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REDEEMABLE NONCONTROLLING INTERESTS
9 Months Ended
Jun. 27, 2026
Temporary Equity Disclosure [Abstract]  
REDEEMABLE NONCONTROLLING INTERESTS REDEEMABLE NONCONTROLLING INTERESTS
The purchase agreement of JPE and VSA includes a series of put and call options through fiscal year 2033. The put options are held by the minority owners, which provide the right to sell up to 100% of their remaining interest to the Company. The call options are held by the Company and provide it with the right to acquire from the minority owners up to 100% of their remaining interest. The options provide that the cash consideration to be paid for the equity interests (redemption value) is primarily based on a formula using certain EBITDA adjusted metrics and a specified multiple.
The noncontrolling interests are considered redeemable noncontrolling interests due to the put options of the minority owners, which creates a right by the Company to purchase their equity, and are presented outside the permanent equity on the Company’s condensed consolidated balance sheets. The rollforward of this equity is presented in the Company’s condensed consolidated statements of changes in stockholders’ deficit.
Redeemable noncontrolling interests are initially recorded at the issuance date fair value, which represents the acquisition date of JPE and VSA. When a redeemable noncontrolling interest is currently redeemable, or probable of becoming redeemable, it is subsequently adjusted to the greater of current redemption value or initial carrying value. The difference between the carrying value and redemption value as of June 27, 2026 was not material.