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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Company’s matching contributions to the Plan | The following table reflects the Company’s contributions to the 401(k) Plan during fiscal 2023 and 2022:
|  | Fiscal
(in thousands) |  | 2023 |  | 2022
Cash |  | $ | 2,001 |  |  | $ | 1,973 |
Accumulated other comprehensive income reflected on the Consolidated Balance Sheets | The following table reflects the accumulated other comprehensive loss reflected on the Consolidated Balance Sheets as of September 30, 2023 and October 1, 2022:
|  | As of
(in thousands) |  | September 30, 2023 |  | October 1, 2022
Loss from foreign currency translation adjustments |  | $ | (20,178) |  |  | $ | (29,854) |
Unrecognized actuarial loss on pension plan, net of tax |  | (861) |  |  | (812) |
Unrealized loss on hedging |  | (723) |  |  | (2,234) |
Accumulated other comprehensive loss |  | $ | (21,762) |  |  | $ | (32,900) |
Equity-based compensation expense | The following table reflects the total equity-based compensation expense, which includes Relative TSR PSUs, Time-based RSUs, Growth PSUs, and common stock, included in the Consolidated Statements of Operations for fiscal 2023, 2022, and 2021:
|  | Fiscal
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cost of sales |  | $ | 1,192 |  |  | $ | 960 |  |  | $ | 828 |
Selling, general and administrative |  | 16,239 |  |  | 13,911 |  |  | 10,998 |
Research and development |  | 5,313 |  |  | 4,115 |  |  | 3,676 |
Total equity-based compensation expense |  | $ | 22,744 |  |  | $ | 18,986 |  |  | $ | 15,502 |
The following table reflects the equity-based compensation expense, by type of award, for fiscal 2023, 2022, and 2021:
|  | Fiscal
(in thousands) |  | 2023 |  | 2022 |  | 2021
Relative TSR PSUs |  | 4,949 |  |  | 4,255 |  |  | 3,916 |
Time-based RSUs |  | 14,304 |  |  | 11,655 |  |  | 10,314 |
Growth PSUs |  | 2,491 |  |  | 2,127 |  |  | 444 |
Common stock |  | 1,000 |  |  | 949 |  |  | 828 |
Total equity-based compensation expense |  | $ | 22,744 |  |  | $ | 18,986 |  |  | $ | 15,502 |
Employee market-based restricted stock activity | The following table reflects the Relative TSR PSUs activity for fiscal 2023, 2022, and 2021:
| Number of shares (in thousands) |  | Unrecognized compensation expense (in thousands) |  | Average remaining service period (in years) |  | Weighted average grant date fair value per share
Relative TSR PSUs outstanding as of October 3, 2020 | 403 |  |  | $ | 4,198 |  |  | 1.1 |  |
Granted | 155 |  |  |  |  |  |  | $ | 28.21 |
Forfeited or expired | (6) |  |  |  |  |  |  |
Vested | (108) |  |  |  |  |  |  |
Relative TSR PSUs outstanding as of October 2, 2021 | 444 |  |  | $ | 4,455 |  |  | 1.1 |  |
Granted | 152 |  |  |  |  |  |  | $ | 52.18 |
Forfeited or expired | (11) |  |  |  |  |  |  |
Vested | (205) |  |  |  |  |  |  |
Relative TSR PSUs outstanding as of October 1, 2022 | 380 |  |  | $ | 4,619 |  |  | 0.9 |  |
Granted | 187 |  |  |  |  |  |  | $ | 48.35 |
Forfeited or expired | (3) |  |  |  |  |  |  |
Vested | (197) |  |  |  |  |  |  |
Relative TSR PSUs outstanding as of September 30, 2023 | 367 |  |  | $ | 5,939 |  |  | 1.0 |  |
Schedule of assumptions used to calculate compensation expense | The following table reflects the assumptions used to calculate compensation expense related to the Company’s Relative TSR PSUs issued during fiscal 2023, 2022, and 2021:
| Fiscal
| 2023 |  | 2022 |  | 2021
Grant price | $ | 37.50 |  |  | $ | 49.20 |  |  | $ | 23.88 |
Expected dividend yield | 1.81 | % |  | 1.14 | % |  | 2.01 | %
Expected stock price volatility | 53.79 | % |  | 48.50 | % |  | 45.15 | %
Risk-free interest rate | 4.42 | % |  | 0.68 | % |  | 0.21 | %
Employee time-based restricted stock activity | The following table reflects the Time-based RSUs activity for fiscal 2023, 2022, and 2021:
| Number of shares (in thousands) |  | Unrecognized compensation expense (in thousands) |  | Average remaining service period (in years) |  | Weighted average grant date fair value per share
Time-based RSUs outstanding as of October 3, 2020 | 788 |  |  | $ | 10,480 |  |  | 1.6 |  |
Granted | 486 |  |  |  |  |  |  | $ | 24.34 |
Forfeited or expired | (24) |  |  |  |  |  |  |
Vested | (333) |  |  |  |  |  |  |
Time-based RSUs outstanding as of October 2, 2021 | 917 |  |  | $ | 11,420 |  |  | 1.4 |  |
Granted | 301 |  |  |  |  |  |  | $ | 49.47 |
Forfeited or expired | (29) |  |  |  |  |  |  |
Vested | (453) |  |  |  |  |  |  |
Time-based RSUs outstanding as of October 1, 2022 | 736 |  |  | $ | 13,752 |  |  | 1.2 |  |
Granted | 513 |  |  |  |  |  |  | $ | 37.64 |
Forfeited or expired | (28) |  |  |  |  |  |  |
Vested | (389) |  |  |  |  |  |  |
Time-based RSUs outstanding as of September 30, 2023 | 832 |  |  | $ | 17,693 |  |  | 1.5 |  |
Schedule of special/growth based restricted stock activity | The following table reflects the Growth PSUs activity for fiscal 2023, 2022, and 2021:
| Number of shares (in thousands) |  | Unrecognized compensation expense (in thousands) |  | Average remaining service period (in years) |  | Weighted average grant date fair value per share
Special/Growth PSUs outstanding as of October 3, 2020 | 151 |  |  | $ | 1,252 |  |  | 1.1 |  |
Granted | 52 |  |  |  |  |  |  | $ | 24.01 |
Forfeited or expired | (34) |  |  |  |  |  |  |
Vested | (17) |  |  |  |  |  |  |
Special/Growth PSUs outstanding as of October 2, 2021 | 152 |  |  | $ | 1,247 |  |  | 1.0 |  |
Granted | 79 |  |  |  |  |  |  | $ | 49.26 |
Forfeited or expired | (4) |  |  |  |  |  |  |
Vested | (100) |  |  |  |  |  |  |
Special/Growth PSUs outstanding as of October 1, 2022 | 127 |  |  | $ | 1,405 |  |  | 0.9 |  |
Granted | 91 |  |  |  |  |  |  | $ | 37.55 |
Forfeited or expired | (1) |  |  |  |  |  |  |
Vested | (95) |  |  |  |  |  |  |
Special/Growth PSUs outstanding as of September 30, 2023 | 122 |  |  | $ | 1,626 |  |  | 1.0 |  |
Common stock issued to non-employee directors | The following table reflects shares of common stock issued to non-employee directors and the corresponding fair value for fiscal 2023, 2022, and 2021:
| Fiscal
(in thousands) | 2023 |  | 2022 |  | 2021
Number of common stock issued | 21 |  |  | 18 |  |  | 22 |
Fair value based upon market price at time of issue | $ | 1,000 |  |  | $ | 949 |  |  | $ | 828 |
Defined benefits pension obligations and pension expenses | The following table reflects the Company’s defined benefits pension obligations, mainly in Switzerland and Taiwan, as of September 30, 2023 and October 1, 2022:
|  | As of
(in thousands) | September 30, 2023 |  | October 1, 2022
Switzerland pension obligation | $ | 1,119 |  |  | $ | 1,038 |
Taiwan pension obligation | 1,257 |  |  | 1,189 |

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