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Fair Value | 12 Months Ended
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Sep. 28, 2018
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the fiscal year ended September 28, 2018. Contingent consideration related to business combinations is recorded as a Level 3 liability because management uses significant judgments and unobservable inputs to determine the fair value. The Company reassesses the fair value of its contingent consideration liabilities on a quarterly basis and records any fair value adjustments to earnings in the period that they are determined. The decrease in Level 3 liabilities during fiscal 2018, relates to net adjustments to the fair value of contingent consideration liabilities, which were included in selling, general and administrative expenses, partially offset by the fair value of the contingent consideration associated with a business combination completed during the period, as detailed in Note 3 of these Notes to Consolidated Financial Statements. The fair value of the contingent consideration was determined using a probabilistic Black-Scholes pricing model calibrated to the expected revenue forecast to be generated from the acquired business over a one-year period. Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):
| As of September 28, 2018 |  | As of September 29, 2017
|  |  | Fair Value Measurements |  |  |  | Fair Value Measurements
| Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents* | $ | 79.3 |  |  | $ | 29.7 |  |  | $ | 49.6 |  |  | $ | — |  |  | $ | 592.6 |  |  | $ | 592.6 |  |  | $ | — |  |  | $ | — |
U.S. Treasury and government securities | 65.0 |  |  | 15.0 |  |  | 50.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds and notes | 216.0 |  |  | — |  |  | 216.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Municipal bonds | 2.8 |  |  | — |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other government securities | 33.1 |  |  | — |  |  | 33.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 396.2 |  |  | $ | 44.7 |  |  | $ | 351.5 |  |  | $ | — |  |  | $ | 592.6 |  |  | $ | 592.6 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 3.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | 11.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.9 |
Total | $ | 3.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | 11.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.9 |
* Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, foreign government bonds, commercial paper, and agency securities purchased with less than ninety days until maturity. The following table summarizes changes to the fair value of the Level 3 liabilities (in millions):
| Contingent Consideration
Balance as of September 29, 2017 | $ | 11.9 |
Increases to Level 3 liabilities | 3.1 |
Changes in fair value included in earnings | (11.9 | )
Balance as of September 28, 2018 | $ | 3.1 |
Assets Measured and Recorded at Fair Value on a Nonrecurring Basis The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment.

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- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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