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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Jul. 01, 2023
Business Combinations [Abstract] |
Summary of assets acquired and liabilities assumed as of acquisition date | The following table summarizes the allocation of the assets acquired and liabilities assumed based on the fair values as of the Closing Date:
(in thousands) | February 22, 2023
Cash and cash equivalents | $ | 1,238 |
Account and other receivables, net | 1,156 |
Inventory | 1,581 |
Property, plant and equipment, net | 1,462 |
Right-of-use assets | 989 |
Other assets | 127 |
Goodwill | 27,975 |
Intangible assets | 7,768 |
Accounts and other payables | (965) |
Accrued expenses and other liabilities | (251) |
Contract liabilities | (187) |
Lease liability | (989) |
Deferred tax liabilities | (1,785) |
Total purchase price | $ | 38,119 |
The following table summarizes the fair value, useful life and valuation methodology of each identifiable intangible asset.
(in thousands) | Fair Value | Useful Lives
Developed technology(1) | $ | 4,261 |  | 8
Customer relationships(2) | 2,131 |  | 8
In-process research and development (“IPR&D”)(3) | 459 |  | N.A.
Patents(3) | 524 |  | 8
Order Backlog(4) | 393 |  | 1
Total identifiable intangible assets | $ | 7,768 |  |
(1)The fair value of developed technology was determined using the Relief-from-Royalty Method under the income approach. (2)Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method under the income approach. (3)The fair value of IPR&D and Patents were determined using the Replacement Cost Method, a form of the cost approach. (4)Order backlog represents primarily the fair value of purchase arrangements with customers using the Multi-Period Excess Earnings Method under the income approach.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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