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Fair Value (Tables)
 12 Months Ended
Sep. 26, 2014
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a 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

 

Type of Instruments

 

Quoted Prices in

Active Markets

for Identical Instruments

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

Unobservable Inputs

(Level 3)

 

 

Total

Balance

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at September 26, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale corporate debt securities

 

$

-

 

 

$

-

 

 

$

75.6

 

 

$

75.6

 

Derivative assets

 

 

-

 

 

 

1.5

 

 

 

-

 

 

 

1.5

 

Total assets measured at fair value

 

$

-

 

 

$

1.5

 

 

$

75.6

 

 

$

77.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities at September 26, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

(7.5

)

 

$

(7.5

)

Total liabilities measured at fair value

 

$

-

 

 

$

-

 

 

$

(7.5

)

 

$

(7.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at September 27, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

50.0

 

 

$

-

 

 

$

-

 

 

$

50.0

 

Available-for-sale corporate debt securities

 

 

-

 

 

 

-

 

 

 

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):

 

(In millions)

Available-For-Sale

Corporate Debt

Securities

 

 

Contingent

Consideration

 

 

Option to Purchase

a Privately-Held

Company

 

Balance at September 27, 2013

$

62.7

 

 

$

(2.5

)

 

$

1.4

 

Additions (1)

 

51.0

 

 

 

(6.2

)

 

 

 

 

Sale of portion of corporate debt security (2)

 

(38.1

)

 

 

-

 

 

 

 

 

Settlements (3)

 

-

 

 

 

0.5

 

 

 

 

 

Change in fair value recognized in earnings

 

-

 

 

 

0.7

 

 

 

(1.4

)

Balance at September 26, 2014

$

75.6

 

 

$

(7.5

)

 

$

-

 

1.

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

2.

Refer to Note 16 “CPTC Loans”

3.

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

For the fiscal year ended September 26, 2014, the Company’s assets that were measured at fair value on a nonrecurring basis are summarized below:

 

 

 

 

 

 

 

 

 

(in millions)

Carrying

Value as of

End of Period

 

 

Total Losses for

Fiscal Year 2014

 

Equity Investment in Augmenix

$

7.3

 

 

$

6.3