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Fair Value (Tables)
 9 Months Ended
Jun. 27, 2014
Assets and Liabilities Measured at Fair Value on Recurring Basis

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 Measurement Using

 

 

 

Quoted Prices in

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

for Identical

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

 

Instruments

 

 

Inputs

 

 

Inputs

 

 

Total

 

Type of Instruments

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Balance

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at June 27, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale corporate debt securities

 

$

-

 

 

$

-

 

 

$

69.4

 

 

$

69.4

 

Derivative assets

 

 

-

 

 

 

0.1

 

 

 

  -

 

 

 

0.1

 

Total assets measured at fair value

 

$

-

 

 

$

0.1

 

 

$

69.4

 

 

$

69.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities at June 27, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

(4.2

)

 

$

(4.2

)

Total liabilities measured at fair value

 

$

-

 

 

$

-

 

 

$

(4.2

)

 

$

(4.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at September 27, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

50.0

 

 

$

-

 

 

$

-

 

 

$

50.0

 

Available-for-sale corporate debt security

 

 

-

 

 

 

-

 

 

 

62.7

 

 

 

62.7

 

Option to purchase a privately-held company

 

 

-

 

 

 

-

 

 

 

1.4

 

 

 

1.4

 

Total assets measured at fair value

 

$

50.0

 

 

$

-

 

 

$

64.1

 

 

$

114.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities at September 27, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

$

-

 

 

$

(1.1

)

 

$

-

 

 

$

(1.1

)

Contingent consideration

 

 

-

 

 

 

-

 

 

 

(2.5

)

 

 

(2.5

)

Total liabilities measured at fair value

 

$

-

 

 

$

(1.1

)

 

$

(2.5

)

 

$

(3.6

)

 
Reconciliation for Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

The following table presents the reconciliation for all assets and liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

 

 

 

 

 

 

 

 

 

Option to

 

 

Available-For-Sale Corporate Debt

 

 

Contingent

 

 

Purchase a Privately -  Held

 

(In millions)

Securities

 

 

Consideration

 

 

Company

 

Balance at September 27, 2013

$

62.7

 

 

$

(2.5

)

 

$

1.4

 

Additions (1)

 

44.8

 

 

 

(2.9

)

 

 

-

 

Sale of a portion of available-for-sale corporate debt securities(2)

 

(38.1

)

 

 

-

 

 

 

-

 

Settlements (3)

 

-

 

 

 

0.6

 

 

 

-

 

Change in fair value recognized in earnings

 

-

 

 

 

0.6

 

 

 

(1.4

)

Balance at June 27, 2014

$

69.4

 

 

$

(4.2

)

 

$

-

 

x

Amounts reported under Available-For-Sale Corporate Debt Securities include accrued interest.

x

Refer to Note 16 “CPTC Loans”

x

Amounts reported under “Contingent Consideration” represent cash payments to settle contingent consideration liabilities.
Assets Measured at Fair Value on Nonrecurring Basis

For the three and nine months ended June 27, 2014, the Company’s assets that were measured at fair value on a nonrecurring basis are summarized below:

 

 

Net Carrying Value

 

 

Total Losses for the

 

(In millions)

as of June 27, 2014

 

 

three and nine months ended

 

Equity investment in Augmenix

$

7.3

 

 

$

6.3