Fair Value Measurements

6 Months Ended

Mar. 29, 2020

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 March 29,2020		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	$	2,572.3	$	2,572.3	$	—	$	—
Short-term investments:
Available-for-sale debt securities
Corporate debt securities	3.1		—		3.1		—
Total available-for-sale debt securities	3.1		—		3.1		—
Marketable equity securities	49.8		49.8		—		—
Total short-term investments	52.9		49.8		3.1		—
Prepaid expenses and other current assets:
Derivative assets	30.1		1.5		28.6		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	87.7		—		87.7		—
Auction rate securities	5.7		—		—		5.7
U.S. government treasury securities	101.5		101.5		—		—
State and local government obligations	3.6		—		3.6		—
Mortgage and other asset-backed securities	0.3		—		0.3		—
Total long-term investments	198.8		101.5		91.6		5.7
Other long-term assets:
Derivative assets	126.8		—		126.8		—
Total assets	$	2,980.9	$	2,725.1	$	250.1	$	5.7
Liabilities:
Accrued liabilities:
Derivative liabilities	$	22.3	$	7.7	$	14.6	$	—
Other long-term liabilities:
Derivative liabilities	73.5		0.1		73.4		—
Total liabilities	$	95.8	$	7.8	$	88.0	$	—

			Fair Value Measurements at Reporting Date Using
	Balance at September 29, 2019		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	$	2,686.6	$	2,686.6	$	—	$	—
Short-term investments:
Available-for-sale debt securities
Commercial paper	0.5		—		0.5		—
Corporate debt securities	3.5		—		3.5		—
Total available-for-sale debt securities	4.0		—		4.0		—
Marketable equity securities	66.5		66.5		—		—
Total short-term investments	70.5		66.5		4.0		—
Prepaid expenses and other current assets:
Derivative assets	12.6		—		12.6		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	101.2		—		101.2		—
Auction rate securities	5.8		—		—		5.8
U.S. government treasury securities	106.5		106.5		—		—
State and local government obligations	4.9		—		4.9		—
Mortgage and other asset-backed	1.6		—		1.6		—
Total long-term investments	220.0		106.5		107.7		5.8
Other long-term assets:
Derivative assets	26.3		—		26.3		—
Total assets	$	3,016.0	$	2,859.6	$	150.6	$	5.8
Liabilities:
Accrued liabilities:
Derivative liabilities	$	5.7	$	1.1	$	4.6	$	—
Other long-term liabilities:
Derivative liabilities	12.5		—		12.5		—
Total liabilities	$	18.2	$	1.1	$	17.1	$	—

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 available-for-sale debt securities and marketable equity securities were not material as of March 29, 2020 and September 29, 2019.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, goodwill and other intangible assets and other assets. These assets are measured at fair value if determined to be impaired. As discussed in Note 1, Summary of Significant Accounting Policies, we recorded an immaterial impairment charge during the quarter ended March 29, 2020.

The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 8, Debt. There were no material fair value adjustments during the two quarters ended March 29, 2020 and March 31, 2019.