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Fair Values of Financial Instruments | 3 Months Ended
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Dec. 30, 2023
Fair Values of Financial Instruments [Abstract] |
Fair Values of Financial Instruments | L. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. The fair value of the Company’s debt and interest rate swaps are estimated using valuation techniques under the accounting guidance related to fair value measurements based on observable and unobservable inputs. Observable inputs reflect readily available data from independent sources, while unobservable inputs reflect the Company’s market assumptions. These inputs are classified into the following hierarchy:
Level 1 Inputs – | Quoted prices for identical assets or liabilities in active markets.
Level 2 Inputs – | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3 Inputs – | Pricing inputs are unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value require significant management judgment or estimation.
The carrying amount and fair value of the Company’s debt, interest rate swaps, and non-qualified retirement plan assets at December 30, 2023 were as follows (in thousands):
|  | Carrying |  |  |  |  | Fair Value
|  | Amount |  | Fair Value |  | Measurements
Senior Notes due 2031 |  | $ | 350,000 |  | $ | 308,875 |  | Level 2
Facility Bonds due 2036 |  |  | 54,440 |  |  | 54,440 |  | Level 2
Secured notes payable and other |  |  | 142,456 |  |  | 142,456 |  | Level 2
Interest rate swaps derivative contract assets |  |  | 12,447 |  |  | 12,447 |  | Level 2
Non-qualified retirement plan assets |  |  | 23,330 |  |  | 23,330 |  | Level 2
The carrying amount and fair value of the Company’s debt, interest rate swaps, and non-qualified retirement plan assets at September 30, 2023 were as follows (in thousands):
|  | Carrying |  |  |  |  | Fair Value
|  | Amount |  | Fair Value |  | Measurements
Senior Notes due 2031 |  | $ | 350,000 |  | $ | 287,875 |  | Level 2
Facility Bonds due 2036 |  |  | 54,440 |  |  | 54,440 |  | Level 2
Secured notes payable and other |  |  | 145,718 |  |  | 145,718 |  | Level 2
Interest rate swaps derivative contract assets |  |  | 17,515 |  |  | 17,515 |  | Level 2
Non-qualified retirement plan assets |  |  | 20,074 |  |  | 20,074 |  | Level 2
The fair values for Level 2 measurements were determined primarily using market yields and taking into consideration the underlying terms of the instrument.

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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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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