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FAIR VALUE | 3 Months Ended
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Dec. 30, 2022
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair values of certain of the Company’s financial instruments, including bank deposits included in cash and cash equivalents, accounts receivable, net and accounts payable, approximate their fair values due to their short maturities. As of December 30, 2022, the fair values of the Company's Convertible Notes and Senior Secured Notes, as defined in Note 10, Borrowings and measured using Level 1 inputs, were $229.0 million and $239.3 million, respectively. As of September 30, 2022, the fair values of the Company's Convertible Notes and Senior Secured Notes, measured using Level 1 inputs, were $250.2 million and $241.3 million, respectively. The Company has elected to use the income approach to value its derivative instruments using standard valuation techniques and Level 2 inputs, such as currency spot rates, forward points and credit default swap spreads. In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
| Fair Value at December 30, 2022
(In millions) | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | 21.5 |  |  | $ | — |  |  | $ | 21.5 |
Commercial paper | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Corporate notes/bonds | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Government agencies | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
U.S. Treasury bills | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Derivative assets | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Deferred compensation plan(1) | 5.8 |  |  | — |  |  | — |  |  | 5.8 |
Marketable equity securities | 4.5 |  |  | — |  |  | — |  |  | 4.5 |
Total assets measured at fair value | $ | 10.3 |  |  | $ | 41.7 |  |  | $ | — |  |  | $ | 52.0 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 4.7 |
Total liabilities measured at fair value | $ | — |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | 4.7 |
| Fair Value at September 30, 2022
(In millions) | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | 36.6 |  |  | $ | — |  |  | $ | 36.6 |
Commercial paper | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Corporate notes/bonds | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Government agencies | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
U.S. Treasury bills | — |  |  | 10.2 |  |  | — |  |  | 10.2 |
Derivative assets | — |  |  | 7.5 |  |  | — |  |  | 7.5 |
Deferred compensation plan(1) | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Marketable equity securities | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Total assets measured at fair value | $ | 7.9 |  |  | $ | 64.1 |  |  | $ | — |  |  | $ | 72.0 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |
Total liabilities measured at fair value | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |
(1) The assets held under the Company's deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Marketable Debt Securities The following tables summarize the Company's marketable debt securities:
| December 30, 2022
(In millions) | Amortized Costs |  |  |  | Unrealized Losses |  | Fair Value
Commercial paper | $ | 4.9 |  |  |  |  | $ | — |  |  | $ | 4.9 |
Corporate notes/bonds | 3.7 |  |  |  |  | (0.1) |  |  | 3.6 |
U.S. Treasury bills | 10.3 |  |  |  |  | — |  |  | 10.3 |
Government agencies | 0.3 |  |  |  | — |  |  | 0.3
Total marketable debt securities | $ | 19.2 |  |  |  |  | $ | (0.1) |  |  | $ | 19.1 |
| September 30, 2022
(In millions) | Amortized Costs |  |  |  | Unrealized Losses |  | Fair Value
Commercial paper | $ | 5.9 |  |  |  |  | $ | — |  |  | $ | 5.9 |
Corporate notes/bonds | 3.7 |  |  |  |  | (0.1) |  |  | 3.6 |
U.S. Treasury bills | 10.2 |  |  |  |  | — |  |  | 10.2 |
Government agencies | 0.3 |  |  |  | — |  |  | 0.3
Total marketable debt securities | $ | 20.1 |  |  |  |  | $ | (0.1) |  |  | $ | 20.0 |
The contractual maturities of marketable debt securities as of December 30, 2022, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.
| December 30, 2022
(In millions) | Amortized Costs |  | Fair Value
Contractual maturities: |  |  |
Due within one year | $ | 16.8 |  |  | $ | 16.7 |
Due after one year through five years | 2.4 |  |  | 2.4 |
Total marketable debt securities | $ | 19.2 |  |  | $ | 19.1 |
During the three months ended December 30, 2022, there were no gross realized gains or losses from the sale of certain marketable debt securities that were reclassified out of accumulated other comprehensive income. The following tables summarize the balance sheet locations for marketable debt securities:
| December 30, 2022
(In millions) | Commercial paper |  | Corporate notes/bonds |  | Government agencies |  | Treasury bills |  | Total
Prepaid expenses and other current assets | $ | 4.9 |  |  | $ | 2.4 |  |  | $ | 0.3 |  |  | $ | 9.1 |  |  | $ | 16.7 |
Other assets | — |  |  | 1.2 |  |  | — |  |  | 1.2 |  |  | 2.4 |
Total marketable debt securities | $ | 4.9 |  |  | $ | 3.6 |  |  | $ | 0.3 |  |  | $ | 10.3 |  |  | $ | 19.1 |
| September 30, 2022
(In millions) | Commercial paper |  | Corporate notes/bonds |  | Government agencies |  | Treasury bills |  | Total
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | 3.3 |
Prepaid expenses and other current assets | 5.9 |  |  | 1.9 |  |  | 0.3 |  |  | 6.4 |  |  | 14.5 |
Other assets | — |  |  | 1.7 |  |  | — |  |  | 0.5 |  |  | 2.2 |
Total marketable debt securities | $ | 5.9 |  |  | $ | 3.6 |  |  | $ | 0.3 |  |  | $ | 10.2 |  |  | $ | 20.0 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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