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Note 12 - Fair Value of Financial Instruments
 12 Months Ended
Sep. 29, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
12
    FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value.
 
The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments. Investments totaling
$6,068,000,
including our
16.7%
ownership of the non-voting common stock and
0.7%
of the voting common stock of TCT, which represents
8.7%
of total TCT stock, and a private equity investment, are carried at cost. As of
September 29, 2019,
the approximate fair value of the private equity investment is
$10,268,000
which is a level
3
fair value measurement.
 
At 
September 29, 2019
 we had
no
floating rate debt. Our fixed rate debt consists of $
363,420,000
 principal amount of the Notes and, $
80,207,000
 principal amount under the
2
nd
Lien Term Loan. At
September 29, 2019
, based on an average of private market price quotations, the fair values were $
364,328,550
 and $
80,207,214
 for the Notes and
2
nd
Lien Term Loan, respectively. These represent Level
2
fair value measurements.
 
As discussed more fully in Notes
5
 and
9,
we recorded a liability for the Warrants issued in connection with the Warrant Agreement. The liability was initially measured at its fair value and we will re-measure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $
16,930,000
. The fair value of the Warrants at
September 29, 2019
,
September 30, 2018
and
September 24, 2017
are $
1,195,000
, $
1,807,000
 and $
1,580,000
, respectively. In other, net non-operating income (expense) in the Consolidated Statements of Income and Comprehensive Income, we recognized income of
$612,000
 in
2019
, expense of $
226,000
 in
2018
and income of $
10,181,000
 in
2017
, for adjustments in the fair value of the Warrants.
 
The following assumptions were used to estimate the fair value of the Warrants: 
 
 
   
2019
    
2018
    
2017
  
                         
Volatility (Percent)
    
48
      
31
      
37
  
Risk-free interest rate (Percent)
    
1.58
      
2.91
      
1.81
  
Expected term (Years)
    
2.5
      
3.5
      
4.5
  
Estimated fair value (Dollars)
    
0.20
      
0.30
      
0.26