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Fair Value Measurements | 9 Months Ended
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Jun. 24, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements ASC 820 establishes a single authoritative definition of fair value, a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 requires financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company’s financial instruments include cash and equivalents, short term investments consisting of bank certificates of deposit, accounts receivable and payable, derivative instruments, short-term borrowings, and accrued liabilities. The carrying amount of these instruments approximates fair value because of their short-term nature. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 24, 2017 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |
Liability for contingent consideration (a) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,095 |  |  | $ | 4,095 |
Total liabilities |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,095 |  |  | $ | 4,095 |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 25, 2016 (in thousands):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |
Liability for contingent consideration (a) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,355 |  |  | $ | 6,355 |
Total liabilities |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6,355 |  |  | $ | 6,355 |
The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 24, 2016:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |
Liability for contingent consideration (a) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,113 |  |  | $ | 5,113 |
Total liabilities |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5,113 |  |  | $ | 5,113 |
(a) | The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012, and future performance-based contingent payments for Hydro-Organics Wholesale, Inc., acquired in October 2015. The fair value of the estimated contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in the Company's condensed consolidated balance sheets.
The following table provides a summary of the changes in fair value of the Company's Level 3 financial instruments for the periods ended June 24, 2017 and June 25, 2016 (in thousands):
| Amount
Balance September 24, 2016 | $ | 5,113 |
Estimated contingent performance-based consideration established at the time of acquisition | — |
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 204 |
Performance-based payments | (1,222 | )
Balance June 24, 2017 | $ | 4,095 |
| Amount
Balance September 26, 2015 | $ | 3,625 |
Estimated contingent performance-based consideration established at the time of acquisition | 2,590 |
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 140 |
Balance June 25, 2016 | $ | 6,355 |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company measures certain non-financial assets and liabilities, including long-lived assets, goodwill and intangible assets, at fair value on a non-recurring basis. Fair value measurements of non-financial assets and non-financial liabilities are used primarily in the impairment analyses of long-lived assets, goodwill and other intangible assets. During the periods ended June 24, 2017 and June 25, 2016, the Company was not required to measure any significant non-financial assets and liabilities at fair value. Fair Value of Other Financial Instruments In November 2015, the Company issued $400 million aggregate principal amount of 6.125% senior notes due November 2023 (the “2023 Notes”). The estimated fair value of the Company’s 2023 Notes as of June 24, 2017, June 25, 2016 and September 24, 2016 was $430.5 million, $417 million and $430.3 million, respectively, compared to a carrying value of $395.0 million, $394.2 million and $394.4 million, respectively.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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