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EMPLOYEE STOCK PLANS (Tables) | 12 Months Ended
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Sep. 27, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares:
| Fiscal Years
(In millions) | 2024 |  | 2023 |  | 2022
Cost of revenues | $ | 1.8 |  |  | $ | 1.7 |  |  | $ | 1.6 |
Research and development | 3.4 |  |  | 3.3 |  |  | 3.1 |
Selling, general and administrative | 10.1 |  |  | 8.5 |  |  | 9.3 |
Total share-based compensation expense | $ | 15.3 |  |  | $ | 13.5 |  |  | $ | 14.0 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The Company utilized the Black-Scholes valuation model for estimating the fair value of stock options granted and the option component of ESPP grants. The Company calculated the fair value of option grants and the option component of ESPP grants on the respective dates of grant using the following weighted average assumptions:
| Employee Stock Option Plan |  | Employee Stock Purchase Plans
| Fiscal Years |  | Fiscal Years
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Expected term (in years) | 6.1 |  | 6.9 |  | 7.0 |  | 0.5 |  | 0.5 |  | 0.4
Risk-free interest rate | 3.8 | % |  | 3.6 | % |  | 1.4 | % |  | 5.2 | % |  | 4.8 | % |  | 1.6 | %
Expected volatility | 45.7 | % |  | 43.9 | % |  | 42.7 | % |  | 34.2 | % |  | 34.8 | % |  | 33.6 | %
Expected dividend | — | % |  | — | % |  | — | % |  | — | % |  | — | % |  | — | %
Weighted average fair value at grant date | $5.85 |  | $9.75 |  | $12.07 |  | $3.97 |  | $4.96 |  | $5.41
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the activity for stock options under Varex’s employee incentive plans for the Company’s employees:
(In thousands, except per share amounts and the remaining term) | Options |  | Price Range |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (in years) |  | Aggregate Intrinsic Value (1)
Outstanding at September 29, 2023 | 2,862 |  |  | $13.61 - $37.60 |  | $ | 28.08 |  |  | 4.8 |  | $ | 871.4 |
Granted | 17 |  |  | $13.84 - $13.84 |  | 13.84 |  |  |  |  |
Canceled, expired or forfeited | (782) |  | $31.08 - $34.13 |  | 31.23 |  |  |  |  |
Outstanding at September 27, 2024 | 2,097 |  | $13.61 - $37.60 |  | $ | 26.79 |  |  | 5.5 |  | $ | — |
Exercisable at September 27, 2024 | 1,720 |  | $13.61 - $37.60 |  | $ | 27.32 |  |  | 5.0 |  | $ | — |
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $11.92 as of September 27, 2024, the last trading date of the Company's respective fiscal years, and which represents the amount that would have been received by the option holders had all option holders exercised their options and sold the shares received upon exercise as of that date.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards and deferred stock units under the 2020 Stock Plan:
(In thousands, except per share amounts) | Number of Shares |  | Weighted Average Grant-Date Fair Value
Balance at September 29, 2023 | 1,277 |  |  | $ | 22.30 |
Granted | 872 |  |  | 19.67 |
Vested | (394) |  |  | 23.05 |
Canceled, expired or forfeited | (85) |  |  | 20.63 |
Balance at September 27, 2024 | 1,670 |  |  | $ | 20.74 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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