Fair Value Measurements

9 Months Ended

Jun. 28, 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 June 28, 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	$	3,965.9	$	3,965.9	$	—	$	—
Short-term investments:
Available-for-sale debt securities
Commercial paper	37.6		—		37.6		—
Corporate debt securities	106.0		—		106.0		—
Foreign government obligations	8.5		—		8.5		—
Mortgage and other asset-backed securities	11.8		—		11.8		—
Certificates of deposit	6.2		—		6.2		—
Total available-for-sale debt securities	170.1		—		170.1		—
Marketable equity securities	59.8		59.8		—		—
Total short-term investments	229.9		59.8		170.1		—
Prepaid expenses and other current assets:
Derivative assets	20.7		0.3		20.4		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	90.6		—		90.6		—
Auction rate securities	5.7		—		—		5.7
U.S. government treasury securities	98.9		98.9		—		—
State and local government obligations	3.6		—		3.6		—
Mortgage and other asset-backed securities	24.6		—		24.6		—
Total long-term investments	223.4		98.9		118.8		5.7
Other long-term assets:
Derivative assets	97.9		—		97.9		—
Total assets	$	4,537.8	$	4,124.9	$	407.2	$	5.7
Liabilities:
Accrued liabilities:
Derivative liabilities	$	21.3	$	14.1	$	7.2	$	—
Other long-term liabilities:
Derivative liabilities	80.0		0.1		79.9		—
Total liabilities	$	101.3	$	14.2	$	87.1	$	—

			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 June 28, 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. During our fiscal third quarter, we recorded asset impairment charges, primarily related to our store assets as discussed in Note 1, Summary of Significant Accounting Policies. Also see Note 7, Other Intangible Assets and Goodwill.

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 three quarters ended June 28, 2020 and June 30, 2019.