Investments & Fair Value Measurements (Tables)

3 Months Ended

Dec. 25, 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):

	December 25, 2020
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	976,704	$	—	$	—	$	976,704	$	976,704	$	—	$	—
Cash equivalents:
Certificate of deposit	700		—		—		700		—		700		—
Money market funds	132,620		—		—		132,620		132,620		—		—
Cash and cash equivalents	1,110,024		—		—		1,110,024		1,109,324		700		—
Short-term investments:
Certificate of deposit	2,175		1		—		2,176		—		2,176		—
U.S. agency securities	1,297		11		—		1,308		—		1,308		—
Government bonds	3,905		33		—		3,938		520		3,418		—
Commercial paper	4,035		1		—		4,036		—		4,036		—
Corporate bonds	19,057		52		(5)		19,104		—		19,104		—
Municipal debt securities	21,582		118		(1)		21,699		—		21,699		—
Short-term investments	52,051		216		(6)		52,261		520		51,741		—
Long-term investments:
U.S. agency securities	1,915		42		—		1,957		—		1,957		—
Government bonds	5,872		66		—		5,938		1,630		4,308		—
Corporate bonds	26,082		381		(2)		26,461		—		26,461		—
Municipal debt securities	10,028		125		—		10,153		—		10,153		—
Other long-term investments (1)	4,828		—		—		4,828		—		—		—
Long-term investments	48,725		614		(2)		49,337		1,630		42,879		—
Total cash, cash equivalents, and investments	$	1,210,800	$	830	$	(8)	$	1,211,622	$	1,111,474	$	95,320	$	—
Investments held in supplemental retirement plan:
Assets	4,396		—		—		4,396		4,396		—		—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities	4,396		—		—		4,396		4,396		—		—
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets	—		7,495		—		7,495		—		7,495		—

(1)Other long-term investments as of December 25, 2020 is comprised of one equity method investment which is not carried at fair value of $4.8 million.

	September 25, 2020
	Cost		Unrealized						Estimated Fair Value
			Gains		Losses		Total		Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash	$	856,740	$	—	$	—	$	856,740	$	856,740	$	—	$	—
Cash equivalents:
Commercial paper	900		—		—		900		—		900		—
Money market funds	214,111		—		—		214,111		214,111		—		—
Government bonds	125		—		—		125		125		—		—
Cash and cash equivalents	1,071,876		—		—		1,071,876		1,070,976		900		—
Short-term investments:
Certificate of deposit	2,277		1		—		2,278		—		2,278		—
U.S. agency securities	999		12		—		1,011		—		1,011		—
Government bonds	5,118		47		—		5,165		1,370		3,795		—
Commercial paper	4,727		4		—		4,731		—		4,731		—
Corporate bonds	18,754		87		(3)		18,838		—		18,838		—
Municipal debt securities	14,828		97		—		14,925		—		14,925		—
Short-term investments	46,703		248		(3)		46,948		1,370		45,578		—
Long-term investments:
U.S. agency securities	2,214		56		—		2,270		—		2,270		—
Government bonds	5,137		80		—		5,217		1,633		3,584		—
Corporate bonds	24,657		419		(7)		25,069		—		25,069		—
Municipal debt securities	15,220		203		(6)		15,417		—		15,417		—
Other long-term investments (1)	4,176		—		—		4,176		—		—		—
Long-term investments	51,404		758		(13)		52,149		1,633		46,340		—
Total cash, cash equivalents, and investments	$	1,169,983	$	1,006	$	(16)	$	1,170,973	$	1,073,979	$	92,818	$	—
Investments held in supplemental retirement plan:
Assets	4,279		—		—		4,279		4,279		—		—
Included in prepaid expenses and other current assets and other non-current assets
Liabilities	4,279		—		—		4,279		4,279		—		—
Included in accrued liabilities and other non-current liabilities
Currency derivatives as hedge instruments:
Assets: Included in other current assets	—		4,267		—		4,267		—		4,267		—
Assets: included in other non-current assets	—		369		—		369		—		369		—
Liabilities: Included in other accrued expenses	—		—		(79)		(79)		—		(79)		—

(1)Other long-term investments as of September 25, 2020 is comprised of one equity method investment which is not carried at fair value of $4.2 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 as of December 25, 2020 and September 25, 2020 (in thousands):

	December 25, 2020				September 25, 2020
	Less Than 12 Months				Less Than 12 Months
Investment Type	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Government bonds	1,043		—		—		—
Corporate bonds	12,628		(7)		7,076		(10)
Municipal debt securities	4,258		(1)		2,505		(6)
Total	$	17,929	$	(8)	$	9,581	$	(16)

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 December 25, 2020 and September 25, 2020, which are recorded within cash equivalents and both short and long-term investments in our condensed consolidated balance sheets (in thousands):

	December 25, 2020				September 25, 2020
Range of maturity	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within 1 year	$	185,371	$	185,581	$	261,839	$	262,085
Due in 1 to 2 years	27,538		28,003		29,328		29,814
Due in 2 to 5 years	16,360		16,506		17,900		18,159
Total	$	229,269	$	230,090	$	309,067	$	310,058