Fair Value Measurements

3 Months Ended

Dec. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis (in millions):

			Fair Value Measurements at Reporting Date Using
	Balance at December 29, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents	$	3,671.4	$	3,671.4	$	—	$	—
Short-term investments:
Available-for-sale debt securities:
Corporate debt securities	74.6		—		63.4		11.2
Foreign corporate bonds	0.3		—		0.3		—
Mortgage and other asset-backed securities	0.3		—		0.3		—
State and local government obligations	1.5		—		1.5		—
U.S. government treasury securities	84.2		84.2		—		—
Total available-for-sale debt securities	160.9		84.2		65.5		11.2
Structured deposits	41.3		—		41.3		—
Marketable equity securities	83.6		83.6		—		—
Total short-term investments	285.8		167.8		106.8		11.2
Prepaid expenses and other current assets:
Derivative assets	56.9		—		56.9		—
Long-term investments:
Available-for-sale debt securities:
Corporate debt securities	116.8		—		92.4		24.4
Mortgage and other asset-backed securities	67.0		—		67.0		—
State and local government obligations	3.8		—		3.8		—
U.S. government treasury securities	39.7		39.7		—		—
Total available-for-sale debt securities	227.3		39.7		163.2		24.4
Total long-term investments	227.3		39.7		163.2		24.4
Other long-term assets:
Derivative assets	295.6		—		295.6		—
Total assets	$	4,537.0	$	3,878.9	$	622.5	$	35.6
Liabilities:
Accrued liabilities:
Derivative liabilities	$	0.6	$	—	$	0.6	$	—
Other long-term liabilities:
Derivative liabilities	32.4		—		32.4		—
Total liabilities	$	33.0	$	—	$	33.0	$	—

			Fair Value Measurements at Reporting Date Using
	Balance at September 29, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Cash and cash equivalents	$	3,286.2	$	3,286.2	$	—	$	—
Short-term investments:
Available-for-sale debt securities:
Corporate debt securities	51.8		—		51.8		—
Foreign corporate bonds	0.2		—		0.2		—
Mortgage and other asset-backed securities	0.4		—		0.4		—
State and local government obligations	1.4		—		1.4		—
U.S. government treasury securities	36.9		36.9		—		—
Total available-for-sale debt securities	90.7		36.9		53.8		—
Structured deposits	84.1		—		84.1		—
Marketable equity securities	82.2		82.2		—		—
Total short-term investments	257.0		119.1		137.9		—
Prepaid expenses and other current assets:
Derivative assets	8.7		—		8.7		—
Long-term investments:
Available-for-sale debt securities:
Corporate debt securities	112.8		—		101.8		11.0
Mortgage and other asset-backed securities	64.4		—		64.4		—
State and local government obligations	3.7		—		3.7		—
U.S. government treasury securities	94.9		94.9		—		—
Total available-for-sale debt securities	275.8		94.9		169.9		11.0
Structured deposits	0.2		—		0.2		—
Total long-term investments	276.0		94.9		170.1		11.0
Other long-term assets:
Derivative assets	179.1		—		179.1		—
Total assets	$	4,007.0	$	3,500.2	$	495.8	$	11.0
Liabilities:
Accrued liabilities:
Derivative liabilities	$	29.2	$	—	$	29.2	$	—
Other long-term liabilities:
Derivative liabilities	56.7		—		56.7		—
Total liabilities	$	85.9	$	—	$	85.9	$	—

There were no material transfers between levels, and there was no significant activity within Level 3 instruments during the periods presented. The fair values of any financial instruments presented above exclude the impact of netting assets and liabilities when a legally enforceable master netting agreement exists.

Gross unrealized holding gains and losses on available-for-sale debt securities, structured deposits, and marketable equity securities were not material as of December 29, 2024 and September 29, 2024.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant and equipment, right-of-use assets, goodwill and other intangible assets, equity and other investments, and other assets. These assets are measured at fair value if determined to be impaired.

The estimated fair value of our long-term debt based on the quoted market price (Level 2) is included at Note 8, Debt. There were no material fair value adjustments during the quarter ended December 29, 2024 and December 31, 2023.