Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 03, 2021 | May 04, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-14423 | |
Entity Registrant Name | PLEXUS CORP. | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-1344447 | |
Entity Address, Address Line One | One Plexus Way | |
Entity Address, City or Town | Neenah | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 54957 | |
City Area Code | 920 | |
Local Phone Number | 969-6000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | PLXS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,593,983 | |
Entity Central Index Key | 0000785786 | |
Current Fiscal Year End Date | --10-02 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 880,885 | $ 767,364 | $ 1,711,240 | $ 1,619,773 |
Cost of sales | 789,883 | 705,919 | 1,540,961 | 1,479,138 |
Gross profit | 91,002 | 61,445 | 170,279 | 140,635 |
Selling and administrative expenses | 38,286 | 38,233 | 70,697 | 77,489 |
Restructuring and impairment charges | 2,029 | 6,003 | 2,029 | 6,003 |
Operating income | 50,687 | 17,209 | 97,553 | 57,143 |
Other income (expense): | ||||
Interest expense | (3,818) | (3,814) | (7,904) | (7,946) |
Interest income | 390 | 533 | 764 | 1,178 |
Miscellaneous, net | (825) | 154 | (2,343) | (2,019) |
Income before income taxes | 46,434 | 14,082 | 88,070 | 48,356 |
Income tax expense | 4,671 | 1,156 | 10,108 | 4,424 |
Net income | $ 41,763 | $ 12,926 | $ 77,962 | $ 43,932 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.45 | $ 0.44 | $ 2.71 | $ 1.50 |
Diluted (in dollars per share) | $ 1.42 | $ 0.43 | $ 2.65 | $ 1.46 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 28,736 | 29,291 | 28,799 | 29,216 |
Diluted (in shares) | 29,310 | 29,925 | 29,409 | 29,999 |
Other comprehensive (loss) income: | ||||
Derivative instrument fair value adjustment | $ (4,556) | $ (6,539) | $ (501) | $ (4,316) |
Foreign currency translation adjustments | (3,404) | (7,327) | 5,296 | (2,123) |
Other comprehensive (loss) income | (7,960) | (13,866) | 4,795 | (6,439) |
Total comprehensive income (loss) | $ 33,803 | $ (940) | $ 82,757 | $ 37,493 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 294,370 | $ 385,807 |
Restricted cash | 142 | 2,087 |
Accounts receivable, net of allowances of $1,675 and $3,597, respectively | 508,576 | 482,086 |
Contract assets | 116,440 | 113,946 |
Inventories, net | 771,605 | 763,461 |
Prepaid expenses and other | 36,202 | 31,772 |
Total current assets | 1,727,335 | 1,779,159 |
Property, plant and equipment, net | 379,014 | 383,661 |
Operating lease right-of-use assets | 68,877 | 69,879 |
Deferred income taxes | 22,351 | 21,422 |
Other assets | 39,226 | 35,727 |
Total non-current assets | 509,468 | 510,689 |
Total assets | 2,236,803 | 2,289,848 |
Current liabilities: | ||
Current portion of long-term debt and finance lease obligations | 50,229 | 146,829 |
Accounts payable | 528,363 | 516,297 |
Customer deposits | 175,099 | 159,972 |
Accrued salaries and wages | 64,860 | 76,927 |
Other accrued liabilities | 100,722 | 103,492 |
Total current liabilities | 919,273 | 1,003,517 |
Long-term debt and finance lease obligations, net of current portion | 188,730 | 187,975 |
Long-term accrued income taxes payable | 47,974 | 53,899 |
Long-term operating lease liabilities | 34,751 | 36,779 |
Deferred income taxes payable | 7,042 | 6,433 |
Other liabilities | 25,081 | 23,765 |
Total non-current liabilities | 303,578 | 308,851 |
Total liabilities | 1,222,851 | 1,312,368 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, 200,000 shares authorized, 53,838 and 53,525 shares issued, respectively, and 28,659 and 29,002 shares outstanding, respectively | 538 | 535 |
Additional paid-in capital | 627,176 | 621,564 |
Common stock held in treasury, at cost, 25,179 and 24,523 shares, respectively | (986,539) | (934,639) |
Retained earnings | 1,373,041 | 1,295,079 |
Accumulated other comprehensive loss | (264) | (5,059) |
Total shareholders’ equity | 1,013,952 | 977,480 |
Total liabilities and shareholders’ equity | $ 2,236,803 | $ 2,289,848 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1,675 | $ 3,597 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 53,838,000 | 53,525,000 |
Common stock, shares outstanding (in shares) | 28,659,000 | 29,002,000 |
Treasury stock, shares (in shares) | 25,179,000 | 24,523,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive loss | |
Cumulative effect adjustment for adoption of new accounting pronouncement (1) | [1] | $ (1,077) | ||||||
Beginning of period (in shares) at Sep. 28, 2019 | 29,004,000 | |||||||
Exercise of stock options and vesting of other share-based awards | 498,000 | |||||||
Treasury shares purchased (in shares) | (316,000) | |||||||
End of period (in shares) at Apr. 04, 2020 | 29,186,000 | |||||||
Beginning of period at Sep. 28, 2019 | $ 865,576 | $ 529 | $ 597,401 | $ (893,247) | $ 1,178,677 | $ (17,784) | ||
Exercise of stock options and vesting of other share-based awards | 5 | |||||||
Share-based compensation expense | 10,825 | |||||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (780) | |||||||
Treasury shares purchased | (19,484) | |||||||
Net income | 43,932 | 43,932 | ||||||
Other comprehensive (loss) income | (6,439) | (6,439) | ||||||
End of period at Apr. 04, 2020 | 892,558 | $ 534 | 607,446 | (912,731) | 1,221,532 | (24,223) | ||
Beginning of period (in shares) at Jan. 04, 2020 | 29,222,000 | |||||||
Exercise of stock options and vesting of other share-based awards | 189,000 | |||||||
Treasury shares purchased (in shares) | (225,000) | |||||||
End of period (in shares) at Apr. 04, 2020 | 29,186,000 | |||||||
Beginning of period at Jan. 04, 2020 | 908,372 | $ 532 | 609,168 | (899,577) | 1,208,606 | (10,357) | ||
Exercise of stock options and vesting of other share-based awards | 2 | |||||||
Share-based compensation expense | 5,779 | |||||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (7,501) | |||||||
Treasury shares purchased | (13,154) | |||||||
Net income | 12,926 | 12,926 | ||||||
Other comprehensive (loss) income | (13,866) | (13,866) | ||||||
End of period at Apr. 04, 2020 | $ 892,558 | $ 534 | 607,446 | (912,731) | 1,221,532 | (24,223) | ||
Beginning of period (in shares) at Oct. 03, 2020 | 29,002,000 | 29,002,000 | ||||||
Exercise of stock options and vesting of other share-based awards | 313,000 | |||||||
Treasury shares purchased (in shares) | (656,000) | |||||||
End of period (in shares) at Apr. 03, 2021 | 28,659,000 | 28,659,000 | ||||||
Beginning of period at Oct. 03, 2020 | $ 977,480 | $ 535 | 621,564 | (934,639) | 1,295,079 | (5,059) | ||
Exercise of stock options and vesting of other share-based awards | 3 | |||||||
Share-based compensation expense | 11,822 | |||||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (6,210) | |||||||
Treasury shares purchased | (51,900) | |||||||
Net income | 77,962 | 77,962 | ||||||
Other comprehensive (loss) income | 4,795 | 4,795 | ||||||
End of period at Apr. 03, 2021 | $ 1,013,952 | $ 538 | 627,176 | (986,539) | 1,373,041 | (264) | ||
Beginning of period (in shares) at Jan. 02, 2021 | 28,766,000 | |||||||
Exercise of stock options and vesting of other share-based awards | 242,000 | |||||||
Treasury shares purchased (in shares) | (349,000) | |||||||
End of period (in shares) at Apr. 03, 2021 | 28,659,000 | 28,659,000 | ||||||
Beginning of period at Jan. 02, 2021 | $ 1,006,959 | $ 536 | 624,859 | (957,410) | 1,331,278 | 7,696 | ||
Exercise of stock options and vesting of other share-based awards | 2 | |||||||
Share-based compensation expense | 6,473 | |||||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (4,156) | |||||||
Treasury shares purchased | (29,129) | |||||||
Net income | 41,763 | 41,763 | ||||||
Other comprehensive (loss) income | (7,960) | (7,960) | ||||||
End of period at Apr. 03, 2021 | $ 1,013,952 | $ 538 | $ 627,176 | $ (986,539) | $ 1,373,041 | $ (264) | ||
[1] | See Note 1, "Basis of Presentation," for a discussion of recently adopted accounting pronouncements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 03, 2021 | Apr. 04, 2020 | |
Cash flows from operating activities | ||
Net income | $ 77,962 | $ 43,932 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 30,671 | 27,938 |
Deferred income taxes | 1,454 | 2,226 |
Share-based compensation expense | 11,822 | 10,825 |
Provision for allowance for doubtful accounts | (2,405) | 3,402 |
Asset impairment charges | 0 | 3,054 |
Other, net | 1,060 | (13) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (21,955) | 21,671 |
Contract assets | (2,439) | (20,300) |
Inventories | (4,689) | (65,662) |
Other current and non-current assets | (10,860) | 7,619 |
Accrued income taxes payable | (15,720) | (17,050) |
Accounts payable | 16,317 | 41,595 |
Customer deposits | 14,284 | (3,049) |
Other current and non-current liabilities | (6,643) | (10,780) |
Cash flows provided by operating activities | 88,859 | 45,408 |
Cash flows from investing activities | ||
Payments for property, plant and equipment | (23,149) | (30,679) |
Proceeds from sales of property, plant and equipment | 201 | 694 |
Other, net | (200) | 0 |
Cash flows used in investing activities | (23,148) | (29,985) |
Cash flows from financing activities | ||
Borrowings under debt agreements | 151,967 | 335,694 |
Payments on debt and finance lease obligations | (254,396) | (329,756) |
Repurchases of common stock | (51,900) | (19,484) |
Proceeds from exercise of stock options | 3,303 | 9,850 |
Payments related to tax withholding for share-based compensation | (9,510) | (10,625) |
Cash flows used in financing activities | (160,536) | (14,321) |
Effect of exchange rate changes on cash and cash equivalents | 1,443 | (68) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (93,382) | 1,034 |
Cash and cash equivalents and restricted cash: | ||
Beginning of period | 387,894 | 226,254 |
End of period | $ 294,512 | $ 227,288 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of April 3, 2021 and October 3, 2020, the results of operations and shareholders' equity for the three and six months ended April 3, 2021 and April 4, 2020, and the cash flows for the same six month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. The first quarter of fiscal 2020 included 14 weeks while all other fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and notes thereto. The full extent to which the COVID-19 outbreak will impact the Company's business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted. The Company has considered information available as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. Recently Adopted Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and required consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted this guidance during the first quarter of fiscal 2021 with no material impact to the Company's Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 ("Topic 842"), which is intended to improve financial reporting of lease transactions by requiring lessees to recognize most leases as a right-of-use (“ROU”) asset and lease liability on their balance sheets for the rights and obligations created by leases, but record expenses on their income statements in a similar manner. Topic 842 also requires disclosures regarding the amount, timing and judgments related to accounting for an entity’s leases and related cash flows. On September 29, 2019, the Company adopted Topic 842 using the modified retrospective method of adoption, which allows financial information for comparative periods prior to adoption not to be updated. Upon adoption, the Company recognized a $1.1 million reduction in retained earnings as a result of two existing build-to-suit arrangements for the facilities in Guadalajara, Mexico that were reassessed to be finance leases under the new standard. In August 2017, the FASB issued ASU 2017-12 related to the accounting for hedging activities. The pronouncement expands and refines hedge accounting, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The Company adopted this guidance during the first quarter of fiscal 2020 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations. |
Inventories
Inventories | 6 Months Ended |
Apr. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of April 3, 2021 and October 3, 2020 consisted of the following (in thousands): April 3, October 3, Raw materials $ 657,404 $ 630,833 Work-in-process 46,693 53,602 Finished goods 67,508 79,026 Total inventories, net $ 771,605 $ 763,461 In certain circumstances, per contractual terms, customer deposits are received by the Company to offset inventory risks. The total amount of customer deposits related to inventory and included within current liabilities on the accompanying Condensed Consolidated Balance Sheets as of April 3, 2021 and October 3, 2020 were $170.7 million a |
Debt, Finance Lease Obligations
Debt, Finance Lease Obligations and Other Financing | 6 Months Ended |
Apr. 03, 2021 | |
Debt and Lease Obligation [Abstract] | |
Debt, Finance Lease Obligations and Other Financing | Debt, Finance Lease and Other Financing Obligations Debt, finance lease and other financing obligations as of April 3, 2021 and October 3, 2020, consisted of the following (in thousands): April 3, October 3, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ 100,000 4.22% Senior Notes, due June 15, 2028 50,000 50,000 Borrowings under the revolving commitment 38,000 — Term Loans, due April 28, 2021 — 138,000 Finance lease and other financing obligations 52,037 48,435 Unamortized deferred financing fees (1,078) (1,631) Total obligations 238,959 334,804 Less: current portion (50,229) (146,829) Long-term debt, finance lease and other financing obligations, net of current portion $ 188,730 $ 187,975 On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the 2018 Notes is payable semiannually. As of April 3, 2021, the Company was in compliance with the covenants under the 2018 NPA. On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility by entering into a new 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the six months ended April 3, 2021, the highest daily borrowing was $148.0 million and the average daily borrowings were $48.2 million. The Company borrowed $151.0 million and repaid $113.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during the six months ended April 3, 2021. As of April 3, 2021, the Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolving commitment based on the Company's leverage ratio; the fee was 0.125% as of April 3, 2021. To further ensure the Company's ability to meet it working capital and fixed capital requirements, on April 29, 2020, the Company entered into Amendment No. 1 to the Credit Agreement (the "Amendment") in response to the COVID-19 outbreak, which amended the Credit Agreement, dated as of May 15, 2019. The Amendment modified certain provisions of the Credit Facility to, among other things, provide for a 364 day unsecured delayed draw term loans ("Term Loans") for $138.0 million. Term Loans borrowed under the new facility were funded in a single draw on May 4, 2020 and were scheduled to mature on April 28, 2021. On January 29, 2021, the Company terminated the Term Loans through repayment of the $138.0 million outstanding using borrowings from the revolving commitment under the Credit Facility. Outstanding Term Loans bore interest, at the Company’s option, at a eurocurrency rate (subject to a floor of 1.0%) plus a margin of 1.75% per annum or at a base rate (subject to a floor of 2.0%) plus a margin of 0.75% per annum. The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $199.6 million and $299.3 million as of April 3, 2021 and October 3, 2020, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $188.0 million and $288.0 million as of April 3, 2021 and October 3, 2020, respectively. If measured at fair value in the financial stateme nts, the Company's debt would be classified as Level 2 in the fair value hierarchy. Refer to Note 4, "Derivatives and Fair Value Measurements," for further information regarding the Company's fair value calculations and classifications. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 6 Months Ended |
Apr. 03, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value Measurements | Derivatives and Fair Value Measurements All derivatives are recognized in the accompanying Condensed Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage the variability of foreign currency obligations. The Company has cash flow hedges related to forecasted foreign currency obligations, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes. The Company designates some foreign currency exchange contracts as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in "Accumulated other comprehensive loss" in the accompanying Condensed Consolidated Bala nce Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $0.7 million of unrealized gains, n et of tax, related to cash flow hedges will be reclassified from other comprehensive (loss) income into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). The Company enters into forward currency exchange contracts for its operations in Malaysia and Mexico on a rolling basis. The Company had cash flow hedges outstanding with a notional valu e of $106.7 million as of April 3, 2021, and a notional value of $96.8 million as of October 3, 2020. These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the forward currency exchange contracts was a $0.7 million asset as of April 3, 2021, and a $1.2 million asset as of October 3, 2020. The Company had additional forward currency exchange contracts outstanding as of April 3, 2021, with a notional value of $27.2 million; t here were $15.8 million of such contracts outstanding as of October 3, 2020. The Company did not designate these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Condensed Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of "Miscellaneous, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). The total fair value of these derivatives was a $0.3 million liability as of April 3, 2021, and a less than $0.1 million asset as of October 3, 2020. The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 3, October 3, April 3, October 3, Derivatives designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 843 $ 1,830 Other accrued liabilities $ 155 $ 641 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 3, October 3, April 3, October 3, Derivatives not designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 90 $ 70 Other accrued liabilities $ 423 $ 58 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Loss Recognized in OCL on Derivatives April 3, 2021 April 4, 2020 Foreign currency forward contracts $ (2,748) $ (6,325) Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of Gain Reclassified from Accumulated OCL into Income Amount of Gain Reclassified from Accumulated OCL into Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Cost of sales $ 1,643 $ 204 Foreign currency forward contracts Selling and administrative expenses $ 165 $ 10 Derivatives not designated as hedging instruments Location of Loss Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Miscellaneous, net $ (233) $ (223) The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives April 3, 2021 April 4, 2020 Foreign currency forward contracts $ 1,411 $ (4,140) Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Classification of Gain (Loss) Reclassified from Accumulated OCL into Income Amount of Gain (Loss) Reclassified from Accumulated OCL into Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Cost of sales $ 1,741 $ 177 Foreign currency forward contracts Selling and administrative expenses $ 171 $ (1) Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Miscellaneous, net $ 297 $ (633) Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following table lists the fair values of assets of the Company’s derivatives as of April 3, 2021 and October 3, 2020, by input level: Fair Value Measurements Using Input Levels Asset (in thousands) April 3, 2021 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 355 $ — $ 355 October 3, 2020 Derivatives Foreign currency forward contracts $ — $ 1,201 $ — $ 1,201 The fair value of foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency. |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three and six months ended April 3, 2021 was $4.7 million and $10.1 million, respectively, compared to $1.2 million and $4.4 million for the three and six months ended April 4, 2020, respectively. The effective tax rates for the three and six months ended April 3, 2021 was 10.1% and 11.5%, respectively, compared to the effective tax rates of 8.2% and 9.1% for the three and six months ended April 4, 2020. The effective tax rate for the three and six months ended April 3, 2021 increased from the effective tax rate for the three and six months ended April 4, 2020, primarily due to a net $0.8 million benefit for special tax items during the three months ended January 4, 2020, as well as a change in the geographic distribution of pre-tax book income for the three and six months ended April 3, 2021. The increase in the effective tax rate was partially offset by a tax benefit of $0.9 million recognized for the three months ended April 3, 2021 related to the release of a full valuation allowance for a jurisdiction within the EMEA segment related to a settlement of an income tax audit. There were no material additions to the amount of unrecognized tax benefits recorded for uncertain tax positions as of April 3, 2021. The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three and six months ended April 3, 2021 was not material. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S. The Company is under audit in various foreign jurisdictions but settlement is not expected to have a material impact. The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three months ended April 3, 2021, the Company released a full valuation allowance for a jurisdiction within the EMEA segment related to the settlement of an income tax audit. The Company continues to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA segment and a partial valuation against its net deferred tax assets in certain jurisdictions within the AMER segment, as it was more likely than not that these assets would not be fully realized based primarily on historical performance. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until it determines it is more likely than not that the deferred tax assets will be realized. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and six months ended April 3, 2021 and April 4, 2020 (in thousands, except per share amounts): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Net income $ 41,763 $ 12,926 $ 77,962 $ 43,932 Basic weighted average common shares outstanding 28,736 29,291 28,799 29,216 Dilutive effect of share-based awards and options outstanding 574 634 610 783 Diluted weighted average shares outstanding 29,310 29,925 29,409 29,999 Earnings per share: Basic $ 1.45 $ 0.44 $ 2.71 $ 1.50 Diluted $ 1.42 $ 0.43 $ 2.65 $ 1.46 For the three and six months ended April 3, 2021, share-based awards for less than 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive. For the three and six months ended April 4, 2020, share-based awards for approximately 0.3 million and 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive. See also Note 12, "Shareholders' Equity," for information regarding the Company's share repurchase plans. |
Leases
Leases | 6 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense for the three and six months and ended April 3, 2021 and April 4, 2020 were as follows (in thousands): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Finance lease expense: Amortization of right-of-use assets $ 2,135 $ 1,075 $ 3,151 $ 2,269 Interest on lease liabilities 1,237 1,211 2,440 2,502 Operating lease expense 2,697 2,898 5,449 6,079 Other lease expense 1,266 1,139 2,519 1,259 Total $ 7,335 $ 6,323 $ 13,559 $ 12,109 Based on the nature of the ROU asset, amortization of finance ROU assets, operating lease expense and other lease expense are recorded within either cost of goods sold or selling and administrative expenses, and interest on finance lease liabilities is recorded within interest expense on the Condensed Consolidated Statements of Comprehensive Income (Loss). Other lease expense includes lease expense for leases with an estimated total term of twelve months or less and variable lease expense related to variations in lease payments as a result of a change in factors or circumstances occurring after the lease possession date. The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands): Financial Statement Line Item April 3, 2021 October 3, 2020 ASSETS Finance lease assets Property, plant and equipment, net $ 41,157 $ 36,408 Operating lease assets Operating lease right-of-use assets 68,877 69,879 Total lease assets $ 110,034 $ 106,287 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 5,270 $ 2,700 Operating lease liabilities Other accrued liabilities 9,314 7,724 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 38,265 37,033 Operating lease liabilities Long-term operating lease liabilities 34,751 36,779 Total lease liabilities $ 87,600 $ 84,236 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Apr. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company recognized $6.5 million and $11.8 million of compensation expense associated with share-based awards for the three and six months ended April 3, 2021, respectively, and $5.8 million and $10.8 million for the three and six months ended April 4, 2020, respectively. Performance stock units ("PSUs") are payable in shares of the Company's common stock. For PSUs issued in fiscal year 2020 and earlier, the PSUs vest based on the relative total shareholder return ("TSR") of the Company's common stock as compared to the companies in the Russell 3000 index, a market condition, and the Company's economic return performance during the three year performance period, a performance condition. In the first quarter of fiscal 2021, the Company updated the market condition for PSUs based on TSR to the S&P 400 index for all future PSU grants, including those granted in 2021. The Company uses the Monte Carlo valuation model to determine the fair value of PSUs at the date of grant for PSUs that vest based on the relative TSR of the Company's common stock. The Company uses its stock price on grant date as the fair value assigned to PSUs that vest based on the Company's economic return performance. The number of shares that may be issued pursuant to PSU grants that have not fully vested ranges from zero to 0.4 million and is dependent upon the Company's TSR and economic return performance over the applicable performance periods. The Company recognizes share-based compensation expense over the share-based awards' vesting period. |
Litigation
Litigation | 6 Months Ended |
Apr. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | LitigationThe Company is party to lawsuits in the ordinary course of business. Management does not believe that these proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Reportable Segments
Reportable Segments | 6 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The Company operates in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East, and Africa ("EMEA"). The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, restructuring and impairment charges and other charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for the three and six months ended April 3, 2021 and April 4, 2020, respectively, is as follows (in thousands): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Net sales: AMER $ 364,697 $ 334,454 $ 692,264 $ 687,930 APAC 458,872 387,845 910,174 838,987 EMEA 83,322 74,003 162,045 158,480 Elimination of inter-segment sales (26,006) (28,938) (53,243) (65,624) $ 880,885 $ 767,364 $ 1,711,240 $ 1,619,773 Operating income (loss): AMER $ 26,203 $ 289 $ 42,685 $ 12,586 APAC 58,112 49,874 119,654 112,252 EMEA (1,618) (544) (2,606) (858) Corporate and other expenses (32,010) (32,410) (62,180) (66,837) $ 50,687 $ 17,209 $ 97,553 $ 57,143 Other income (expense): Interest expense $ (3,818) $ (3,814) $ (7,904) $ (7,946) Interest income 390 533 764 1,178 Miscellaneous, net (825) 154 (2,343) (2,019) Income before income taxes $ 46,434 $ 14,082 $ 88,070 $ 48,356 April 3, October 3, Total assets: AMER $ 773,337 $ 759,030 APAC 1,085,492 1,073,951 EMEA 271,193 279,757 Corporate and eliminations 106,781 177,110 $ 2,236,803 $ 2,289,848 |
Guarantees
Guarantees | 6 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Guarantees | Guarantees The Company offers certain indemnifications under its customer manufacturing agreements. In the normal course of business, the Company may from time to time be obligated to indemnify its customers or its customers’ customers against damages or liabilities arising out of the Company’s negligence, misconduct, breach of contract, or infringement of third-party intellectual property rights. Certain agreements have extended broader indemnification, and while most agreements have contractual limits, some do not. However, the Company generally does not provide for such indemnities and seeks indemnification from its customers for damages or liabilities arising out of the Company’s adherence to customers’ specifications or designs or use of materials furnished, or directed to be used, by its customers. The Company does not believe its obligations under such indemnities are material. In the normal course of business, the Company also provides its customers a limited warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects in the Company’s workmanship and meet mutually agreed-upon specifications for periods generally ranging from 12 months to 24 months. The Company’s obligation is generally limited to correcting, at its expense, any defect by repairing or replacing such defective product. The Company’s warranty generally excludes defects resulting from faulty customer-supplied components, design defects or damage caused by any party or cause other than the Company. The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "other accrued liabilities." The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Below is a table summarizing the activity related to the Company’s limited warranty liability for the six months ended April 3, 2021 and April 4, 2020 (in thousands): Six Months Ended April 3, April 4, Reserve balance, beginning of period $ 6,386 $ 6,276 Accruals for warranties issued during the period 967 1,554 Settlements (in cash or in kind) during the period (1,747) (1,466) Reserve balance, end of period $ 5,606 $ 6,364 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Apr. 03, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity On August 20, 2019, the Board of Directors approved a share repurchase plan under which the Company is authorized to repurchase $50.0 million of its common stock (the "2019 Program"). During the six months ended April 3, 2021 , the Company completed the 2019 Program by repurch asing 73,560 shares under this program for $5.3 million and at an average price of $72.44. During the three months ended April 4, 2020, the Company repurchased 224,564 shares under this program for $13.2 million at an average price of $58.57 per share. During the six months ended April 4, 2020, the Company repurchased 315,231 shares under this program for $19.5 million at an average price of $61.81. On August 13, 2020, the Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $50.0 million of its common stock (the "2021 Program") beginning upon expiration of the Company’s 2019 Program. On November 18, 2020, the Board of Directors approved an additional $50.0 million in share repurchase authority under the existing 2021 Program such that there now exists a total of $100.0 million in share repurchase authority under the program. During the three months ended April 3, 2021, the Company repurchased 349,297 shares under this program for $29.1 million at an average price of $83.39 per share. During the six months ended April 3, 2021, the Company repurchased 582,808 shares under this program for $46.6 million at an average price of $79.91. As of April 3, 2021, $53.4 million of authority remained under the 2021 Program. The 2021 Program has no expiration. All shares repurchased under the aforementioned programs were recorded as treasury stock. |
Trade Accounts Receivable Sale
Trade Accounts Receivable Sale Programs | 6 Months Ended |
Apr. 03, 2021 | |
Receivables [Abstract] | |
Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs The Company has Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) (the "MUFG RPA"), and HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA"), under which the Company may elect to sell receivables; at a discount. These facilities are uncommitted facilities. The maximum facility amount under the MUFG R PA as of April 3, 2021 is $340.0 million. The maximum facility amount under the HSBC RPA as of April 3, 2021 is $60.0 million. The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The contract length terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA previously discussed. Transfers of receivables under the programs are accounted for as sales and, accordingly, receivables sold under the programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. Proceeds from the transfer reflect the face value of the receivables less a discount. The sale discount is recorded within "Miscellaneous, net" in the Condensed Consolidated Statements of Comprehensive Income (Loss) in the period of the sale. The Compan y sold $195.6 million and $188.3 million of trade accounts receivable under these programs, or their predecessors, during the three months ended April 3, 2021 and April 4, 2020, respectively, in exchange for cash proceeds of $195.1 million and $187.4 million, respectively. The Company sold $394.0 million and $416.1 million of trade accounts receivable under these programs, or their predecessors, during the six |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Apr. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Significant Judgments Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement. The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations. Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct. The Company’s performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract by contract basis. Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled. The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales. Contract Costs For contracts requiring over time revenue recognition, the selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress towards completion is measured based on the costs incurred to date. There were no other costs to obtain or fulfill customer contracts. Disaggregated Revenue The table below includes the Company’s revenue for the three and six months ended April 3, 2021 and April 4, 2020, disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 131,341 $ 255,537 $ 20,040 $ 406,918 Healthcare/Life Sciences 155,027 149,863 44,877 349,767 Aerospace/Defense 75,188 31,320 17,692 124,200 External revenue 361,556 436,720 82,609 880,885 Inter-segment sales 3,141 22,152 713 26,006 Segment revenue $ 364,697 $ 458,872 $ 83,322 $ 906,891 Three Months Ended April 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Industrial $ 118,088 $ 202,576 $ 18,234 $ 338,898 Healthcare/Life Sciences 117,143 118,033 35,804 270,980 Aerospace/Defense 96,197 42,933 18,356 157,486 External revenue 331,428 363,542 72,394 767,364 Inter-segment sales 3,026 24,303 1,609 28,938 Segment revenue $ 334,454 $ 387,845 $ 74,003 $ 796,302 (1) During the three months ended January 2, 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. Prior period amounts have been reclassified to conform to the current period presentation. Six Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 253,367 $ 493,785 $ 37,808 $ 784,960 Healthcare/Life Sciences 281,466 303,909 83,705 669,080 Aerospace/Defense 152,168 65,579 39,453 257,200 External revenue 687,001 863,273 160,966 1,711,240 Inter-segment sales 5,263 46,901 1,079 53,243 Segment revenue $ 692,264 $ 910,174 $ 162,045 $ 1,764,483 Six Months Ended April 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Industrial $ 237,975 $ 430,613 $ 38,310 $ 706,898 Healthcare/Life Sciences 241,339 267,758 74,170 583,267 Aerospace/Defense 201,686 86,182 41,740 329,608 External revenue 681,000 784,553 154,220 1,619,773 Inter-segment sales 6,930 54,434 4,260 65,624 Segment revenue $ 687,930 $ 838,987 $ 158,480 $ 1,685,397 (1) During the three months ended January 2, 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. Prior period amounts have been reclassified to conform to the current period presentation. For the three and six months ended April 3, 2021, approximately 92% and 91%, respectively, of the Company's revenue was recognized as control for products and services were transferred over time to customers. For the three and six months ended April 4, 2020 , approximately 90% of the Company's revenue was recognized as control for products and services were transferred over time to customers. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets, and deferred revenue on the Company’s accompanying Condensed Consolidated Balance Sheets. Contract Assets : For performance obligations satisfied at a point in time, billing occurs subsequent to revenue recognition, at which point the customer has been billed and the resulting asset is recorded within accounts receivable. For performance obligations satisfied over time as work progresses, the Company has an unconditional right to payment, which results in the recognition of contract assets. The following table summarizes the activity in the Company's contract assets during the six months ended April 3, 2021 and April 4, 2020 (in thousands): Six Months Ended April 3, April 4, Contract assets, beginning of period $ 113,946 $ 90,841 Revenue recognized during the period 1,559,878 1,460,580 Amounts collected or invoiced during the period (1,557,384) (1,440,144) Contract assets, end of period $ 116,440 $ 111,277 |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 6 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Restructuring and Impairment Charges Restructuring and impairment charges incurred in the Company's EMEA and AMER segments, in the periods presented, primarily relate to the reductions-in-force and the previously announced closure of our Boulder Design Center. These charges are recorded within restructuring and impairment charges on the Condensed Consolidated Statements of Comprehensive Income (Loss). Restructuring liabilities are recorded within other accrued liabilities on the Condensed Consolidated Balance Sheets. For the three and six months ended April 3, 2021, the Company incurred restructuring and impairment charges of $2.0 million, which consisted of severance from the reduction of the Company's workforce primarily in the EMEA region. For the three and six months ended April 4, 2020, the Company incurred restructuring and impairment charges of $6.0 million, which consisted of the following: • $3.1 million of fixed asset and operating right-of-use asset impairment at the Company's Boulder Design Center; and • $2.9 million of severance from the reduction of the Company's workforce primarily at the Boulder Design Center. The Company recognized a tax benefit of $0.2 million related to restructuring charges in the three and six months ended April 3, 2021 and $0.6 million related to restructuring charges in the three and six months ended April 4, 2020. The Company's restructuring accrual activity for the three months ended April 3, 2021 and April 4, 2020 is included in the table below (in thousands): Fixed Asset and Operating Right-of-Use Asset Impairment Employee Termination and Severance Costs Total Accrual balance, January 2, 2021 $ — $ 22 $ 22 Restructuring and Impairment Charges — 2,029 2,029 Amounts utilized — (440) (440) Accrual balance, April 3, 2021 $ — $ 1,611 $ 1,611 Fixed Asset and Operating Right-of-Use Asset Impairment Employee Termination and Severance Costs Total Accrual balance, January 4, 2020 $ — $ 447 $ 447 Restructuring and Impairment Charges 3,054 2,949 6,003 Amounts utilized (3,054) (2,049) (5,103) Accrual balance, April 4, 2020 $ — $ 1,347 $ 1,347 There was no material restructuring activity for the three months ended January 2, 2021 or January 4, 2020. |
Basis of Presentation_2
Basis of Presentation | 6 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of April 3, 2021 and October 3, 2020, the results of operations and shareholders' equity for the three and six months ended April 3, 2021 and April 4, 2020, and the cash flows for the same six month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. The first quarter of fiscal 2020 included 14 weeks while all other fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Recently Adopted Accounting Pronouncements & Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and required consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted this guidance during the first quarter of fiscal 2021 with no material impact to the Company's Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016-02 ("Topic 842"), which is intended to improve financial reporting of lease transactions by requiring lessees to recognize most leases as a right-of-use (“ROU”) asset and lease liability on their balance sheets for the rights and obligations created by leases, but record expenses on their income statements in a similar manner. Topic 842 also requires disclosures regarding the amount, timing and judgments related to accounting for an entity’s leases and related cash flows. On September 29, 2019, the Company adopted Topic 842 using the modified retrospective method of adoption, which allows financial information for comparative periods prior to adoption not to be updated. Upon adoption, the Company recognized a $1.1 million reduction in retained earnings as a result of two existing build-to-suit arrangements for the facilities in Guadalajara, Mexico that were reassessed to be finance leases under the new standard. In August 2017, the FASB issued ASU 2017-12 related to the accounting for hedging activities. The pronouncement expands and refines hedge accounting, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The Company adopted this guidance during the first quarter of fiscal 2020 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations. |
Fair Value of Financial Instruments | Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of April 3, 2021 and October 3, 2020 consisted of the following (in thousands): April 3, October 3, Raw materials $ 657,404 $ 630,833 Work-in-process 46,693 53,602 Finished goods 67,508 79,026 Total inventories, net $ 771,605 $ 763,461 |
Debt, Finance Lease Obligatio_2
Debt, Finance Lease Obligations and Other Financing (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt, Finance Lease Obligations and Other Financing | Debt, finance lease and other financing obligations as of April 3, 2021 and October 3, 2020, consisted of the following (in thousands): April 3, October 3, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ 100,000 4.22% Senior Notes, due June 15, 2028 50,000 50,000 Borrowings under the revolving commitment 38,000 — Term Loans, due April 28, 2021 — 138,000 Finance lease and other financing obligations 52,037 48,435 Unamortized deferred financing fees (1,078) (1,631) Total obligations 238,959 334,804 Less: current portion (50,229) (146,829) Long-term debt, finance lease and other financing obligations, net of current portion $ 188,730 $ 187,975 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instruments | The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 3, October 3, April 3, October 3, Derivatives designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 843 $ 1,830 Other accrued liabilities $ 155 $ 641 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 3, October 3, April 3, October 3, Derivatives not designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 90 $ 70 Other accrued liabilities $ 423 $ 58 |
Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss) | The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Loss Recognized in OCL on Derivatives April 3, 2021 April 4, 2020 Foreign currency forward contracts $ (2,748) $ (6,325) The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives April 3, 2021 April 4, 2020 Foreign currency forward contracts $ 1,411 $ (4,140) |
Schedule of Derivative Impact on Gain (Loss) Recognized in Income | Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of Gain Reclassified from Accumulated OCL into Income Amount of Gain Reclassified from Accumulated OCL into Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Cost of sales $ 1,643 $ 204 Foreign currency forward contracts Selling and administrative expenses $ 165 $ 10 Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Classification of Gain (Loss) Reclassified from Accumulated OCL into Income Amount of Gain (Loss) Reclassified from Accumulated OCL into Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Cost of sales $ 1,741 $ 177 Foreign currency forward contracts Selling and administrative expenses $ 171 $ (1) |
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income | Derivatives not designated as hedging instruments Location of Loss Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Miscellaneous, net $ (233) $ (223) Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income April 3, 2021 April 4, 2020 Foreign currency forward contracts Miscellaneous, net $ 297 $ (633) |
Schedule of Derivatives Fair Value Measurements Using Input Levels | The following table lists the fair values of assets of the Company’s derivatives as of April 3, 2021 and October 3, 2020, by input level: Fair Value Measurements Using Input Levels Asset (in thousands) April 3, 2021 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 355 $ — $ 355 October 3, 2020 Derivatives Foreign currency forward contracts $ — $ 1,201 $ — $ 1,201 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and six months ended April 3, 2021 and April 4, 2020 (in thousands, except per share amounts): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Net income $ 41,763 $ 12,926 $ 77,962 $ 43,932 Basic weighted average common shares outstanding 28,736 29,291 28,799 29,216 Dilutive effect of share-based awards and options outstanding 574 634 610 783 Diluted weighted average shares outstanding 29,310 29,925 29,409 29,999 Earnings per share: Basic $ 1.45 $ 0.44 $ 2.71 $ 1.50 Diluted $ 1.42 $ 0.43 $ 2.65 $ 1.46 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Leases [Abstract] | |
Schedule of Lease Expense | The components of lease expense for the three and six months and ended April 3, 2021 and April 4, 2020 were as follows (in thousands): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Finance lease expense: Amortization of right-of-use assets $ 2,135 $ 1,075 $ 3,151 $ 2,269 Interest on lease liabilities 1,237 1,211 2,440 2,502 Operating lease expense 2,697 2,898 5,449 6,079 Other lease expense 1,266 1,139 2,519 1,259 Total $ 7,335 $ 6,323 $ 13,559 $ 12,109 |
Schedule of Lease Assets and Liabilities | The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets (in thousands): Financial Statement Line Item April 3, 2021 October 3, 2020 ASSETS Finance lease assets Property, plant and equipment, net $ 41,157 $ 36,408 Operating lease assets Operating lease right-of-use assets 68,877 69,879 Total lease assets $ 110,034 $ 106,287 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 5,270 $ 2,700 Operating lease liabilities Other accrued liabilities 9,314 7,724 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 38,265 37,033 Operating lease liabilities Long-term operating lease liabilities 34,751 36,779 Total lease liabilities $ 87,600 $ 84,236 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Information | Information about the Company’s three reportable segments for the three and six months ended April 3, 2021 and April 4, 2020, respectively, is as follows (in thousands): Three Months Ended Six Months Ended April 3, April 4, April 3, April 4, Net sales: AMER $ 364,697 $ 334,454 $ 692,264 $ 687,930 APAC 458,872 387,845 910,174 838,987 EMEA 83,322 74,003 162,045 158,480 Elimination of inter-segment sales (26,006) (28,938) (53,243) (65,624) $ 880,885 $ 767,364 $ 1,711,240 $ 1,619,773 Operating income (loss): AMER $ 26,203 $ 289 $ 42,685 $ 12,586 APAC 58,112 49,874 119,654 112,252 EMEA (1,618) (544) (2,606) (858) Corporate and other expenses (32,010) (32,410) (62,180) (66,837) $ 50,687 $ 17,209 $ 97,553 $ 57,143 Other income (expense): Interest expense $ (3,818) $ (3,814) $ (7,904) $ (7,946) Interest income 390 533 764 1,178 Miscellaneous, net (825) 154 (2,343) (2,019) Income before income taxes $ 46,434 $ 14,082 $ 88,070 $ 48,356 April 3, October 3, Total assets: AMER $ 773,337 $ 759,030 APAC 1,085,492 1,073,951 EMEA 271,193 279,757 Corporate and eliminations 106,781 177,110 $ 2,236,803 $ 2,289,848 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Guarantees [Abstract] | |
Schedule of Activity Related to Limited Warranty Liability | Below is a table summarizing the activity related to the Company’s limited warranty liability for the six months ended April 3, 2021 and April 4, 2020 (in thousands): Six Months Ended April 3, April 4, Reserve balance, beginning of period $ 6,386 $ 6,276 Accruals for warranties issued during the period 967 1,554 Settlements (in cash or in kind) during the period (1,747) (1,466) Reserve balance, end of period $ 5,606 $ 6,364 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The table below includes the Company’s revenue for the three and six months ended April 3, 2021 and April 4, 2020, disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 131,341 $ 255,537 $ 20,040 $ 406,918 Healthcare/Life Sciences 155,027 149,863 44,877 349,767 Aerospace/Defense 75,188 31,320 17,692 124,200 External revenue 361,556 436,720 82,609 880,885 Inter-segment sales 3,141 22,152 713 26,006 Segment revenue $ 364,697 $ 458,872 $ 83,322 $ 906,891 Three Months Ended April 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Industrial $ 118,088 $ 202,576 $ 18,234 $ 338,898 Healthcare/Life Sciences 117,143 118,033 35,804 270,980 Aerospace/Defense 96,197 42,933 18,356 157,486 External revenue 331,428 363,542 72,394 767,364 Inter-segment sales 3,026 24,303 1,609 28,938 Segment revenue $ 334,454 $ 387,845 $ 74,003 $ 796,302 (1) During the three months ended January 2, 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. Prior period amounts have been reclassified to conform to the current period presentation. Six Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 253,367 $ 493,785 $ 37,808 $ 784,960 Healthcare/Life Sciences 281,466 303,909 83,705 669,080 Aerospace/Defense 152,168 65,579 39,453 257,200 External revenue 687,001 863,273 160,966 1,711,240 Inter-segment sales 5,263 46,901 1,079 53,243 Segment revenue $ 692,264 $ 910,174 $ 162,045 $ 1,764,483 Six Months Ended April 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Industrial $ 237,975 $ 430,613 $ 38,310 $ 706,898 Healthcare/Life Sciences 241,339 267,758 74,170 583,267 Aerospace/Defense 201,686 86,182 41,740 329,608 External revenue 681,000 784,553 154,220 1,619,773 Inter-segment sales 6,930 54,434 4,260 65,624 Segment revenue $ 687,930 $ 838,987 $ 158,480 $ 1,685,397 (1) During the three months ended January 2, 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. Prior period amounts have been reclassified to conform to the current period presentation. |
Schedule of Contract Assets | The following table summarizes the activity in the Company's contract assets during the six months ended April 3, 2021 and April 4, 2020 (in thousands): Six Months Ended April 3, April 4, Contract assets, beginning of period $ 113,946 $ 90,841 Revenue recognized during the period 1,559,878 1,460,580 Amounts collected or invoiced during the period (1,557,384) (1,440,144) Contract assets, end of period $ 116,440 $ 111,277 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 6 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Accrual Activity | The Company's restructuring accrual activity for the three months ended April 3, 2021 and April 4, 2020 is included in the table below (in thousands): Fixed Asset and Operating Right-of-Use Asset Impairment Employee Termination and Severance Costs Total Accrual balance, January 2, 2021 $ — $ 22 $ 22 Restructuring and Impairment Charges — 2,029 2,029 Amounts utilized — (440) (440) Accrual balance, April 3, 2021 $ — $ 1,611 $ 1,611 Fixed Asset and Operating Right-of-Use Asset Impairment Employee Termination and Severance Costs Total Accrual balance, January 4, 2020 $ — $ 447 $ 447 Restructuring and Impairment Charges 3,054 2,949 6,003 Amounts utilized (3,054) (2,049) (5,103) Accrual balance, April 4, 2020 $ — $ 1,347 $ 1,347 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 | Sep. 29, 2019 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ 1,373,041 | $ 1,295,079 | |
ASU 2016-02 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Retained earnings | $ (1,100) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 657,404 | $ 630,833 |
Work-in-process | 46,693 | 53,602 |
Finished goods | 67,508 | 79,026 |
Total inventories, net | $ 771,605 | $ 763,461 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Inventory [Line Items] | ||
Customer deposits | $ 175,099 | $ 159,972 |
Inventory | ||
Inventory [Line Items] | ||
Customer deposits | $ 170,700 | $ 154,600 |
Debt, Finance Lease Obligatio_3
Debt, Finance Lease Obligations and Other Financing - Schedule of Debt, Finance Lease Obligations and Other Financing (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Jan. 29, 2021 | Oct. 03, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 188,000 | $ 288,000 | |
Finance lease and other financing obligations | 52,037 | 48,435 | |
Unamortized deferred financing fees | (1,078) | (1,631) | |
Total obligations | 238,959 | 334,804 | |
Current portion of long-term debt and finance lease obligations | (50,229) | (146,829) | |
Long-term debt, finance lease and other financing obligations, net of current portion | 188,730 | 187,975 | |
Term Loan | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Short-term debt, gross | 0 | $ 138,000 | 138,000 |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 150,000 | 150,000 | |
Senior Notes | 4.05% Senior Notes, due June 15, 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 100,000 | $ 100,000 | |
Interest Rate, Senior Notes | 4.05% | 4.05% | |
Senior Notes | 4.22% Senior Notes, due June 15, 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 50,000 | $ 50,000 | |
Interest Rate, Senior Notes | 4.22% | 4.22% | |
Line of Credit | Borrowings under the revolving commitment | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 38,000 | $ 0 |
Debt, Finance Lease Obligatio_4
Debt, Finance Lease Obligations and Other Financing - Narrative (Details) - USD ($) $ in Thousands | Jan. 29, 2021 | Apr. 03, 2021 | Apr. 03, 2021 | Apr. 04, 2020 | Oct. 03, 2020 | May 14, 2019 |
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 188,000 | $ 188,000 | $ 288,000 | |||
Amount borrowed | 151,967 | $ 335,694 | ||||
Debt, Fair Value | 199,600 | $ 199,600 | 299,300 | |||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, term | 5 years | |||||
Maximum commitment | 350,000 | $ 350,000 | $ 300,000 | |||
Amount credit facility may be further increased | $ 600,000 | 600,000 | ||||
Highest daily borrowings | 148,000 | |||||
Average daily borrowings | 48,200 | |||||
Annual commitment fee | 0.125% | |||||
Term Loan | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Short-term debt, gross | $ 138,000 | $ 0 | 0 | 138,000 | ||
Repayments of Short-term Debt | 138,000 | |||||
Unsecured Debt | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, term | 364 days | |||||
Unsecured Debt | Term Loan | Eurocurrency rate | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Credit Facility | 1.00% | |||||
Unsecured Debt | Term Loan | Eurocurrency rate plus margin | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Credit Facility | 1.75% | |||||
Unsecured Debt | Term Loan | Base rate | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Credit Facility | 2.00% | |||||
Unsecured Debt | Term Loan | Base rate plus margin | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate, Credit Facility | 0.75% | |||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 150,000 | 150,000 | 150,000 | |||
Senior Notes | 4.05% Senior Notes, due June 15, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 100,000 | $ 100,000 | $ 100,000 | |||
Interest Rate, Senior Notes | 4.05% | 4.05% | 4.05% | |||
Senior Notes | 4.22% Senior Notes, due June 15, 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 50,000 | $ 50,000 | $ 50,000 | |||
Interest Rate, Senior Notes | 4.22% | 4.22% | 4.22% | |||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 38,000 | $ 38,000 | $ 0 | |||
Amount borrowed | 151,000 | |||||
Amount repaid | $ 113,000 |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Schedule of Fair Values of Derivative Instruments (Details) - Foreign currency forward contracts - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 100 | |
Fair value of derivative liability | $ 300 | |
Prepaid expenses and other | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 843 | 1,830 |
Prepaid expenses and other | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 90 | 70 |
Other accrued liabilities | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 155 | 641 |
Other accrued liabilities | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 423 | $ 58 |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Foreign currency forward contracts | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in OCL on Derivatives | $ (2,748) | $ (6,325) | $ 1,411 | $ (4,140) |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements - Schedule of Derivative Impact on (Loss) Gain Recognized in Income (Details) - Derivatives designated as hedging instruments - Derivatives in cash flow hedging relationships - Foreign currency forward contracts - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Cost of sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Reclassified from Accumulated OCL into Income | $ 1,643 | $ 204 | $ 1,741 | $ 177 |
Selling and administrative expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Reclassified from Accumulated OCL into Income | $ 165 | $ 10 | $ 171 | $ (1) |
Derivatives and Fair Value Me_6
Derivatives and Fair Value Measurements - Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign currency forward contracts | ||||
Derivative [Line Items] | ||||
Amount of Loss on Derivatives Recognized in Income | $ (233) | $ (223) | $ 297 | $ (633) |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurements - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Foreign currency forward contracts - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Derivative asset | $ 355 | $ 1,201 |
Level 1 | ||
Derivative asset | 0 | 0 |
Level 2 | ||
Derivative asset | 355 | 1,201 |
Level 3 | ||
Derivative asset | $ 0 | $ 0 |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 03, 2021 | Oct. 03, 2020 | |
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months | $ 700 | |
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign currency forward contracts | ||
Notional amount of forward exchange contracts | 106,700 | $ 96,800 |
Fair value of derivative asset | 700 | 1,200 |
Derivatives not designated as hedging instruments | Foreign currency forward contracts | ||
Notional amount of forward exchange contracts | 27,200 | 15,800 |
Fair value of derivative asset | $ 100 | |
Fair value of derivative liability | $ 300 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2021 | Apr. 04, 2020 | Jan. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Income Tax Examination [Line Items] | |||||
Income tax expense | $ 4,671 | $ 1,156 | $ 10,108 | $ 4,424 | |
Effective Income Tax Rate Reconciliation, Percent | 10.10% | 8.20% | 11.50% | 9.10% | |
Special tax items | |||||
Income Tax Examination [Line Items] | |||||
Other Tax Expense (Benefit) | $ (800) | ||||
Release of valuation allowance | |||||
Income Tax Examination [Line Items] | |||||
Other Tax Expense (Benefit) | $ (900) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 41,763 | $ 12,926 | $ 77,962 | $ 43,932 |
Basic weighted average common shares outstanding (in shares) | 28,736 | 29,291 | 28,799 | 29,216 |
Dilutive effect of share-based awards and options outstanding (in shares) | 574 | 634 | 610 | 783 |
Diluted weighted average shares outstanding (in shares) | 29,310 | 29,925 | 29,409 | 29,999 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.45 | $ 0.44 | $ 2.71 | $ 1.50 |
Diluted (in dollars per share) | $ 1.42 | $ 0.43 | $ 2.65 | $ 1.46 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Share-based awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | 0.1 | 0.3 | 0.1 | 0.1 |
Leases Schedule of Lease Expens
Leases Schedule of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 2,135 | $ 1,075 | $ 3,151 | $ 2,269 |
Interest on lease liabilities | 1,237 | 1,211 | 2,440 | 2,502 |
Operating lease expense | 2,697 | 2,898 | 5,449 | 6,079 |
Other lease expense | 1,266 | 1,139 | 2,519 | 1,259 |
Total lease expense | $ 7,335 | $ 6,323 | $ 13,559 | $ 12,109 |
Leases Schedule of Lease Assets
Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Oct. 03, 2020 |
Assets and Liabilities, Leases [Abstract] | ||
Finance lease right-of-use assets | $ 41,157 | $ 36,408 |
Operating lease right-of-use assets | 68,877 | 69,879 |
Total lease Assets | 110,034 | 106,287 |
Current finance lease liabilities | 5,270 | 2,700 |
Current operating lease liabilities | 9,314 | 7,724 |
Long-term finance lease liabilities | 38,265 | 37,033 |
Long-term operating lease liabilities | 34,751 | 36,779 |
Total lease liabilities | $ 87,600 | $ 84,236 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Expense | $ 6,500 | $ 5,800 | $ 11,800 | $ 10,800 |
Minimum | PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares that may be issued (in shares) | 0 | 0 | ||
Maximum | PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares that may be issued (in shares) | 400,000 | 400,000 |
Reportable Segments - Schedule
Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | Oct. 03, 2020 | |
Net sales | $ 880,885 | $ 767,364 | $ 1,711,240 | $ 1,619,773 | |
Operating income (loss): | 50,687 | 17,209 | 97,553 | 57,143 | |
Interest expense | (3,818) | (3,814) | (7,904) | (7,946) | |
Interest income | 390 | 533 | 764 | 1,178 | |
Miscellaneous, net | (825) | 154 | (2,343) | (2,019) | |
Income before income taxes | 46,434 | 14,082 | 88,070 | 48,356 | |
Total assets | 2,236,803 | 2,236,803 | $ 2,289,848 | ||
Elimination of inter-segment sales | |||||
Net sales | (26,006) | (28,938) | (53,243) | (65,624) | |
Corporate | |||||
Operating income (loss): | (32,010) | (32,410) | (62,180) | (66,837) | |
Corporate and eliminations | |||||
Total assets | 106,781 | 106,781 | 177,110 | ||
AMER | Operating Segments | |||||
Net sales | 364,697 | 334,454 | 692,264 | 687,930 | |
Operating income (loss): | 26,203 | 289 | 42,685 | 12,586 | |
Total assets | 773,337 | 773,337 | 759,030 | ||
APAC | Operating Segments | |||||
Net sales | 458,872 | 387,845 | 910,174 | 838,987 | |
Operating income (loss): | 58,112 | 49,874 | 119,654 | 112,252 | |
Total assets | 1,085,492 | 1,085,492 | 1,073,951 | ||
EMEA | Operating Segments | |||||
Net sales | 83,322 | 74,003 | 162,045 | 158,480 | |
Operating income (loss): | (1,618) | $ (544) | (2,606) | $ (858) | |
Total assets | $ 271,193 | $ 271,193 | $ 279,757 |
Reportable Segments - Narrative
Reportable Segments - Narrative (Details) | 6 Months Ended |
Apr. 03, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Guarantees - Schedule of Activi
Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 03, 2021 | Apr. 04, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Limited warranty liability, beginning balance | $ 6,386 | $ 6,276 |
Accruals for warranties issued during the period | 967 | 1,554 |
Settlements (in cash or in kind) during the period | (1,747) | (1,466) |
Limited warranty liability, ending balance | $ 5,606 | $ 6,364 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) | 6 Months Ended |
Apr. 03, 2021 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Product warranty specification period | 12 months |
Maximum | |
Product Warranty Liability [Line Items] | |
Product warranty specification period | 24 months |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | Nov. 18, 2020 | Aug. 13, 2020 | Aug. 20, 2019 | |
2019 Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized repurchase amount | $ 50,000 | ||||||
Amount repurchased (in shares) | 224,564 | 73,560 | 315,231 | ||||
Amount repurchased | $ 13,200 | $ 5,300 | $ 19,500 | ||||
Average repurchase price (in dollars per share) | $ 58.57 | $ 72.44 | $ 61.81 | ||||
2021 Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized repurchase amount | $ 100,000 | $ 50,000 | |||||
Additional authorized repurchase amount | $ 50,000 | ||||||
Amount repurchased (in shares) | 349,297 | 582,808 | |||||
Amount repurchased | $ 29,100 | $ 46,600 | |||||
Average repurchase price (in dollars per share) | $ 83.39 | $ 79.91 | |||||
Remaining authorized repurchase amount | $ 53,400 | $ 53,400 |
Trade Accounts Receivable Sal_2
Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items] | ||||
Trade Accounts Receivables Sold | $ 195,600 | $ 188,300 | $ 394,000 | $ 416,100 |
Cash Proceeds Received from Trade Accounts Receivable Sold | 195,100 | $ 187,400 | 392,900 | $ 414,000 |
MUFG RPA | ||||
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items] | ||||
Maximum facility amount | 340,000 | $ 340,000 | ||
Minimum prior notice required to cancel automatic extension | 10 days | |||
HSBC RPA | ||||
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items] | ||||
Maximum facility amount | $ 60,000 | $ 60,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | $ 906,891 | $ 796,302 | $ 1,764,483 | $ 1,685,397 |
AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 364,697 | 334,454 | 692,264 | 687,930 |
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 458,872 | 387,845 | 910,174 | 838,987 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 83,322 | 74,003 | 162,045 | 158,480 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 880,885 | 767,364 | 1,711,240 | 1,619,773 |
Operating Segments | AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 361,556 | 331,428 | 687,001 | 681,000 |
Operating Segments | APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 436,720 | 363,542 | 863,273 | 784,553 |
Operating Segments | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 82,609 | 72,394 | 160,966 | 154,220 |
Operating Segments | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 406,918 | 338,898 | 784,960 | 706,898 |
Operating Segments | Industrial | AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 131,341 | 118,088 | 253,367 | 237,975 |
Operating Segments | Industrial | APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 255,537 | 202,576 | 493,785 | 430,613 |
Operating Segments | Industrial | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 20,040 | 18,234 | 37,808 | 38,310 |
Operating Segments | Healthcare/Life Sciences | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 349,767 | 270,980 | 669,080 | 583,267 |
Operating Segments | Healthcare/Life Sciences | AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 155,027 | 117,143 | 281,466 | 241,339 |
Operating Segments | Healthcare/Life Sciences | APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 149,863 | 118,033 | 303,909 | 267,758 |
Operating Segments | Healthcare/Life Sciences | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 44,877 | 35,804 | 83,705 | 74,170 |
Operating Segments | Aerospace/Defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 124,200 | 157,486 | 257,200 | 329,608 |
Operating Segments | Aerospace/Defense | AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 75,188 | 96,197 | 152,168 | 201,686 |
Operating Segments | Aerospace/Defense | APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 31,320 | 42,933 | 65,579 | 86,182 |
Operating Segments | Aerospace/Defense | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 17,692 | 18,356 | 39,453 | 41,740 |
Elimination of inter-segment sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 26,006 | 28,938 | 53,243 | 65,624 |
Elimination of inter-segment sales | AMER | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 3,141 | 3,026 | 5,263 | 6,930 |
Elimination of inter-segment sales | APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | 22,152 | 24,303 | 46,901 | 54,434 |
Elimination of inter-segment sales | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer | $ 713 | $ 1,609 | $ 1,079 | $ 4,260 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Apr. 03, 2021 | Apr. 04, 2020 | Oct. 03, 2020 | Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract assets | $ 116,440 | $ 111,277 | $ 113,946 | $ 90,841 |
Revenue recognized | 1,559,878 | 1,460,580 | ||
Amounts collected or invoiced | $ (1,557,384) | $ (1,440,144) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2021 | Apr. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | Oct. 03, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Deferred Revenue | $ 60,500 | $ 60,500 | $ 55,600 | ||
Transferred over Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of Revenue | 92.00% | 90.00% | 91.00% | 90.00% |
Restructuring and Impairment _3
Restructuring and Impairment Charges Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 03, 2021 | Jan. 02, 2021 | Apr. 04, 2020 | Jan. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 1,611 | $ 22 | $ 1,347 | $ 447 | $ 1,611 | $ 1,347 |
Restructuring and impairment charges | 2,029 | 0 | 6,003 | 0 | 2,029 | 6,003 |
Amounts utilized | (440) | (5,103) | ||||
Impaired Long-Lived Assets Held and Used, Asset Name | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 | 0 |
Restructuring and impairment charges | 0 | 3,054 | 3,100 | |||
Amounts utilized | 0 | (3,054) | ||||
Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 1,611 | $ 22 | 1,347 | $ 447 | $ 1,611 | 1,347 |
Restructuring and impairment charges | 2,029 | 2,949 | $ 2,900 | |||
Amounts utilized | $ (440) | $ (2,049) |
Restructuring and Impairment _4
Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 03, 2021 | Jan. 02, 2021 | Apr. 04, 2020 | Jan. 04, 2020 | Apr. 03, 2021 | Apr. 04, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and impairment charges | $ 2,029 | $ 0 | $ 6,003 | $ 0 | $ 2,029 | $ 6,003 |
Restructuring Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other Tax Expense (Benefit) | (200) | (600) | $ (200) | (600) | ||
Impaired Long-Lived Assets Held and Used, Asset Name | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and impairment charges | 0 | 3,054 | 3,100 | |||
Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and impairment charges | $ 2,029 | $ 2,949 | $ 2,900 |