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Fair Value Measurements | 6 Months Ended
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Mar. 26, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company has investments in derivative instruments comprised of an interest rate swap and forward foreign currency contracts, which are valued using analyses obtained from independent third party valuation specialists based on market observable inputs, representing Level 2 measurements. The fair values of these derivative contracts represent the estimated amounts the Company would receive or pay to terminate the contracts. Refer to Note 9 for further discussion and information on derivative instruments. Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following at March 26, 2022:
|  |  | Fair Value at Reporting Date Using
| Balance as of March 26, 2022 |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Interest rate swap | $ | 17.7 |  |  | $ | — |  |  | $ | 17.7 |  |  | $ | — |
Forward foreign currency contracts | 10.6 |  |  | — |  |  | 10.6 |  |  | — |
Total | $ | 28.3 |  |  | $ | — |  |  | $ | 28.3 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 58.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 58.8 |
Forward foreign currency contracts | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
Total | $ | 61.5 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 58.8 |
Liabilities Measured and Recorded at Fair Value on a Recurring Basis Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3), which solely consisted of contingent consideration liabilities, during the three and six month periods ended March 26, 2022 and March 27, 2021 were as follows:
|  | Three Month Ended |  | Six Months Ended
|  | March 26, 2022 |  | March 27, 2021 |  | March 26, 2022 |  | March 27, 2021
Balance at beginning of period | $ | 71.0 |  |  | $ | 86.4 |  |  | $ | 75.1 |  |  | $ | 81.8 |
| Contingent consideration recorded at acquisition | — |  |  | — |  |  | — |  |  | — |
| Fair value adjustments | — |  |  | (14.7) |  |  | (4.1) |  |  | (10.1) |
| Payments | (12.2) |  |  | — |  |  | (12.2) |  |  | — |
Balance at end of period | $ | 58.8 |  |  | $ | 71.7 |  |  | $ | 58.8 |  |  | $ | 71.7 |
Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company remeasures the fair value of certain assets and liabilities upon the occurrence of certain events. Such assets are comprised of equity investments and long-lived assets, including property, plant and equipment, intangible assets, goodwill and right of use assets. During the first quarter of fiscal 2022, the Company recorded a $4.3 million charge to write-off an equity method investment. There were no other remeasurements in the three and six months ended March 26, 2022 and March 27, 2021. Disclosure of Fair Value of Financial Instruments The Company’s financial instruments mainly consist of cash and cash equivalents, accounts receivable, equity investments, an interest rate swap, forward foreign currency contracts, insurance contracts, accounts payable and debt obligations. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these instruments. The Company’s interest rate swap and forward foreign currency contracts are recorded at fair value. The carrying amount of the insurance contracts are recorded at the cash surrender value, as required by GAAP, which approximates fair value. The Company believes the carrying amounts of its equity investments approximate fair value. Amounts outstanding under the Company’s 2021 Credit Agreement of $1.5 billion aggregate principal and the Securitization Program of $248.5 million as of March 26, 2022 are subject to variable interest rates based on current market rates, and as such, the Company believes the carrying amount of these obligations approximates fair value, representing Level 1 measurements. The Company’s 4.625% Senior Notes due 2028 (the "2028 Senior Note")s and 3.250% Senior Notes due 2029 (the “2029 Senior Notes") had fair values of $407.4 million and $878.3 million, respectively, as of March 26, 2022 based on their trading prices, representing Level 1 measurements. Refer to Note 7 for the carrying amounts of the various components of the Company’s debt.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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