Fair Value

12 Months Ended

Oct. 02, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE

4.    FAIR VALUE

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The Company measures certain assets and liabilities at fair value on a recurring basis such as its financial instruments. There have been no transfers between Level 1, 2 or 3 assets or liabilities during the fiscal year ended October 2, 2020.

Assets and liabilities recorded at fair value on a recurring basis consisted of the following (in millions):         

	As of October 2, 2020								As of September 27, 2019
			Fair Value Measurements								Fair Value Measurements
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents*	$	566.7	$	561.2	$	5.5	$	—	$	851.3	$	809.5	$	41.8	$	—
U.S. Treasury and government securities	134.4		43.2		91.2		—		54.2		28.4		25.8		—
Corporate bonds and notes	276.8		—		276.8		—		72.1		—		72.1		—
Municipal bonds	2.1		—		2.1		—		104.6		—		104.6		—
Total	$	980.0	$	604.4	$	375.6	$	—	$	1,082.2	$	837.9	$	244.3	$	—

* Cash equivalents included in Levels 1 and 2 consist of money market funds and corporate bonds and notes, commercial paper, and agency securities purchased with less than ninety days until maturity.

Assets Measured and Recorded at Fair Value on a Nonrecurring Basis

The Company’s non-financial assets and liabilities, such as goodwill, intangible assets, and other long-lived assets resulting from business combinations, are measured at fair value using income approach valuation methodologies at the date of acquisition and are subsequently re-measured if there are indicators of impairment. During fiscal 2020, the Company abandoned a previously capitalized IPR&D project and recorded an impairment charge of $9.8 million.