FAIR VALUE MEASUREMENTS

6 Months Ended

Apr. 01, 2023

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


	Fair Value Hierarchy Level	April 1, 2023				April 2, 2022				September 30, 2022
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash equivalents	Level 1	$	2.9	$	2.9	$	3.8	$	3.8	$	64.3	$	64.3




Other
Investment securities in non-qualified retirement plan assets	Level 1	39.0		39.0		47.4		47.4		38.4		38.4


Convertible debt investments	Level 3	84.8		84.8		192.4		192.4		117.0		117.0

Liabilities




Debt instruments
Credit facilities – revolving loans	Level 2	642.5		642.5		1,135.0		1,135.0		300.5		300.5
Credit facilities – term loans	Level 2	950.0		950.0		650.0		650.0		975.0		975.0
Senior Notes due 2031 – 4.000%	Level 2	500.0		398.8		500.0		437.5		500.0		350.6
Senior Notes due 2032 – 4.375%	Level 2	400.0		320.5		400.0		352.0		400.0		284.0
Senior Notes due 2029 – 4.500%	Level 2	450.0		388.1		450.0		420.8		450.0		325.7
Senior Notes due 2026 – 5.250%	Level 2	250.0		238.8		250.0		252.5		250.0		230.0

Receivables facility	Level 2	380.0		380.0		400.0		400.0		75.0		75.0

Other debt	Level 2	3.1		3.1		13.6		13.6		12.7		12.7

Changes in the balance of Level 3 convertible debt investments carried at fair value are presented below. There were no transfers into or out of Level 3.


	Three Months Ended				Six Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Fair value at beginning of period	$	91.2	$	191.3	$	117.0	$	190.3

Total realized / unrealized gains included in net earnings	0.9		1.0		1.9		1.7
Total realized / unrealized gains (losses) included in OCI	(7.3)		0.1		(34.1)		0.4
Fair value at end of period	$	84.8	$	192.4	$	84.8	$	192.4

The amortized cost basis of convertible debt investments was $224.0, $195.1, and $222.1 at April 1, 2023, April 2, 2022, and September 30, 2022, respectively. At April 1, 2023, April 2, 2022, and September 30, 2022, gross unrealized losses on convertible debt investments were $139.2, $2.8, and $105.1 respectively. These investments have been in a continuous unrealized loss position for greater than 12 months as of April 1, 2023. 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. The Company believes it will recover its cost basis in the convertible debt securities and that the Company has the ability to hold the securities until they recover in value and had no intent to sell or convert them at April 1, 2023. At April 1, 2023, the period until scheduled maturity of the Company’s convertible debt investments was between 4.4 years and 6.5 years.