TAXES ON INCOME (Tables)

12 Months Ended

Oct. 01, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) was as follows:

	Fiscal Years
(In millions)	2021		2020		2019
Current income tax expense (benefit)
Federal	$	5.4	$	(16.3)	$	9.2
State and local	1.4		(1.4)		1.3
Foreign	6.8		5.7		6.8
Total current	$	13.6	$	(12.0)	$	17.3
Deferred income tax expense (benefit):
Federal	$	1.8	$	(1.7)	$	(10.0)
State and local	(1.3)		0.6		(1.6)
Foreign	(3.4)		(2.1)		—
Total deferred	$	(2.9)	$	(3.2)	$	(11.6)
Income tax expense (benefit)	$	10.7	$	(15.2)	$	5.7

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before taxes are generated from the following geographic areas:

	Fiscal Years
(In millions)	2021		2020		2019
United States	$	(4.1)	$	(74.1)	$	5.9
Foreign	32.7		1.5		15.6
Income (loss) before taxes	$	28.6	$	(72.6)	$	21.5

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate differs from the U.S. federal statutory tax rate as a result of the following:

	Fiscal Years
	2021		2020 (1)		2019 (1)
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal tax benefit	0.3		1.0		(0.9)
Mandatory repatriation tax on foreign earnings	—		—		1.9
Return to provision	4.2		2.8		(4.7)
Research and development credit	(4.2)		3.7		(10.2)
Prior year research and development credit	(0.3)		—		—
Prior year deferred tax adjustments	—		0.4		4.7
Foreign rate difference	1.7		(0.4)		6.0
Foreign research innovation box	(3.8)		—		—
Change in valuation allowance	8.4		(11.0)		11.2
U.S. tax reform - international provisions	(0.7)		—		(4.7)
U.S. net operating loss carryback	5.2		5.6		—
Other	5.6		(2.2)		2.2
Effective tax rate	37.4	%	20.9	%	26.5	%

(1)Certain prior year amounts have been reclassified to conform to current year presentation.

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

(In millions)	October 1, 2021		October 2, 2020 (1)
Deferred tax assets:
Inventory adjustments	$	4.9	$	4.4
Share-based compensation	5.5		4.2
Product warranty	1.8		1.7
Deferred compensation	1.6		1.3
Net operating loss carryforwards	25.7		27.0
Accrued vacation	1.0		1.0
Accrued incentives	4.2		1.7
Credit carryforwards	3.3		5.9
Deferred financing fees	3.0		3.3
Interest expense limitation	4.3		4.7
Lease liabilities	6.8		7.2
Other	6.4		4.3
	$	68.5	$	66.7
Valuation allowance	(30.2)		(28.7)
Total deferred tax assets	$	38.3	$	38.0
Deferred tax liabilities:
Acquired intangibles	$	(13.9)	$	(16.6)
Property, plant and equipment	(13.0)		(12.4)
Investments in privately held companies	(1.8)		(2.8)
Operating lease assets	(6.5)		(6.7)
Other	(1.3)		(1.3)
Total deferred tax liabilities	(36.5)		(39.8)
Net deferred tax assets	$	1.8	$	(1.8)
Reported As:
Deferred tax assets	$	38.3	$	38.0
Deferred tax liabilities	(36.5)		(39.8)
Net deferred tax assets (liabilities)	$	1.8	$	(1.8)

(1)Certain prior year amounts have been reclassified to conform to current year presentation.

Summary of Valuation Allowance

Changes in the Company's valuation allowance for deferred tax assets were as follows:

	Fiscal Years
(In millions)	2021		2020		2019
Valuation allowance balance–beginning of fiscal year	$	28.7	$	18.8	$	4.0
Increases resulting from business combinations	—		—		12.0
Other increases	5.4		10.2		2.8
Other decreases	(3.9)		(0.3)		—
Valuation allowance balance—end of fiscal year	$	30.2	$	28.7	$	18.8

Schedule of Unrecognized Tax Benefits Roll Forward

Changes in the Company’s unrecognized tax benefits were as follows:

	Fiscal Years
(In millions)	2021		2020
Unrecognized tax benefits balance–beginning of fiscal year	$	0.8	$	0.6
Additions based on tax positions related to a prior year	0.4		0.2
Additions based on tax positions related to the current year	0.1		—
Reductions resulting from the expiration of the applicable statute of limitations	(0.2)		—
Unrecognized tax benefits balance—end of fiscal year	$	1.1	$	0.8