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Trade Receivables and Allowance for Credit Losses | 9 Months Ended
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Jun. 25, 2022
Receivables [Abstract] |
Trade Receivables and Allowance for Credit Losses | Trade Receivables and Allowance for Credit Losses Effective September 27, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The expected credit losses are developed using an estimated loss rate method that considers historical collection experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The estimated loss rates are applied to trade receivables with similar risk characteristics such as the length of time the balance has been outstanding and the location of the customer. In certain instances, the Company may identify individual trade receivable assets that do not share risk characteristics with other trade receivables, in which case the Company records its expected credit losses on an individual asset basis. For example, potential adverse changes to customer liquidity from new macroeconomic events, such as the COVID-19 pandemic, must be taken into consideration. To date, the Company has not experienced significant customer payment defaults, or identified other significant collectability concerns as a result of the COVID-19 pandemic. In connection with assessing credit losses for individual trade receivable assets, the Company considers significant factors relevant to collectability including those specific to the customer such as bankruptcy, length of time an account is outstanding, and the liquidity and financial position of the customer. If a trade receivable asset is evaluated on an individual basis, the Company excludes those assets from the portfolios of trade receivables evaluated on a collective basis. The following is a rollforward of the allowance for credit losses as of June 25, 2022 compared to June 26, 2021:
|  | Balance at Beginning of Period |  | Credit Loss |  |  |  | Write- offs and Payments |  | Balance at End of Period
Nine Months Ended |  |  |  |  |  |  |  |  |  |
June 25, 2022 |  | $ | 40.5 |  |  | $ | 4.4 |  |  |  |  | $ | (3.9) |  |  | $ | 41.0 |
June 26, 2021 |  | $ | 31.6 |  |  | $ | 11.6 |  |  |  |  | $ | (3.4) |  |  | $ | 39.8 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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