FAIR VALUE MEASUREMENTS

3 Months Ended

Dec. 30, 2023

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


		December 30, 2023				December 31, 2022				September 30, 2023
	Fair Value Hierarchy Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash equivalents	Level 1	$	1.5	$	1.5	$	1.9	$	1.9	$	1.2	$	1.2




Other
Investment securities in non-qualified retirement plan assets	Level 1	40.1		40.1		37.7		37.7		36.3		36.3


Convertible debt investments	Level 3	85.0		85.0		91.2		91.2		85.8		85.8

Liabilities




Debt instruments
Credit facilities – revolving loans	Level 2	511.2		511.2		681.5		681.5		88.3		88.3
Credit facilities – term loans	Level 2	912.5		912.5		962.5		962.5		925.0		925.0
Senior Notes due 2031 – 4.000%	Level 2	500.0		425.0		500.0		375.6		500.0		380.0
Senior Notes due 2032 – 4.375%	Level 2	400.0		339.0		400.0		303.0		400.0		304.0
Senior Notes due 2029 – 4.500%	Level 2	450.0		401.6		450.0		364.5		450.0		366.8
Senior Notes due 2026 – 5.250%	Level 2	250.0		242.2		250.0		236.3		250.0		233.1

Receivables facility	Level 2	—		—		161.0		161.0		—		—

Other debt	Level 2	2.5		2.5		3.8		3.8		0.4		0.4

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
	December 30, 2023		December 31, 2022
Fair value at beginning of period	$	85.8	$	117.0

Total realized / unrealized gains included in net earnings	0.1		1.0
Total realized / unrealized losses included in OCI	(0.9)		(26.8)
Fair value at end of period	$	85.0	$	91.2

The amortized cost basis of convertible debt investments was $225.9, $223.0 and $225.8 at December 30, 2023, December 31, 2022 and September 30, 2023, respectively. At December 30, 2023, December 31, 2022 and September 30, 2023, gross unrealized losses on convertible debt investments were $140.9, $131.9 and $140.0, respectively, and there were no gross unrealized gains. These investments have been in a continuous unrealized loss position for greater than 12 months as of December 30, 2023. The allowance for expected credit losses was $101.3, $0.0 and $101.3 at December 30, 2023, December 31, 2022 and September 30, 2023, respectively. At December 30, 2023, the period until scheduled maturity of the Company’s convertible debt investments was between 3.7 years and 5.7 years.