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Fair Value Measurements | 12 Months Ended
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Sep. 29, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial assets and liabilities — The following table presents the financial assets and liabilities measured at fair value on a recurring basis (in thousands):
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (3) (Level 1) |  | Significant Other Observable Inputs (3) (Level 2) |  | Significant Unobservable Inputs (3) (Level 3)
Fair value measurements as of September 29, 2019: |  |  |  |  |  |  |  |
Non-qualified deferred compensation plan (1) |  | $ | 30,104 |  |  | $ | 30,104 |  |  | $ | — |  |  | $ | — |
Total liabilities at fair value |  | $ | 30,104 |  |  | $ | 30,104 |  |  | $ | — |  |  | $ | — |
Fair value measurements as of September 30, 2018: |  |  |  |  |  |  |  |
Non-qualified deferred compensation plan (1) |  | $ | 37,447 |  |  | $ | 37,447 |  |  | $ | — |  |  | $ | — |
Interest rate swaps (Note 6) (2) |  | 703 |  |  | — |  |  | 703 |  |  | — |
Total liabilities at fair value |  | $ | 38,150 |  |  | $ | 37,447 |  |  | $ | 703 |  |  | $ | — |
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(1) | We maintain an unfunded defined contribution plan for key executives and other members of management. The fair value of this obligation is based on the closing market prices of the participants’ elected investments. The obligation is included in “Accrued liabilities” and “Other long-term liabilities” on our consolidated balance sheets.
(2) | We entered into interest rate swaps to reduce our exposure to rising interest rates on our variable rate debt. The fair values of our interest rate swaps are based upon Level 2 inputs, which include valuation models as reported by our counterparties. These valuation models use a discounted cash flow analysis on the cash flows of each derivative. The key inputs for the valuation models are quoted market prices, discount rates, and forward yield curves. The Company also considered its own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. As further described in Note 6, Derivatives, the Company’s interest rate swaps were terminated on July 2, 2019 and settled in connection with our securitization transaction on July 8, 2019.
(3) | We did not have any transfers in or out of Level 1, 2, or 3.
At September 29, 2019, the fair value of our Class A-2 Notes was $1,344.3 million. The fair value of the Class A-2 Notes was estimated using Level 2 inputs based on quoted market prices in markets that are not considered active markets. The estimated fair values of our capital lease obligations approximated their carrying values as of September 29, 2019. Non-financial assets and liabilities — Our non-financial instruments, which primarily consist of property and equipment, goodwill, and intangible assets, are reported at carrying value and are not required to be measured at fair value on a recurring basis. However, whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If the carrying values are not fully recoverable, they are written down to fair value. In connection with management’s decision to discontinue a long-term technology project, an impairment charge of $3.5 million was recorded in the fourth quarter of 2019. Refer to Note 9, Impairment and Other Charges, Net, for additional information regarding impairment charges.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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