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FAIR VALUE | 9 Months Ended
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Jun. 29, 2018
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Assets/Liabilities Measured at Fair Value on a Recurring Basis In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.
(In millions) | Fair Value Measurements at June 29, 2018
| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents - Money market funds | $ | — |  |  | $ | 14.4 |  |  | $ | — |  |  | $ | 14.4 |
Interest rate swap contracts | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Total assets measured at fair value | $ | — |  |  | $ | 21.5 |  |  | $ | — |  |  | $ | 21.5 |
Liabilities: |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
As of June 29, 2018, the outstanding borrowings under the Company's credit agreement were $399.6 million, net of deferred loan costs, which approximated its fair value. The fair values of certain of the Company’s financial instruments, including bank deposits included in cash and cash equivalents, accounts receivable and accounts payable, also approximate their fair values due to their short maturities. The Company has elected to use the income approach to value its derivative instruments using standard valuation techniques and Level 2 inputs, such as currency spot rates, forward points and credit default swap spreads. There were no financial assets or liabilities measured on a recurring basis using significant unobservable inputs (Level 3) and there were no transfers in or out of Level 1, 2 or 3 during the three months ended June 29, 2018. At September 29, 2017, the Company determined the following levels of inputs at fair value for the following assets or liabilities:
(In millions) | Fair Value Measurements at September 29, 2017
| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents - Money market funds | $ | — |  |  | $ | 11.4 |  |  | $ | — |  |  | $ | 11.4 |
Interest rate swap contracts | — |  |  | 1.6 |  |  | — |  |  | 1.6 |
Total assets measured at fair value | $ | — |  |  | $ | 13.0 |  |  | $ | — |  |  | $ | 13.0 |
Liabilities: |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |

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- References No definition available. + Details
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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 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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