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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Jul. 01, 2023
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:
|  | Fair Value Hierarchy Level |  | July 1, 2023 |  | July 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 |  | $ | 2.7 |  |  | $ | 2.7 |  |  | $ | 13.4 |  |  | $ | 13.4 |  |  | $ | 64.3 |  |  | $ | 64.3 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities in non-qualified retirement plan assets |  | Level 1 |  | 41.0 |  |  | 41.0 |  |  | 40.3 |  |  | 40.3 |  |  | 38.4 |  |  | 38.4 |
Convertible debt investments |  | Level 3 |  | 86.5 |  |  | 86.5 |  |  | 139.1 |  |  | 139.1 |  |  | 117.0 |  |  | 117.0 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit facilities – revolving loans |  | Level 2 |  | 145.1 |  |  | 145.1 |  |  | 617.4 |  |  | 617.4 |  |  | 300.5 |  |  | 300.5 |
Credit facilities – term loans |  | Level 2 |  | 937.5 |  |  | 937.5 |  |  | 987.5 |  |  | 987.5 |  |  | 975.0 |  |  | 975.0 |
Senior Notes due 2031 – 4.000% |  | Level 2 |  | 500.0 |  |  | 392.5 |  |  | 500.0 |  |  | 373.1 |  |  | 500.0 |  |  | 350.6 |
Senior Notes due 2032 – 4.375% |  | Level 2 |  | 400.0 |  |  | 316.0 |  |  | 400.0 |  |  | 302.0 |  |  | 400.0 |  |  | 284.0 |
Senior Notes due 2029 – 4.500% |  | Level 2 |  | 450.0 |  |  | 389.3 |  |  | 450.0 |  |  | 365.1 |  |  | 450.0 |  |  | 325.7 |
Senior Notes due 2026 – 5.250% |  | Level 2 |  | 250.0 |  |  | 236.9 |  |  | 250.0 |  |  | 232.5 |  |  | 250.0 |  |  | 230.0 |
Receivables facility |  | Level 2 |  | 398.0 |  |  | 398.0 |  |  | 250.0 |  |  | 250.0 |  |  | 75.0 |  |  | 75.0 |
Other debt |  | Level 2 |  | 0.8 |  |  | 0.8 |  |  | 15.9 |  |  | 15.9 |  |  | 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 |  | Nine Months Ended
| July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Fair value at beginning of period | $ | 84.8 |  |  | $ | 192.4 |  |  | $ | 117.0 |  |  | $ | 190.3 |
Purchases | — |  | 25.0 |  | — |  | 25.0
Total realized / unrealized gains included in net earnings | 1.1 |  |  | 0.9 |  |  | 3.0 |  |  | 2.7 |
Total realized / unrealized gains (losses) included in OCI | 0.6 |  |  | (79.2) |  |  | (33.5) |  | (78.9) |
Fair value at end of period | $ | 86.5 |  |  | $ | 139.1 |  |  | $ | 86.5 |  |  | $ | 139.1 |
The amortized cost basis of convertible debt investments was $225.0, $221.1, and $222.1 at July 1, 2023, July 2, 2022, and September 30, 2022, respectively. At July 1, 2023, July 2, 2022, and September 30, 2022, gross unrealized losses on convertible debt investments were $138.5, $82.0, and $105.1 respectively. These investments have been in a continuous unrealized loss position for greater than 12 months as of July 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 July 1, 2023. At July 1, 2023, the period until scheduled maturity of the Company’s convertible debt investments was between 4.2 years and 6.2 years.

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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 -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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