From time to time, we use interest rate swaps or other instruments to manage our interest rate exposure and reduce the impact of future interest rate changes. These financial instruments are used for trading or speculative purposes. We have designated our interest rate swap contracts as cash flow hedges of our future interest payments. As a result, the gains and losses on the swap contracts are reported as a component of other comprehensive income and are reclassified into interest expense as the related interest payments are made. As of all of other comprehensive income was attributable to shareholders;  related to the non-controlling interest.  Outstanding instruments as of , are as follows:

 

			Notional
	Effective Date		Amount			Fixed LIBOR Rate		Maturity Date
Interest Rate Swap	July 19, 2017		$10.0 million			1.99%		May 10, 2021
Interest Rate Swap	July 25, 2018		$20.0 million			3.18%		July 25, 2023

 

The following table summarizes the fair value and presentation in the Condensed Consolidated Balance Sheets for derivatives related to our interest swap agreements as of and in thousands):

 

		March 28,				September 28,
		2020				2019
Deferred tax liabilities		$	481			$	324
Other non-current liabilities			(1,914	)			(1,293	)
Accumulated other comprehensive loss		$	(1,433	)		$	(969	)

 

 

From time to time, we purchase cotton option contracts to economically hedge the risk related to market fluctuations in the cost of cotton used in our operations. We do receive hedge accounting treatment for these derivatives. As such, the realized and unrealized gains and losses associated with them are recorded within cost of goods sold on the Condensed Consolidated Statement of Operations.  such cotton contracts were outstanding at or

 

ASC  (“ASC ), defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Assets and liabilities measured at fair value are grouped in levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

 

 

The following financial liabilities are measured at fair value on a recurring basis (in thousands):

 

		Fair Value Measurements Using
						Quoted Prices in				Significant Other				Significant
						Active Markets for				Observable				Unobservable
						Identical Assets				Inputs				Inputs
Period Ended		Total				(Level 1)				(Level 2)				(Level 3)
Interest Rate Swaps
March 28, 2020		$	(1,914	)			—			$	(1,914	)			—
September 28, 2019		$	(1,293	)			—			$	(1,293	)			—
Contingent Consideration
March 28, 2020		$	(5,580	)			—				—			$	(5,580	)
September 28, 2019		$	(9,094	)			—				—			$	(9,094	)

 

The fair value of the interest rate swap agreements was derived from a discounted cash flow analysis based on the terms of the contract and the forward interest rate curves adjusted for our credit risk, which fall in Level of the fair value hierarchy. At  and book value for fixed rate debt approximates fair value based on quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities (a Level fair value measurement).

 

The acquisition purchase price consisted of additional payments contingent on the combined business’s achievement of certain performance targets related to sales and earnings before interest, taxes, depreciation and amortization ("EBITDA") for the period from through as well as for our fiscal years and The valuation of the fair value of the contingent consideration is based upon inputs into the Monte Carlo model, including projected results, which then are discounted to a present value to derive the fair value. The fair value of the contingent consideration is sensitive to changes in our projected results and discount rates. At the fair value of contingent consideration was estimated at million. During the -months ended million was paid related to the period. As of we estimate the fair value of contingent consideration to be million, a million reduction from resulting from changes in the projections and adjustments to the discount rate.

 

In we acquired Salt Life, which included contingent consideration as part of the purchase price and which is payable in cash after the end of calendar year if financial performance targets involving the sale of Salt Life-branded products are met during the calendar year. During the quarter ended it was determined that the calendar year performance targets were achieved and, as a result, the million accrual as of was reversed. At amount was accrued for contingent consideration in relation to the acquisition of Salt Life.