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FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 02, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:

 

												July 2, 2022												July 3, 2021												September 30, 2021
						Fair Value Hierarchy Level						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Assets
Cash equivalents						Level 1						$	13.4					$	13.4					$	3.2					$	3.2					$	222.5					$	222.5
Other
Investment securities in non-qualified retirement plan assets						Level 1						40.3						40.3						46.5						46.5						45.0						45.0
Convertible debt investments						Level 3						139.1						139.1						—						—						190.3						190.3
Liabilities
Debt instruments
Credit facilities – revolving loans						Level 2						617.4						617.4						278.8						278.8						—						—
Credit facilities – term loans						Level 2						987.5						987.5						680.0						680.0						670.0						670.0
Senior Notes due 2031 – 4.000%						Level 2						500.0						373.1						500.0						498.8						500.0						498.8
Senior Notes due 2032 – 4.375%						Level 2						400.0						302.0						—						—						400.0						402.0
Senior Notes due 2029 – 4.500%						Level 2						450.0						365.1						450.0						468.0						450.0						466.9
Senior Notes due 2026 – 5.250%						Level 2						250.0						232.5						250.0						260.6						250.0						258.1
Receivables facility						Level 2						250.0						250.0						—						—						—						—
Other debt						Level 2						15.9						15.9						7.9						7.9						11.9						11.9

The cost basis of convertible debt investments was $218.1 and $193.1 at July 2, 2022 and September 30, 2021, respectively. Purchases of convertible debt investments were $25.0 during the three and nine months ended July 2, 2022. During the three and nine months ended July 2, 2022, the Company recorded unrealized losses of $79.2 and $78.9 in AOCL, respectively, and investment income of $0.9 and $2.7, respectively, associated with its Level 3 convertible debt investments. The amortized cost basis of convertible debt investments was $221.1 and $193.4 at July 2, 2022 and September 30, 2021, respectively. The decline in fair value of the convertible debt investments is related to a decline in the value of the underlying conversion options and is not reflective of a credit risk associated with the notes.

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- References

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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 https://asc.fasb.org/topic&trid=2155941

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