Table of Contents COHERENT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 4. BUSINESS COMBINATIONS (Continued) 5. FAIR VALUES fiscal 2017. We measure our cash equivalents and marketable securities at fair value. The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or quoted market prices of similar assets from active markets. We recognize transfers between levels within the fair value hierarchy, if any, at the end of each quarter. There were no transfers between levels during the periods presented. As of September 28, 2019, we had one investment carried on a cost basis. See Note 9, "Balance Sheet Details." If we were to fair value this investment, it would be based upon Level 3 inputs. This investment is not considered material to our consolidated financial statements. At September 29, 2018, we did not have any assets or liabilities valued based on Level 3 valuations. • The estimated tax impact of the above adjustments. We measure the fair value of outstanding debt obligations for disclosure purposes on a recurring basis. As of September 28, 2019, the current and long-term portion of long-term obligations of $14.9 million and $392.2 million, respectively, are reported at amortized cost. As of September 29, 2018, the current and long-term portion of long-term obligations of $5.1 million and $420.7 million, respectively, are reported at amortized cost. These outstanding obligations are classified as Level 2 as they are not actively traded and are valued using a discounted cash flow model that uses observable market inputs. Based on the discounted cash flow model, the fair value of the outstanding debt approximates amortized cost. Financial assets and liabilities measured at fair value as of September 28, 2019 and September 29, 2018 are summarized below (in thousands): 91 Aggregate Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Aggregate Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Fiscal year-end 2019 Fiscal year-end 2018 (Level 1) (Level 2) (Level 1) (Level 2) Assets: Cash equivalents: Money market fund deposits $ 21,422 $ 21,422 $ — $ 56,285 $ 56,285 $ — Short-term investments: U.S. Treasury and agency obligations (1) 120 — 120 120 — 120 Prepaid and other assets: Foreign currency contracts  (2) 370 — 370 1,007 — 1,007 Money market fund deposits — Deferred comp and supplemental plan (3) 433 433 — 522 522 — Mutual funds — Deferred comp and supplemental plan (3) 22,419 22,419 — 21,862 21,862 — Total $ 44,764 $ 44,274 $ 490 $ 79,796 $ 78,669 $ 1,127 Liabilities: Other current liabilities: Foreign currency contracts  (2) (960) — (960) (1,879) — (1,879) Total $ 43,804 $ 44,274 $ (470 ) $ 77,917 $ 78,669 $ (752 )