XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Fair Value Measurements | 12 Months Ended
--- | ---
Sep. 27, 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 September 27, 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 | $ | 4,350.9 |  |  | $ | 4,350.9 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |
Certificates of deposit | 1.6 |  |  | — |  |  | 1.6 |  |  | — |
Commercial paper | 66.8 |  |  | — |  |  | 66.8 |  |  | — |
Corporate debt securities | 123.6 |  |  | — |  |  | 123.6 |  |  | — |
Foreign government obligations | 8.5 |  |  | — |  |  | 8.5 |  |  | — |
Mortgage and other asset-backed securities | 15.8 |  |  | — |  |  | 15.8 |  |  | — |
Total available-for-sale debt securities | 216.3 |  |  | — |  |  | 216.3 |  |  | — |
Marketable equity securities | 64.9 |  |  | 64.9 |  |  | — |  |  | — |
Total short-term investments | 281.2 |  |  | 64.9 |  |  | 216.3 |  |  | — |
Prepaid expenses and other current assets: |  |  |  |  |  |  |
Derivative assets | 15.6 |  |  | 3.6 |  |  | 12.0 |  |  | — |
Long-term investments: |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |
Auction rate securities | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Corporate debt securities | 82.6 |  |  | — |  |  | 82.6 |  |  | — |
Mortgage and other asset-backed securities | 19.3 |  |  | — |  |  | 19.3 |  |  | — |
State and local government obligations | 3.6 |  |  | — |  |  | 3.6 |  |  | — |
U.S. government treasury securities | 94.9 |  |  | 94.9 |  |  | — |  |  | — |
Total long-term investments | 206.1 |  |  | 94.9 |  |  | 105.5 |  |  | 5.7 |
Other long-term assets: |  |  |  |  |  |  |
Derivative assets | 87.3 |  |  | — |  |  | 87.3 |  |  | — |
Total assets | $ | 4,941.1 |  |  | $ | 4,514.3 |  |  | $ | 421.1 |  |  | $ | 5.7 |
Liabilities: |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 7.3 |  |  | $ | 1.9 |  |  | $ | 5.4 |  |  | $ | — |
Other long-term liabilities: |  |  |  |  |  |  |
Derivative liabilities | 79.3 |  |  | 0.1 |  |  | 79.2 |  |  | — |
Total liabilities | $ | 86.6 |  |  | $ | 2.0 |  |  | $ | 84.6 |  |  | $ | — |
|  |  | 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 |  |  |  |  |  |  |
Auction rate securities | 5.8 |  |  | — |  |  | — |  |  | 5.8 |
Corporate debt securities | 101.2 |  |  | — |  |  | 101.2 |  |  | — |
Mortgage and other asset-backed securities | 1.6 |  |  | — |  |  | 1.6 |  |  | — |
State and local government obligations | 4.9 |  |  | — |  |  | 4.9 |  |  | — |
U.S. government treasury securities | 106.5 |  |  | 106.5 |  |  | — |  |  | — |
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 | $ | 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. Available-for-sale Debt Securities Long-term investments generally mature within 4 years. Proceeds from sales of securities were $177.4 million, $291.1 million and $459.0 million for fiscal 2020, 2019 and 2018, respectively. Realized gains and losses were not material for fiscal 2020, 2019 and 2018. Gross unrealized holding gains and losses were not material as of September 27, 2020 and September 29, 2019. Marketable Equity Securities Marketable equity securities include equity mutual funds and exchange-traded funds. Our marketable equity securities portfolio approximates a portion of our liability under our MDCP, a defined contribution plan. Our MDCP liability was $91.4 million and $92.1 million as of September 27, 2020 and September 29, 2019, respectively. The changes in net unrealized holding gains and losses in the marketable equity securities portfolio included in earnings for fiscal 2020, 2019 and 2018 were not material. Gross unrealized holding gains and losses on marketable equity securities were not material as of September 27, 2020 and September 29, 2019. Derivative Assets and Liabilities Derivative assets and liabilities include foreign currency forward contracts, commodity futures contracts, collars and swaps, which are described further in Note 3, Derivative Financial Instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. These assets are measured at fair value if determined to be impaired. Impairment of property, plant and equipment and ROU assets is included in Note 1, Summary of Significant Accounting Policies. Other than the impairments discussed in Note 8, Other Intangible Assets and Goodwill, and the aforementioned fair value adjustments, there were no other material fair value adjustments during fiscal 2020 and 2019. Fair Value of Other Financial Instruments The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 9, Debt.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration