Fair Value Measurements

6 Months Ended

Apr. 01, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis (in millions):

			Fair Value Measurements at Reporting Date Using
	Balance at Apr 1, 2018		Quoted Prices in Active Markets for  Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents	$	2,142.0	$	2,142.0	$	—	$	—
Short-term investments:
Available-for-sale securities
Corporate debt securities	19.0		—		19.0		—
U.S. government treasury securities	10.5		10.5		—		—
Mortgage and other asset-backed securities	1.8		—		1.8		—
Total available-for-sale securities	31.3		10.5		20.8		—
Trading securities	69.2		69.2		—		—
Total short-term investments	100.5		79.7		20.8		—
Prepaid expenses and other current assets:
Derivative assets	23.4		0.3		23.1		—
Long-term investments:
Available-for-sale securities
Agency obligations	8.4		—		8.4		—
Corporate debt securities	126.8		—		126.8		—
Auction rate securities	5.9		—		—		5.9
Foreign government obligations	12.1		—		12.1		—
U.S. government treasury securities	102.8		102.8		—		—
State and local government obligations	4.8		—		4.8		—
Mortgage and other asset-backed securities	32.3		—		32.3		—
Total long-term investments	293.1		102.8		184.4		5.9
Other long-term assets:
Derivative assets	1.6		—		1.6		—
Total assets	$	2,560.6	$	2,324.8	$	229.9	$	5.9
Liabilities:
Accrued liabilities:
Derivative liabilities	$	18.7	$	2.5	$	16.2	$	—
Other long-term liabilities:
Derivative liabilities	64.1		—		64.1		—
Total liabilities	$	82.8	$	2.5	$	80.3	$	—

			Fair Value Measurements at Reporting Date Using
	Balance at Oct 1, 2017		Quoted Prices in Active Markets for  Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents	$	2,462.3	$	2,462.3	$	—	$	—
Short-term investments:
Available-for-sale securities
Agency obligations	7.5		—		7.5		—
Commercial paper	2.0		—		2.0		—
Corporate debt securities	49.4		—		49.4		—
Foreign government obligations	7.1		—		7.1		—
U.S. government treasury securities	81.4		81.4		—		—
State and local government obligations	2.0		—		2.0		—
Certificates of deposit	2.3		—		2.3		—
Total available-for-sale securities	151.7		81.4		70.3		—
Trading securities	76.9		76.9		—		—
Total short-term investments	228.6		158.3		70.3		—
Prepaid expenses and other current assets:
Derivative assets	13.4		0.1		13.3		—
Long-term investments:
Available-for-sale securities
Agency obligations	21.8		—		21.8		—
Corporate debt securities	207.4		—		207.4		—
Auction rate securities	5.9		—		—		5.9
Foreign government obligations	17.1		—		17.1		—
U.S. government treasury securities	127.4		127.4		—		—
State and local government obligations	7.0		—		7.0		—
Mortgage and other asset-backed securities	155.7		—		155.7		—
Total long-term investments	542.3		127.4		409.0		5.9
Other long-term assets:
Derivative assets	24.4		—		24.4		—
Total assets	$	3,271.0	$	2,748.1	$	517.0	$	5.9
Liabilities:
Accrued liabilities:
Derivative liabilities	$	16.4	$	2.5	$	13.9	$	—
Other long-term liabilities:
Derivative liabilities	22.1		—		22.1		—
Total liabilities	$	38.5	$	2.5	$	36.0	$	—

There were no material transfers between levels, and there was no significant activity within Level 3 instruments during the periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.

Gross unrealized holding gains and losses on investments were not material as of April 1, 2018 and October 1, 2017.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recognized or disclosed at fair value on the condensed consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, goodwill and other intangible assets, equity and cost method investments and other assets. These assets are measured at fair value if determined to be impaired.

The strength of the Swiss franc, continued shift of consumer behaviors to neighboring countries and the relocations of certain businesses in recent years have sustained beyond our prior projections. Moreover, the investments and improvements we have made have not sufficiently slowed the performance decline as quickly as we anticipated. Therefore, we do not expect to fully recover the Switzerland retail reporting unit's carrying value and recorded a goodwill impairment charge of $28.5 million during the second quarter of fiscal 2018.

Other than the aforementioned fair value adjustment, there were no other material fair value adjustments during the quarter and two quarters ended April 1, 2018 and April 2, 2017. The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 8, Debt.