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Fair Value | 9 Months Ended
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Jun. 28, 2014
Fair Value Disclosures [Abstract] |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets for similar assets and liabilities. Level 3 – Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require. Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy. Our Level 3 fair value liabilities represent contingent consideration recorded for acquisitions to be paid if various financial targets are met. The amounts recorded were calculated for each payment scenario in each period using an estimate of the probability of the future cash outflows. The varying contingent payments were then discounted to the present value at the weighted average cost of capital. Fair value is assessed on a quarterly basis, or whenever events or circumstances change that indicates an adjustment is required. The assessment includes an evaluation of the performance of the acquired business compared to previous expectations, changes to future projections and the probability of achieving the earn out targets. The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis as of June 28, 2014:
|  | Classification | Level 1 |  | Level 2 |  | Level 3 |  | Total
Foreign currency forwards |  | Other current assets | $ | — |  |  | $ | 784 |  |  | $ | — |  |  | $ | 784 |
|  | Total assets | $ | — |  |  | $ | 784 |  |  | $ | — |  |  | $ | 784 |
Foreign currency forwards |  | Other accrued liabilities | $ | — |  |  | $ | 1,855 |  |  | $ | — |  |  | $ | 1,855 |
Foreign currency forwards |  | Other long-term liabilities | — |  |  | 91 |  |  | — |  |  | 91 |
Interest rate swaps |  | Other accrued liabilities | — |  |  | 346 |  |  | — |  |  | 346 |
Interest rate swaps |  | Other long-term liabilities | — |  |  | 309 |  |  | — |  |  | 309 |
Acquisition contingent consideration |  | Other accrued liabilities | — |  |  | — |  |  | 1,480 |  |  | 1,480 |
|  | Total liabilities | $ | — |  |  | $ | 2,601 |  |  | $ | 1,480 |  |  | $ | 4,081 |
The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | June 28, 2014 |  | June 29, 2013 |  | June 28, 2014 |  | June 29, 2013
Balance at beginning of period |  | $ | 2,422 |  |  | $ | 5,148 |  |  | $ | 4,007 |  |  | $ | 6,422 |
Acquisitions |  | — |  |  | (1,711 | ) |  | — |  |  | 2,565 |
Increase (decrease) in discounted future cash flows recorded as interest expense |  | (83 | ) |  | 25 |  |  | 73 |  |  | 244 |
Decrease in earn out provisions recorded as other expense (income) |  | (859 | ) |  | — |  |  | (350 | ) |  | (2,991 | )
Settlements paid in cash |  | — |  |  | — |  |  | (2,250 | ) |  | (2,778 | )
Balance at end of period |  | $ | 1,480 |  |  | $ | 3,462 |  |  | $ | 1,480 |  |  | $ | 3,462 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
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