscal years 2024, 2023, and 2022. As of September 27, 2024, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows: (In millions) Fiscal Years: Operating Leases Finance Leases 2025 $ 5.8 $ 0.8 2026 4.8 0.7 2027 4.5 0.7 2028 3.8 0.6 2029 3.3 0.6 Thereafter 15.3 6.0 Total future lease payments $ 37.5 $ 9.4 Less: imputed interest (10.5) (3.1) Present value of lease liabilities $ 27.0 $ 6.3 As of September 27, 2024
LEASES	LEASES The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and certain equipment. The Company's lease agreements do not contain any material residual value guarantees, variable lease costs, bargain purchase options or restrictive covenants. The Company does not have any lease transactions with related parties. Leases with an initial term of 12 months or less are generally not recorded on the balance sheet and expense for these leases is recognized on a straight-line basis over the lease term. The Company's leases have remaining lease terms of less than one year to approximately ninety-four years, some of which may include options to extend the leases for up to six years and some include options to terminate early. These options have been included in the determination of the lease liability when it is reasonably certain that the option will be exercised. Right-of-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease contract. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of fixed lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company's incremental borrowing rate is based on a credit-adjusted risk-free rate, which best approximates a secured rate over a similar term of lease. During the twelve months ended September 30, 2022, the Company recorded a loss due to abandonment of $1.9 million, which is included in selling, general and administrative on the Consolidated Statements of Operations. The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location September 27, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.3 $ 29.0 Finance lease right-of-use assets Property, plant and equipment, net 6.6 0.3 Liabilities Operating lease liabilities (current) Current operating lease liabilities 4.0 3.8 Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.4 0.1 Operating lease liabilities (non-current) Operating lease liabilities 23.0 23.1 Finance lease liabilities (non-current) Other long-term liabilities $ 5.9 $ 0.2 The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases: September 27, 2024 September 29, 2023 Operating lease weighted average remaining lease term (in years) 7.9 7.8 Operating lease weighted average discount rate 8.0 % 7.9 % Finance lease weighted average remaining lease term (in years) 13.9 3.6 Finance lease weighted average discount rate 6.1 % 4.7 % The following table provides information related to the Company’s operating and finance leases: (In millions) 2024 2023 2022 Total operating lease costs (1) $ 6.3 $ 5.8 $ 6.4 Total finance lease costs $ 0.3 $ 0.2 $ 0.2 Operating cash flows from operating leases $ 5.9 $ 7.8 $ 7.3 Financing cash flows from finance leases 0.5 0.3 0.2 Total cash paid for amounts included in the measurement of lease liabilities $ 6.4 $ 8.1 $ 7.5 Non-cash operating right-of-use assets obtained in exchange for new lease liabilities $ 5.4 $ 10.6 $ 5.4 Non-cash finance right-of-use assets obtained in exchange for new lease liabilities 6.5 0.2 0.1 Total right-of-use assets obtained in exchange for new lease liabilities $ 11.9 $ 10.8 $ 5.5 (1) Includes variable and short-term lease expense, which were immaterial for fiscal years 2024, 2023, and 2022. As of September 27, 2024, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows: (In millions) Fiscal Years: Operating Leases Finance Leases 2025 $ 5.8 $ 0.8 2026 4.8 0.7 2027 4.5 0.7 2028 3.8 0.6 2029 3.3 0.6 Thereafter 15.3 6.0 Total future lease payments $ 37.5 $ 9.4 Less: imputed interest (10.5) (3.1) Present value of lease liabilities $ 27.0 $ 6.3 As of September 27, 2024

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Sep. 27, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS Investment in Privately-Held Companies The Company has a 40% ownership interest in dpiX Holding Company LLC ("dpiX Holding"), a holding company that has a 100% ownership interest in dpiX LLC ("dpiX"), a supplier of amorphous silicon-based thin film transistor arrays for flat panels used in the Company's digital image detectors. In accordance with the dpiX Holding operating agreement, net profits or losses are allocated to the members in accordance with their ownership interests. The investment in dpiX Holding is accounted for under the equity method of accounting. When the Company recognizes its share of net profits or losses of dpiX Holding, profits or losses in inventory purchased from dpiX are eliminated. In fiscal years 2024, 2023, and 2022, the Company recorded a loss on the equity investment in dpiX Holding of $1.0 million, $0.2 million, and $2.6 million, respectively. The loss on the equity investment in dpiX Holding is included in other expense, net in the Consolidated Statements of Operations. The carrying value of the equity investment in dpiX Holding was $24.8 million and $25.8 million at September 27, 2024 and September 29, 2023, respectively. During fiscal year 2023, the Company recorded an impairment of its investment in dpiX Holding of $16.4 million. See Note 1, Summary of Significant Accounting Policies, for details on the nature of the impairment. There were no impairments recorded during fiscal year 2024 or 2022. In fiscal years 2024, 2023 and 2022, the Company purchased glass transistor arrays from dpiX totaling $18.0 million, $18.7 million and $21.0 million, respectively. These purchases of glass transistor arrays are included as a component of inventories, net on the Consolidated Balance Sheets or cost of revenues in the Consolidated Statements of Operations. As of September 27, 2024 and September 29, 2023, the Company had accounts payable to dpiX totaling $3.0 million and $2.7 million, respectively. In October 2013, the Company entered into an amended agreement with dpiX and other parties that, among other things, provides it with the right to 50% of dpiX’s total manufacturing capacity. In addition, the Company is required to pay for 50% of dpiX's fixed costs, as determined at the beginning of each calendar year. In January 2024, the fixed cost commitment was determined and approved by the dpiX board of directors to be $12.4 million for calendar year 2024. As of September 27, 2024, the Company estimated it has fixed cost commitments of $3.1 million related to the amended agreement through the remainder of calendar year 2024. The amended agreement will continue unless the ownership structure of dpiX changes (as defined in the amended agreement). The Company has determined that dpiX Holding is a variable interest entity because the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest. Majority votes are required to direct the manufacturing activities, legal operations and other activities that most significantly affect dpiX’s economic performance. The Company does not have majority voting rights and no power to unilaterally direct the activities of dpiX Holding, and therefore, is not the primary beneficiary of dpiX Holding. The Company’s exposure to loss as a result of its involvement with dpiX Holding is limited to the carrying value of the Company’s investment of $24.8 million and fixed cost commitments. In November 2018, the Company (through one of its wholly-owned subsidiaries) and CETTEEN GmbH (“CETTEEN”), formed a German limited liability company that governs the affairs and conduct of the business of VEC Imaging GmbH & Co. KG (“VEC”), a joint venture formed to develop technology for use in X-ray imaging components. In accordance with the VEC agreement, net profits or losses are allocated to the members in accordance with their ownership interest. The Company's investment in VEC is accounted for under the equity method of accounting. The Company has determined that VEC is a variable interest entity.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Sep. 27, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING In July 2018, the Company committed to relocate the production of amorphous silicon glass for digital detectors from its Santa Clara facility to the dpiX fabrication facility in Colorado. In July 2019, the Company committed to close its Santa Clara facility and to relocate the remaining production to its other existing facilities. The Company ceased all operations at the Santa Clara facility as of October 2, 2020, and all activities related to the closure of the facility were completed by the end of December 2020. Cash outflows associated with these restructuring charges are limited to employee termination expenses, facility closure and equipment sales and disposals. Below is a detail of restructuring charges incurred during the 2024, 2023 and 2022 fiscal years, which predominately relate to the Company's Medical segment: (In millions) Location of Restructuring Charges in Consolidated Statements of Operations 2024 2023 2022 Other assets impairment charges Selling, general and administrative $ — $ — $ 1.8

OTHER FINANCIAL INFORMATION

OTHER FINANCIAL INFORMATION	12 Months Ended
	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER FINANCIAL INFORMATION	OTHER FINANCIAL INFORMATION The following table summarizes the Company’s accrued liabilities and other current liabilities: (In millions) September 27, 2024 September 29, 2023 Accrued compensation and benefits $ 30.0 $ 33.4 Product warranty 10.8 7.7 Taxes payable 8.1 13.3 Refund liability 7.5 7.2 Accrued interest 11.7 11.6 Other 10.5 9.4 Total accrued liabilities and other current liabilities $ 78.6 $ 82.6 The following table summarizes the Company’s other long-term liabilities: (In millions) September 27, 2024 September 29, 2023 Long-term income tax payable $ 4.0 $ 4.6 Environmental liabilities 3.0 1.9 Defined benefit obligation liability 5.9 5.2 Long-term refund liability 20.5 21.7 Derivative liability 8.6 4.9 Long-term other 8.4 3.3 Total other long-term liabilities $ 50.4 $ 41.6 The following table summarizes the Company’s other expense, net: Fiscal Years (In millions) 2024 2023 2022 Loss from equity method investments $ (1.0) $ (1.4) $ (3.0) Gain on purchase of business 2.1 — — Impairment of equity method investment — (16.4) — Realized losses on foreign currencies, net (2.3) (1.0) (1.5) Other (3.0) (1.4) 0.2 Total other expense, net $ (4.2) $ (20.2) $ (4.3)

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	12 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
NET (LOSS) INCOME PER SHARE	NET (LOSS) INCOME PER SHARE Basic net (loss) income per common share is computed by dividing the net (loss) income for the period by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net (loss) income per common share reflects the effects of potentially dilutive securities, which is computed by dividing the sum of net (loss) income and any adjustments to net income by the sum of the weighted average number of common shares outstanding and dilutive common shares. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net (loss) income per common share is as follows: Fiscal Years (In millions, except per share amounts) 2024 2023 2022 Net (loss) income per share – basic Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3 Basic weighted average shares outstanding 40.8 40.3 39.8 Basic net (loss) income per share attributable to Varex $ (1.17) $ 1.20 $ 0.76 Net (loss) income per share – diluted Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3 Interest expense on Convertible Notes, net of tax — 6.2 — Diluted net (loss) income $ (47.7) $ 54.4 $ 30.3 Basic weighted average shares outstanding 40.8 40.3 39.8 Dilutive effect of Convertible Senior Notes — 9.6 1.3 Dilutive effect of share-based awards and other — 0.4 0.5 Diluted weighted average shares outstanding 40.8 50.3 41.6 Diluted net (loss) income per share attributable to Varex $ (1.17) $ 1.08 $ 0.73 Anti-dilutive share summary Share-based awards and other 3.3 2.7 3.0 Convertible notes 9.6 — — Warrants 9.6 9.6 — Total anti-dilutive shares 22.5 12.3 3.0 Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying stock options, unvested stock awards, purchase rights granted under the employee stock purchase plan, warrants, and Convertible Notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net (loss) income per share attributable to Varex when their effect is dilutive. As of October 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. The standard requires the Company to apply the if-converted method in relation to the Convertible Notes, which requires the Company to assume that the Convertible Notes would have been converted using only share settlement at the beginning of the period, resulting in an additional 0 shares outstanding. Using this method, the numerator is affected by adding back the after-tax interest expense and the denominator is affected by including the effect of potential share settlement, if the effect is dilutive. Prior to the adoption of ASU 2020-06, the Convertible Notes were accounted for using the treasury stock method for purposes of net income per share. See Note 1, Summary of Significant Accounting Policies, "Recently Adopted Accounting Pronouncements" for further details concerning the adoption of ASU 2020-06. Furthermore, in connection with the offering of the Convertible Notes, the Company entered into convertible note hedges and warrants (see Note 9, Borrowings ). However, the Company's convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive.

FINANCIAL DERIVATIVES AND HEDGI

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES	FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of the Company’s overall risk management practices, the Company enters into financial derivatives to manage its financial exposures to foreign currency exchange rates and interest rates. The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective, in which case the Company would test for effectiveness on a more frequent basis. The changes in fair value for all trades that are not designated for hedge accounting are recognized in current period income. The Company does not offset fair value amounts recognized for derivative instruments in its Consolidated Balance Sheets for presentation purposes. Credit risk related to derivative transactions reflects the risk that a party to the transaction could fail to meet its obligation under the derivative contracts. Therefore, the Company’s exposure to the counterparty’s credit risk is generally limited to the amounts, if any, by which the counterparty’s obligations to the Company exceed the Company’s obligations to the counterparty. The Company’s policy is to enter into contracts only with financial institutions that meet certain minimum credit ratings to help mitigate counterparty credit risk. Derivatives Designated as Hedging Instruments - Net Investment Hedges The Company uses cross currency swap contracts as net investment hedges to manage its risk of variability in foreign currency-denominated net investments in majority-owned international operations. All changes in fair value of the derivatives designated as net investment hedges are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those investments. During fiscal year 2023, the Company terminated all three of its previously outstanding cross currency swap contracts which resulted in cash received upon settlement of $7.3 million. The gain on the cross currency swap contracts was recorded in accumulated other comprehensive loss where it will remain until such time that substantial liquidation of the international operations should occur. Concurrent with the termination of the previous cross currency swap contracts, the Company entered into two new cross currency swap contracts which have been designated as net investment hedges. As of September 27, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments: (In millions, except for number of instruments) Number of Instruments Notional Value Cross currency swap contracts 2 $ 58.7 The following table summarizes the amount of pre-tax gain (loss) recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges: Amount of (Loss) or Gain Recognized in OCI on Derivatives Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Fiscal Year Ended (In millions) 2024 2023 2022 2024 2023 2022 Cross currency swap contracts $ (3.9) $ (4.4) $ 8.7 Interest expense $ 0.9 $ 0.9 $ 1.2 These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Balance Sheets where the instruments are recorded: (In millions) Derivative Assets and Liabilities Derivatives Designated as Net Investment Hedges Balance Sheet Location 2024 2023 Cross currency swap contracts Prepaid expenses and other current assets $ 1.0 $ 0.7 Cross currency swap contracts Other long-term liabilities $ 8.6 $ 4.9 Balance Sheet Hedges The Company also enters into foreign currency forward contracts to hedge fluctuations associated with foreign currency-denominated monetary assets and liabilities, primarily cash, lease contracts, third-party accounts receivable and payable, and intercompany accounts receivable and payables. These forward contracts are generally entered into at the end of one fiscal period and expire by the end of the next fiscal period. These forward contracts are not designated for hedge accounting treatment; therefore, the change in fair value of these derivatives is recorded as a component of other expense, net in the Consolidated Statements of Operations and offsets the change in fair value of the foreign currency-denominated assets and liabilities, which are also recorded as a component of other expense, net. The Company has not and does not intend to use derivative financial instruments for speculative or trading purposes. The following table shows the notional amounts of outstanding foreign currency contracts as of September 27, 2024: Notional Value of Derivatives not Designated as Hedging Instruments: (In millions of equivalent USD) Buy Contracts Sell Contracts Australian Dollar $ — $ 2.6 Chinese Renminbi — 31.8 Euro — 20.7 Indian Rupee 1.2 — Japanese Yen 7.8 — Mexican Peso — 1.6 Swiss Franc 3.7 — Philippine Peso 6.8 — Total notional value $ 19.5 $ 56.7

BORROWINGS

BORROWINGS	12 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS The following table summarizes the Company's short-term and long-term debt: September 27, 2024 September 29, 2023 (In millions, except for percentages) Amount Weighted-Avg Effective Interest Rate Amount Weighted-Avg Effective Interest Rate $ Change Current maturities of long-term debt: Convertible Senior Unsecured Notes $ 45.0 4.8% $ — $ 45.0 Other debt 1.5 1.5 — Total current maturities of long-term debt $ 46.5 $ 1.5 $ 45.0 Non-current maturities of long-term debt: Convertible Senior Unsecured Notes (1) $ 155.0 4.8% $ 200.0 4.8% $ (45.0) Senior Secured Notes 243.0 8.2% 243.0 8.2% — Other debt 2.1 3.5 (1.4) Total non-current maturities of long-term debt $ 400.1 $ 446.5 $ (46.4) Unamortized issuance costs and debt discounts: Unamortized issuance costs - Convertible Notes $ (1.0) $ (2.5) $ 1.5 Debt issuance costs - Senior Secured Notes (2.2) (2.9) 0.7 Total (3.2) (5.4) 2.2 Total debt outstanding, net $ 443.4 $ 442.6 $ 0.8 (1) This amount has been excluded from current liabilities as it is supported by the Revolving Credit Facility (as defined below) and is expected to remain outstanding for an uninterrupted period extending beyond one year from the balance sheet date. Future principal payments of long-term debt outstanding as of September 27, 2024 are as follows: (In millions) Fiscal Years: 2025 $ 201.5 2026 1.4 2027 243.7 2028 — 2029 — Thereafter — Total debt outstanding $ 446.6 Less: current maturities of long-term debt (46.5) Non-current portion of long-term debt $ 400.1 The following table summarizes the Company's interest expense: Twelve Months Ended September 27, 2024 September 29, 2023 September 30, 2022 Contractual interest coupon and other $ 26.8 $ 26.7 $ 27.6 Amortization/extinguishment of debt issuance costs 3.4 2.6 3.4 Amortization of debt discounts — — 8.8 Total interest expense $ 30.2 $ 29.3 $ 39.8 Senior Secured Revolving Credit Facility On March 26, 2024, the Company entered into a senior secured revolving credit agreement (the "Credit Agreement") providing for a senior secured revolving credit facility of up to $155.0 million (the “Revolving Credit Facility”). Simultaneous with its entry into the Revolving Credit Facility, the Company terminated its $100.0 million asset-based loan revolving credit facility (the "ABL Facility"), dated as of September 30, 2020. As of September 27, 2024, the Revolving Credit Facility remains undrawn. The maximum availability under the Revolving Credit Facility is $155.0 million, which is available to the Company for revolving loans in U.S. dollars and for the issuance of letters of credit. The Company may make and repay borrowings from time to time until the maturity of the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will mature, and lending commitments thereunder will terminate, on September 26, 2027. The interest rate for Revolving Credit Facility borrowings is the Secured Overnight Financing Rate (“SOFR”) (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company (as defined in the Credit Agreement). Alternatively, the Company has the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) the one-month SOFR (subject to a floor of 0.00%) plus a margin of 1.00%. An unused commitment fee of 0.375% per annum was payable from March 26, 2024 until June 28, 2024, and thereafter an unused commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Revolving Credit Facility, depending on the consolidated total net leverage ratio of the Company. Debt issuance costs, including unamortized deferred costs for continuing lenders under the previously existing ABL Facility, of $2.3 million were capitalized and are included within other assets on the Consolidated Balance Sheets. These costs are being amortized over the term of the new agreement and are being recorded within interest expense in the Consolidated Statements of Operations. The Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell assets, engage in mergers, or other fundamental changes, enter into capital leases or certain leases not in the ordinary course of business, enter into transactions involving related parties or derivatives, incur or prepay indebtedness, grant liens or negative pledges on its assets, make loans or other investments, pay dividends or repurchase stock or other securities, guarantee third-party obligations, engage in sale leasebacks, and make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. One such covenant involves maintaining compensating cash balances. The Company must maintain the lesser of an average quarterly balance of $80.0 million and 80% of the U.S. cash availability in certain deposit accounts; provided that the amounts maintained must not be less than $80.0 million prior to June 30, 2025. The compensating balances may be withdrawn but the availability of the Revolving Credit Facility is dependent upon maintenance of such compensating balances. In addition, the Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio. The Company’s obligations under the Revolving Credit Facility are guaranteed by the Company and a number of Company subsidiaries. These guarantees are secured on a first lien basis by specified assets, including inventory, accounts receivable, cash, intercompany accounts and loans, and certain real property. In addition, the Revolving Credit Facility is secured by second liens on certain assets securing the Company’s 7.875% Senior Secured Notes due 2027. An intercreditor agreement governs how the collateral securing the respective debt obligations will be treated among the secured parties. Equipment Credit Agreement On April 26, 2024, the Company entered into a secured delayed draw term loan credit agreement (the “Equipment Credit Agreement”), providing for a secured equipment credit facility of up to $20.0 million (the “Equipment Credit Facility”). As of September 27, 2024, there was no principal balance outstanding under the Equipment Credit Facility. The maximum availability under the Equipment Credit Facility is $20.0 million, available to the Company for delayed draw term loans drawn on or before June 30, 2025, in U.S. dollars. The Company may make and repay borrowings from time to time until the maturity of the Equipment Credit Facility, but once repaid, loans may not be reborrowed. The Company may make voluntary prepayments of borrowings at any time. Borrowings under the Equipment Credit Facility will mature on September 26, 2027. The interest rate for borrowings by the Company under the Equipment Credit Facility is the SOFR (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company. Alternatively, Equipment Borrowers have the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) SOFR (subject to a floor of 0.00%) plus a margin of 1.00%, in each case plus a margin of 1.00% to 1.75%, depending on the consolidated total net leverage ratio of the Company. A commitment fee of 0.375% per annum was paid from April 26, 2024 until June 28, 2024, and thereafter a commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Equipment Credit Facility, depending on the consolidated total net leverage ratio of the Company. The proceeds of the Equipment Credit Facility will be used for purchases of eligible equipment and associated software costs for the Company and its subsidiaries. The Company’s obligations under the Equipment Credit Agreement are secured by the equipment and associated software financed by the Equipment Credit Facility and are guaranteed by a number of Company subsidiaries on an unsecured basis. The Equipment Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell financed equipment or all or substantially all assets, engage in mergers or other fundamental changes, grant liens or negative pledges on financed equipment, make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. In addition, the Equipment Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio. Convertible Senior Unsecured Notes On June 9, 2020, Varex issued $200.0 million in aggregate principal amount of 4.00% convertible senior unsecured notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting transaction fees and offering expense payable by the Company, were approximately $193.1 million. The Convertible Notes bear interest at the annual rate of 4.00%, payable semiannually on June 1 and December 1 of each year, beginning on December 1, 2020, and will mature on June 1, 2025, unless earlier converted or repurchased by Varex. The Convertible Notes are convertible into cash, shares of Varex common stock or a combination thereof, at Varex’s election, at an initial conversion rate of 48.048 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $20.81 per share, subject to adjustment pursuant to the terms of the indenture governing the Convertible Notes. The Convertible Notes may be converted at any time after, and including, December 15, 2024, until the close of business on the second scheduled trading day immediately before the maturity date. The maximum number of shares issuable upon conversion of the Convertible Notes is 9.6 million. In accordance with the applicable accounting standards, a short-term debt obligation should be excluded from current liabilities if the entity has both the intent and ability to refinance the obligation on a long-term basis. The intent and ability can be demonstrated by the issuance of a long-term obligation to refinance the short-term obligation on a long-term basis after the date of an entity’s balance sheet but before that balance sheet is issued. Due to the entry into the Revolving Credit Facility, the Company classified $155.0 million of debt outstanding as of September 27, 2024 as long-term debt, net of current portion. The remaining principal amount totaling $45.0 million is classified as current portion of long-term debt as of September 27, 2024. Call Spread On June 4, 2020 and June 5, 2020, in connection with the offering of the Convertible Notes, Varex entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”). The Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of Varex common stock that initially underlie the Convertible Notes. The Hedge Transactions are expected generally to reduce the potential dilution and/or offset any cash payments Varex is required to make in excess of the principal amount due upon conversion of the Convertible Notes in the event that the market price of Varex common stock is greater than the strike price of the Hedge Transactions, which was initially $20.81 per share (subject to adjustment under the terms of the Hedge Transactions). The strike price of $20.81 corresponds to the initial conversion price of the Convertible Notes. The number of shares underlying the Hedge Transactions is 9.6 million. On June 4, 2020 and June 5, 2020, Varex also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of Varex common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $24.975 per share (subject to adjustment under the terms of the Warrant Transactions), which is 50% above the last reported sale price of Varex common stock on June 4, 2020. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of Varex common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The number of shares underlying the Warrant Transactions is 9.6 million. The number of warrants outstanding as of September 27, 2024, was 9.6 million. Senior Secured Notes Varex issued $300.0 million aggregate principal amount of 7.875% Senior Secured Notes due 2027 (the "Senior Secured Notes") pursuant to an indenture dated September 30, 2020, among Varex, certain of its direct or indirect wholly-owned subsidiaries as guarantors, and Wells Fargo Bank, National Association as trustee and collateral agent. Interest payments are paid semiannually on April 15 and October 15 of each year, beginning on April 15, 2021. The Senior Secured Notes are secured by a first priority lien on substantially all of the assets of Varex and the assets and capital stock of its subsidiary guarantors (subject to exceptions), except for assets for which a first priority security interest is pledged for the Revolving Credit Facility, in which the Senior Secured Notes will have a second lien security interest. The Senior Secured Notes include negative covenants, subject to certain exceptions, restricting or limiting Varex's ability and the ability of its restricted subsidiaries to, among other things, incur liens on collateral; sell certain assets; incur additional indebtedness; pay dividends; issue preferred shares; consolidate, merge, or sell all or substantially all of its assets; and enter into certain transactions with their affiliates. On July 15, 2021, the Company redeemed $30 million of Senior Secured Notes, in accordance with the terms and conditions of the governing indenture, by paying cash of $31.5 million, inclusive of the redemption premium and accrued interest, and recognized a $1.4 million loss related to the redemption premium and the write-off of previously recorded debt issuance costs. The redemption price of the redeemed notes was 103% of the principal amount, plus accrued and unpaid interest from, and including, April 15, 2021 to, but excluding, the redemption date of July 15, 2021. On March 18, 2022, the Company redeemed $27 million of Senior Secured Notes, in accordance with the terms and conditions of the governing indenture, by paying cash of $28.7 million, inclusive of the redemption premium and accrued interest, and recognized a $1.2 million loss related to the redemption premium and the write-off of previously recorded debt issuance costs. The redemption price of the redeemed notes was 103% of the principal amount, plus accrued and unpaid interest from, and including, October 15, 2021 to, but excluding, the redemption date of March 18, 2022. As of September 27, 2024, the aggregate principal amount of the outstanding Senior Secured Notes was $243.0 million. Asset-Based Loan On September 30, 2020, the Company entered into a revolving credit agreement consisting of a $100.0 million asset-based loan revolving credit facility. On March 26, 2024, the Company terminated the ABL Facility and recognized $0.6 million of the remaining unamortized issuance costs in interest expense in the Consolidated Statements of Operations, which excludes costs related to lenders that continued under the Revolving Credit Facility. There was no principal balance outstanding under the ABL Facility when it was terminated.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Sep. 27, 2024
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS As of September 29, 2023, the Company, through two of its consolidated subsidiaries, Varex Imaging Deutschland AG and MeVis Medical Solutions AG ("MeVis Medical"), held a combined ownership interest in MeVis BreastCare GmbH and MeVis BreastCare Gmbh & Co KG (referred to in combination as "MeVis Breastcare") of 37.6%. Because the Company had the ability to exercise significant influence in, but not control, over MeVis Breastcare, it was historically accounted for as an equity method investment. During the first quarter of fiscal year 2024, the Company increased its ownership in MeVis Breastcare to 87.1% for a purchase price of $0.9 million, resulting in the Company now holding a controlling interest in MeVis Breastcare. The purchase of this additional ownership interest was accounted for as a business combination achieved in stages, or step acquisition. As a result, the previously held equity interest was remeasured to its acquisition-date fair value, with a gain of $0.9 million recognized in Other expense, net Other expense, net The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare. USD Consideration paid Cash $ 0.9 Fair value of total consideration transferred 0.9 Remeasurement of previous equity interest Carrying value of previous equity interest before acquisition 1.1 Fair value of previous equity interest at acquisition date 2.0 Remeasurement gain recorded on previous equity interest 0.9 Total of consideration paid and fair value of previous equity interest $ 2.9 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1.8 Accounts receivable, net 1.2 Intangible assets, net 2.6 Accounts payable (0.1) Accrued liabilities and other current liabilities (0.6) Other long-term liabilities (0.1) Total identifiable net assets 4.8 Noncontrolling interest in MeVis Breastcare (0.7) Bargain purchase gain (1.2) Total $ 2.9

FAIR VALUE

FAIR VALUE	12 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Assets/Liabilities Measured at Fair Value on a Recurring Basis The fair values of certain of the Company’s financial instruments, including bank deposits included in cash and cash equivalents, accounts receivable, net and accounts payable, approximate their fair values due to their short maturities. As of September 27, 2024, the fair value of the Company's Convertible Notes and Senior Secured Notes, as defined in Note 9, Borrowings and measured using Level 1 inputs, were $197.7 million and $247.6 million, respectively. As of September 29, 2023, the fair values of the Company's Convertible Notes and Senior Secured Notes, measured using Level 1 inputs, were $228.4 million and $243.6 million, respectively. The Company has elected to use the income approach to value its derivative instruments using standard valuation techniques and Level 2 inputs, such as currency spot rates, forward points and credit default swap spreads. In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. Fair Value Measurements at September 27, 2024 (In millions) Quoted Prices in Active Markets Significant Other Significant Unobservable Inputs Total Assets: Money market funds $ — $ 24.4 $ — $ 24.4 Corporate notes/bonds — 16.5 — 16.5 Government agencies — 18.3 — 18.3 US treasury bills — 6.1 — 6.1 Certificates of deposit — 0.9 — 0.9 Derivative assets — 1.0 — 1.0 Deferred compensation plan (1) 7.5 — — 7.5 Marketable equity securities 2.6 — — 2.6 Total assets measured at fair value $ 10.1 $ 67.2 $ — $ 77.3 Liabilities: Derivative liabilities $ — $ 8.6 $ — $ 8.6 Total liabilities measured at fair value $ — $ 8.6 $ — $ 8.6 (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Fair Value Measurements at September 29, 2023 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 45.4 $ — $ 45.4 Commercial paper — 6.0 — 6.0 Corporate notes/bonds — 8.3 — 8.3 Government agencies — 6.6 — 6.6 US treasury bills — 28.6 — 28.6 Derivative assets — 0.7 — 0.7 Deferred compensation plan (1) 6.3 — — 6.3 Marketable equity securities 4.1 — — 4.1 Total assets measured at fair value $ 10.4 $ 95.6 $ — $ 106.0 Liabilities: Derivative liabilities $ — $ 4.9 $ — $ 4.9 Total liabilities measured at fair value $ — $ 4.9 $ — $ 4.9 (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Nonrecurring Fair Value Measurements In fiscal year 2023, the Company assessed its equity method investment in dpiX Holding for impairment and concluded that the carrying value of the investment was greater than its fair value. The nonrecurring fair value measurements used by the Company to impair its equity method investment in dpiX Holding was calculated by equal weighting of the income approach based on estimated discounted future cash flows and the market approach based on comparable publicly traded companies in similar lines of businesses. Under the income approach, fair value is determined based on a discounted cash flow technique that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. This valuation resulted in a Level 3 nonrecurring fair value measurement. See Note 1, Summary of Significant Accounting Policies, for details on the nature of the impairment. Marketable Debt Securities The following is a summary of marketable debt securities, which are included within the cash and cash equivalents, marketable securities, and other assets balances on the Consolidated Balance Sheets. September 27, 2024 (In millions) Amortized Costs Unrealized Gains Fair Value Corporate notes/bonds $ 16.4 $ 0.1 $ 16.5 US treasury bills 6.1 — 6.1 Government agencies 18.3 — 18.3 Certificates of deposit 0.9 — 0.9 Total marketable debt securities $ 41.7 $ 0.1 $ 41.8 The following table summarizes the marketable debt securities on the Consolidated Balance Sheets as of September 29, 2023. September 29, 2023 (In millions) Amortized Costs Fair Value Commercial paper $ 6.0 $ 6.0 Corporate notes/bonds 8.3 8.3 US treasury bills 28.6 28.6 Government agencies 6.6 6.6 Total marketable debt securities $ 49.5 $ 49.5 The contractual maturities of marketable debt securities as of September 27, 2024, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. September 27, 2024 (In millions) Amortized Costs Fair Value Contractual maturities: Due within one year $ 32.8 $ 32.8 Due after one year through five years 8.9 9.0 Total marketable debt securities $ 41.7 $ 41.8 During the twelve months ended September 27, 2024, there were no gross realized gains or losses from the sale of certain marketable debt securities that were reclassified out of accumulated other comprehensive loss. The following tables summarizes the balance sheet locations for marketable debt securities: September 27, 2024 (In millions) Commercial Paper Corporate Notes/Bonds Government Agencies Treasury Bills Certificates of Deposit Total Cash and cash equivalents $ — $ — $ — $ 1.0 $ — $ 1.0 Marketable securities — 10.5 16.3 4.1 0.9 31.8 Other assets — 6.0 2.0 1.0 — 9.0 Total marketable debt securities $ — $ 16.5 $ 18.3 $ 6.1 $ 0.9 $ 41.8 September 29, 2023 (In millions) Commercial Paper Corporate Notes/Bonds Government Agencies Treasury Bills Total Cash and cash equivalents $ 6.0 $ — $ — $ 2.2 $ 8.2 Marketable securities — 8.3 6.6 26.4 41.3 Total marketable debt securities $ 6.0 $ 8.3 $ 6.6 $ 28.6 $ 49.5

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The following table reflects goodwill by reportable segment: (In millions) Medical Industrial Total Balance at September 29, 2023 $ 171.5 $ 117.0 $ 288.5 Foreign currency translation adjustments 1.5 1.0 2.5 Balance at September 27, 2024 $ 173.0 $ 118.0 $ 291.0 The following table reflects the gross carrying amount and accumulated amortization of the Company’s finite-lived intangible assets included in intangible assets, net in the Consolidated Balance Sheets: September 27, 2024 September 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired existing technology $ 73.8 $ (63.5) $ 10.3 $ 72.3 $ (57.8) $ 14.5 Patents, licenses and other 12.6 (12.6) — 12.5 (12.2) 0.3 Customer contracts and supplier relationship 52.8 (47.0) 5.8 50.3 (42.7) 7.6 Total intangible assets $ 139.2 $ (123.1) $ 16.1 $ 135.1 $ (112.7) $ 22.4 Amortization expense for intangible assets was $9.9 million, $13.7 million and $14.6 million in fiscal years 2024, 2023 and 2022, respectively. As of September 27, 2024, the estimated future amortization expense of intangible assets with finite lives is as follows: (In millions) Fiscal Years: 2025 $ 3.8 2026 3.7 2027 3.4 2028 3.3 2029 1.6 Thereafter 0.3 Total $ 16.1

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments See Note 3 , Leases, included in this report, for additional information about the Company's lease commitments. Other Commitments See Note 4, Related-Party Transactions, included in this report, for additional information about the Company’s commitments to dpiX. See Note 14 , Noncontrolling Interests, included in this report, for additional information about the Company’s commitment to the noncontrolling shareholders of MeVis. The Company has an environmental liability of approximately $3.9 million as of September 27, 2024. See Note 1, Summary of Significant Accounting Policies, included in the accompanying Notes to the Consolidated Financial Statements for additional information. In fiscal year 2022, the Company entered into several agreements with a third-party company, whose stock is publicly traded on a foreign exchange. Under these agreements, the Company will make certain milestone payments of up to $5 million upon achievement of specified milestones. During fiscal years 2022, 2023 and 2024, the Company paid $1 million, $2 million, and $1 million respectively, to the third-party company, which was recorded in research and development in the Consolidated Statements of Operations. The remaining milestone was achieved and paid in the first quarter of fiscal year 2025. The Company enters into purchase agreements with its suppliers in the ordinary course of its business for the purchase of goods and services. Some of these purchase agreements are non-cancellable and thus contractually obligate the Company to future cash payments. The Company has non-cancellable supplier purchase obligations of approximately $6.7 million as of September 27, 2024. Contingencies The Company did not have any material contingent liabilities as of September 27, 2024 and September 29, 2023. Legal expenses are expensed as incurred.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Sep. 27, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS In September 2018, the Company entered into a partnership in Saudi Arabia. The Company has majority voting rights with an approximate 75% interest. Accordingly, the Company has consolidated the operations of the Saudi Arabia partnership in the Company's consolidated financial statements and recorded the noncontrolling interests. The noncontrolling interest related to the partner’s 25% interest in the joint venture is included in noncontrolling interests in the equity section of the Company’s Consolidated Balance Sheets. Income representing the noncontrolling partner's share of income from operations is included in the Company's Consolidated Statements of Operations. In April 2015, the Company completed the acquisition of 73.5% of the then outstanding shares of MeVis Medical Solutions AG (“MeVis”), a public company based in Bremen, Germany, that provides image processing software and services for cancer screening. In August 2015, the Company, through one of its German subsidiaries, entered into a Domination and Profit and Loss Transfer Agreement (the “DPLTA”) with MeVis. In October 2015, the DPLTA became effective upon its registration at the local court of Bremen, Germany. Unde r the DPLTA, MeVis subordinates its management to the Company and undertakes to transfer all of its annual profits and losses to the Company. In return, the DPLTA grants the noncontrolling shareholders of MeVis: (1) an annual recurring net compensation of €0.95 per MeVis share starting from January 1, 2015 and (2) a put right for their MeVis shares at €19.77 per MeVis share. In fiscal years 2017 and 2018, the Company purchased an immaterial number of MeVis' shares for an additional 0.2% of outstanding shares under the put right such that the Company now owns 73.7% of the outstanding shares of common stock of MeVis . During the fourth quarter of fiscal year 2020, the put right granted to the noncontrolling shareholders of MeVis under the DPLTA expired unexercised, which resulted in the redeemable noncontrolling interests being reclassified to permanent equity as noncontrolling interest in the Consolidated Balance Sheets. As of September 27, 2024, noncontrolling shareholders together held approximately 0.5 million shares of MeVis, representing 26.3% of the outstanding shares. Changes in noncontrolling interests were as follows: Fiscal Years 2024 2023 (In millions) Noncontrolling Noncontrolling Interests Balance at beginning of period $ 13.3 $ 13.3 Net income attributable to noncontrolling interests 0.5 0.5 Business acquisitions 0.7 — Other, including foreign currency remeasurement (0.4) (0.5) Balance at end of period $ 14.1 $ 13.3

EMPLOYEE STOCK PLANS

EMPLOYEE STOCK PLANS	12 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
EMPLOYEE STOCK PLANS	EMPLOYEE STOCK PLANS Employee Stock Plans Certain of the Company's employees participate in the Varex Imaging Corporation 2020 Omnibus Stock Plan, as Amended and Restated (the “2020 Stock Plan”), the 2017 Omnibus Stock Plan (the “2017 Stock Plan”), and the Varex Imaging Corporation 2017 Employee Stock Purchase Plan (the “2017 ESPP”) which allow the grants of stock options, restricted stock units and performance shares among other types of awards to eligible employees. In January 2017, Varex stockholders approved the 2017 ESPP, which provides eligible employees with an opportunity to purchase shares of Varex common stock at 85% of the lower of its fair market value at the start and end of a six-month purchase period. During the fiscal year 2022, the Company's Board of Directors approved an increase in the number of shares available for issuance under the 2017 ESPP of 0.8 million shares. As of September 27, 2024 the 2017 ESPP provides for the purchase of up to 1.8 million shares of Varex common stock. Share-Based Compensation Expense Share-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest. Share-based compensation expense includes expenses related to the Company’s direct employees. The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares: Fiscal Years (In millions) 2024 2023 2022 Cost of revenues $ 1.8 $ 1.7 $ 1.6 Research and development 3.4 3.3 3.1 Selling, general and administrative 10.1 8.5 9.3 Total share-based compensation expense $ 15.3 $ 13.5 $ 14.0 The unrecognized share-based compensation cost as of September 27, 2024 was $23.8 million, and is expected to be recognized over a weighted average period of 1.9 fiscal years. As of September 27, 2024, there were approximately 5.0 million and 0.3 million shares of common stock available for future issuances under the 2020 Stock Plan and the 2017 ESPP, respectively. The Company utilized the Black-Scholes valuation model for estimating the fair value of stock options granted and the option component of ESPP grants. The Company calculated the fair value of option grants and the option component of ESPP grants on the respective dates of grant using the following weighted average assumptions: Employee Stock Option Plan Employee Stock Purchase Plans Fiscal Years Fiscal Years 2024 2023 2022 2024 2023 2022 Expected term (in years) 6.1 6.9 7.0 0.5 0.5 0.4 Risk-free interest rate 3.8 % 3.6 % 1.4 % 5.2 % 4.8 % 1.6 % Expected volatility 45.7 % 43.9 % 42.7 % 34.2 % 34.8 % 33.6 % Expected dividend — % — % — % — % — % — % Weighted average fair value at grant date $5.85 $9.75 $12.07 $3.97 $4.96 $5.41 Option valuation methods, including Black-Scholes, require the input of subjective assumptions, which are discussed below. Risk-Free Interest Rate The interest rates used are based on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. Expected Term Options granted generally vest over a period of 48 months and expire 7 to 10 years from the date of grant. Employee stock purchase plan offering periods are typically 6 months and provide eligible employees with an opportunity to purchase shares of Varex common stock at 85% of the lower of its fair market value at the start or end of a six-month purchase period. The Company has elected to use the simplified method in calculating the expected term of its options due to a lack of sufficient historical information. Expected Dividend Yield The dividend rate used is zero as the Company has never paid any cash dividends on its common stock and does not anticipate doing so in the foreseeable future. The Company is also restricted from paying dividends on common stock under its debt facilities. Expected Volatility Authoritative accounting guidance on stock-based compensation indicates that companies should consider volatility over a period generally commensurate with the expected or contractual term of the stock option. The expected volatility is based on the historical volatility of the Company's common stock. Stock Option Activity The following table summarizes the activity for stock options under Varex’s employee incentive plans for the Company’s employees: (In thousands, except per share amounts and the remaining term) Options Price Range Weighted Average Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (1) Outstanding at September 29, 2023 2,862 $13.61 - $37.60 $ 28.08 4.8 $ 871.4 Granted 17 $13.84 - $13.84 13.84 Canceled, expired or forfeited (782) $31.08 - $34.13 31.23 Outstanding at September 27, 2024 2,097 $13.61 - $37.60 $ 26.79 5.5 $ — Exercisable at September 27, 2024 1,720 $13.61 - $37.60 $ 27.32 5.0 $ — (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $11.92 as of September 27, 2024, the last trading date of the Company's respective fiscal years, and which represents the amount that would have been received by the option holders had all option holders exercised their options and sold the shares received upon exercise as of that date. The grant-date fair value of options granted during fiscal years 2024, 2023 and 2022 was $0.1 million, $4.0 million and $3.9 million, respectively. The total intrinsic value of the options exercised during the years ended September 27, 2024, September 29, 2023 and September 30, 2022 was $0.0 million, $0.1 million and $0.5 million, respectively. Restricted Stock Units, Performance Stock Units, Restricted Stock Awards and Deferred Stock Units During the fiscal year 2024, the Company issued performance stock units ("PSUs") to certain officers and key employees in connection with our long-term incentive program. Each PSU represents the right to receive one share of our common stock, provided that the applicable performance and vesting conditions are satisfied. The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards and deferred stock units under the 2020 Stock Plan: (In thousands, except per share amounts) Number of Shares Weighted Average Balance at September 29, 2023 1,277 $ 22.30 Granted 872 19.67 Vested (394) 23.05 Canceled, expired or forfeited (85) 20.63 Balance at September 27, 2024 1,670 $ 20.74 The total grant-date fair value of shares granted was $17.2 million, $11.3 million and $10.8 million for fiscal years 2024, 2023 and 2022, respectively. Shares outstanding at September 27, 2024, September 29, 2023 and September 30, 2022 had an estimated market value of $20.0 million, $24.0 million and $22.1 million, respectively.

TAXES ON INCOME

TAXES ON INCOME	12 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
TAXES ON INCOME	TAXES ON INCOME Income tax expense or benefit is based on reported income or loss before income taxes. Deferred income taxes reflect the effect of temporary differences between asset and liability amounts that are recognized for financial reporting purposes and the amounts that are recognized for income tax purposes. These deferred taxes are measured by applying currently enacted tax laws. Valuation allowances are recognized to reduce deferred tax assets to the amount that is more likely than not to be realized. Income tax expense (benefit) was as follows: Fiscal Years (In millions) 2024 2023 2022 Current income tax expense: Federal $ 9.7 $ 9.8 $ 3.7 State and local 0.6 0.3 0.2 Foreign 4.6 12.6 10.3 Total current $ 14.9 $ 22.7 $ 14.2 Deferred i ncome tax (benefit) expense : Federal $ 38.5 $ (38.0) $ 0.4 State and local (1.1) (0.2) (0.9) Foreign (0.1) (1.9) — Total deferred 37.3 (40.1) (0.5) Income tax expense (benefit) $ 52.2 $ (17.4) $ 13.7 Income before taxes are generated from the following geographic areas: Fiscal Years (In millions) 2024 2023 2022 United States $ (15.1) $ (6.2) $ 16.4 Foreign 20.1 37.5 28.1 Income before taxes $ 5.0 $ 31.3 $ 44.5 The effective tax rate differs from the U.S. federal statutory tax rate as a result of the following: Fiscal Years 2024 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal tax benefit (7.5) 0.3 (1.4) Statutory rate change impact on prior year deferreds (0.3) — 1.1 Return to provision (30.9) (4.7) (2.1) Research and development credit (41.9) (8.4) (0.9) Foreign rate difference (1.6) 6.3 6.5 Share-based compensation 43.6 3.8 1.0 Change in valuation allowance 1,101.1 (65.7) 6.3 U.S. tax reform - international provisions (32.0) (9.2) (4.6) Other (7.5) 1.0 3.9 Effective tax rate 1,044.0 % (55.6) % 30.8 % During fiscal year 2024, the Company's effective tax rate varied from the U.S. federal statutory rate of 21% primarily due to the unfavorable impact of U.S. deferred tax attributes and losses in certain foreign jurisdictions for which a valuation allowance is provided, as well as profit in foreign jurisdictions with statutory tax rates greater than 21%. These unfavorable items were partially offset by the favorable impact of U.S. tax reform regarding international provision, R&D credits, and return to provision adjustments. During fiscal year 2023, the Company’s effective tax rate varied from the U.S. federal statutory rate of 21% primarily due to the favorable impact of the release of the U.S. valuation allowance, U.S. tax reform regarding international provisions, R&D credits, and return to provision adjustments. These favorable items were partially offset by the unfavorable impact of profit in foreign jurisdictions with statutory tax rates greater than 21%. During fiscal year 2022, the Company’s effective tax rate varied from the U.S. federal statutory rate of 21% primarily due to the unfavorable impact of profit in foreign jurisdictions with statutory tax rates greater than 21% and also U.S. deferred tax attributes and losses in certain foreign jurisdictions for which a valuation allowance is provided. These unfavorable items are partially offset by the favorable impact of U.S. tax reform international provisions, return to provision adjustments, and R&D tax credits. The Company has estimated its fiscal year 2024 GILTI (global intangible low-taxed income), BEAT (base-erosion anti-abuse tax), FDII (foreign-derived intangible income), limitations on interest expense deductions, and other components of U.S. tax reform, and have included these amounts in the calculation of the fiscal year 2024 tax provision. The Company has made an accounting policy election, as allowed by the SEC and FASB, to recognize the impact of GILTI as a period cost if and when incurred. Significant components of deferred tax assets and liabilities are as follows: (In millions) September 27, 2024 September 29, 2023 Deferred tax assets: Inventory adjustments $ 4.7 $ 5.9 Share-based compensation 6.3 6.7 Product warranty 2.0 1.5 Unrealized exchange gain 3.0 2.5 Deferred compensation 1.7 1.4 Net operating loss carryforwards 18.9 19.4 Accrued vacation 0.6 0.3 Accrued incentives 0.3 2.0 Credit carryforwards 3.6 2.7 Deferred financing fees 2.5 5.7 Capitalized interest 1.1 1.1 Lease liabilities 7.5 6.1 Investments in privately held companies 4.0 3.2 Research and experimentation capitalization 30.8 17.6 Royalty advance 6.6 — Other DTA 3.9 4.1 $ 97.5 $ 80.2 Valuation allowance (74.7) (18.7) Total deferred tax assets $ 22.8 $ 61.5 Deferred tax liabilities: Acquired intangibles $ (3.9) $ (5.3) Property, plant and equipment (7.1) (8.0) Operating lease assets (7.3) (6.0) Other DTL (1.2) (0.9) Total deferred tax liabilities (19.5) (20.2) Net deferred tax assets $ 3.3 $ 41.3 Reported As: Deferred tax assets $ 22.8 $ 61.5 Deferred tax liabilities (19.5) (20.2) Net deferred tax assets $ 3.3 $ 41.3 The Company is maintaining its reinvestment assertion with respect to foreign earnings for the year ended September 27, 2024, which is that all earnings prior to fiscal year 2018 are permanently reinvested for all countries, and that all earnings for Varex Imaging Sweden and Oy Varex Imaging Finland, are also indefinitely reinvested in those countries, but post fiscal year 2017 earnings in all other countries are not permanently reinvested. Due to the level of earnings available for repatriation, the treaty benefits applicable to jurisdictions in which those earnings are located, and the now favorable U.S. tax treatment of repatriated foreign earnings, the amount of deferred tax liability recorded related to the potential repatriation is approximately $0.1 million. This estimated liability is for U.S. state income taxes and foreign withholding taxes that would apply if the foreign earnings were repatriated in the form of a dividend. As of September 27, 2024, the Company had foreign net operating loss carryforwards ("NOL") of approximately $18.9 million carried forward indefinitely. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. Also, net operating loss carryforwards in jurisdictions with current losses provide uncertainty for realization. As of September 27, 2024, based on the Company’s assessment of the realizability of net deferred tax assets, it reached the conclusion that it was more likely than not that the U.S. federal deferred tax assets are not realizable. As a result, a valuation allowance was placed against all of the U.S. federal deferred tax assets. The Company continues to maintain a valuation allowance against U.S. state R&D credit carryforwards and increased its valuation allowance against state net operating losses. The Company also maintains full valuation allowances against the net deferred tax assets in Sweden, the United Kingdom, and Saudi Arabia, due to recent historical losses and the uncertainty of future taxable income to realize those net operating losses. The valuation allowance increased by $56.0 million during fiscal year 2024 and decreased by $13.5 million during fiscal year 2023. Changes in the Company's valuation allowance for deferred tax assets were as follows: Fiscal Years (In millions) 2024 2023 2022 Valuation allowance balance–beginning of fiscal year $ 18.7 $ 32.2 $ 30.2 Other increases 56.0 — 6.9 Other decreases — (13.5) (4.9) Valuation allowance balance—end of fiscal year $ 74.7 $ 18.7 $ 32.2 The Company accounts for uncertainty in income taxes following a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that, based on the technical merits, the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Changes in the Company’s unrecognized tax benefits were as follows: Fiscal Years (In millions) 2024 2023 Unrecognized tax benefits balance–beginning of fiscal year $ 1.4 $ 1.2 Additions based on tax positions related to the current year 0.2 0.2 Unrecognized tax benefits balance—end of fiscal year $ 1.6 $ 1.4 As of September 27, 2024 and September 29, 2023, the total amount of gross unrecognized tax benefits was $1.6 million and $1.4 million, respectively, all of which would affect the effective tax rate if recognized. The Company includes interest and penalties related to income taxes within income tax expense (benefit) on the Consolidated Statements of Operations. For the year ended September 27, 2024, $0.2 million interest and penalties have been included for this period. For the year ended September 29, 2023, $0.2 million interest and penalties have been included for this period. For the year ended September 30, 2022, $0.2 million interest and penalties have been included for this period. The Company files U.S. federal and state income tax returns and non-U.S. income tax returns in various jurisdictions. All of these returns are subject to examination by their respective taxing jurisdictions from the date of filing through each applicable statute of limitation period. Other periods for entities acquired are still open and subject to examination. Generally, periods prior to 2014 are no longer subject to examination.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has two reportable operating segments: Medical and Industrial, which aligns with how its CEO, who is the Company's Chief Operating Decision Maker (“CODM”), reviews the Company’s performance. The segments align the Company’s products and service offerings with customer use in medical and industrial and are consistent with how the Company’s CEO evaluates the business for the allocation of resources. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on revenues and gross profit. The operating and reportable segment structure provides alignment between business strategies and operating results. Description of Segments The Medical segment designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. These components are used in a range of medical imaging applications including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells and services X-ray imaging products for use in a number of applications, including security applications for cargo screening at ports and borders, baggage screening at airports, and nondestructive testing, irradiation, and inspection applications used in a number of other verticals. The Company's industrial products include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, and coolers. In addition, the Company licenses proprietary image-processing and detection software designed to work with other Varex products to provide packaged sub-assembly solutions to industrial customers. Accordingly, the following information is provided for purposes of achieving an understanding of operations, but it may not be indicative of the financial results of the reported segments were they independent organizations. In addition, comparisons of the Company’s operations to similar operations of other companies may not be meaningful. Information related to the Company’s segments is as follows: Fiscal Years (In millions) 2024 2023 2022 Revenues Medical $ 581.7 $ 673.3 $ 674.7 Industrial 229.3 220.1 184.7 Total revenues 811.0 893.4 859.4 Gross profit Medical 176.7 205.5 210.5 Industrial 80.2 84.8 73.0 Total gross profit 256.9 290.3 283.5 Total operating expenses 224.8 213.2 195.3 Interest and other expense, net (27.1) (45.8) (43.7) Income before taxes 5.0 31.3 44.5 Income tax expense (benefit) 52.2 (17.4) 13.7 Net (loss) income (47.2) 48.7 30.8 Less: Net income attributable to noncontrolling interests 0.5 0.5 0.5 Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3 The Company does not disclose total assets by segment as this information is not provided to the CODM. Geographic Information Revenues Long-Lived Assets Fiscal Years Fiscal Years (In millions) 2024 2023 2022 2024 2023 Americas $ 266.5 $ 281.8 $ 273.3 $ 109.2 $ 101.8 EMEA 280.3 290.7 280.8 27.6 22.8 APAC 264.2 320.9 305.3 16.6 19.0 Total company $ 811.0 $ 893.4 $ 859.4 $ 153.4 $ 143.6 Revenue in the United States of America was $257.7 million, $275.1 million and $263.7 million in fiscal years 2024, 2023 and 2022, respectively. The Company operates various manufacturing and marketing operations outside the United States. Americas includes North and South America. EMEA includes Europe, Russia, the Middle East, India and Africa. APAC includes Asia and Australia. Revenues by region are based on the known final destination of products sold.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Varex’s 401(k) plan is intended to be qualified under Section 401(a) of the Code with the 401(k) plan’s related trust intended to be tax exempt under Section 501(a) of the Code and intended for all full-time employees in the United States. This plan allows employees to contribute a portion of their pretax salary up to the maximum dollar limitation prescribed by the Internal Revenue Service. The Company made matching contributions to the plan totaling $4.6 million, $4.9 million and $4.4 million in fiscal years 2024, 2023 and 2022, respectively. The Company also maintains defined benefit plans for certain employees located outside the United States. The net pension liability is included in other long-term liabilities on the Company's Consolidated Balance Sheets and totaled $5.9 million and $5.2 million as of September 27, 2024 and September 29, 2023, respectively. The Company’s net periodic benefit costs for the Company’s defined benefit plans were not material for fiscal years 2024, 2023, and 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Sep. 27, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the changes in the accumulated balances for each component of other comprehensive (loss) income: (In millions) (Loss) Income on Forward Contracts Unrealized Gain (Loss) on Defined Benefit Obligations CTA, Including Impact of Net Investment Hedge Unrealized (Loss) Income on Available-For-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2022 $ (0.6) $ 0.6 $ 0.2 $ (0.1) $ 0.1 Other comprehensive (loss) income before reclassifications — (1.2) (4.4) — (5.6) Adjustments reclassified out of accumulated other comprehensive loss 0.1 — — 0.1 0.2 Income tax impact — 0.2 — — 0.2 Foreign currency translation adjustment — — 3.9 — 3.9 Balance at September 29, 2023 $ (0.5) $ (0.4) $ (0.3) $ — $ (1.2) Other comprehensive (loss) income before reclassifications — — (3.9) 0.1 (3.8) Adjustments reclassified out of accumulated other comprehensive loss 0.1 — — — 0.1 Foreign currency translation adjustment — — 2.0 — 2.0 Balance at September 27, 2024 $ (0.4) $ (0.4) $ (2.2) $ 0.1 $ (2.9)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net (loss) income attributable to Varex	$ (47.7)	$ 48.2	$ 30.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Sep. 27, 2024 shares	Sep. 27, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Sunny Sanyal [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 9, 2024, Sunny Sanyal, our President, CEO, and member of our Board of Directors, modified the Rule 10b5-1 trading arrangement he adopted on March 5, 2024. As initially adopted, the 10b5-1 trading arrangement (the “10b5-1 Plan”) provided for (i) the sale of shares of Company common stock owned by Mr. Sanyal once per quarter in an amount not to exceed $100,000 in any single quarter, and not to exceed $300,000 in the aggregate during the term of the 10b5-1 Plan, with the aggregate number of shares to be sold during such term not to exceed 23,009 shares; and (ii) the exercise, subject to pricing triggers, of up to 720,585 stock options (which includes options to be withheld by the Company in payment of the exercise prices and applicable taxes), that have vested or may vest to Mr. Sanyal pursuant to previous awards, some of which expire in February 2025. The August 9, 2024 modification removes the sale of shares of Company common stock described above from the 10b5-1 Plan, but continues to include the exercise of 720,585 stock options. Mr. Sanyal does not presently intend to sell the net shares he acquires pursuant to exercise of these options. The 10b5-1 Plan, as modified, is intended to satisfy the affirmative defense of Rule 10b5-1(c).
Name	Sunny Sanyal
Title	President, CEO, and member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 5, 2024
Expiration Date	February 2025
Arrangement Duration	360 days
Aggregate Available	23,009	23,009

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Sep. 27, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company has consolidated all its majority owned subsidiaries and entities over which it has control. All intercompany balances and transactions have been eliminated in consolidation.
Reclassification of Prior Period Presentation	Reclassification of Prior Period Presentation Certain prior period amounts in the Financial Statements and the Notes to the Consolidated Financial Statements have had a change in presentation to conform to current period presentation. This change does not affect previously reported results.
Segment Reporting	Segment Reporting
Fiscal Year	Fiscal Year The fiscal years of the Company as reported are the 52 or 53-week period ending on the Friday nearest September 30. Fiscal year 2024 was the 52-week period that ended September 27, 2024, fiscal year 2023 was the 52-week period that ended September 29, 2023, and fiscal year 2022 was the 52-week period that ended September 30, 2022.
Variable Interest Entities	Variable Interest Entities
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include the valuation of inventories, valuation of goodwill and intangible assets, receivables, warranties, refund liabilities, long-lived asset valuations, impairment of investments, valuation of financial instruments, and taxes on income. Actual results could differ from these estimates.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company considers unrestricted currency on hand, demand deposits, time deposits, and all highly-liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents. Restricted Cash
Fair Value	Fair Value Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. There is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or, other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivatives on the Consolidated Balance Sheets at fair value as of the reporting date. For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of other comprehensive income or loss and reclassified from accumulated other comprehensive loss ("OCI") into earnings when the hedged transaction affects earnings. For derivatives that are designated and qualify as net investment hedges, the gain or loss on the derivative is reported as a component of other comprehensive income or loss until the hedged item is sold. The portion of the change in fair value of the Company's net investment hedges (or cross currency swaps) related to the cross-currency basis spread is an excluded component in the assessment of the effectiveness of these net investment hedges (or cross currency swaps). A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective, in which case, a quantitative assessment of hedge effectiveness is performed.
Concentration of Risk	Concentration of Risk
Inventories, net	Inventories, net Inventory is valued at the lower of cost or net realizable value. Costs include materials, labor, external service, and manufacturing overhead and is computed on a first-in-first-out basis. The Company evaluates the carrying value of its inventories taking into consideration such factors as historical and anticipated future sales compared to quantities on hand and the prices the Company expects to obtain for products. The Company adjusts excess and obsolete inventories to net realizable value and write-downs of excess and obsolete inventories are recorded as a component of cost of revenues.
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment are stated at cost, net of accumulated depreciation. Major improvements are capitalized, while repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or remaining lease term. Land is not subject to depreciation, but land improvements are depreciated over fifteen years. Land leasehold rights and leasehold improvements are depreciated over the lesser of their estimated useful lives or remaining lease terms. Buildings are depreciated up to thirty years. Machinery and equipment are depreciated over a range from three
Equity Method Investments	Equity Method Investments
Marketable Securities	Marketable Securities The Company's marketable securities consist primarily of financial instruments such as United States treasury securities, United States agency obligations, corporate bonds, commercial paper, money market funds, and equity securities. Marketable Debt Securities The Company's marketable debt securities are classified as available-for-sale. Classification of marketable debt securities is determined at the time of purchase, and the Company reevaluates such classification as of each balance sheet date. Marketable debt securities are recorded at estimated fair value and included in cash and cash equivalents, prepaid expenses and other current assets, and other assets within the Consolidated Balance Sheets. Any unrealized gains or losses are included in accumulated other comprehensive loss within the Consolidated Balance Sheets. When the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Consolidated Statements of Operations. When the fair value of a marketable debt security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in accumulated other comprehensive loss, and are recognized in the Consolidated Statements of Operations only if the Company sells or intends to sell the security before recovery of its cost basis. There were no impairments related to marketable debt securities recorded during the twelve months ended September 27, 2024. Marketable Equity Securities Marketable equity securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date and included in other assets within the Consolidated Balance Sheets. All unrealized gains and losses on marketable equity securities are recorded as part of other expense, net in the Company's Consolidated Statements of Operations. See Note 11, Fair Value , for further details.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net identified tangible and intangible assets acquired. Purchased intangible assets are carried at cost, net of accumulated amortization, and are included in intangible assets, net in the Company's Consolidated Balance Sheets. Intangible assets with finite lives are amortized over their estimated useful lives of primarily two
Impairment of Long-lived Assets, Intangible Assets, and Goodwill	Impairment of Long-lived Assets, Intangible Assets, and Goodwill The Company reviews long-lived assets and identifiable intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Company assesses these assets for impairment based on their estimated undiscounted future cash flows. If the carrying value of the assets exceeds the estimated future undiscounted cash flows, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. The Company evaluates goodwill for impairment at least annually at the beginning of the fourth quarter of each fiscal year or whenever an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The evaluation includes consideration of qualitative factors including industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. If the Company determines that a quantitative analysis is necessary, the Company performs a step one analysis, which consists of a comparison of the fair value of a reporting unit against its carrying amount, including the goodwill allocated to each reporting unit. In fiscal years 2023 and 2022 the Company performed the annual goodwill qualitative impairment test for our two reporting units and determined that, at those dates, it was not more likely than not that the fair values of the reporting units were less than their carrying amount and accordingly recorded no impairment. In the fourth quarter of 2024, changes in facts and circumstances related to reduced demand of the Company's medical products, coupled with a sustained decrease in the Company's stock price, resulted in the Company determining that an indicator of possible impairment existed within its reporting units. Accordingly, the Company performed a quantitative impairment analysis to determine the fair values of those reporting units, using both an income approach utilizing the discounted cash flow method and market approach utilizing the public company market multiple method. Based on the output of the analysis, the Company determined that the fair values of both the Medical and Industrial reporting units exceeded their carrying amounts. Accordingly, no impairment charges were recorded during the year ended September 27, 2024.
Loss Contingencies	Loss Contingencies From time to time, the Company is involved in legal proceedings, claims and government inspections or investigations, customs and duties audits, and other contingency matters, both inside and outside the United States, arising in the ordinary course of its business or otherwise. The Company accrues amounts for probable losses, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss (including, among other things, probable settlement value). A loss or a range of loss is disclosed when it is reasonably possible that a material loss will be incurred and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. When a loss contingency is probable but not reasonably estimable the nature of the contingency and the fact that an estimate cannot be made is disclosed. See Note 13, Commitments and Contingencies, for further information regarding certain of our contractual obligations and contingencies.
Supplier Finance Programs	Supplier Finance Programs
Environmental Obligations	Environmental Obligations
Product Warranty	Product Warranty The Company warrants most of its products for a specific period of time, usually 12 to 24 months from delivery or acceptance, against material defects. The Company provides for the estimated future costs of warranty obligations in cost of revenues when the related revenues are recognized. The accrued warranty costs represent the best estimate at the time of sale of the total costs that the Company will incur to repair or replace product parts that fail while still under warranty. The amount of the accrued estimated warranty costs obligation for established products is primarily based on historical experience as to product failures adjusted for current information on repair costs. For new products, estimates include the historical experience of similar products, as well as a reasonable allowance for warranty expenses associated with new products. On a quarterly basis, the Company reviews the accrued warranty costs and updates the historical warranty cost trends, if required.
Leases	Leases The Company determines if an arrangement is or contains a lease at the inception of an arrangement. The Company's operating lease right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets may also include initial direct costs incurred and prepaid lease payments, less lease incentives. Lease liabilities and their corresponding ROU assets are recognized based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company recognizes operating leases with lease terms of more than twelve months in operating lease assets, current operating lease liabilities, and operating lease liabilities on its Consolidated Balance Sheets. The Company recognizes finance leases with lease terms of more than twelve months in property, plant and equipment, net, accrued liabilities and other current liabilities, and other long-term liabilities on its Consolidated Balance Sheets. For purposes of calculating lease liabilities and the corresponding ROU assets, the Company's lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option.
Revenue Recognition	Revenue Recognition The Company’s revenues are derived primarily from the sale of hardware and services. The Company recognizes its revenues net of any value-added or sales tax and net of sales discounts. The Company sells a high proportion of its X-ray products to a limited number of OEM customers. X-ray imaging components including X-ray tubes, digital detectors and image-processing tools, and security and inspection products are generally sold on a stand-alone basis. However, the Company occasionally sells its digital detectors, X-ray tubes and imaging processing tools as a package that is optimized for digital X-ray imaging and sells its Linatron® X-ray linear accelerators together with its image processing software and image detection products to OEM customers that incorporate them into their inspection or irradiation systems and processes. Service contracts are often sold with certain security and inspection products and computer-aided detection products. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, a performance obligation is satisfied Contracts and Performance Obligations The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts or purchase orders. For each contract, the Company considers the obligation to transfer products and services to the customer, which are distinct, to be performance obligations. Transaction Price and Allocation to Performance Obligations Transaction prices of products or services are typically based on contracted rates. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method when there is a large number of transactions with similar characteristics or the most likely amount method when there are two possible outcomes, depending on the circumstances of the transaction, to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The Company allows customers to return specific parts of purchased X-ray tubes for a partial refund credit, which is identified as variable consideration. For sales with a right of return, revenue is reduced and a liability is recorded for expected returns, and an asset is recorded for the right to recover products from customers on settling the liability. The Company recognizes a reduction to revenue and cost of sales at the time of sale and a corresponding refund liability and right of return asset. The Company records this estimate based on the historical volume of product returns and adjusts the estimate on a quarterly basis based on the current quarter sales and current quarter returns. If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation could be sold separately. Recognition of Revenue Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract. Service revenue is generally recognized over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract, and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Disaggregation of Revenue Revenue is disaggregated from contracts between geography and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Refer to Note 17, Segment Information, included in this report, for the disaggregation of the Company’s revenue based on reportable operating segments and disaggregated by geographic region. Contract Balances Contract liabilities are included within the deferred revenues, and other long-term liabilities balances in the Consolidated Balance Sheets. The Company does not have any material contract assets. Deferred revenue represents the Company's obligation to transfer goods or services to its customers for which it has already received consideration (or the amount is due) from the customer. The Company's deferred revenue balance primarily relates to contract advances and billings for warranty contracts. Deferred revenue that is estimated to be recognized during the following twelve-month period is recorded as deferred revenues and the remaining portion is recorded as other long-term liabilities in the Consolidated Balance Sheets. Costs to Obtain or Fulfill a Customer Contract The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included as a component of cost of revenues.
Allowance for Credit Losses	Allowance for Credit Losses
Share-Based Compensation Expense	Share-Based Compensation Expense The Company has an equity-based incentive plan that provides for the grant of nonqualified stock options, restricted stock units, and performance stock units to directors, officers, and other employees. The Company also permits employees to purchase shares under the Varex employee stock purchase plan. The Company values stock options granted and the option component of the shares of common stock purchased under the equity-based incentive plans and stock purchased under the employee stock purchase plan using the Black-Scholes option-pricing model. Share-based compensation expense for restricted stock units is measured using the fair value of the Company’s stock on the date of grant and is amortized over the award’s respective service period. The Black-Scholes option-pricing model requires the input of certain assumptions, and changes in the assumptions can materially affect the fair value estimates of share-based payment awards. The Company measures and recognizes expense for all share-based payment awards based on their fair values. Share-based compensation expense recognized in the Consolidated Statements of Operations includes compensation expense for the share-based payment awards based on the grant date fair value estimated in accordance with the guidance on share-based compensation. The Company records forfeitures as they occur. The Company attributes the value of share-based compensation to expense using the straight-line method. The Company considers only the direct tax impacts of share-based compensation awards when calculating the amount of tax windfalls or shortfalls.
Software Development Costs	Software Development Costs Costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized. No costs associated with the development of software have been capitalized as the Company believes its current software development process is essentially completed concurrent with the establishment of technological feasibility.
Research and Development	Research and Development
Taxes on Income	Taxes on Income Current income tax expense or benefit is the amount of income taxes expected to be payable or receivable for the current year. Deferred income tax liabilities or assets are established for the expected future tax consequences resulting from the differences in financial reporting and tax bases of assets and liabilities. Future changes in tax regulation can have a material impact, including tax rate changes or the realization of deferred tax assets. In addition, we provide reserves for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by the authoritative guidance for accounting for income taxes. A portion of the U.S. general business tax credits for research outside of the financial statement line for research and development ("R&D") have a small degree of uncertainty. A reasonable reserve is maintained on the uncertain portion until either the Internal Revenue Service chooses to audit or the statute of limitation expires. A reserve for R&D is typical for companies that calculate and utilize this general business credit. Amounts for uncertain tax positions are adjusted in periods when new information becomes available or when positions are effectively settled. Interest and penalties related to uncertain tax positions are recognized as a component of income tax expense. We regularly evaluate the realizability of our deferred tax assets based on the weight of all available evidence, both positive and negative, including the history of recent earnings and expected future taxable income on a jurisdictional basis and our ability to generate sufficient taxable income in the future to realize the net deferred tax assets. The 2017 Tax Cuts and Jobs Act ("TCJA") included a provision requiring research and development expenditures to be capitalized for tax years beginning after December 31, 2021, which was effective for the Company starting in fiscal year 2023. Because the Company has a significant amount of research and development expenditures, U.S. taxable income and cash taxes are expected to be significantly higher over the next several years.
Foreign Currency Remeasurement and Translation	Foreign Currency Remeasurement and Translation
Recently Adopted Accounting Pronouncements and Recent Accounting Standards and Updates Not Yet Effective	Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The standard removed certain separation models in ASC 470-20 for convertible instruments, and, as a result, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under ASC 815. These convertible debt instruments are accounted for as a single liability measured at amortized cost. This results in the interest expense recognized for convertible debt instruments to be typically closer to the coupon interest rate. Further, the ASU made amendments to the earnings per share (“EPS”) guidance in Topic 260 for convertible instruments, the most significant impact of which was requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The Company adopted this ASU on October 1, 2022, using the modified retrospective method. On the date of adoption, the Company recorded an entry to reduce additional paid-in capital by $34.6 million, increase long-term debt, net by $28.0 million, decrease deferred tax assets by $0.5 million, and increase retained earnings by $6.1 million for the after-tax impact of previously recognized amortization of the debt discount associated with the Company’s Convertible Notes (as defined herein). The unamortized discount on the Company's Convertible Notes was derecognized in the first quarter of fiscal year 2023, which removed the amortization of the debt discount, and brought the effective interest rate closer to the coupon rate of 4.00%. The impact that the adoption of ASU 2020-06 has on the Company's net income per diluted share will depend on the amount of earnings in each period and could result in additional dilution. In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs, which requires entities to provide qualitative and quantitative disclosures about their supplier finance programs, including a rollforward of related obligations. The adoption of ASU 2022-04 did not affect the Company’s financial condition, results of operations, or cash flows as the guidance only requires additional disclosures. We adopted this ASU effective September 30, 2023 on a retrospective basis, except for the amendment on rollforward information, which has been adopted on a prospective basis. Recent Accounting Standards and Updates Not Yet Effective In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	Cash and cash equivalents and restricted cash as reported within the Consolidated Statements of Cash Flows consisted of the following: Twelve Months Ended September 27, 2024 Twelve Months Ended September 29, 2023 (In millions) Beginning of Period End of Period Beginning of Period End of Period Cash and cash equivalents $ 152.6 $ 168.7 $ 89.4 $ 152.6 Restricted cash 1.4 1.7 1.2 1.4 Total as presented in the Consolidated Statements of Cash Flows $ 154.0 $ 170.4 $ 90.6 $ 154.0
Schedule of Concentration of Risk, by Risk Factor	During the periods presented, one of the Company's customers accounted for a significant portion of revenues, as set forth below: Fiscal Years 2024 2023 2022 Canon Medical Systems Corporation 17.6 % 16.5 % 17.2 %
Schedule of Inventory, Net	The following table summarizes the Company’s inventories, net: (In millions) September 27, 2024 September 29, 2023 Raw materials and parts $ 214.5 $ 217.5 Work-in-process 16.2 20.0 Finished goods 34.1 40.0 Total inventories $ 264.8 $ 277.5
Schedule of Property, Plant and Equipment, Net	The following table summarizes the Company’s property, plant and equipment, net: (In millions) September 27, 2024 September 29, 2023 Land $ 8.6 $ 8.3 Buildings and leasehold improvements 165.5 159.1 Machinery and equipment 206.5 194.9 Construction in progress 25.0 20.8 Gross property, plant and equipment 405.6 383.1 Accumulated depreciation and amortization (252.2) (239.5) Total property, plant and equipment, net $ 153.4 $ 143.6
Schedule of Supplier Finance Program	The following table presents the change in the direct supplier financing obligation: Fiscal Years Ended (In millions) September 27, 2024 September 29, 2023 Confirmed obligations outstanding at the beginning of the period $ 4.2 $ 5.1 Invoices confirmed during the period 31.3 42.9 Confirmed invoices paid during the period (32.9) (43.8) Confirmed obligations outstanding at the end of the period $ 2.6 $ 4.2
Schedule of Product Warranty Liability	The following table reflects the changes in the Company’s accrued product warranty: Fiscal Years Ended (In millions) September 27, 2024 September 29, 2023 Accrued product warranty, at beginning of period $ 7.7 $ 7.9 New accruals charged to cost of revenues 21.0 12.7 Product warranty expenditures (17.9) (12.9) Accrued product warranty, at end of period $ 10.8 $ 7.7

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Right of Return Assets and Refund Liabilities	The following tables summarize the changes in the right of return assets and refund liabilities for the twelve months ended September 27, 2024 and September 29, 2023: (In millions) Right of Return Assets Balance at October 1, 2022 $ 25.4 Costs recovered from product returns during the period (5.1) Right of return assets from shipments of products, subject to return during the period 6.8 Adjustment for actual vs. reserved product returns (1.1) Balance at September 29, 2023 $ 26.0 Costs recovered from product returns during the period (7.2) Right of return assets from shipments of products, subject to return during the period 5.6 Adjustment for actual vs. reserved product returns 0.8 Balance at September 27, 2024 $ 25.2 (In millions) Refund Liabilities Balance at October 1, 2022 $ 28.2 Release of refund liability included in beginning of year refund liability (5.6) Additions to refund liabilities 7.5 Adjustment for actual vs. reserved product returns (1.2) Balance at September 29, 2023 $ 28.9 Release of refund liability included in beginning of year refund liability (8.0) Additions to refund liabilities 6.2 Adjustment for actual vs. reserved product returns 0.9 Balance at September 27, 2024 $ 28.0

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 27, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information, Weighted Average Remaining Lease Terms and Discount Rates	The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location September 27, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.3 $ 29.0 Finance lease right-of-use assets Property, plant and equipment, net 6.6 0.3 Liabilities Operating lease liabilities (current) Current operating lease liabilities 4.0 3.8 Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.4 0.1 Operating lease liabilities (non-current) Operating lease liabilities 23.0 23.1 Finance lease liabilities (non-current) Other long-term liabilities $ 5.9 $ 0.2 The following table presents the weighted average remaining lease term and discount rate information related to the Company's operating and finance leases: September 27, 2024 September 29, 2023 Operating lease weighted average remaining lease term (in years) 7.9 7.8 Operating lease weighted average discount rate 8.0 % 7.9 % Finance lease weighted average remaining lease term (in years) 13.9 3.6 Finance lease weighted average discount rate 6.1 % 4.7 %
Schedule of Lease Cost and Supplemental Cash Flow Information	The following table provides information related to the Company’s operating and finance leases: (In millions) 2024 2023 2022 Total operating lease costs (1) $ 6.3 $ 5.8 $ 6.4 Total finance lease costs $ 0.3 $ 0.2 $ 0.2 Operating cash flows from operating leases $ 5.9 $ 7.8 $ 7.3 Financing cash flows from finance leases 0.5 0.3 0.2 Total cash paid for amounts included in the measurement of lease liabilities $ 6.4 $ 8.1 $ 7.5 Non-cash operating right-of-use assets obtained in exchange for new lease liabilities $ 5.4 $ 10.6 $ 5.4 Non-cash finance right-of-use assets obtained in exchange for new lease liabilities 6.5 0.2 0.1 Total right-of-use assets obtained in exchange for new lease liabilities $ 11.9 $ 10.8 $ 5.5 (1) Includes variable and short-term lease expense, which were immaterial for fiscal years 2024, 2023, and 2022.
Schedule of Finance Lease Liability Maturities	As of September 27, 2024, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows: (In millions) Fiscal Years: Operating Leases Finance Leases 2025 $ 5.8 $ 0.8 2026 4.8 0.7 2027 4.5 0.7 2028 3.8 0.6 2029 3.3 0.6 Thereafter 15.3 6.0 Total future lease payments $ 37.5 $ 9.4 Less: imputed interest (10.5) (3.1) Present value of lease liabilities $ 27.0 $ 6.3
Schedule of Operating Lease Liability Maturities	As of September 27, 2024, maturities of operating lease and finance lease liabilities for each of the following five years and a total thereafter were as follows: (In millions) Fiscal Years: Operating Leases Finance Leases 2025 $ 5.8 $ 0.8 2026 4.8 0.7 2027 4.5 0.7 2028 3.8 0.6 2029 3.3 0.6 Thereafter 15.3 6.0 Total future lease payments $ 37.5 $ 9.4 Less: imputed interest (10.5) (3.1) Present value of lease liabilities $ 27.0 $ 6.3

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	12 Months Ended
	Sep. 27, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	Below is a detail of restructuring charges incurred during the 2024, 2023 and 2022 fiscal years, which predominately relate to the Company's Medical segment: (In millions) Location of Restructuring Charges in Consolidated Statements of Operations 2024 2023 2022 Other assets impairment charges Selling, general and administrative $ — $ — $ 1.8

OTHER FINANCIAL INFORMATION (Ta

OTHER FINANCIAL INFORMATION (Tables)	12 Months Ended
	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Liabilities	The following table summarizes the Company’s accrued liabilities and other current liabilities: (In millions) September 27, 2024 September 29, 2023 Accrued compensation and benefits $ 30.0 $ 33.4 Product warranty 10.8 7.7 Taxes payable 8.1 13.3 Refund liability 7.5 7.2 Accrued interest 11.7 11.6 Other 10.5 9.4 Total accrued liabilities and other current liabilities $ 78.6 $ 82.6
Schedule of Other Noncurrent Liabilities	The following table summarizes the Company’s other long-term liabilities: (In millions) September 27, 2024 September 29, 2023 Long-term income tax payable $ 4.0 $ 4.6 Environmental liabilities 3.0 1.9 Defined benefit obligation liability 5.9 5.2 Long-term refund liability 20.5 21.7 Derivative liability 8.6 4.9 Long-term other 8.4 3.3 Total other long-term liabilities $ 50.4 $ 41.6
Schedule of Other Expense, Net	The following table summarizes the Company’s other expense, net: Fiscal Years (In millions) 2024 2023 2022 Loss from equity method investments $ (1.0) $ (1.4) $ (3.0) Gain on purchase of business 2.1 — — Impairment of equity method investment — (16.4) — Realized losses on foreign currencies, net (2.3) (1.0) (1.5) Other (3.0) (1.4) 0.2 Total other expense, net $ (4.2) $ (20.2) $ (4.3)

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	12 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income Per Common Share	A reconciliation of the numerator and denominator used in the calculation of basic and diluted net (loss) income per common share is as follows: Fiscal Years (In millions, except per share amounts) 2024 2023 2022 Net (loss) income per share – basic Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3 Basic weighted average shares outstanding 40.8 40.3 39.8 Basic net (loss) income per share attributable to Varex $ (1.17) $ 1.20 $ 0.76 Net (loss) income per share – diluted Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3 Interest expense on Convertible Notes, net of tax — 6.2 — Diluted net (loss) income $ (47.7) $ 54.4 $ 30.3 Basic weighted average shares outstanding 40.8 40.3 39.8 Dilutive effect of Convertible Senior Notes — 9.6 1.3 Dilutive effect of share-based awards and other — 0.4 0.5 Diluted weighted average shares outstanding 40.8 50.3 41.6 Diluted net (loss) income per share attributable to Varex $ (1.17) $ 1.08 $ 0.73 Anti-dilutive share summary Share-based awards and other 3.3 2.7 3.0 Convertible notes 9.6 — — Warrants 9.6 9.6 — Total anti-dilutive shares 22.5 12.3 3.0

FINANCIAL DERIVATIVES AND HED_2

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of September 27, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments: (In millions, except for number of instruments) Number of Instruments Notional Value Cross currency swap contracts 2 $ 58.7 Notional Value of Derivatives not Designated as Hedging Instruments: (In millions of equivalent USD) Buy Contracts Sell Contracts Australian Dollar $ — $ 2.6 Chinese Renminbi — 31.8 Euro — 20.7 Indian Rupee 1.2 — Japanese Yen 7.8 — Mexican Peso — 1.6 Swiss Franc 3.7 — Philippine Peso 6.8 — Total notional value $ 19.5 $ 56.7
Schedule of Net Investment Hedges	The following table summarizes the amount of pre-tax gain (loss) recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges: Amount of (Loss) or Gain Recognized in OCI on Derivatives Location of Gain or (Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Fiscal Year Ended (In millions) 2024 2023 2022 2024 2023 2022 Cross currency swap contracts $ (3.9) $ (4.4) $ 8.7 Interest expense $ 0.9 $ 0.9 $ 1.2 These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Balance Sheets where the instruments are recorded: (In millions) Derivative Assets and Liabilities Derivatives Designated as Net Investment Hedges Balance Sheet Location 2024 2023 Cross currency swap contracts Prepaid expenses and other current assets $ 1.0 $ 0.7 Cross currency swap contracts Other long-term liabilities $ 8.6 $ 4.9

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Schedule of Short-Term and Long-Term Debt	The following table summarizes the Company's short-term and long-term debt: September 27, 2024 September 29, 2023 (In millions, except for percentages) Amount Weighted-Avg Effective Interest Rate Amount Weighted-Avg Effective Interest Rate $ Change Current maturities of long-term debt: Convertible Senior Unsecured Notes $ 45.0 4.8% $ — $ 45.0 Other debt 1.5 1.5 — Total current maturities of long-term debt $ 46.5 $ 1.5 $ 45.0 Non-current maturities of long-term debt: Convertible Senior Unsecured Notes (1) $ 155.0 4.8% $ 200.0 4.8% $ (45.0) Senior Secured Notes 243.0 8.2% 243.0 8.2% — Other debt 2.1 3.5 (1.4) Total non-current maturities of long-term debt $ 400.1 $ 446.5 $ (46.4) Unamortized issuance costs and debt discounts: Unamortized issuance costs - Convertible Notes $ (1.0) $ (2.5) $ 1.5 Debt issuance costs - Senior Secured Notes (2.2) (2.9) 0.7 Total (3.2) (5.4) 2.2 Total debt outstanding, net $ 443.4 $ 442.6 $ 0.8 (1) This amount has been excluded from current liabilities as it is supported by the Revolving Credit Facility (as defined below) and is expected to remain outstanding for an uninterrupted period extending beyond one year from the balance sheet date.
Schedule of Maturities of Long-term Debt	Future principal payments of long-term debt outstanding as of September 27, 2024 are as follows: (In millions) Fiscal Years: 2025 $ 201.5 2026 1.4 2027 243.7 2028 — 2029 — Thereafter — Total debt outstanding $ 446.6 Less: current maturities of long-term debt (46.5) Non-current portion of long-term debt $ 400.1
Schedule of Interest Expense	The following table summarizes the Company's interest expense: Twelve Months Ended September 27, 2024 September 29, 2023 September 30, 2022 Contractual interest coupon and other $ 26.8 $ 26.7 $ 27.6 Amortization/extinguishment of debt issuance costs 3.4 2.6 3.4 Amortization of debt discounts — — 8.8 Total interest expense $ 30.2 $ 29.3 $ 39.8

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Sep. 27, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare. USD Consideration paid Cash $ 0.9 Fair value of total consideration transferred 0.9 Remeasurement of previous equity interest Carrying value of previous equity interest before acquisition 1.1 Fair value of previous equity interest at acquisition date 2.0 Remeasurement gain recorded on previous equity interest 0.9 Total of consideration paid and fair value of previous equity interest $ 2.9 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1.8 Accounts receivable, net 1.2 Intangible assets, net 2.6 Accounts payable (0.1) Accrued liabilities and other current liabilities (0.6) Other long-term liabilities (0.1) Total identifiable net assets 4.8 Noncontrolling interest in MeVis Breastcare (0.7) Bargain purchase gain (1.2) Total $ 2.9

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. Fair Value Measurements at September 27, 2024 (In millions) Quoted Prices in Active Markets Significant Other Significant Unobservable Inputs Total Assets: Money market funds $ — $ 24.4 $ — $ 24.4 Corporate notes/bonds — 16.5 — 16.5 Government agencies — 18.3 — 18.3 US treasury bills — 6.1 — 6.1 Certificates of deposit — 0.9 — 0.9 Derivative assets — 1.0 — 1.0 Deferred compensation plan (1) 7.5 — — 7.5 Marketable equity securities 2.6 — — 2.6 Total assets measured at fair value $ 10.1 $ 67.2 $ — $ 77.3 Liabilities: Derivative liabilities $ — $ 8.6 $ — $ 8.6 Total liabilities measured at fair value $ — $ 8.6 $ — $ 8.6 (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Fair Value Measurements at September 29, 2023 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 45.4 $ — $ 45.4 Commercial paper — 6.0 — 6.0 Corporate notes/bonds — 8.3 — 8.3 Government agencies — 6.6 — 6.6 US treasury bills — 28.6 — 28.6 Derivative assets — 0.7 — 0.7 Deferred compensation plan (1) 6.3 — — 6.3 Marketable equity securities 4.1 — — 4.1 Total assets measured at fair value $ 10.4 $ 95.6 $ — $ 106.0 Liabilities: Derivative liabilities $ — $ 4.9 $ — $ 4.9 Total liabilities measured at fair value $ — $ 4.9 $ — $ 4.9 (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets.
Schedule of Gains and (Losses) on Marketable Debt Securities	The following is a summary of marketable debt securities, which are included within the cash and cash equivalents, marketable securities, and other assets balances on the Consolidated Balance Sheets. September 27, 2024 (In millions) Amortized Costs Unrealized Gains Fair Value Corporate notes/bonds $ 16.4 $ 0.1 $ 16.5 US treasury bills 6.1 — 6.1 Government agencies 18.3 — 18.3 Certificates of deposit 0.9 — 0.9 Total marketable debt securities $ 41.7 $ 0.1 $ 41.8 The following table summarizes the marketable debt securities on the Consolidated Balance Sheets as of September 29, 2023. September 29, 2023 (In millions) Amortized Costs Fair Value Commercial paper $ 6.0 $ 6.0 Corporate notes/bonds 8.3 8.3 US treasury bills 28.6 28.6 Government agencies 6.6 6.6 Total marketable debt securities $ 49.5 $ 49.5
Schedule of Marketable Securities	The contractual maturities of marketable debt securities as of September 27, 2024, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. September 27, 2024 (In millions) Amortized Costs Fair Value Contractual maturities: Due within one year $ 32.8 $ 32.8 Due after one year through five years 8.9 9.0 Total marketable debt securities $ 41.7 $ 41.8 September 27, 2024 (In millions) Commercial Paper Corporate Notes/Bonds Government Agencies Treasury Bills Certificates of Deposit Total Cash and cash equivalents $ — $ — $ — $ 1.0 $ — $ 1.0 Marketable securities — 10.5 16.3 4.1 0.9 31.8 Other assets — 6.0 2.0 1.0 — 9.0 Total marketable debt securities $ — $ 16.5 $ 18.3 $ 6.1 $ 0.9 $ 41.8 September 29, 2023 (In millions) Commercial Paper Corporate Notes/Bonds Government Agencies Treasury Bills Total Cash and cash equivalents $ 6.0 $ — $ — $ 2.2 $ 8.2 Marketable securities — 8.3 6.6 26.4 41.3 Total marketable debt securities $ 6.0 $ 8.3 $ 6.6 $ 28.6 $ 49.5

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table reflects goodwill by reportable segment: (In millions) Medical Industrial Total Balance at September 29, 2023 $ 171.5 $ 117.0 $ 288.5 Foreign currency translation adjustments 1.5 1.0 2.5 Balance at September 27, 2024 $ 173.0 $ 118.0 $ 291.0
Schedule of Finite-Lived Intangible Assets	The following table reflects the gross carrying amount and accumulated amortization of the Company’s finite-lived intangible assets included in intangible assets, net in the Consolidated Balance Sheets: September 27, 2024 September 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired existing technology $ 73.8 $ (63.5) $ 10.3 $ 72.3 $ (57.8) $ 14.5 Patents, licenses and other 12.6 (12.6) — 12.5 (12.2) 0.3 Customer contracts and supplier relationship 52.8 (47.0) 5.8 50.3 (42.7) 7.6 Total intangible assets $ 139.2 $ (123.1) $ 16.1 $ 135.1 $ (112.7) $ 22.4
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 27, 2024, the estimated future amortization expense of intangible assets with finite lives is as follows: (In millions) Fiscal Years: 2025 $ 3.8 2026 3.7 2027 3.4 2028 3.3 2029 1.6 Thereafter 0.3 Total $ 16.1

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Sep. 27, 2024
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest	Changes in noncontrolling interests were as follows: Fiscal Years 2024 2023 (In millions) Noncontrolling Noncontrolling Interests Balance at beginning of period $ 13.3 $ 13.3 Net income attributable to noncontrolling interests 0.5 0.5 Business acquisitions 0.7 — Other, including foreign currency remeasurement (0.4) (0.5) Balance at end of period $ 14.1 $ 13.3

EMPLOYEE STOCK PLANS (Tables)

EMPLOYEE STOCK PLANS (Tables)	12 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares: Fiscal Years (In millions) 2024 2023 2022 Cost of revenues $ 1.8 $ 1.7 $ 1.6 Research and development 3.4 3.3 3.1 Selling, general and administrative 10.1 8.5 9.3 Total share-based compensation expense $ 15.3 $ 13.5 $ 14.0
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The Company utilized the Black-Scholes valuation model for estimating the fair value of stock options granted and the option component of ESPP grants. The Company calculated the fair value of option grants and the option component of ESPP grants on the respective dates of grant using the following weighted average assumptions: Employee Stock Option Plan Employee Stock Purchase Plans Fiscal Years Fiscal Years 2024 2023 2022 2024 2023 2022 Expected term (in years) 6.1 6.9 7.0 0.5 0.5 0.4 Risk-free interest rate 3.8 % 3.6 % 1.4 % 5.2 % 4.8 % 1.6 % Expected volatility 45.7 % 43.9 % 42.7 % 34.2 % 34.8 % 33.6 % Expected dividend — % — % — % — % — % — % Weighted average fair value at grant date $5.85 $9.75 $12.07 $3.97 $4.96 $5.41
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes the activity for stock options under Varex’s employee incentive plans for the Company’s employees: (In thousands, except per share amounts and the remaining term) Options Price Range Weighted Average Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (1) Outstanding at September 29, 2023 2,862 $13.61 - $37.60 $ 28.08 4.8 $ 871.4 Granted 17 $13.84 - $13.84 13.84 Canceled, expired or forfeited (782) $31.08 - $34.13 31.23 Outstanding at September 27, 2024 2,097 $13.61 - $37.60 $ 26.79 5.5 $ — Exercisable at September 27, 2024 1,720 $13.61 - $37.60 $ 27.32 5.0 $ — (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $11.92 as of September 27, 2024, the last trading date of the Company's respective fiscal years, and which represents the amount that would have been received by the option holders had all option holders exercised their options and sold the shares received upon exercise as of that date.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards and deferred stock units under the 2020 Stock Plan: (In thousands, except per share amounts) Number of Shares Weighted Average Balance at September 29, 2023 1,277 $ 22.30 Granted 872 19.67 Vested (394) 23.05 Canceled, expired or forfeited (85) 20.63 Balance at September 27, 2024 1,670 $ 20.74

TAXES ON INCOME (Tables)

TAXES ON INCOME (Tables)	12 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense (benefit) was as follows: Fiscal Years (In millions) 2024 2023 2022 Current income tax expense: Federal $ 9.7 $ 9.8 $ 3.7 State and local 0.6 0.3 0.2 Foreign 4.6 12.6 10.3 Total current $ 14.9 $ 22.7 $ 14.2 Deferred i ncome tax (benefit) expense : Federal $ 38.5 $ (38.0) $ 0.4 State and local (1.1) (0.2) (0.9) Foreign (0.1) (1.9) — Total deferred 37.3 (40.1) (0.5) Income tax expense (benefit) $ 52.2 $ (17.4) $ 13.7
Schedule of Income before Income Tax, Domestic and Foreign	Income before taxes are generated from the following geographic areas: Fiscal Years (In millions) 2024 2023 2022 United States $ (15.1) $ (6.2) $ 16.4 Foreign 20.1 37.5 28.1 Income before taxes $ 5.0 $ 31.3 $ 44.5
Schedule of Effective Income Tax Rate Reconciliation	The effective tax rate differs from the U.S. federal statutory tax rate as a result of the following: Fiscal Years 2024 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal tax benefit (7.5) 0.3 (1.4) Statutory rate change impact on prior year deferreds (0.3) — 1.1 Return to provision (30.9) (4.7) (2.1) Research and development credit (41.9) (8.4) (0.9) Foreign rate difference (1.6) 6.3 6.5 Share-based compensation 43.6 3.8 1.0 Change in valuation allowance 1,101.1 (65.7) 6.3 U.S. tax reform - international provisions (32.0) (9.2) (4.6) Other (7.5) 1.0 3.9 Effective tax rate 1,044.0 % (55.6) % 30.8 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of deferred tax assets and liabilities are as follows: (In millions) September 27, 2024 September 29, 2023 Deferred tax assets: Inventory adjustments $ 4.7 $ 5.9 Share-based compensation 6.3 6.7 Product warranty 2.0 1.5 Unrealized exchange gain 3.0 2.5 Deferred compensation 1.7 1.4 Net operating loss carryforwards 18.9 19.4 Accrued vacation 0.6 0.3 Accrued incentives 0.3 2.0 Credit carryforwards 3.6 2.7 Deferred financing fees 2.5 5.7 Capitalized interest 1.1 1.1 Lease liabilities 7.5 6.1 Investments in privately held companies 4.0 3.2 Research and experimentation capitalization 30.8 17.6 Royalty advance 6.6 — Other DTA 3.9 4.1 $ 97.5 $ 80.2 Valuation allowance (74.7) (18.7) Total deferred tax assets $ 22.8 $ 61.5 Deferred tax liabilities: Acquired intangibles $ (3.9) $ (5.3) Property, plant and equipment (7.1) (8.0) Operating lease assets (7.3) (6.0) Other DTL (1.2) (0.9) Total deferred tax liabilities (19.5) (20.2) Net deferred tax assets $ 3.3 $ 41.3 Reported As: Deferred tax assets $ 22.8 $ 61.5 Deferred tax liabilities (19.5) (20.2) Net deferred tax assets $ 3.3 $ 41.3
Schedule of Valuation Allowance	Changes in the Company's valuation allowance for deferred tax assets were as follows: Fiscal Years (In millions) 2024 2023 2022 Valuation allowance balance–beginning of fiscal year $ 18.7 $ 32.2 $ 30.2 Other increases 56.0 — 6.9 Other decreases — (13.5) (4.9) Valuation allowance balance—end of fiscal year $ 74.7 $ 18.7 $ 32.2
Schedule of Unrecognized Tax Benefits Roll Forward	Changes in the Company’s unrecognized tax benefits were as follows: Fiscal Years (In millions) 2024 2023 Unrecognized tax benefits balance–beginning of fiscal year $ 1.4 $ 1.2 Additions based on tax positions related to the current year 0.2 0.2 Unrecognized tax benefits balance—end of fiscal year $ 1.6 $ 1.4

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Fiscal Years (In millions) 2024 2023 2022 Revenues Medical $ 581.7 $ 673.3 $ 674.7 Industrial 229.3 220.1 184.7 Total revenues 811.0 893.4 859.4 Gross profit Medical 176.7 205.5 210.5 Industrial 80.2 84.8 73.0 Total gross profit 256.9 290.3 283.5 Total operating expenses 224.8 213.2 195.3 Interest and other expense, net (27.1) (45.8) (43.7) Income before taxes 5.0 31.3 44.5 Income tax expense (benefit) 52.2 (17.4) 13.7 Net (loss) income (47.2) 48.7 30.8 Less: Net income attributable to noncontrolling interests 0.5 0.5 0.5 Net (loss) income attributable to Varex $ (47.7) $ 48.2 $ 30.3
Schedule of Revenue from External Customers by Geographic Areas	Geographic Information Revenues Long-Lived Assets Fiscal Years Fiscal Years (In millions) 2024 2023 2022 2024 2023 Americas $ 266.5 $ 281.8 $ 273.3 $ 109.2 $ 101.8 EMEA 280.3 290.7 280.8 27.6 22.8 APAC 264.2 320.9 305.3 16.6 19.0 Total company $ 811.0 $ 893.4 $ 859.4 $ 153.4 $ 143.6

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Sep. 27, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income	The following tables present the changes in the accumulated balances for each component of other comprehensive (loss) income: (In millions) (Loss) Income on Forward Contracts Unrealized Gain (Loss) on Defined Benefit Obligations CTA, Including Impact of Net Investment Hedge Unrealized (Loss) Income on Available-For-Sale Securities Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2022 $ (0.6) $ 0.6 $ 0.2 $ (0.1) $ 0.1 Other comprehensive (loss) income before reclassifications — (1.2) (4.4) — (5.6) Adjustments reclassified out of accumulated other comprehensive loss 0.1 — — 0.1 0.2 Income tax impact — 0.2 — — 0.2 Foreign currency translation adjustment — — 3.9 — 3.9 Balance at September 29, 2023 $ (0.5) $ (0.4) $ (0.3) $ — $ (1.2) Other comprehensive (loss) income before reclassifications — — (3.9) 0.1 (3.8) Adjustments reclassified out of accumulated other comprehensive loss 0.1 — — — 0.1 Foreign currency translation adjustment — — 2.0 — 2.0 Balance at September 27, 2024 $ (0.4) $ (0.4) $ (2.2) $ 0.1 $ (2.9)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Sep. 27, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Details)	12 Months Ended
	Sep. 27, 2024 entity
Accounting Policies [Abstract]
Number of variable interest entities	2

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022	Oct. 01, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 168.7	$ 152.6	$ 89.4
Restricted cash	1.7	1.4	1.2
Total as presented in the Consolidated Statements of Cash Flows	$ 170.4	$ 154	$ 90.6	$ 146.1

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Concentration of Risk, by Risk Factor (Details) - Canon Medical Systems Corporation - Customer Concentration Risk	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Revenue from Contract with Customer Benchmark
Concentration Risk
Concentration risk, percentage	17.60%	16.50%	17.20%
Accounts Receivable
Concentration Risk
Concentration risk, percentage	9.50%	13.80%

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventory, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Raw materials and parts	$ 214.5	$ 217.5
Work-in-process	16.2	20
Finished goods	34.1	40
Total inventories	264.8	277.5
Inventory write-down	$ 4.9	$ 5.6	$ 6.4

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Property, Plant and Equipment
Gross property, plant and equipment	$ 405.6	$ 383.1
Accumulated depreciation and amortization	(252.2)	(239.5)
Total property, plant and equipment, net	153.4	143.6
Depreciation	$ 21.2	19.5	$ 19
Land Improvements
Property, Plant and Equipment
Property, plant and equipment, useful lives (in years)	15 years
Building
Property, Plant and Equipment
Property, plant and equipment, useful lives (in years)	30 years
Land
Property, Plant and Equipment
Gross property, plant and equipment	$ 8.6	8.3
Buildings and leasehold improvements
Property, Plant and Equipment
Gross property, plant and equipment	165.5	159.1
Machinery and equipment
Property, Plant and Equipment
Gross property, plant and equipment	206.5	194.9
Construction in progress
Property, Plant and Equipment
Gross property, plant and equipment	$ 25	$ 20.8
Minimum | Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, useful lives (in years)	3 years
Maximum | Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, useful lives (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity Method Investments (Details) - USD ($)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Impairment of equity method investment	$ 0	$ 16,400,000	$ 0

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Intangible Assets (Details)	Sep. 27, 2024
Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life (in years)	2 years
Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets, Intangible Assets and Goodwill (Details)	12 Months Ended
	Sep. 29, 2023 USD ($) reporting_unit	Sep. 30, 2022 USD ($) reporting_unit	Sep. 27, 2024 USD ($)
Accounting Policies [Abstract]
Number of reporting units | reporting_unit	2	2
Impairment of indefinite-lived intangible assets, excluding goodwill	$ 0	$ 0
Goodwill impaired			$ 0

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Supplier Finance Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Supplier Finance Program, Obligation
Confirmed obligations outstanding at the beginning of the period	$ 4.2	$ 5.1
Invoices confirmed during the period	31.3	42.9
Confirmed invoices paid during the period	(32.9)	(43.8)
Confirmed obligations outstanding at the end of the period	$ 2.6	$ 4.2
Supplier Finance Program Obligation Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Confirmed obligations outstanding at the beginning of the period

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Environmental Obligations (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Accounting Policies [Abstract]
Percentage of liabilities obligated to reimburse	20%
Environmental liability, current and noncurrent	$ 3.9	$ 2.8

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Movement in Standard Product Warranty Accrual
Accrued product warranty, at beginning of period	$ 7.7	$ 7.9
New accruals charged to cost of revenues	21	12.7
Product warranty expenditures	(17.9)	(12.9)
Accrued product warranty, at end of period	$ 10.8	$ 7.7
Minimum
Product Warranty Liability
Warranty term (month)	12 months
Maximum
Product Warranty Liability
Warranty term (month)	24 months

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Accounting Policies [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1	$ 0.6

SUMMARY OF SIGNIFICANT ACCOU_17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Oct. 01, 2022	Jun. 09, 2020
Debt Instrument
Additional paid-in capital	$ (467.2)	$ (450.4)
Long-term debt, net	397.1	441.1
Deferred tax assets	4.7	41.3
Retained earnings	$ 70.4	$ 118.1
Accounting Standards Update 2020-06
Debt Instrument
Additional paid-in capital			$ 34.6
Long-term debt, net			28
Deferred tax assets			0.5
Retained earnings			$ 6.1
Convertible Notes | Convertible Debt
Debt Instrument
Contractual interest rate (as a percent)			4%	4%

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Right of Return Assets and Refund Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Right of Return Assets
Balance at beginning of period	$ 26	$ 25.4
Costs recovered from product returns during the period	(7.2)	(5.1)
Right of return assets from shipments of products, subject to return during the period	5.6	6.8
Adjustment for actual vs. reserved product returns	0.8	(1.1)
Balance at end of period	25.2	26
Refund Liabilities
Balance at beginning of period	28.9	28.2
Release of refund liability included in beginning of year refund liability	(8)	(5.6)
Additions to refund liabilities	6.2	7.5
Adjustment for actual vs. reserved product returns	0.9	(1.2)
Balance at end of period	$ 28	$ 28.9

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 9.9	$ 6.7

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Lessee, Lease, Description
Lease renewal term (in years)	6 years
Loss on operating lease abandonment	$ 0	$ 0	$ 1.9
Minimum
Lessee, Lease, Description
Remaining lease term (in years)	1 year
Maximum
Lessee, Lease, Description
Remaining lease term (in years)	94 years

LEASES - Schedule of Lease Righ

LEASES - Schedule of Lease Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Assets
Operating lease right-of-use assets	$ 28.3	$ 29
Finance lease right-of-use assets	6.6	0.3
Liabilities
Operating lease liabilities (current)	4	3.8
Finance lease liabilities (current)	0.4	0.1
Operating lease liabilities (non-current)	23	23.1
Finance lease liabilities (non-current)	$ 5.9	$ 0.2
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities and other current liabilities	Accrued liabilities and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

LEASES - Schedule of Weighted A

LEASES - Schedule of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 27, 2024	Sep. 29, 2023
Operating Leases
Operating lease weighted average remaining lease term (in years)	7 years 10 months 24 days	7 years 9 months 18 days
Operating lease weighted average discount rate	8%	7.90%
Finance Leases
Finance lease weighted average remaining lease term (in years)	13 years 10 months 24 days	3 years 7 months 6 days
Finance lease weighted average discount rate	6.10%	4.70%

LEASES - Schedule of Operating

LEASES - Schedule of Operating Lease Cost and Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Total operating lease costs	$ 6.3	$ 5.8	$ 6.4
Total finance lease costs	0.3	0.2	0.2
Operating cash flows from operating leases	5.9	7.8	7.3
Financing cash flows from finance leases	0.5	0.3	0.2
Total cash paid for amounts included in the measurement of lease liabilities	6.4	8.1	7.5
Non-cash operating right-of-use assets obtained in exchange for new lease liabilities	5.4	10.6	5.4
Non-cash finance right-of-use assets obtained in exchange for new lease liabilities	6.5	0.2	0.1
Total right-of-use assets obtained in exchange for new lease liabilities	$ 11.9	$ 10.8	$ 5.5

LEASES - Schedule of Operatin_2

LEASES - Schedule of Operating and Finance Lease Liability Maturities (Details) $ in Millions	Sep. 27, 2024 USD ($)
Operating Leases
2025	$ 5.8
2026	4.8
2027	4.5
2028	3.8
2029	3.3
Thereafter	15.3
Total future lease payments	37.5
Less: imputed interest	(10.5)
Present value of lease liabilities	27
Finance Leases
2025	0.8
2026	0.7
2027	0.7
2028	0.6
2029	0.6
Thereafter	6
Total future lease payments	9.4
Less: imputed interest	(3.1)
Present value of lease liabilities	$ 6.3

RELATED-PARTY TRANSACTIONS - In

RELATED-PARTY TRANSACTIONS - Investment in Privately-Held Companies (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 30, 2013	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022	Jan. 31, 2024
Related Party Transaction
Loss from equity method investments		$ 1,000,000	$ 1,400,000	$ 3,000,000
Impairment of equity method investment		0	16,400,000	0
Accounts payable		59,100,000	64,700,000
Prepaid expenses and other current assets		26,900,000	23,300,000
Purchases | dpiX LLC
Related Party Transaction
Purchases from related party		$ 18,000,000	18,700,000	21,000,000
Equity Method Investee
Related Party Transaction
Percentage of manufacturing capacity	50%
dpiX Holding | Equity Method Investee
Related Party Transaction
Ownership interest (as a percent)		40%
Loss from equity method investments		$ 1,000,000	200,000	2,600,000
Equity method investments		24,800,000	25,800,000
Accounts payable		$ 3,000,000	2,700,000
Percentage of fixed costs		50%
dpiX Holding | Equity Method Investee | Fixed Cost Commitments
Related Party Transaction
Related party transaction, expected fixed cost		$ 3,100,000			$ 12,400,000
dpiX LLC | dpiX Holding | Equity Method Investee
Related Party Transaction
Ownership interest (as a percent)		100%
VEC Imaging | Equity Method Investee
Related Party Transaction
Loss from equity method investments		$ 100,000	400,000	$ 800,000
Equity method investments		2,000,000	2,100,000
Prepaid expenses and other current assets		$ 700,000	$ 700,000

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Charges Incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Medical
Restructuring Cost and Reserve
Other assets impairment charges	$ 0	$ 0	$ 1.8

OTHER FINANCIAL INFORMATION - S

OTHER FINANCIAL INFORMATION - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 30	$ 33.4
Product warranty	10.8	7.7
Taxes payable	8.1	13.3
Refund liability	7.5	7.2
Accrued interest	11.7	11.6
Other	10.5	9.4
Total accrued liabilities and other current liabilities	$ 78.6	$ 82.6

OTHER FINANCIAL INFORMATION -_2

OTHER FINANCIAL INFORMATION - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term income tax payable	$ 4	$ 4.6
Environmental liabilities	3	1.9
Defined benefit obligation liability	5.9	5.2
Long-term refund liability	20.5	21.7
Derivative liability	8.6	4.9
Long-term other	8.4	3.3
Total other long-term liabilities	$ 50.4	$ 41.6

OTHER FINANCIAL INFORMATION -_3

OTHER FINANCIAL INFORMATION - Schedule of Other Expense, Net (Details) - USD ($)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss from equity method investments	$ (1,000,000)	$ (1,400,000)	$ (3,000,000)
Gain on purchase of business	2,100,000	0	0
Impairment of equity method investment	0	(16,400,000)	0
Realized losses on foreign currencies, net	(2,300,000)	(1,000,000)	(1,500,000)
Other	(3,000,000)	(1,400,000)	200,000
Total other expense, net	$ (4,200,000)	$ (20,200,000)	$ (4,300,000)

NET (LOSS) INCOME PER SHARE - S

NET (LOSS) INCOME PER SHARE - Schedule of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Net (loss) income per share – basic
Net (loss) income attributable to Varex	$ (47.7)	$ 48.2	$ 30.3
Basic weighted average shares outstanding (in shares)	40.8	40.3	39.8
Basic net (loss) income per share attributable to Varex (in USD per share)	$ (1.17)	$ 1.20	$ 0.76
Net (loss) income per share – diluted
Net (loss) income attributable to Varex	$ (47.7)	$ 48.2	$ 30.3
Interest expense on Convertible Notes, net of tax	0	6.2	0
Diluted net (loss) income	$ (47.7)	$ 54.4	$ 30.3
Dilutive effect of Convertible Senior Notes (in shares)	0	9.6	1.3
Dilutive effect of share-based awards and other (in shares)	0	0.4	0.5
Diluted weighted average shares outstanding (in shares)	40.8	50.3	41.6
Diluted net (loss) income per share attributable to Varex (in USD per share)	$ (1.17)	$ 1.08	$ 0.73
Anti-dilutive shares (in shares)	22.5	12.3	3
Share-based awards and other
Net (loss) income per share – diluted
Anti-dilutive shares (in shares)	3.3	2.7	3
Convertible notes
Net (loss) income per share – diluted
Anti-dilutive shares (in shares)	9.6	0	0
Warrants
Net (loss) income per share – diluted
Anti-dilutive shares (in shares)	9.6	9.6	0

NET (LOSS) INCOME PER SHARE - N

NET (LOSS) INCOME PER SHARE - Narrative (Details) shares in Millions	Jun. 05, 2020 shares
Convertible Notes | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share
Number of warrants (in shares)	0

FINANCIAL DERIVATIVES AND HED_3

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Cross currency swap contracts - Net Investment Hedging - Designated as Hedging Instrument $ in Millions	12 Months Ended
	Sep. 29, 2023 USD ($) instrument	Sep. 27, 2024 instrument
Derivative
Derivative number of instruments terminated	3
Derivative, cash received on hedge | $	$ 7.3
Number of instruments		2

FINANCIAL DERIVATIVES AND HED_4

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - Net Investment Hedging - Designated as Hedging Instrument - Cross currency swap contracts $ in Millions	Sep. 27, 2024 USD ($) instrument
Derivative
Number of Instruments | instrument	2
Notional Value | $	$ 58.7

FINANCIAL DERIVATIVES AND HED_5

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Income Recognized From Derivative Instruments (Details) - Cross currency swap contracts - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Derivative
Amount of (Loss) or Gain Recognized in OCI on Derivatives Fiscal Year Ended	$ (3.9)	$ (4.4)	$ 8.7
Interest expense
Derivative
Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Fiscal Year Ended	$ 0.9	$ 0.9	$ 1.2

FINANCIAL DERIVATIVES AND HED_6

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivatives at Fair Value (Details) - Net Investment Hedging - Derivatives Designated as Net Investment Hedges - Cross currency swap contracts - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Prepaid expenses and other current assets
Derivative
Derivative assets fair value, gross	$ 1	$ 0.7
Other long-term liabilities
Derivative
Derivative liabilities fair value, gross	$ 8.6	$ 4.9

FINANCIAL DERIVATIVES AND HED_7

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Balance Sheet Hedges (Details) - Foreign Exchange Contract $ in Millions	Sep. 27, 2024 USD ($)
Sell Contracts
Derivative
Total notional value	$ 56.7
Designated as Hedging Instrument | Buy Contracts
Derivative
Total notional value	19.5
Australian Dollar | Buy Contracts
Derivative
Total notional value	0
Australian Dollar | Sell Contracts
Derivative
Total notional value	2.6
Chinese Renminbi | Buy Contracts
Derivative
Total notional value	0
Chinese Renminbi | Sell Contracts
Derivative
Total notional value	31.8
Euro | Buy Contracts
Derivative
Total notional value	0
Euro | Sell Contracts
Derivative
Total notional value	20.7
Indian Rupee | Buy Contracts
Derivative
Total notional value	1.2
Indian Rupee | Sell Contracts
Derivative
Total notional value	0
Japanese Yen | Sell Contracts
Derivative
Total notional value	0
Japanese Yen | Designated as Hedging Instrument | Buy Contracts
Derivative
Total notional value	7.8
Mexican Peso | Buy Contracts
Derivative
Total notional value	0
Mexican Peso | Sell Contracts
Derivative
Total notional value	1.6
Swiss Franc | Buy Contracts
Derivative
Total notional value	3.7
Swiss Franc | Sell Contracts
Derivative
Total notional value	0
Philippine Peso | Buy Contracts
Derivative
Total notional value	6.8
Philippine Peso | Sell Contracts
Derivative
Total notional value	$ 0

BORROWINGS - Schedule of Short-

BORROWINGS - Schedule of Short-Term and Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Current maturities of long-term debt:
Total current maturities of long-term debt	$ 46.5	$ 1.5
Net repayments of long term debt current maturities	45
Non-current maturities of long-term debt:
Long-term debt excluding current maturities, gross	400.1	446.5
Net proceeds(repayments) from long-term debt, excluding current maturities	(46.4)
Unamortized issuance costs and debt discounts:
Total	(3.2)	(5.4)
Non-cash operating lease expense	0	0	$ 8.8
Total	2.2
Total debt outstanding, net	443.4	442.6
Net proceeds from (repayments for) debt, net of issuance costs	0.8
Convertible Debt
Current maturities of long-term debt:
Total current maturities of long-term debt	$ 45	$ 0
Weighted-average interest rate, long-term debt (as a percent)	4.80%	4.80%
Proceeds from repayment	$ 45
Non-current maturities of long-term debt:
Long-term debt excluding current maturities, gross	155	$ 200
Repayment of convertible debt	(45)
Unamortized issuance costs and debt discounts:
Unamortized issuance costs - Convertible Notes	(1)	(2.5)
Decrease in unamortized discount	1.5
Other Debt
Current maturities of long-term debt:
Total current maturities of long-term debt	1.5	1.5
Proceeds from repayment of other debt	0
Non-current maturities of long-term debt:
Long-term debt excluding current maturities, gross	2.1	$ 3.5
Repayment of other long-term debt	$ (1.4)
Senior Secured Notes | Secured Debt
Current maturities of long-term debt:
Weighted-average interest rate, long-term debt (as a percent)	8.20%	8.20%
Non-current maturities of long-term debt:
Long-term debt excluding current maturities, gross	$ 243	$ 243
Repayments for senior secured notes	0
Secured Debt
Unamortized issuance costs and debt discounts:
Debt issuance costs	(2.2)	$ (2.9)
Non-cash operating lease expense	$ 0.7

BORROWINGS - Schedule of Maturi

BORROWINGS - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Debt Disclosure [Abstract]
2025	$ 201.5
2026	1.4
2027	243.7
2028	0
2029	0
Thereafter	0
Total debt outstanding	446.6
Less: current maturities of long-term debt	(46.5)	$ (1.5)
Non-current portion of long-term debt	$ 400.1	$ 446.5

BORROWINGS - Schedule of Intere

BORROWINGS - Schedule of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Contractual interest coupon and other	$ 26.8	$ 26.7	$ 27.6
Amortization/extinguishment of debt issuance costs	3.4	2.6	3.4
Amortization of debt discounts	0	0	8.8
Total interest expense	$ 30.2	$ 29.3	$ 39.8

BORROWINGS - Senior Secured Rev

BORROWINGS - Senior Secured Revolving Credit Facility Narrative (Details) - USD ($)	Mar. 26, 2024	Sep. 27, 2024	Sep. 30, 2020
Senior Secured Notes Due 2027 | Secured Debt
Debt Instrument
Contractual interest rate (as a percent)	7.875%
Revolving Credit Facility | Asset-Based Loan Revolving Credit Facility | Secured Debt
Debt Instrument
Maximum borrowing capacity			$ 100,000,000
Debt issuance costs, gross		$ 2,300,000
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member
Debt Instrument
Maximum borrowing capacity	$ 155,000,000
Debt covenant, minimum average quarterly cash balance		$ 80,000,000
Debt covenant, minimum average quarterly cash balance, percentage based on deposits (as a percent)		80%
Debt covenant, minimum cash balance		$ 80,000,000
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Federal Funds Effective Swap Rate
Debt Instrument
Basis spread on variable rate	0.50%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit
Debt Instrument
Line of credit facility, commitment fee percentage	0.375%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0%
Basis spread on variable rate	1%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Minimum
Debt Instrument
Line of credit facility, commitment fee percentage	0.30%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate	2%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Maximum
Debt Instrument
Line of credit facility, commitment fee percentage	0.40%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Basis spread on variable rate	2.75%

BORROWINGS - Equipment Credit A

BORROWINGS - Equipment Credit Agreement Narrative (Details) - Revolving Credit Facility - Equipment Credit Facility	Apr. 26, 2024 USD ($)
Debt Instrument
Maximum borrowing capacity	$ 20,000,000
Line of credit facility, commitment fee percentage	0.375%
Minimum
Debt Instrument
Line of credit facility, commitment fee percentage	0.30%
Maximum
Debt Instrument
Line of credit facility, commitment fee percentage	0.40%
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0%
Basis spread on variable rate	1%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument
Basis spread on variable rate	2%
Secured Overnight Financing Rate (SOFR) | Minimum | Line of Credit
Debt Instrument
Basis spread on variable rate	1%
Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument
Basis spread on variable rate	2.75%
Secured Overnight Financing Rate (SOFR) | Maximum | Line of Credit
Debt Instrument
Basis spread on variable rate	1.75%
Federal Funds Effective Swap Rate
Debt Instrument
Basis spread on variable rate	0.50%

BORROWINGS - Convertible Senior

BORROWINGS - Convertible Senior Unsecured Notes Narrative (Details) $ / shares in Units, shares in Millions, instrument in Millions			12 Months Ended
	Jun. 09, 2020 USD ($) instrument $ / shares	Jun. 05, 2020 shares $ / shares	Sep. 27, 2024 USD ($) shares	Sep. 29, 2023 USD ($)	Oct. 01, 2022
Line of Credit Facility
Total debt outstanding, net			$ 443,400,000	$ 442,600,000
Current maturities of long-term debt, net			$ 46,300,000	$ 1,500,000
Convertible Notes | Convertible Debt
Line of Credit Facility
Debt instrument, face amount	$ 200,000,000
Contractual interest rate (as a percent)	4%				4%
Proceeds from convertible debt	$ 193,100,000
Conversion ratio	0.048084
Convertible, conversion price (USD per share) | $ / shares	$ 20.81	$ 20.81
Number of warrants (in shares) | shares		9.6	9.6
Total debt outstanding, net			$ 155,000,000
Current maturities of long-term debt, net			$ 45,000,000
Convertible Notes | Convertible Debt | Maximum
Line of Credit Facility
Number of warrants (in shares) | instrument	9.6

BORROWINGS - Call Spread Narrat

BORROWINGS - Call Spread Narrative (Details) shares in Millions		12 Months Ended
	Jun. 05, 2020 shares $ / shares	Sep. 27, 2024 shares	Jun. 09, 2020 $ / shares
Debt Instrument
Exercise price of warrants or rights (USD per share)	$ 24.975
Increase of strike price over sale price percentage	50%
Convertible Notes | Convertible Debt
Debt Instrument
Convertible, conversion price (USD per share)	$ 20.81		$ 20.81
Number of warrants (in shares) | shares	9.6	9.6

BORROWINGS - Senior Secured Not

BORROWINGS - Senior Secured Notes Narrative (Details) - USD ($)	Mar. 18, 2022	Jul. 15, 2021	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2020
Debt Instrument
Long-term debt excluding current maturities, gross			$ 400,100,000	$ 446,500,000
Senior Secured Notes | Secured Debt
Debt Instrument
Debt instrument, face amount					$ 300,000,000
Contractual interest rate (as a percent)					7.875%
Debt redeemed	$ 27,000,000	$ 30,000,000
Repayments of senior debt	28,700,000	31,500,000
Loss related to redemption premium and write-offs	$ 1,200,000	$ 1,400,000
Debt instrument, redemption price, percentage of principal amount redeemed	103%	103%
Long-term debt excluding current maturities, gross			$ 243,000,000	$ 243,000,000

BORROWINGS - Asset-Based Loan N

BORROWINGS - Asset-Based Loan Narrative (Details) - USD ($)		12 Months Ended
	Mar. 26, 2024	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022	Sep. 30, 2020
Debt Instrument
Non-cash operating lease expense		$ 0	$ 0	$ 8,800,000
Revolving Credit Facility | Asset-Based Loan Revolving Credit Facility | Secured Debt
Debt Instrument
Maximum borrowing capacity					$ 100,000,000
Non-cash operating lease expense	$ 600,000

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
MeVis Breastcare
Business Acquisition
Purchase price	$ 0.9
Remeasurement gain recorded on previous equity interest	0.9
Gain on purchase of business	$ 1.2
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other expense, net
MeVis Breastcare
Business Acquisition
Ownership interest (as a percent)	87.10%		37.60%

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - MeVis Breastcare $ in Millions	3 Months Ended
	Dec. 29, 2023 USD ($)
Consideration paid
Cash	$ 0.9
Fair value of total consideration transferred	0.9
Remeasurement of previous equity interest
Carrying value of previous equity interest before acquisition	1.1
Fair value of previous equity interest at acquisition date	2
Remeasurement gain recorded on previous equity interest	0.9
Total of consideration paid and fair value of previous equity interest	2.9
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	1.8
Accounts receivable, net	1.2
Intangible assets, net	2.6
Accounts payable	(0.1)
Accrued liabilities and other current liabilities	(0.6)
Other long-term liabilities	(0.1)
Total identifiable net assets	4.8
Noncontrolling interest in MeVis Breastcare	(0.7)
Bargain purchase gain	(1.2)
Total	$ 2.9

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - Quoted Prices in Active Markets (Level 1) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, fair value	$ 197.7	$ 228.4
Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, fair value	$ 247.6	$ 243.6

FAIR VALUE - Schedule of Fair V

FAIR VALUE - Schedule of Fair Value Inputs (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fair Value, Measurements, Recurring
Assets:
Money market funds	$ 24.4	$ 45.4
Commercial paper		6
Corporate notes/bonds	16.5	8.3
Government agencies	18.3	6.6
US treasury bills	6.1	28.6
Certificates of deposit	0.9
Derivative assets	1	0.7
Deferred compensation plan	7.5	6.3
Marketable equity securities	2.6	4.1
Total assets measured at fair value	77.3	106
Liabilities:
Derivative liabilities	8.6	4.9
Total liabilities measured at fair value	8.6	4.9
Quoted Prices in Active Markets (Level 1) | Fair Value, Measurements, Recurring
Assets:
Money market funds	0	0
Commercial paper		0
Corporate notes/bonds	0	0
Government agencies	0	0
US treasury bills	0	0
Certificates of deposit	0
Derivative assets	0	0
Deferred compensation plan	7.5	6.3
Marketable equity securities	2.6	4.1
Total assets measured at fair value	10.1	10.4
Liabilities:
Derivative liabilities	0	0
Total liabilities measured at fair value	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring
Assets:
Money market funds	24.4	45.4
Commercial paper		6
Corporate notes/bonds	16.5	8.3
Government agencies	18.3	6.6
US treasury bills	6.1	28.6
Certificates of deposit	0.9
Derivative assets	1	0.7
Deferred compensation plan	0	0
Marketable equity securities	0	0
Total assets measured at fair value	67.2	95.6
Liabilities:
Derivative liabilities	8.6	4.9
Total liabilities measured at fair value	8.6	4.9
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Assets:
Money market funds	0	0
Commercial paper		0
Corporate notes/bonds	0	0
Government agencies	0	0
US treasury bills	0	0
Certificates of deposit	0
Derivative assets	0	0
Deferred compensation plan	0	0
Marketable equity securities	0	0
Total assets measured at fair value	0	0
Liabilities:
Derivative liabilities	0	0
Total liabilities measured at fair value	$ 0	$ 0

FAIR VALUE - Schedule of Market

FAIR VALUE - Schedule of Marketable Securities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities	$ 41.7	$ 49.5
Unrealized Gains	0.1
Total marketable debt securities	41.8	49.5
Commercial paper
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities		6
Total marketable debt securities	0	6
Corporate notes/bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities	16.4	8.3
Unrealized Gains	0.1
Total marketable debt securities	16.5	8.3
US treasury bills
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities	6.1	28.6
Unrealized Gains	0
Total marketable debt securities	6.1	28.6
Government agencies
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities	18.3	6.6
Unrealized Gains	0
Total marketable debt securities	18.3	$ 6.6
Certificates of deposit
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Total marketable debt securities	0.9
Unrealized Gains	0
Total marketable debt securities	$ 0.9

FAIR VALUE - Schedule of Contra

FAIR VALUE - Schedule of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Amortized Costs
Due within one year	$ 32.8
Due after one year through five years	8.9
Total marketable debt securities	41.7	$ 49.5
Fair Value
Due within one year	32.8
Due after one year through five years	9
Total marketable debt securities	41.8	49.5
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	41.8	49.5
Cash and cash equivalents
Fair Value
Total marketable debt securities	1	8.2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	1	8.2
Marketable securities
Fair Value
Total marketable debt securities	31.8	41.3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	31.8	$ 41.3
Other assets
Fair Value
Total marketable debt securities	9
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	$ 9

FAIR VALUE - Schedule of Balanc

FAIR VALUE - Schedule of Balance Sheet Marketable Securities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	$ 41.8	$ 49.5
Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	1	8.2
Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	31.8	41.3
Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	9
Commercial Paper
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0	6
Commercial Paper | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0	6
Commercial Paper | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0	0
Commercial Paper | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0
Corporate Notes/Bonds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	16.5	8.3
Corporate Notes/Bonds | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0	0
Corporate Notes/Bonds | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	10.5	8.3
Corporate Notes/Bonds | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	6
Government Agencies
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	18.3	6.6
Government Agencies | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0	0
Government Agencies | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	16.3	6.6
Government Agencies | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	2
Treasury Bills
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	6.1	28.6
Treasury Bills | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	1	2.2
Treasury Bills | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	4.1	$ 26.4
Treasury Bills | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	1
Certificates of Deposit
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0.9
Certificates of Deposit | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0
Certificates of Deposit | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	0.9
Certificates of Deposit | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Total marketable debt securities	$ 0

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions	12 Months Ended
	Sep. 27, 2024 USD ($)
Goodwill
Balance at September 29, 2023	$ 288.5
Foreign currency translation adjustments	2.5
Balance at September 27, 2024	291
Medical
Goodwill
Balance at September 29, 2023	171.5
Foreign currency translation adjustments	1.5
Balance at September 27, 2024	173
Industrial
Goodwill
Balance at September 29, 2023	117
Foreign currency translation adjustments	1
Balance at September 27, 2024	$ 118

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 139.2	$ 135.1
Accumulated Amortization	(123.1)	(112.7)
Net Carrying Amount	16.1	22.4
Acquired existing technology
Finite-Lived Intangible Assets
Gross Carrying Amount	73.8	72.3
Accumulated Amortization	(63.5)	(57.8)
Net Carrying Amount	10.3	14.5
Patents, licenses and other
Finite-Lived Intangible Assets
Gross Carrying Amount	12.6	12.5
Accumulated Amortization	(12.6)	(12.2)
Net Carrying Amount	0	0.3
Customer contracts and supplier relationship
Finite-Lived Intangible Assets
Gross Carrying Amount	52.8	50.3
Accumulated Amortization	(47)	(42.7)
Net Carrying Amount	$ 5.8	$ 7.6

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 9.9	$ 13.7	$ 14.6

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Scheduleof Amortization Expense (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023
Fiscal Years:
2025	$ 3.8
2026	3.7
2027	3.4
2028	3.3
2029	1.6
Thereafter	0.3
Net Carrying Amount	$ 16.1	$ 22.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Environmental liability, current and noncurrent	$ 3.9	$ 2.8
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Consolidated Financial Statements
Milestone payment amount potentially to be paid			$ 5
Milestone payment made	$ 1	$ 2	$ 1
Purchase obligation	$ 6.7

NONCONTROLLING INTERESTS - Narr

NONCONTROLLING INTERESTS - Narrative (Details) - € / shares shares in Millions			1 Months Ended
	Sep. 28, 2018	Sep. 29, 2017	Oct. 31, 2015	Sep. 27, 2024	Dec. 31, 2018	Sep. 30, 2018	Apr. 30, 2015
Joint Venture In Saudi Arabia
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent						75%
Noncontrolling interest, ownership percentage by noncontrolling owners						25%
MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest [Line Items]
Percentage of additional outstanding shares purchased	0.20%	0.20%
Cumulative percentage of voting interests acquired					73.70%
MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest [Line Items]
Percentage of voting interests acquired							73.50%
Annual recurring compensation (in euros per share)			€ 0.95
Temporary equity, redemption price per share (in euro per share)			€ 19.77
Temporary equity, shares outstanding (in shares)				0.5
MeVis Medical Solutions AG (MeVis) | MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				26.30%

NONCONTROLLING INTERESTS - Sche

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Stockholders' Equity Attributable to Noncontrolling Interest
Balance at beginning of period	$ 13.3	$ 13.3
Net income attributable to noncontrolling interests	0.5	0.5	$ 0.5
Business acquisitions	0.7	0
Other, including foreign currency remeasurement	(0.4)	(0.5)
Balance at end of period	$ 14.1	$ 13.3	$ 13.3

EMPLOYEE STOCK PLANS - Narrativ

EMPLOYEE STOCK PLANS - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend		0%
Options, grants in period, grant date fair value		$ 0.1	$ 4	$ 3.9
Options exercised, intrinsic value		0	0.1	0.5
Grant-date fair value of shares granted in the period		17.2	11.3	10.8
Shares outstanding, market value		$ 20	$ 24	$ 22.1
Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend		0%	0%	0%
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost not yet recognized		$ 23.8
Compensation cost period for recognition (in years)		1 year 10 months 24 days
Expected dividend		0%	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award expiration period (in years)		7 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting period (in months)		48 months
Award expiration period (in years)		10 years
2017 ESPP | Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price of common stock, percent	85%	85%
Purchase period	6 months
Number of additional shares authorized (in shares)				0.8
Number of shares authorized (in shares)		1.8
Stock plan offering period (in months)		6 months
2017 ESPP | Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)		0.3
2020 Omnibus Stock Plan | Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)		5

EMPLOYEE STOCK PLANS - Schedule

EMPLOYEE STOCK PLANS - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	$ 15.3	$ 13.5	$ 14
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	1.8	1.7	1.6
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	3.4	3.3	3.1
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	$ 10.1	$ 8.5	$ 9.3

EMPLOYEE STOCK PLANS - Schedu_2

EMPLOYEE STOCK PLANS - Schedule of Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend	0%
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	6 years 1 month 6 days	6 years 10 months 24 days	7 years
Risk-free interest rate	3.80%	3.60%	1.40%
Expected volatility	45.70%	43.90%	42.70%
Expected dividend	0%	0%	0%
Weighted average fair value at grant date (in USD per share)	$ 5.85	$ 9.75	$ 12.07
Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Expected term (in years)	6 months	6 months	4 months 24 days
Risk-free interest rate	5.20%	4.80%	1.60%
Expected volatility	34.20%	34.80%	33.60%
Expected dividend	0%	0%	0%
Weighted average fair value at grant date (in USD per share)	$ 3.97	$ 4.96	$ 5.41

EMPLOYEE STOCK PLANS - Schedu_3

EMPLOYEE STOCK PLANS - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Options
Options, outstanding, beginning balance (in shares)	2,862
Options, grants in period (in shares)	17
Options, canceled, expired or forfeited in period (in shares)	(782)
Options, outstanding, ending balance (in shares)	2,097	2,862
Options, exercisable (in shares)	1,720
Weighted Average Exercise Price
Options, outstanding, weighted average exercise price, beginning (in USD per share)	$ 28.08
Options, grants in period, weighted average exercise price (in USD per share)	13.84
Options, canceled, expired or forfeiteds in period, weighted average exercise price (in USD per share)	31.23
Options, outstanding, weighted average exercise price, ending (in USD per share)	26.79	$ 28.08
Options, exercisable, weighted average exercise price (in USD per share)	$ 27.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Options, outstanding, weighted average remaining contractual term, beginning (in years)	5 years 6 months	4 years 9 months 18 days
Options, outstanding, intrinsic value	$ 0	$ 871.4
Options, exercisable, intrinsic value	$ 0
Options, exercisable, weighted average remaining contractual term (in years)	5 years
Share price (in usd per share)	$ 11.92
Minimum
Price Range
Options, outstanding, price, beginning (in USD per share)	13.61
Options, grants in period, price (in USD per share)	13.84
Options, canceled, expired or forfeited in period, price (in USD per share)	31.08
Options, outstanding, price, ending (in USD per share)	13.61	$ 13.61
Options, exercisable, price (in USD per share)	13.61
Maximum
Price Range
Options, outstanding, price, beginning (in USD per share)	37.60
Options, grants in period, price (in USD per share)	13.84
Options, canceled, expired or forfeited in period, price (in USD per share)	34.13
Options, outstanding, price, ending (in USD per share)	37.60	$ 37.60
Options, exercisable, price (in USD per share)	$ 37.60

EMPLOYEE STOCK PLANS - Schedu_4

EMPLOYEE STOCK PLANS - Schedule of Restricted Stock, Performance Stock and Deferred Units (Details) shares in Thousands	12 Months Ended
	Sep. 27, 2024 $ / shares shares
Number of Shares
Restricted stock units, nonvested, beginning balance (in shares) | shares	1,277
Restricted stock units, grants in period (in shares) | shares	872
Restricted stock units, vested in period (in shares) | shares	(394)
Restricted stock units, canceled, expired or forfeited in period (in shares) | shares	(85)
Restricted stock units, nonvested, ending balance (in shares) | shares	1,670
Weighted Average Grant-Date Fair Value
Restricted stock units, nonvested, beginning of period (in USD per share) | $ / shares	$ 22.30
Restricted stock units, grants in period (in USD per share) | $ / shares	19.67
Restricted stock units, vested in period (in USD per share) | $ / shares	23.05
Restricted stock units, canceled, expired or forfeited (in USD per share) | $ / shares	20.63
Restricted stock units, nonvested, end of period (in USD per share) | $ / shares	$ 20.74

TAXES ON INCOME- Schedule of Ta

TAXES ON INCOME- Schedule of Taxes by Jurisdiction and Classification (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Current income tax expense:
Federal	$ 9.7	$ 9.8	$ 3.7
State and local	0.6	0.3	0.2
Foreign	4.6	12.6	10.3
Total current	14.9	22.7	14.2
Deferred income tax (benefit) expense:
Federal	38.5	(38)	0.4
State and local	(1.1)	(0.2)	(0.9)
Foreign	(0.1)	(1.9)	0
Total deferred	37.3	(40.1)	(0.5)
Income tax expense (benefit)	52.2	(17.4)	13.7
United States	(15.1)	(6.2)	16.4
Foreign	20.1	37.5	28.1
Income before taxes	$ 5	$ 31.3	$ 44.5

TAXES ON INCOME - Income Tax Ra

TAXES ON INCOME - Income Tax Rate Reconciliation (Details)	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21%	21%	21%
State and local taxes, net of federal tax benefit	(7.50%)	0.30%	(1.40%)
Statutory rate change impact on prior year deferreds	(0.30%)	0%	1.10%
Return to provision	(30.90%)	(4.70%)	(2.10%)
Research and development credit	(41.90%)	(8.40%)	(0.90%)
Foreign rate difference	(1.60%)	6.30%	6.50%
Share-based compensation	43.60%	3.80%	1%
Change in valuation allowance	1,101.10%	(65.70%)	6.30%
U.S. tax reform - international provisions	(32.00%)	(9.20%)	(4.60%)
Other	(7.50%)	1%	3.90%
Effective tax rate	1,044%	(55.60%)	30.80%

TAXES ON INCOME - Deferred Tax

TAXES ON INCOME - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022	Oct. 01, 2021
Deferred tax assets:
Inventory adjustments	$ 4.7	$ 5.9
Share-based compensation	6.3	6.7
Product warranty	2	1.5
Unrealized exchange gain	3	2.5
Deferred compensation	1.7	1.4
Net operating loss carryforwards	18.9	19.4
Accrued vacation	0.6	0.3
Accrued incentives	0.3	2
Credit carryforwards	3.6	2.7
Deferred financing fees	2.5	5.7
Capitalized interest	1.1	1.1
Lease liabilities	7.5	6.1
Investments in privately held companies	4	3.2
Research and experimentation capitalization	30.8	17.6
Royalty advance	6.6	0
Other DTA	3.9	4.1
Deferred tax assets, gross	97.5	80.2
Valuation allowance	(74.7)	(18.7)	$ (32.2)	$ (30.2)
Total deferred tax assets	22.8	61.5
Deferred tax liabilities:
Acquired intangibles	(3.9)	(5.3)
Property, plant and equipment	(7.1)	(8)
Operating lease assets	(7.3)	(6)
Other DTL	(1.2)	(0.9)
Total deferred tax liabilities	(19.5)	(20.2)
Net deferred tax assets	$ 3.3	$ 41.3

TAXES ON INCOME - Narrative (De

TAXES ON INCOME - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities of undistributed foreign earnings	$ 0.1
Net operating loss carryforwards	18.9	$ 19.4
Operating loss carryforwards, valuation allowance (decrease) increase	56	(13.5)
Unrecognized tax benefits	1.6	1.4	$ 1.2
Income tax penalties and interest expense	0.2	$ 0.2	$ 0.2
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 18.9

TAXES ON INCOME - Valuation All

TAXES ON INCOME - Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Deferred Tax Assets Valuation Allowance
Valuation allowance balance–beginning of fiscal year	$ 18.7	$ 32.2	$ 30.2
Other increases	56	0	6.9
Other decreases	0	(13.5)	(4.9)
Valuation allowance balance—end of fiscal year	$ 74.7	$ 18.7	$ 32.2

TAXES ON INCOME - Income Tax Co

TAXES ON INCOME - Income Tax Contingency (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Unrecognized Tax Benefits
Unrecognized tax benefits balance–beginning of fiscal year	$ 1.4	$ 1.2
Additions based on tax positions related to the current year	0.2	0.2
Unrecognized tax benefits balance—end of fiscal year	$ 1.6	$ 1.4

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Sep. 27, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information
Revenues, net	$ 811	$ 893.4	$ 859.4
Gross profit	256.9	290.3	283.5
Total operating expenses	224.8	213.2	195.3
Interest and other expense, net	(27.1)	(45.8)	(43.7)
Income before taxes	5	31.3	44.5
Income tax expense (benefit)	52.2	(17.4)	13.7
Net (loss) income	(47.2)	48.7	30.8
Less: Net income attributable to noncontrolling interests	0.5	0.5	0.5
Net (loss) income attributable to Varex	(47.7)	48.2	30.3
Medical
Segment Reporting Information
Revenues, net	581.7	673.3	674.7
Gross profit	176.7	205.5	210.5
Industrial
Segment Reporting Information
Revenues, net	229.3	220.1	184.7
Gross profit	$ 80.2	$ 84.8	$ 73

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets
Revenues, net	$ 811	$ 893.4	$ 859.4
Long-Lived Assets	153.4	143.6
Americas
Revenues from External Customers and Long-Lived Assets
Revenues, net	266.5	281.8	273.3
Long-Lived Assets	109.2	101.8
United States
Revenues from External Customers and Long-Lived Assets
Revenues, net	257.7	275.1	263.7
EMEA
Revenues from External Customers and Long-Lived Assets
Revenues, net	280.3	290.7	280.8
Long-Lived Assets	27.6	22.8
APAC
Revenues from External Customers and Long-Lived Assets
Revenues, net	264.2	320.9	$ 305.3
Long-Lived Assets	$ 16.6	$ 19

EMPLOYEE BENEFIT PLANS - (Detai

EMPLOYEE BENEFIT PLANS - (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Employer discretionary contribution amount	$ 4.6	$ 4.9	$ 4.4
Defined benefit pension plan liability	5.9	5.2
Net periodic benefit cost	$ 0	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	$ 581	$ 546.7	$ 496.5
Other comprehensive (loss) income before reclassifications	(3.8)	(5.6)
Adjustments reclassified out of accumulated other comprehensive loss	0.1	0.2
Income tax impact		0.2
Foreign currency translation adjustments	(1.9)	(0.5)	(0.6)
Balance at ending of period	549.2	581	546.7
Accumulated Other Comprehensive Income (Loss)
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(1.2)	0.1
Balance at ending of period	(2.9)	(1.2)	0.1
(Loss) Income on Forward Contracts
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(0.5)	(0.6)
Other comprehensive (loss) income before reclassifications	0	0
Adjustments reclassified out of accumulated other comprehensive loss	0.1	0.1
Income tax impact		0
Foreign currency translation adjustments	0	0
Balance at ending of period	(0.4)	(0.5)	(0.6)
Unrealized Gain (Loss) on Defined Benefit Obligations
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(0.4)	0.6
Other comprehensive (loss) income before reclassifications	0	(1.2)
Adjustments reclassified out of accumulated other comprehensive loss	0	0
Income tax impact		0.2
Foreign currency translation adjustments	0	0
Balance at ending of period	(0.4)	(0.4)	0.6
CTA, Including Impact of Net Investment Hedge
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	(0.3)	0.2
Other comprehensive (loss) income before reclassifications	(3.9)	(4.4)
Adjustments reclassified out of accumulated other comprehensive loss	0	0
Income tax impact		0
Foreign currency translation adjustments	2	3.9
Balance at ending of period	(2.2)	(0.3)	0.2
Unrealized (Loss) Income on Available-For-Sale Securities
Changes In Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period	0	(0.1)
Other comprehensive (loss) income before reclassifications	0.1	0
Adjustments reclassified out of accumulated other comprehensive loss	0	0.1
Income tax impact		0
Foreign currency translation adjustments	0	0
Balance at ending of period	$ 0.1	$ 0	$ (0.1)