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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Sep. 28, 2024
Derivative financial Instruments [Abstract]  
Schedule of fair value of derivative instruments on balance sheet
The fair value of derivative instruments on our Consolidated Balance Sheets as of September 28, 2024 and September 30, 2023 is as follows:
As of
(in thousands)September 28, 2024September 30, 2023
Notional Amount
Fair Value Asset
Derivatives(1)
Notional Amount
Fair Value Liability Derivatives(2)
Derivatives designated as hedging instruments:
Foreign exchange forward contracts (3)
$46,234 $1,521 $54,590 $(723)
Total derivatives$46,234 $1,521 $54,590 $(723)
(1)The fair value of derivative assets is measured using level 2 fair value inputs and is included in prepaid expenses and other current assets on our Consolidated Balance Sheets.
(2)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 Balance Sheets.
(3)Hedged amounts expected to be recognized into earnings within the next twelve months.
Derivative instruments, gain (loss)
The effect of derivative instruments designated as cash flow hedges in our Consolidated Statements of Operations for the fiscal years ended September 28, 2024 and September 30, 2023 was as follows:
(in thousands)Fiscal
20242023
Foreign exchange forward contract in cash flow hedging relationships:
Net gain recognized in OCI, net of tax(1)
$1,799 $2,381 
Net (loss)/gain reclassified from accumulated OCI into earnings, net of tax(2)
$(445)$870 
(1)Net change in the fair value of the effective portion classified in OCI.
(2)Effective portion classified as selling, general and administrative expense.