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Fair Value Measurements
9 Months Ended
Jun. 26, 2016
Fair Value Measurements  
Fair Value Measurements

11.Fair Value Measurements

 

The fair value of long-term debt was determined using the present value of future cash flows based on the borrowing rates currently available for debt with similar terms and maturities (Level 2 measurement, as described in “Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2015).  The carrying value of our long-term debt approximated fair value at June 26, 2016 and September 27, 2015.  As of June 26, 2016, we had borrowings of $364.5 million outstanding under our credit agreement, which were used to fund our business acquisitions, working capital needs, and contingent earn-outs.