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DERIVATIVES FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jul. 01, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments on our Consolidated Condensed Balance Sheets as of July 1, 2023 and October 1, 2022 were as follows:

			As of
			July 1, 2023												October 1, 2022
(in thousands)			Notional Amount									Fair Value Liability Derivatives(1)						Notional Amount									Fair Value Liability Derivatives(1)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts (2)			$	58,288								$	(500)					$	57,570								$	(2,234)
Total derivatives			$	58,288								$	(500)					$	57,570								$	(2,234)

(1)The fair value of derivative liabilities is measured using level 2 fair value inputs and is included in accrued expenses and other current liabilities on our Consolidated Condensed Balance Sheets.

(2)Hedged amounts expected to be recognized to income within the next twelve months.

Derivative Instruments, Gain (Loss)

The effects of derivative instruments designated as cash flow hedges in our Consolidated Condensed Statements of Comprehensive Income for the three and nine months ended July 1, 2023 and July 2, 2022 were as follows:

			Three months ended												Nine months ended
(in thousands)			July 1, 2023						July 2, 2022						July 1, 2023									July 2, 2022
Foreign exchange forward contract in cash flow hedging relationships:
Net (loss)/gain recognized in OCI, net of tax (1)			$	(1,280)					$	(1,233)					$	2,550								$	(1,168)
Net gain/(loss) reclassified from accumulated OCI into income, net of tax (2)			$	518					$	(170)					$	816								$	(793)

(1)Net change in the fair value of the effective portion classified in OCI.

(2)Effective portion classified as selling, general and administrative expense.

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4A
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-Publisher FASB
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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