XML 62 R35.htm IDEA: XBRL DOCUMENT v3.23.2
SHAREHOLDERS' EQUITY AND EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]  
Company’s matching contributions to the Plan
The following table reflects the Company’s contributions to the 401(k) Plan during fiscal 2022 and 2021:
 Fiscal
(in thousands)20222021
Cash$1,973 $1,780 
Accumulated other comprehensive income reflected on the Consolidated Balance Sheets
The following table reflects accumulated other comprehensive loss reflected on the Consolidated Balance Sheets as of October 1, 2022 and October 2, 2021: 
 As of
(in thousands)October 1, 2022October 2, 2021
(Loss) / gain from foreign currency translation adjustments$(29,854)$682 
Unrecognized actuarial loss on pension plan, net of tax(812)(3,088)
Unrealized loss on hedging(2,234)(616)
Accumulated other comprehensive loss$(32,900)$(3,022)
Equity-based compensation expense
The following table reflects 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 2022, 2021, and 2020: 
 Fiscal
(in thousands)202220212020
Cost of sales$960 $828 $744 
Selling, general and administrative13,911 10,998 11,071 
Research and development4,115 3,676 3,204 
Total equity-based compensation expense$18,986 $15,502 $15,019 
The following table reflects equity-based compensation expense, by type of award, for fiscal 2022, 2021, and 2020:
 Fiscal
(in thousands)202220212020
Relative TSR PSUs4,255 3,916 $3,266 
Time-based RSUs11,655 10,314 9,519 
Growth PSUs2,127 444 1,384 
Common stock949 828 850 
Total equity-based compensation expense $18,986 $15,502 $15,019 
Employee market-based restricted stock activity
The following table reflects Relative TSR PSUs activity for fiscal 2022, 2021, and 2020:
Number of shares (in thousands)Unrecognized compensation expense (in thousands)Average remaining service period (in years)Weighted average grant date fair value per share
Relative TSR PSUs outstanding as of September 28, 2019561 $4,136 0.9
Granted162 $28.80 
Forfeited or expired(52)
Vested(268)
Relative TSR PSUs outstanding as of October 3, 2020403 $4,198 1.1
Granted155 $28.21 
Forfeited or expired(6)
Vested(108)
Relative TSR PSUs outstanding as of October 2, 2021444 $4,455 1.1
Granted152 $52.18 
Forfeited or expired(11)
Vested(205)
Relative TSR PSUs outstanding as of October 1, 2022380 $4,619 0.9
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 2022, 2021, and 2020:
Fiscal
202220212020
Grant price$49.20 $23.88 $22.95 
Expected dividend yield1.14 %2.01 %2.09 %
Expected stock price volatility48.50 %45.15 %36.29 %
Risk-free interest rate0.68 %0.21 %1.49 %
Employee time-based restricted stock activity
The following table reflects Time-based RSUs activity for fiscal 2022, 2021, and 2020:
Number of shares (in thousands)Unrecognized compensation expense (in thousands)Average remaining service period (in years)Weighted average grant date fair value per share
Time-based RSUs outstanding as of September 28, 2019947 $10,555 1.4
Granted490 $22.93 
Forfeited or expired(80)
Vested(569)
Time-based RSUs outstanding as of October 3, 2020788 $10,480 1.6
Granted486 $24.34 
Forfeited or expired(24)
Vested(333)
Time-based RSUs outstanding as of October 2, 2021917 $11,420 1.4
Granted301 $49.47 
Forfeited or expired(29)
Vested(453)
Time-based RSUs outstanding as of October 1, 2022736 $13,752 1.2
Schedule of Special/Growth Based Restricted Stock Activity
The following table reflects Growth PSUs activity for fiscal 2022, 2021, and 2020:
Number of shares (in thousands)Unrecognized compensation expense (in thousands)Average remaining service period (in years)Weighted average grant date fair value per share
Special/Growth PSUs outstanding as of September 28, 201997 $1,128 1.6
Granted80 $23.65 
Forfeited or expired(22)
Vested(4)
Special/Growth PSUs outstanding as of October 3, 2020151 $1,252 1.1
Granted52 $24.01 
Forfeited or expired(34)
Vested(17)
Special/Growth PSUs outstanding as of October 2, 2021152 $1,247 1.0
Granted79 $49.26 
Forfeited or expired(4)
Vested(100)
Special/Growth PSUs outstanding as of October 1, 2022127 $1,405 0.9
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 2022, 2021, and 2020:
Fiscal
(in thousands)202220212020
Number of common shares issued18 22 37 
Fair value based upon market price at time of issue$949 $828 $850 
Defined benefits pension obligations and pension expenses
The following table reflects the Company’s defined benefits pension obligations, mainly in Switzerland and Taiwan, as of October 1, 2022 and October 2, 2021:
As of
(in thousands)October 1, 2022October 2, 2021
Switzerland pension obligation$1,038 $3,534 
Taiwan pension obligation1,189 1,443