FAIR VALUE MEASUREMENTS

6 Months Ended

Mar. 30, 2024

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	March 30, 2024				April 1, 2023				September 30, 2023
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash equivalents	Level 1	$	28.1	$	28.1	$	2.9	$	2.9	$	1.2	$	1.2




Other
Investment securities in non-qualified retirement plan assets	Level 1	42.3		42.3		39.0		39.0		36.3		36.3


Convertible debt investments	Level 3	84.5		84.5		84.8		84.8		85.8		85.8

Liabilities




Debt instruments
Credit facilities – revolving loans	Level 2	314.2		314.2		642.5		642.5		88.3		88.3
Credit facilities – term loans	Level 2	900.0		900.0		950.0		950.0		925.0		925.0
Senior Notes due 2031 – 4.000%	Level 2	500.0		427.5		500.0		398.8		500.0		380.0
Senior Notes due 2032 – 4.375%	Level 2	400.0		344.0		400.0		320.5		400.0		304.0
Senior Notes due 2029 – 4.500%	Level 2	450.0		405.0		450.0		388.1		450.0		366.8
Senior Notes due 2026 – 5.250%	Level 2	250.0		245.6		250.0		238.8		250.0		233.1

Receivables facility	Level 2	—		—		380.0		380.0		—		—

Other debt	Level 2	5.5		5.5		3.1		3.1		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				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Fair value at beginning of period	$	85.0	$	91.2	$	85.8	$	117.0

Total realized / unrealized gains included in net earnings	0.1		0.9		0.2		1.9
Total realized / unrealized losses included in OCI	(0.6)		(7.3)		(1.5)		(34.1)
Fair value at end of period	$	84.5	$	84.8	$	84.5	$	84.8

The amortized cost basis of convertible debt investments was $226.0, $224.0, and $225.8 at March 30, 2024, April 1, 2023, and September 30, 2023, respectively. At March 30, 2024, April 1, 2023, and September 30, 2023, gross unrealized losses on convertible debt investments were $141.4, $139.2, 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 March 30, 2024. The allowance for expected credit losses was $101.3, $0.0 and $101.3 at March 30, 2024, April 1, 2023 and September 30, 2023, respectively. At March 30, 2024, the period until scheduled maturity of the Company’s convertible debt investments was between 3.4 years and 5.5 years.