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REVENUE AND CONTRACT LIABILITIES | 12 Months Ended
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Oct. 03, 2020
Revenue from Contract with Customer [Abstract] |
REVENUE AND CONTRACT LIABILITIES | REVENUE AND CONTRACT LIABILITIES The Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay. Service revenue is generally recognized over time as the services are performed. For the fiscal years ended October 3, 2020, and September 28, 2019, service revenue is not material. Please refer to Note 1: Basis of Presentation- Revenue Recognition, for additional disclosure on the Company's revenue recognition policy. The Company reports revenue based on our reportable segments. The Company believes that reporting revenue on this basis provides information about how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Please refer to Note 15: Segment Information, for disclosure of revenue by segment. Contract Liabilities Our contract liabilities are primarily related to payments received in advance of satisfying performance obligations, and are reported in the accompanying Consolidated Balance Sheets within accrued expenses and other current liabilities. Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized from product sales under advance payment arrangements upon satisfying the performance obligations. The following table shows the changes in contract liability balances during the fiscal year ended October 3, 2020 and September 28, 2019:
|  | Fiscal |  | Fiscal
(in thousands) |  | 2020 |  | 2019
Contract liabilities, beginning of period |  | $ | 1,896 |  |  | $ | 997 |
Revenue recognized |  | (25,207) |  |  | (7,935) |
Additions |  | 26,261 |  |  | 8,834 |
Contract liabilities, end of period |  | $ | 2,950 |  |  | $ | 1,896 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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