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Fair Value
 12 Months Ended
Sep. 29, 2018
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.
The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis, all of which are classified as Level 2:
 
Classification
 
September 29, 2018
 
September 30, 2017
Foreign currency contracts
Other current assets
 
$
944

 
$
646

Foreign currency contracts
Other assets
 
41

 
50

Interest rate swaps
Other current assets
 
1,444

 
552

Interest rate swaps
Other assets
 
322

 
314

 
Total assets
 
$
2,751

 
$
1,562

Foreign currency contracts
Other accrued liabilities
 
$
1,929

 
$
1,817

Foreign currency contracts
Other long-term liabilities
 
464

 
244

Interest rate swaps
Other accrued liabilities
 
—

 
10

Interest rate swaps
Other long-term liabilities
 
—

 
15

 
Total liabilities
 
$
2,393

 
$
2,086


Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At September 29, 2018, the fair value of long-term debt was $857,918 compared to its carrying value of $860,918. The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices.