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Fair Values of Financial Instruments
 9 Months Ended
Jun. 29, 2024
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 June 29, 2024 were as follows (in thousands):

Carrying

  

Fair Value

Amount

Fair Value

Measurements

Senior Notes due 2031

$

350,000

$

304,500

Level 2

Facility Bonds due 2036

49,910

49,910

Level 2

Secured notes payable and other

135,960

135,960

Level 2

Interest rate swap derivative contracts asset

13,616

13,616

Level 2

Non-qualified retirement plan assets

25,351

25,351

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.