Investments & Fair Value Measurements (Tables)

6 Months Ended

Mar. 27, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule Of Financial Assets and Liabilities Carried At Fair Value

Our cash and investment portfolio consisted of the following (in thousands):

	March 27, 2020
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	704,418	$	—	$	—	$	704,418	$	704,418	$	—	$	—
Cash equivalents:
Corporate bonds	331		—		(1)		330		—		330		—
Money market funds	18,152		—		—		18,152		18,152		—		—
Municipal debt securities	2,029		2		—		2,031		—		2,031		—
Cash and cash equivalents	724,930		2		(1)		724,931		722,570		2,361		—
Short-term investments:
Certificate of deposit	5,005		1		—		5,006		—		5,006		—
U.S. agency securities	5,297		28		—		5,325		—		5,325		—
Government bonds	52,905		286		—		53,191		50,592		2,599		—
Commercial paper	16,027		29		—		16,056		—		16,056		—
Corporate bonds	82,770		117		(292)		82,595		—		82,595		—
Municipal debt securities	12,674		14		(2)		12,686		—		12,686		—
Short-term investments	174,678		475		(294)		174,859		50,592		124,267		—
Long-term investments:
Certificate of deposit	300		—		—		300		—		300		—
U.S. agency securities	8,206		283		—		8,489		—		8,489		—
Government bonds	25,866		776		—		26,642		22,522		4,120		—
Corporate bonds	73,411		397		(362)		73,446		—		73,446		—
Municipal debt securities	15,825		133		(84)		15,874		—		15,874		—
Other long-term investments (1)	2,543		—		—		2,543		—		—		—
Long-term investments	126,151		1,589		(446)		127,294		22,522		102,229		—
Total cash, cash equivalents, and investments	$	1,025,759	$	2,066	$	(741)	$	1,027,084	$	795,684	$	228,857	$	—
Investments held in supplemental retirement plan:
Assets	3,700		—		—		3,700		3,700		—		—
Included in prepaid expenses and other current assets & other non-current assets
Liabilities	3,700		—		—		3,700		3,700		—		—
Included in accrued liabilities & other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets	—		49		—		49		—		49		—
Assets: included in other non-current assets	—		106		—		106		—		106		—
Liabilities: Included in other accrued expenses	—		—		(4,269)		(4,269)		—		(4,269)		—
Liabilities: Included in other non-current liabilities	—		—		(121)		(121)		—		(121)		—

(1)Other long-term investments as of March 27, 2020 include investments that are not carried at fair value including an equity method investment of $2.5 million.

	September 27, 2019
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	680,287	$	—	$	—	$	680,287	$	680,287	$	—	$	—
Cash equivalents:
Corporate bonds	1,000		—		—		1,000		—		1,000		—
Money market funds	115,270		—		—		115,270		115,270		—		—
Government bonds	653		—		—		653		653		—		—
Cash and cash equivalents	797,210		—		—		797,210		796,210		1,000		—
Short-term investments:
Certificate of deposit	1,265		1		—		1,266		—		1,266		—
U.S. agency securities	10,973		8		(9)		10,972		—		10,972		—
Government bonds	8,381		11		(1)		8,391		5,784		2,607		—
Commercial paper	6,347		9		—		6,356		—		6,356		—
Corporate bonds	76,802		172		(34)		76,940		—		76,940		—
Municipal debt securities	15,210		18		(7)		15,221		—		15,221		—
Short-term investments	118,978		219		(51)		119,146		5,784		113,362		—
Long-term investments:
Asset backed securities	400		2		—		402		—		402		—
U.S. agency securities	7,102		146		—		7,248		—		7,248		—
Government bonds	23,563		187		—		23,750		19,670		4,080		—
Corporate bonds	134,360		1,700		—		136,060		—		136,060		—
Municipal debt securities	10,315		87		(6)		10,396		—		10,396		—
Other long-term investments (1)	1,731		—		—		1,731		—		—		—
Long-term investments	177,471		2,122		(6)		179,587		19,670		158,186		—
Total cash, cash equivalents, and investments	$	1,093,659	$	2,341	$	(57)	$	1,095,943	$	821,664	$	272,548	$	—
Investments held in supplemental retirement plan:
Assets	3,564		—		—		3,564		3,564		—		—
Included in prepaid expenses and other current assets & other non-current assets
Liabilities	3,564		—		—		3,564		3,564		—		—
Included in accrued liabilities & other non-current liabilities
Currency derivatives as hedge instruments:
Liabilities: Included in other accrued expenses	—		—		(242)		(242)		—		(242)		—
Liabilities: Included in other non-current liabilities

(1)Other long-term investments as of September 27, 2019 include an investment that is not carried at fair value including an equity method investment of $1.7 million.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table presents the gross unrealized losses and fair value for those AFS securities that were in an unrealized loss position for less than twelve months and for twelve months or greater as of March 27, 2020 and September 27, 2019 (in thousands):

	March 27, 2020								September 27, 2019
	Less Than 12 Months				12 Months Or Greater				Less Than 12 Months				12 Months Or Greater
Investment Type	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Certificate of deposit	$	—	$	—	$	—	$	—	$	300	$	—	$	—	$	—
U.S. agency securities	—		—		—		—		—		—		4,787		(9)
Government bonds	220		—		—		—		1,426		—		—		—
Corporate bonds	89,299		(649)		3,011		(6)		7,647		(3)		27,078		(32)
Municipal debt securities	5,523		(86)		—		—		9,552		(13)		900		—
Total	$	95,042	$	(735)	$	3,011	$	(6)	$	18,925	$	(16)	$	32,765	$	(41)

Available-for-sale Securities

The following table summarizes the amortized cost and estimated fair value of the AFS securities within our investment portfolio based on stated maturities as of March 27, 2020 and September 27, 2019, which are recorded within cash equivalents and both short and long-term investments in our consolidated balance sheets (in thousands):

	March 27, 2020				September 27, 2019
Range of maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	195,189	$	195,371	$	238,186	$	238,354
Due in 1 to 2 years	60,179		60,631		93,948		94,899
Due in 2 to 3 years	63,429		64,120		81,793		82,957
Total	$	318,797	$	320,122	$	413,927	$	416,210