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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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