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Fair Value Measurements (Tables)
3 Months Ended
Sep. 24, 2020
Fair Value Disclosures [Abstract]  
Schedule of Other Assets
Other investments consisted of the following (in millions):
As of
September 24, 2020December 26, 2019
Investment in AC JV, LLC (1)
$0.8 $0.9 
Other investments0.1 0.1 
Total$0.9 $1.0 
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(1)Refer to Note 5—Related Party Transactions. This investment is accounted for utilizing the equity method.
Estimated Fair Values of Company's Financial Instruments The estimated fair values of the Company’s financial instruments where carrying values do not approximate fair value were as follows (in millions):
As of September 24, 2020As of December 26, 2019
Carrying Value
Fair Value (1)
Carrying Value
Fair Value (1)
Term loans$264.6 $217.0 $266.6 $266.9 
Notes due 2026230.0 158.2 230.0 226.2 
Notes due 2028400.0 343.0 400.0 426.7 
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(1)If the Company were to measure the borrowings in the above table at fair value on the balance sheet they would be classified as Level 2 based upon the inputs utilized.
Fair Values of the Company's Assets The fair values of the Company’s assets and liabilities measured on a recurring basis pursuant to ASC 820-10, Fair Value Measurements and Disclosures are as follows (in millions):
Fair Value Measurements at Reporting Date Using
Fair Value as of September 24, 2020Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
ASSETS:
Cash equivalents (1)
$51.3 $51.3 $— $— 
Short-term marketable securities (2)
1.3 — 1.3 — 
Long-term marketable securities (2)
1.7 — 1.7 — 
Total assets$54.3 $51.3 $3.0 $— 
Fair Value Measurements at Reporting Date Using
Fair Value as of December 26, 2019Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
ASSETS:
Cash equivalents (1)
$28.8 $16.8 $12.0 $— 
Short-term marketable securities (2)
17.5 — 17.5 — 
Long-term marketable securities (2)
7.5 — 7.5 — 
Total assets$53.8 $16.8 $37.0 $— 
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(1)Cash Equivalents—The Company’s cash equivalents are carried at estimated fair value following the Company's election of the fair value option.  Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts and commercial paper with original maturities of three months or less, which are classified as Level 2 and are valued as described below.
(2)Short-Term and Long-Term Marketable Securities—The carrying amount and fair value of the marketable securities are equivalent since the Company accounts for these instruments at fair value. The Company’s government agency bonds, commercial paper and certificates of deposit are valued using third party broker quotes. The value of the
Company’s government agency bonds is derived from quoted market information. The inputs in the valuation are classified as Level 1 if there is an active market for these securities; however, if an active market does not exist, the inputs are recorded at a lower level in the fair value hierarchy. The value of commercial paper and certificates of deposit is derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such are generally classified as Level 2 in the fair value hierarchy. As of September 24, 2020, there was $2.8 million of available-for-sale debt securities in unrealized loss positions without an allowance for credit losses. The Company has not recorded an allowance for credit losses for the marketable securities balance as of September 24, 2020 given the immaterial difference between the amortized cost basis and the aggregate fair value of the Company's securities.
Schedule of Marketable Securities
The amortized cost basis, aggregate fair value and maturities of the marketable securities the Company held as of September 24, 2020 and December 26, 2019 were as follows:
As of September 24, 2020
Amortized Cost
Basis
(in millions)
Aggregate Fair
Value
(in millions)
Maturities (1)
(in years)
MARKETABLE SECURITIES:
Short-term certificates of deposit$1.3 $1.3 0.3
Total short-term marketable securities1.3 1.3 
Long-term certificates of deposit1.8 1.7 3.4
Total long-term marketable securities1.8 1.7 
Total marketable securities$3.1 $3.0 
As of December 26, 2019
Amortized Cost
Basis
(in millions)
Aggregate Fair
Value
(in millions)
Maturities (1)
(in years)
MARKETABLE SECURITIES:
Short-term U.S. government agency bonds$3.5 $3.5 0.4
Short-term certificates of deposit0.9 0.9 0.8
Short-term municipal bonds1.2 1.2 0.5
Short-term commercial paper:
Financial8.0 7.9 0.3
Industrial4.0 4.0 0.2
Total short-term marketable securities17.6 17.5 
Long-term U.S. government agency bonds4.5 4.5 2.2
Long-term certificates of deposit3.0 3.0 3.6
Total long-term marketable securities7.5 7.5 
Total marketable securities$25.1 $25.0 
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(1)Maturities—Securities available for sale include obligations with various contractual maturity dates some of which are greater than one year. The Company considers the securities to be liquid and convertible to cash within 30 days.