Fair Value Measurements

9 Months Ended

Jul. 02, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsAssets and liabilities measured at fair value on a recurring basis (in millions):

			Fair Value Measurements at Reporting Date Using
	Balance at July 2, 2023		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	$	3,357.0	$	3,357.0	$	—	$	—
Short-term investments:
Available-for-sale debt securities
Corporate debt securities	68.4		—		68.4		—
U.S. government treasury securities	6.9		6.9		—		—
Foreign government obligations	3.9		—		3.9		—
Total available-for-sale debt securities	79.2		6.9		72.3		—
Structured deposits	111.1		—		111.1		—
Marketable equity securities	72.7		72.7		—		—
Total short-term investments	263.0		79.6		183.4		—
Prepaid expenses and other current assets:
Derivative assets	34.3		—		34.3		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	86.3		—		86.3		—
Mortgage and other asset-backed securities	47.5		—		47.5		—
State and local government obligations	1.3		—		1.3		—
U.S. government treasury securities	103.5		103.5		—		—
Total long-term investments	238.6		103.5		135.1		—
Other long-term assets:
Derivative assets	134.7		—		134.7		—
Total assets	$	4,027.6	$	3,540.1	$	487.5	$	—
Liabilities:
Accrued liabilities:
Derivative liabilities	$	24.6	$	—	$	24.6	$	—
Other long-term liabilities:
Derivative liabilities	42.6		—		42.6		—
Total liabilities	$	67.2	$	—	$	67.2	$	—

			Fair Value Measurements at Reporting Date Using
	Balance at October 2, 2022		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	$	2,818.4	$	2,797.3	$	21.1	$	—
Short-term investments:
Available-for-sale debt securities
Corporate debt securities	22.4		—		22.4		—
U.S. government treasury securities	9.3		9.3		—		—
Total available-for-sale debt securities	31.7		9.3		22.4		—
Structured deposits	275.1		—		275.1		—
Marketable equity securities	57.7		57.7		—		—
Total short-term investments	364.5		67.0		297.5		—
Prepaid expenses and other current assets:
Derivative assets	75.1		—		75.1		—
Long-term investments:
Available-for-sale debt securities
Corporate debt securities	134.7		—		134.7		—
Foreign government obligations	3.8		—		3.8		—
Mortgage and other asset-backed securities	56.5		—		56.5		—
State and local government obligations	1.3		—		1.3		—
U.S. government treasury securities	82.8		82.8		—		—
Total long-term investments	279.1		82.8		196.3		—
Other long-term assets:
Derivative assets	156.2		—		156.2		—
Total assets	$	3,693.3	$	2,947.1	$	746.2	$	—
Liabilities:
Accrued liabilities:
Derivative liabilities	$	21.0	$	—	$	21.0	$	—
Other long-term liabilities:
Derivative liabilities	34.0		—		34.0		—
Total liabilities	$	55.0	$	—	$	55.0	$	—

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 available-for-sale debt securities, structured deposits and marketable equity securities were not material as of July 2, 2023 and October 2, 2022.

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, ROU assets, goodwill and other intangible assets and other assets. These assets are measured at fair value if determined to be impaired.

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 July 2, 2023 and July 3, 2022.