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SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Accumulated other comprehensive income reflected on the Consolidated Balance Sheets | Changes in accumulated other comprehensive income (loss) by component for the year ended September 28, 2024:
(in thousands) |  | Cumulative Foreign Currency Translation Adjustment |  | Pension Plan Adjustments |  | Gain (Losses) on Derivative Instruments |  | Total
As of September 30, 2023 |  | $ | (20,178) |  |  | $ | (861) |  |  | $ | (723) |  |  | $ | (21,762) |
Other comprehensive income (loss) before reclassifications |  | 7,263 |  |  | (968) |  |  | 1,799 |  |  | 8,094 |
Amount reclassified out of accumulated other comprehensive income (loss) |  | — |  |  | — |  |  | 445 |  |  | 445 |
Tax effects |  | (346) |  |  | 147 |  |  | — |  |  | (199) |
Accumulated other comprehensive income (loss) |  | 6,917 |  |  | (821) |  |  | 2,244 |  |  | 8,340 |
As of September 28, 2024 |  | $ | (13,261) |  |  | $ | (1,682) |  |  | $ | 1,521 |  |  | $ | (13,422) |
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 2024, 2023 and 2022:
|  | Fiscal
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cost of sales |  | $ | 1,277 |  |  | $ | 1,192 |  |  | $ | 960 |
Selling, general and administrative |  | 18,524 |  |  | 16,239 |  |  | 13,911 |
Research and development |  | 7,090 |  |  | 5,313 |  |  | 4,115 |
Total equity-based compensation expense |  | $ | 26,891 |  |  | $ | 22,744 |  |  | $ | 18,986 |
The following table reflects the equity-based compensation expense, by type of award, for fiscal 2024, 2023 and 2022:
|  | Fiscal
(in thousands) |  | 2024 |  | 2023 |  | 2022
Relative TSR PSUs |  | 5,856 |  |  | 4,949 |  |  | 4,255 |
Time-based RSUs |  | 17,683 |  |  | 14,304 |  |  | 11,655 |
Growth PSUs |  | 2,093 |  |  | 2,491 |  |  | 2,127 |
Common stock |  | 1,259 |  |  | 1,000 |  |  | 949 |
Total equity-based compensation expense |  | $ | 26,891 |  |  | $ | 22,744 |  |  | $ | 18,986 |
Employee market-based restricted stock activity | The following table reflects the Relative TSR PSUs activity for fiscal 2024:
| Number of shares (in thousands) |  |  |  |  |  | Weighted average grant date fair value per share
Outstanding as of September 30, 2023 | 367 |  |  |  |  |  |  | $ | 41.09 |
Granted | 232 |  |  |  |  |  |  | $ | 36.88 |
Forfeited or expired | (17) |  |  |  |  |  |  | $ | 45.08 |
Vested | (246) |  |  |  |  |  |  | $ | 28.08 |
Outstanding as of September 28, 2024 | 336 |  |  |  |  |  |  | $ | 44.91 |
|  | Fiscal
(in thousands, except fair value per share) |  | 2024 |  | 2023 |  | 2022
Relative TSR PSUs granted |  | 232 |  |  | 187 |  |  | 152 |
Weighted-average grant-date fair value per share |  | $ | 36.88 |  |  | $ | 48.35 |  |  | $ | 52.18 |
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 2024, 2023 and 2022:
| Fiscal
| 2024 |  | 2023 |  | 2022
Grant price | $ | 47.44 |  |  | $ | 37.50 |  |  | $ | 49.20 |
Expected dividend yield | 1.60 | % |  | 1.81 | % |  | 1.14 | %
Expected stock price volatility | 47.27 | % |  | 53.79 | % |  | 48.50 | %
Risk-free interest rate | 4.53 | % |  | 4.42 | % |  | 0.68 | %
Employee time-based restricted stock activity | The following table reflects the Time-based RSUs activity for fiscal 2024:
| Number of shares (in thousands) |  |  |  |  |  | Weighted average grant date fair value per share
Outstanding as of September 30, 2023 | 832 |  |  |  |  |  |  | $ | 37.95 |
Granted | 512 |  |  |  |  |  |  | $ | 47.42 |
Forfeited or expired | (49) |  |  |  |  |  |  | $ | 43.88 |
Vested | (407) |  |  |  |  |  |  | $ | 35.55 |
Outstanding as of September 28, 2024 | 888 |  |  |  |  |  |  | $ | 44.18 |
|  | Fiscal
(in thousands, except fair value per share) |  | 2024 |  | 2023 |  | 2022
Time-based RSUs granted |  | 512 |  |  | 513 |  |  | 301 |
Weighted-average grant-date fair value per share |  | $ | 47.42 |  |  | $ | 37.64 |  |  | $ | 49.47 |
Schedule of special/growth based restricted stock activity | The following table reflects the Growth PSUs activity for fiscal 2024:
| Number of shares (in thousands) |  |  |  |  |  | Weighted average grant date fair value per share
Outstanding as of September 30, 2023 | 122 |  |  |  |  |  |  | $ | 34.85 |
Granted | 49 |  |  |  |  |  |  | $ | 23.51 |
Forfeited or expired | (3) |  |  |  |  |  |  | $ | 42.48 |
Vested | (99) |  |  |  |  |  |  | $ | 23.94 |
Outstanding as of September 28, 2024 | 69 |  |  |  |  |  |  | $ | 42.21 |
|  | Fiscal
(in thousands, except fair value per share) |  | 2024 |  | 2023 |  | 2022
Growth PSUs granted |  | 49 |  |  | 91 |  |  | 79 |
Weighted-average grant-date fair value per share |  | $ | 23.51 |  |  | $ | 37.55 |  |  | $ | 49.26 |
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 2024, 2023 and 2022:
| Fiscal
(in thousands) | 2024 |  | 2023 |  | 2022
Number of common stock issued | 25 |  |  | 21 |  |  | 18 |
Fair value based upon market price at time of issue | $ | 1,259 |  |  | $ | 1,000 |  |  | $ | 949 |

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