Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2023 | Nov. 13, 2023 | Apr. 01, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2023 | ||
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 Well-Known Season Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.6 | ||
Entity Common Stock, Shares Outstanding | 27,466,529 | ||
Documents Incorporated by Reference [Text Block] | Parts of Registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report. | ||
Entity Central Index Key | 0000785786 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Location | Milwaukee, Wisconsin | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 4,210,305 | $ 3,811,368 | $ 3,368,865 |
Cost of sales | 3,815,751 | 3,464,139 | 3,045,569 |
Gross profit | 394,554 | 347,229 | 323,296 |
Selling and administrative expenses | 175,640 | 167,023 | 143,761 |
Restructuring and other charges | 23,094 | 2,021 | 3,267 |
Operating income | 195,820 | 178,185 | 176,268 |
Other income (expense): | |||
Interest expense | (31,542) | (15,858) | (14,253) |
Interest income | 3,138 | 1,305 | 1,372 |
Miscellaneous, net | (6,403) | (5,329) | (2,976) |
Income before income taxes | 161,013 | 158,303 | 160,411 |
Income tax expense | 21,919 | 20,060 | 21,499 |
Net income | $ 139,094 | $ 138,243 | $ 138,912 |
Earnings per share: | |||
Basic (in dollars per share) | $ 5.04 | $ 4.96 | $ 4.86 |
Diluted (in dollars per share) | $ 4.95 | $ 4.86 | $ 4.76 |
Weighted average shares outstanding: | |||
Basic (in shares) | 27,582 | 27,862 | 28,575 |
Diluted (in shares) | 28,114 | 28,439 | 29,167 |
Other comprehensive income (loss): | |||
Derivative instrument and other fair value adjustments | $ 1,197 | $ (5,201) | $ (1,165) |
Foreign currency translation adjustments | 10,501 | (27,843) | 3,240 |
Other comprehensive income (loss) | 11,698 | (33,044) | 2,075 |
Total comprehensive income | $ 150,792 | $ 105,199 | $ 140,987 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 256,233 | $ 274,805 |
Restricted cash | 421 | 665 |
Accounts receivable, net of allowances of $1,914 and $1,961, respectively | 661,542 | 737,696 |
Contract assets | 142,297 | 138,540 |
Inventories | 1,562,037 | 1,602,783 |
Prepaid expenses and other | 49,693 | 61,633 |
Total current assets | 2,672,223 | 2,816,122 |
Property, plant and equipment, net | 492,036 | 444,705 |
Operating lease right-of-use assets | 69,363 | 65,134 |
Deferred income taxes | 62,590 | 39,075 |
Other assets | 24,960 | 28,189 |
Total non-current assets | 648,949 | 577,103 |
Total assets | 3,321,172 | 3,393,225 |
Current liabilities: | ||
Current portion of long-term debt and finance lease obligations | 240,205 | 273,971 |
Accounts payable | 646,610 | 805,583 |
Advanced payments from customers | 760,351 | 779,286 |
Accrued salaries and wages | 94,099 | 88,876 |
Other accrued liabilities | 71,402 | 58,473 |
Total current liabilities | 1,812,667 | 2,006,189 |
Long-term debt and finance lease obligations, net of current portion | 190,853 | 187,776 |
Accrued income taxes payable | 31,382 | 42,019 |
Long-term operating lease liabilities | 38,552 | 33,628 |
Deferred income taxes | 4,350 | 6,327 |
Other liabilities | 28,986 | 21,555 |
Total non-current liabilities | 294,123 | 291,305 |
Total liabilities | 2,106,790 | 2,297,494 |
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, 54,297 and 54,084 shares issued, respectively, and 27,466 and 27,679 shares outstanding, respectively | 543 | 541 |
Additional paid-in capital | 661,270 | 652,467 |
Common stock held in treasury, at cost, 26,831 and 26,405 shares, respectively | (1,134,429) | (1,093,483) |
Retained Earnings (Accumulated Deficit) | 1,711,328 | 1,572,234 |
Accumulated other comprehensive loss | (24,330) | (36,028) |
Total shareholders’ equity | 1,214,382 | 1,095,731 |
Total liabilities and shareholders’ equity | $ 3,321,172 | $ 3,393,225 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1,914 | $ 1,961 |
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 issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (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) | 54,297,000 | 54,084,000 |
Common stock, shares outstanding (in shares) | 27,466,000 | 27,679,000 |
Treasury stock, shares (in shares) | 26,831,000 | 26,405,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive loss |
Beginning of period (in shares) at Oct. 03, 2020 | 29,002,000 | |||||
Exercise of stock options and vesting of other share-based awards | 323,000 | |||||
Treasury shares purchased (in shares) | (1,278,000) | |||||
End of period (in shares) at Oct. 02, 2021 | 28,047,000 | |||||
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 | 24,326 | |||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (6,112) | |||||
Treasury shares purchased | (108,452) | |||||
Net income | 138,912 | 138,912 | ||||
Other comprehensive income (loss) | 2,075 | 2,075 | ||||
End of period at Oct. 02, 2021 | $ 1,028,232 | $ 538 | 639,778 | (1,043,091) | 1,433,991 | (2,984) |
Exercise of stock options and vesting of other share-based awards | 235,000 | |||||
Treasury shares purchased (in shares) | (603,000) | |||||
End of period (in shares) at Oct. 01, 2022 | 27,679,000 | 27,679,000 | ||||
Exercise of stock options and vesting of other share-based awards | $ 3 | |||||
Share-based compensation expense | 23,377 | |||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (10,688) | |||||
Treasury shares purchased | (50,392) | |||||
Net income | $ 138,243 | 138,243 | ||||
Other comprehensive income (loss) | (33,044) | (33,044) | ||||
End of period at Oct. 01, 2022 | $ 1,095,731 | $ 541 | 652,467 | (1,093,483) | 1,572,234 | (36,028) |
Exercise of stock options and vesting of other share-based awards | 212,000 | |||||
Treasury shares purchased (in shares) | (425,000) | |||||
End of period (in shares) at Sep. 30, 2023 | 27,466,000 | 27,466,000 | ||||
Exercise of stock options and vesting of other share-based awards | $ 2 | |||||
Share-based compensation expense | 21,300 | |||||
Exercise of stock options and vesting of other share-based awards, including tax withholding | (12,497) | |||||
Treasury shares purchased | (40,946) | |||||
Net income | $ 139,094 | 139,094 | ||||
Other comprehensive income (loss) | 11,698 | 11,698 | ||||
End of period at Sep. 30, 2023 | $ 1,214,382 | $ 543 | $ 661,270 | $ (1,134,429) | $ 1,711,328 | $ (24,330) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Cash flows from operating activities | |||
Net income | $ 139,094 | $ 138,243 | $ 138,912 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation and amortization | 69,758 | 62,689 | 61,014 |
Deferred income taxes | (22,438) | (10,800) | (3,388) |
Share-based compensation expense and related charges | 21,300 | 23,336 | 24,763 |
Provision for allowance for doubtful accounts | 0 | 0 | (2,405) |
Other, net | (579) | 972 | 1,855 |
Changes in operating assets and liabilities, excluding impacts of currency: | |||
Accounts receivable | 81,542 | (230,022) | (33,477) |
Contract assets | (3,169) | (23,445) | (1,385) |
Inventories | 48,613 | (652,989) | (206,510) |
Other current and non-current assets | 9,162 | (1,212) | (26,028) |
Accrued income taxes payable | (5,745) | (713) | (8,746) |
Accounts payable | (170,685) | 176,037 | 111,781 |
Advanced payments from customers | (21,775) | 479,734 | 89,859 |
Other current and non-current liabilities | 20,744 | 11,930 | (3,668) |
Cash flows provided by (used in) operating activities | 165,822 | (26,240) | 142,577 |
Cash flows from investing activities | |||
Payments for property, plant and equipment | (104,049) | (101,612) | (57,099) |
Proceeds from insurance | 10,790 | 0 | 0 |
Other, net | (45) | 51 | 126 |
Cash flows used in investing activities | (93,304) | (101,561) | (56,973) |
Cash flows from financing activities | |||
Borrowings under debt agreements | 748,500 | 758,000 | 376,739 |
Payments on debt and finance lease obligations | (787,785) | (556,726) | (466,063) |
Debt issuance costs | 0 | (898) | 0 |
Repurchases of common stock | (40,946) | (50,392) | (108,452) |
Proceeds from exercise of stock options | 8 | 480 | 3,555 |
Payments related to tax withholding for share-based compensation | (12,502) | (11,169) | (9,664) |
Cash flows (used in) provided by financing activities | (92,725) | 139,295 | (203,885) |
Effect of exchange rate changes on cash and cash equivalents | 1,391 | (6,537) | 900 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (18,816) | 4,957 | (117,381) |
Cash and cash equivalents and restricted cash: | |||
Beginning of period | 275,470 | 270,513 | 387,894 |
End of period | 256,654 | 275,470 | 270,513 |
Supplemental disclosure information: | |||
Interest paid | 32,785 | 15,293 | 14,116 |
Income taxes paid | $ 43,568 | $ 16,916 | $ 39,932 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business: Plexus Corp. and its subsidiaries (together "Plexus," the "Company," or "we") participate in the Electronic Manufacturing Services ("EMS") industry. Since 1979, we have been partnering with companies to create the products that build a better world. We are a global leader with a team of nearly 25,000 individuals focused on providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Sustaining Services. We specialize in serving customers in industries with highly complex products and demanding regulatory environments. We deliver customer service excellence to leading global companies in the Healthcare/Life Sciences, Industrial and Aerospace/Defense market sectors by providing innovative, comprehensive solutions throughout the product's lifecycle. We provide these innovative solutions to customers in the Americas ("AMER"), Asia-Pacific ("APAC") and Europe, Middle East and Africa ("EMEA") regions. Significant Accounting Policies Consolidation Principles and Basis of Presentation: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the accounts of Plexus Corp. and its subsidiaries. All intercompany transactions have been eliminated. The Company’s fiscal year ends on the Saturday closest to September 30. The Company also 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. Fiscal 2023, fiscal 2022 and fiscal 2021 each included 52 weeks. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and notes thereto. The full extent to which current global events and economic conditions 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. Reclassification : Certain prior year amounts in the consolidated financial statements and notes thereto have been reclassified where necessary to conform to the current year's presentation. These reclassifications do not affect the prior period's total assets, total liabilities, total shareholders' equity, cash flows provided by (used in) operating activities, or net income. During the quarter ended September 30, 2023, we changed the presentation on our consolidated balance sheets and consolidated statements of cash flows in order to present deferred revenue with customer deposits, previously included in other accrued liabilities, to create a new financial statement line item "Advanced payments from customers." The following table presents the effect of the reclassification on the Company's consolidated balance sheets (in thousands): 2023 2022 Customer deposits $ 601,644 $ 480,486 Deferred revenue 158,707 298,800 Advanced payments from customers $ 760,351 $ 779,286 Cash and Cash Equivalents and Restricted Cash: Cash equivalents include short-term highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Cash equivalents of $33.5 million and $88.7 million at September 30, 2023 and October 1, 2022, respectively, consisted primarily of time deposits with initial maturities of less than three months. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that the Company continues servicing and is contractually required to be set aside. The restrictions will lapse when the cash is remitted to the purchaser of the receivables. Restricted cash is also classified as Level 1 in the fair value hierarchy described below. Inventories: Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. Valuing inventories at the lower of cost or net realizable value requires the use of estimates and judgment. Customers may cancel their orders, change production quantities or delay production for a number of reasons that are beyond the Company’s control. Any of these, or certain additional actions, could impact the valuation of inventory. Any actions taken by the Company’s customers that could impact the value of its inventory are considered when determining the lower of cost or net realizable value. In certain instances, in accordance with contractual terms, the Company receives advanced payments from customers to offset inventory risks. Property, Plant and Equipment and Depreciation: Property, plant and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are generally as follows: Buildings and improvements 5-39 years Machinery and equipment 3-7 years Computer hardware and software 3-10 years Certain facilities and equipment held under finance leases are classified as property, plant and equipment and amortized using the straight-line method over the term of the lease and the related obligations are recorded as liabilities. Amortization of assets held under finance leases is included in depreciation expense (see Note 3, "Property, Plant and Equipment") and the financing component of the lease payments is classified as interest expense. Maintenance and repairs are expensed as incurred. The Company capitalizes significant costs incurred in the acquisition or development of software for internal use. This includes costs of the software, consulting services and compensation costs for employees directly involved in developing internal use computer software. Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives are reviewed for impairment and written down to fair value when facts and circumstances indicate that the carrying value of long-lived assets or asset groups may not be recoverable through estimated future undiscounted cash flows. If an impairment has occurred, a write-down to estimated fair value is made and the impairment loss is recognized as a charge against current operations. The impairment analysis is based on management’s assumptions, including future revenue and cash flow projections. Circumstances that may lead to impairment of property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives include reduced expectations for future performance or industry demand and possible further restructurings, among others. Revenue Recognition: 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. If an enforceable right to payment for work-in-process does not exist, 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 contract. For contracts requiring over time revenue recognition, the selection of the method to measure progress toward 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. 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. Net sales from engineering design and development services, which are generally performed under contracts with a duration of twelve months or less, are typically recognized as program costs incurred by utilizing the proportional performance model. The completed performance model is used if certain customer acceptance criteria exist. Any losses are recognized when anticipated. Net sales from engineering design and development services were less than 5.0% of consolidated net sales for each of fiscal 2023, 2022 and 2021. Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. Foreign Currency Translation & Transactions: The Company translates assets and liabilities of subsidiaries operating outside of the U.S. with a functional currency other than the U.S. dollar into U.S. dollars using exchange rates in effect at the relevant balance sheet date and net sales, expenses and cash flows at the average exchange rates during the respective periods. Adjustments resulting from the translation of the financial statements are recorded as a component of "Accumulated other comprehensive loss." Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved and remeasurement adjustments for foreign operations where the U.S. dollar is the functional currency are included in the Consolidated Statements of Comprehensive Income as a component of "Miscellaneous, net." Exchange losses on foreign currency transactions were $1.8 million, $0.7 million and $1.1 million for fiscal 2023, 2022 and 2021, respectively. These amounts include the amount of gain recognized in income during each fiscal year due to forward currency exchange contracts entered into to hedge recognized assets or liabilities ("non-designated hedges") the Company entered into during each respective year. Refer to Note 5, "Derivatives and Fair Value Measurements," for further details on derivatives. Derivatives: All derivatives are recognized on the balance sheets at fair value. The Company periodically enters into forward currency exchange contracts and interest rate swaps. On the date a derivative contract is entered into, the Company designates the derivative as a non-designated hedge or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (a "cash flow" hedge). The Company does not enter into derivatives for speculative purposes. Changes in the fair value of non-designated derivatives are recorded in earnings as are the gains or losses related to the hedged asset or liability. Changes in the fair value of a derivative that qualifies as a cash flow hedge are recorded in "Accumulated other comprehensive loss" within shareholders' equity until earnings are affected by the variability of cash flows. Certain forward currency exchange contracts are treated as cash flow hedges and, therefore, $1.1 million, $(5.0) million and $(2.2) million was recorded in "Accumulated other comprehensive loss" for fiscal 2023, 2022 and 2021, respectively. See Note 5, "Derivatives and Fair Value Measurements," for further information. Earnings Per Share: The computation of basic earnings per common share is based upon the weighted average number of common shares outstanding and net income. The computation of diluted earnings per common share reflects additional dilution from share-based awards, excluding any with an antidilutive effect. See Note 7, "Earnings Per Share," for further information. Share-based Compensation: The Company measures all grants of share-based payments to employees, including grants of employee stock options, at fair value and expenses them in the Consolidated Statements of Comprehensive Income over the service period (generally the vesting period) of the grant. See Note 9, "Benefit Plans," for further information. Comprehensive Income (Loss): The Company follows the established standards for reporting comprehensive income (loss), which is defined as the changes in equity of an enterprise except those resulting from shareholder transactions. Accumulated other comprehensive loss consists of the following as of September 30, 2023 and October 1, 2022 (in thousands): 2023 2022 Foreign currency translation adjustments $ (20,602) $ (31,104) Cumulative derivative instrument fair value adjustments (4,699) (5,779) Other fair value adjustments 971 855 Accumulated other comprehensive loss $ (24,330) $ (36,028) Refer to Note 5, "Derivatives and Fair Value Measurements," for further explanation regarding the change in fair value of derivative instruments that is recorded to "Accumulated other comprehensive loss." Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Fair Value of Financial Instruments: The Company holds financial instruments consisting of cash and cash equivalents, restricted cash, accounts receivable, certain deferred compensation assets held under trust arrangements, accounts payable, debt, derivatives and finance and operating lease obligations. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and finance and operating lease obligations as reported in the consolidated financial statements approximate fair value. Derivatives and certain deferred compensation assets held under trust arrangements are recorded at fair value. Accounts receivable are reflected at net realizable value based on anticipated losses due to potentially uncollectible balances. Anticipated losses are based on management’s analysis of historical losses and changes in customers’ credit status. The fair value of the Company’s debt excluding finance lease and other financing obligations was $374.3 million and $401.6 million as of September 30, 2023 and October 1, 2022, respectively. The carrying value of the Company's debt was $383.0 million and $413.0 million as of September 30, 2023 and October 1, 2022, respectively. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy described below. The fair values of the Company’s derivatives are disclosed in Note 5, "Derivatives and Fair Value Measurements." The fair values of the deferred compensation assets held under trust arrangements are discussed in Note 9, "Benefit Plans." 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 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. Business and Credit Concentrations: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, trade accounts receivable and derivative instruments, specifically related to counterparties. In accordance with the Company’s investment policy, the Company’s cash, cash equivalents and derivative instruments were placed with recognized financial institutions. The Company’s investment policy limits the amount of credit exposure in any one issue and the maturity date of the investment securities that typically comprise investment grade short-term debt instruments. Concentrations of credit risk in accounts receivable resulting from sales to major customers are discussed in Note 11, "Reportable Segments, Geographic Information and Major Customers". The Company, at times, requires cash deposits for services performed. The Company also closely monitors extensions of credit. Recently Issued Accounting Pronouncements Not Yet Adopted: In September 2022, the FASB issued ASU 2022-04, which requires enhanced disclosures about supplier finance programs. This guidance is effective for the Company beginning in the first quarter of fiscal 2024. Early adoption is permitted. The Company is currently in the process of assessing the impacts of the guidance and does not expect this standard to have a material impact on it Consolidated Financial Statements. 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 | 12 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Raw materials $ 1,409,638 $ 1,433,353 Work-in-process 66,340 81,207 Finished goods 86,059 88,223 Total inventories $ 1,562,037 $ 1,602,783 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 advanced payments from customers on the accompanying Consolidated Balance Sheets as of September 30, 2023 and October 1, 2022 w as $590.2 million a |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Land, buildings and improvements $ 406,326 $ 386,623 Machinery and equipment 468,904 421,717 Computer hardware and software 171,003 164,420 Capital assets in progress 28,875 28,187 Total property, plant and equipment, gross 1,075,108 1,000,947 Less: accumulated depreciation (583,072) (556,242) Total property, plant and equipment, net $ 492,036 $ 444,705 Assets held under finance leases and included in property, plant and equipment as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Buildings and improvements $ 37,771 $ 36,270 Machinery and equipment 2,008 1,492 Computer hardware and software 15,042 23,870 Total property, plant and equipment held under finance leases, gross 54,821 61,632 Less: accumulated amortization (17,430) (21,569) Total property, plant and equipment held under finance leases, net $ 37,391 $ 40,063 As of September 30, 2023, October 1, 2022 and October 2, 2021, accounts payable included approximately $28.9 million, $25.4 million and $17.3 million, respectively, related to the purchase of property, plant and equipment, which have been treated as non-cash transactions for purposes of the Consolidated Statements of Cash Flows. |
Debt, Finance Lease and Other F
Debt, Finance Lease and Other Financing Obligations | 12 Months Ended |
Sep. 30, 2023 | |
Debt and Lease Obligation [Abstract] | |
Debt, Finance Lease and Other Financing Obligations | Debt, Finance Lease and Other Financing Obligations Debt and finance lease obligations as of September 30, 2023 and October 1, 2022, consisted of the following (in thousands): 2023 2022 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 Credit Facility 233,000 263,000 Finance lease and other financing obligations 49,233 50,269 Unamortized deferred financing fees (1,175) (1,522) Total obligations 431,058 461,747 Less: current portion (240,205) (273,971) Long-term debt, finance lease and other financing obligations, net of current portion $ 190,853 $ 187,776 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 September 30, 2023, the Company was in compliance with the covenants under the 2018 NPA. On June 9, 2022, the Company refinanced its then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2023, the highest daily borrowing was $412.0 million; the average daily balance was $338.1 million. The Company borrowed $748.5 million and repaid $778.5 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2023. As of September 30, 2023, the Company was in compliance with all financial covenants relating to the Credit Facility, 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 credit facility based on the Company's leverage ratio; the fee was 0.125% as of September 30, 2023. The aggregate scheduled maturities of the Company’s debt obligations as of September 30, 2023, are as follows (in thousands): 2024 $ 233,000 2025 100,000 2026 — 2027 — 2028 50,000 Total $ 383,000 The aggregate scheduled maturities of the Company’s finance leases and other financing obligations as of September 30, 2023, are as follows (in thousands): 2024 $ 7,205 2025 4,388 2026 2,104 2027 12,607 2028 1,369 Thereafter 21,560 Total $ 49,233 The Company's weighted average interest rate on finance lease obligatio ns |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 12 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value Measurements | Derivatives and Fair Value Measurements All derivatives are recognized in the accompanying 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 Consolidated Bala nce Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates t hat $5.0 million of unrealized losses, net of tax, related to cash flow hedges will be reclassified from other comprehensive income (loss) 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 Consolidated Statements of Comprehensive Income. The Company enters into forward currency exchange contracts for its operations in certain jurisdictions in the AMER and APAC segments on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $215.4 million as of September 30, 2023, and a notional value of $143.2 million as of October 1, 2022. 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 $5.0 million liability as of September 30, 2023, and a $6.0 million liability as of October 1, 2022. The Company had additional forward currency exchange contracts outstanding as of September 30, 2023, with a notional value of $145.5 million; there were $60.1 million of such contracts outstanding as of October 1, 2022. 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 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 Consolidated Statements of Comprehensive Income. The total fair value of these derivatives was a $1.3 million liability as of September 30, 2023, and a $0.3 million asset as of October 1, 2022. The tables below present information regarding the fair values of derivative instruments (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities September 30, October 1, September 30, October 1, 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 $ 2,610 $ 715 Other accrued liabilities $ 7,590 $ 6,747 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities September 30, October 1, September 30, October 1, 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 $ 1,337 $ 1,555 Other accrued liabilities $ 2,669 $ 1,249 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Twelve Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts $ 2,181 $ (7,637) $ 1,238 Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands) for the Twelve 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 September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts Cost of sales $ 1,002 $ (2,459) $ 3,205 Foreign currency forward contracts Selling and administrative expenses 127 (189) 265 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts Miscellaneous, net $ (1,285) $ (1,181) $ 98 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 the Company’s derivatives as of September 30, 2023 and October 1, 2022, by input level: Fair Value Measurements Using Input Levels Liability (in thousands) Fiscal year ended September 30, 2023 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 6,312 $ — $ 6,312 Fiscal year ended October 1, 2022 Derivatives Foreign currency forward contracts $ — $ 5,726 $ — $ 5,726 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 | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of income (loss) before income tax expense for fiscal 2023, 2022 and 2021 were as follows (in thousands): 2023 2022 2021 U.S. $ (84,557) $ (64,267) $ (33,409) Foreign 245,570 222,570 193,820 $ 161,013 $ 158,303 $ 160,411 Income tax expense (benefit) for fiscal 2023, 2022 and 2021 were as follows (in thousands): 2023 2022 2021 Current: Federal $ 24,779 $ 12,506 $ 9,217 State 302 386 524 Foreign 19,276 17,968 15,146 44,357 30,860 24,887 Deferred: Federal (21,098) (9,931) (1,153) State (1,371) (315) 1 Foreign 31 (554) (2,236) (22,438) (10,800) (3,388) $ 21,919 $ 20,060 $ 21,499 The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2023, 2022 and 2021: 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % (Decrease) increase resulting from: Foreign tax rate differences (23.8) (23.2) (20.3) Withholding tax on dividends 0.4 2.2 2.9 Permanent differences (1.3) (0.8) (0.6) Excess tax benefits related to share-based compensation (1.1) (1.4) (0.9) Global intangible low-taxed income ("GILTI") 13.1 10.4 6.4 Audit settlements — 3.7 5.0 Non-deductible compensation 2.8 2.5 3.8 Valuation allowances 3.5 (1.7) (3.7) Tax credits, net (2.1) (1.9) — Other, net 1.1 1.9 (0.2) Effective income tax rate 13.6 % 12.7 % 13.4 % The effective tax rate for fiscal 2023 was higher than the effective tax rate for fiscal 2022 primarily due to the GILTI impact of the research and development capitalization requirement and the geographic distribution of worldwide earnings. The effective tax rate for fiscal 2022 was lower than the effective tax rate for fiscal 2021 primarily due to claiming a U.S. Research & Development tax credit and the geographic distribution of worldwide earnings. During fiscal 2023, the Company recorded a $5.7 million increase to its valuation allowance due to continuing losses in various jurisdictions. During fiscal 2022, the Company recorded a $2.8 million decrease to its valuation allowance primarily due to a net decrease of the valuation allowance in the EMEA segment driven by the release of the valuation allowance against the net deferred tax assets of a foreign subsidiary. This is partially offset by continuing losses in certain jurisdictions within the AMER segment. During fiscal 2021, the Company recorded a $5.9 million decrease to its valuation allowance primarily due to a net decrease of the valuation allowance in the EMEA segment driven by the release of the valuation allowance against the net deferred tax assets of a foreign subsidiary. This is partially offset by continuing losses in certain jurisdictions within the AMER segment. The components of the net deferred income tax assets as of September 30, 2023 and October 1, 2022, were as follows (in thousands): 2023 2022 Deferred income tax assets: Loss/credit carryforwards $ 27,810 $ 24,575 Inventories 24,183 21,869 Accrued employee benefits 14,548 17,224 Advanced payments from customers 25,291 7,257 Lease obligations 17,520 17,427 Research and development capitalization 8,602 — Other 8,556 6,408 Total gross deferred income tax assets 126,510 94,760 Less valuation allowances (31,949) (25,562) Deferred income tax assets 94,561 69,198 Deferred income tax liabilities: Property, plant and equipment 21,931 19,878 Right-of-use assets 10,539 10,538 Tax on unremitted earnings 3,851 6,034 Deferred income tax liabilities 36,321 36,450 Net deferred income tax assets $ 58,240 $ 32,748 During fiscal 2023, the Company’s valuation allowance increased by $6.4 million, including the impact of foreign exchange movement. This increase is the result of increases to the valuation allowances against the net deferred tax assets in the EMEA, AMER, and APAC regions of $2.4 million, $1.2 million and $2.8 million, respectively. As of September 30, 2023, the Company had approximately $184.2 million of pre-tax state net operating loss carryforwards that expire between fiscal 2024 and 2044. Certain state net operating losses have a full valuation allowance against them. The Company also had approximately $61.9 million of pre-tax foreign net operating loss carryforwards that expire between fiscal 2027 and 2034 or are indefinitely carried forward. Certain foreign net operating losses have a full valuation allowance against them. The Company has been granted a tax holiday for a foreign subsidiary in the APAC segment. This tax holiday will expire on December 31, 2034, and is subject to certain conditions with which the Company expects to continue to comply. During fiscal 2023, 2022 and 2021, the tax holiday resulted in tax reductions, net of the impact of the GILTI provisions of U.S. Tax Reform, of approximately $25.9 million ($0.94 per basic share, $0.92 per diluted share), $35.3 million ($1.27 per basic share, $1.24 per diluted share) and $34.4 million ($1.20 per basic share, $1.18 per diluted share), respectively. The Company does not provide for taxes that would be payable if certain undistributed earnings of foreign subsidiaries were remitted because the Company considers these earnings to be permanently reinvested. The deferred tax liability that has not been recorded for these earnings was approximately $14.5 million as of September 30, 2023. The Company has approximately $14.0 million of uncertain tax benefits as of September 30, 2023. The Company has classified these amounts in the Consolidated Balance Sheets as "Other liabilities" (non-current) in the amount of $13.6 million and an offset to "Deferred income taxes" (non-current asset) in the amount of $0.4 million as the payment is not anticipated within one year. The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits for the indicated fiscal years (in thousands): 2023 2022 2021 Balance at beginning of fiscal year $ 8,998 $ 4,635 $ 2,096 Gross increases for tax positions of prior years 3,778 2,421 623 Gross increases for tax positions of the current year 2,105 2,531 2,161 Gross decreases for tax positions of prior years (931) (589) (245) Balance at end of fiscal year $ 13,950 $ 8,998 $ 4,635 The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $13.6 million and $8.6 million for the fiscal years ended September 30, 2023 and October 1, 2022, respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $1.1 million as of September 30, 2023, approximately $0.5 million as of October 1, 2022 and approximately $0.5 million as of October 2, 2021. The Company recognized $0.6 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for fiscal 2023, $0.3 million for fiscal 2022 and less than $0.1 million in fiscal 2021. It is possible that a number of 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 files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. The following tax years remain subject to examination by the respective major tax jurisdictions: Jurisdiction Fiscal Years China 2019-2023 Germany 2019-2023 Malaysia 2019-2023 Mexico 2019-2023 Romania 2020-2023 Thailand 2021-2023 United Kingdom 2020-2023 United States Federal 2015, 2017, 2018, 2020-2023 State 2003-2006, 2009-2023 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2023 | |
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 fiscal 2023, 2022 and 2021 (in thousands, except per share amounts): 2023 2022 2021 Net income $ 139,094 $ 138,243 $ 138,912 Basic weighted average common shares outstanding 27,582 27,862 28,575 Dilutive effect of share-based awards and options outstanding 532 577 592 Diluted weighted average shares outstanding 28,114 28,439 29,167 Earnings per share: Basic $ 5.04 $ 4.96 $ 4.86 Diluted $ 4.95 $ 4.86 $ 4.76 In each year of fiscal 2023, 2022 and 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. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company’s lease portfolio includes both real estate and non-real estate type leases which are accounted for as either finance or operating leases. Real estate leases generally include office, warehouse and manufacturing facilities and non-real estate leases generally include equipment and vehicles. The Company determines if a contract is or contains a lease at inception. The Company’s leases have remaining lease terms of less than 1 year to 37 years. Renewal options that are deemed reasonably certain are included as part of the lease term for purposes of calculating the right-of-use (“ROU”) asset and lease liability. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The Company elected the practical expedient to not separate lease and nonlease components, as such nonlease components are included in the calculation of the ROU asset and lease liability and included in the lease expense over the term of the lease. The Company uses a discount rate to calculate the ROU asset and lease liability. When the implicit rate is known or provided in the lease documents, the Company is required to use this rate. In cases in which the implicit rate is not known, the Company uses an estimated incremental borrowing rate. Operating lease ROU assets and lease liabilities are recorded on the date the Company takes possession of the leased assets with expense recognized on a straight-line basis over the lease term. Leases with an estimated total term of 12 months or less are not recorded on the balance sheet and the lease expense is recognized on a straight-line basis over the lease term. Generally, the Company's lease agreements do not contain material residual value guarantees or material restrictive covenants. The components of lease expense for fiscal years indicated were as follows (in thousands): 2023 2022 2021 Finance lease expense: Amortization of right-of-use assets $ 6,903 $ 6,478 $ 6,290 Interest on lease liabilities 5,132 4,927 4,888 Operating lease expense 10,783 11,278 11,034 Other lease expense 8,280 6,185 4,794 Total $ 31,098 $ 28,868 $ 27,006 Based on the nature of the ROU asset, amortization of finance lease 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 Consolidated Statements of Comprehensive Income. 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 Consolidated Balance Sheets (in thousands): Financial Statement Line Item 2023 2022 ASSETS Finance lease assets Property, plant and equipment, net $ 37,391 $ 40,063 Operating lease assets Operating lease right-of-use assets 69,363 65,134 Total lease assets $ 106,754 $ 105,197 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,034 $ 5,087 Operating lease liabilities Other accrued liabilities 8,363 7,948 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 39,271 39,257 Operating lease liabilities Long-term operating lease liabilities 38,552 33,628 Total lease liabilities $ 90,220 $ 85,920 Other information related to the Company’s leases was as follows: 2023 2022 Weighted-average remaining lease term (in years) Finance leases 10.6 11.1 Operating leases 16.0 17.6 Weighted-average discount rate Finance leases 16.7 % 17.1 % Operating leases 3.7 % 2.6 % 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash flows used in finance leases $ 4,823 $ 4,630 $ 4,571 Operating cash flows used in operating leases 10,114 10,278 10,667 Finance cash flows used in finance leases 8,375 6,148 5,734 ROU assets obtained in exchange for lease liabilities (in thousands) Operating leases $ 13,102 $ 4,710 $ 11,897 Finance leases 4,811 7,851 4,253 Future minimum lease payments required under finance and operating leases as of September 30, 2023, were as follows (in thousands): Operating leases Finance leases 2024 $ 10,121 $ 9,090 2025 9,116 8,184 2026 8,204 6,168 2027 6,883 16,404 2028 5,015 4,762 Thereafter 15,147 70,042 Total minimum lease payments 54,486 114,650 Less: imputed interest (7,374) (71,344) Present value of lease liabilities $ 47,112 $ 43,306 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Sep. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Benefit Plans | Benefit Plans Share-based Compensation Plans: The Plexus Corp. 2016 Omnibus Incentive Plan (the "2016 Plan"), which was approved by shareholders, is a stock and cash-based incentive plan, and includes provisions by which the Company may grant executive officers, employees and directors stock options, stock appreciation rights ("SARs"), restricted stock (including restricted stock units ("RSUs"), performance stock awards (including performance stock units ("PSUs"), other stock awards and cash incentive awards. The maximum number of shares of Plexus common stock that may be issued pursuant to the 2016 Plan is 3.2 million shares; in addition, cash incentive awards of up to $4.0 million per employee may be granted annually. The exercise price of each stock option and SAR granted must not be less than the fair market value on the date of grant. The Compensation and Leadership Development Committee (the "Committee") of the Board of Directors may establish a term and vesting period for awards under the 2016 Plan as well as accelerate the vesting of such awards. Generally, stock options vest in two annual installments and have a term of ten years. SARs vest in two annual installments and have a term of seven years. RSUs granted to executive officers, other officers and key employees generally vest on the 3 year anniversary of the grant date (assuming continued employment), which is also the date as of which the underlying shares will be issued. Performance stock units ("PSUs") are payable in shares of the Company's common stock and have a performance period of three years. For PSUs, approximately 50% 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 for grants issued in fiscal 2020 and the S&P 400 Index for grants issued in fiscal 2021 and beyond. Both are a market condition. The remaining approximately 50% of PSUs vest based upon a three-point annual average of the Company's absolute economic return, a performance condition, with grants made in fiscal 2021 and beyond being subject to an individual year minimum and maximum absolute economic return. The vesting and payout of awards will range between 0% and 200% of the shares granted based upon metrics during a performance period for PSUs based on economic return and PSUs based on TSR compared to the Russell 3000 Index. For PSUs based on TSR compared to the S&P 400 Index, the vesting and payout of awards will range between 0% and 150% of shares granted. Payout at target, 100% of the shares granted, will occur if the TSR of Plexus stock is at the 50th percentile of companies in the Russell 3000 Index or S&P 400 Index during the performance period and if a 2.5% average economic return is achieved over the performance period of three years. The Company uses the Monte Carlo valuation model to value performance stock units with market conditions and the share price on the date of the grant for performance stock units that vest based on non-market-based performance conditions. The number of shares that may be issued pursuant to PSUs ranges from zero to 0.5 million and is dependent upon the Company's TSR and economic return performance over the applicable performance periods. The Committee also grants RSUs to non-employee directors, which generally fully vest on the first anniversary of the grant date, which is also the date the underlying shares are issued (unless further deferred). The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, primarily in selling and administrative expenses on the Consolidated Statement of Comprehensive Income. The Company recognized $21.3 million, $23.3 million and $24.8 million of compensation expense associated with share-based awards in fiscal 2023, 2022 and 2021, respectively. There were no options or SARs granted for fiscal 2023, 2022 or 2021. There were no options or SARs vested for fiscal 2023, 2022 or 2021. For fiscal 2023, 2022 and 2021, the total intrinsic value of options and SARs exercised was $0.1 million, $0.6 million and $5.4 million, respectively. As of September 30, 2023, all previously granted options and SARS have vested. A summary of the Company’s PSU and RSU activity follows: Number of Shares (in thousands) Weighted Average Fair Value at Date of Grant Aggregate Intrinsic Value (in thousands) Units outstanding as of October 3, 2020 851 $ 66.33 Granted 360 81.15 Canceled (10) 70.12 Vested (340) 64.00 Units outstanding as of October 2, 2021 861 $ 72.38 Granted 328 75.39 Canceled (35) 76.68 Vested (356) 58.76 Units outstanding as of October 1, 2022 798 $ 79.57 Granted 371 91.73 Canceled (28) 83.97 Vested (339) 80.85 Units outstanding as of September 30, 2023 802 $ 84.50 $ 74,568 The Company uses the fair value at the date of grant to value RSUs. As of September 30, 2023, there was $21.1 million of unrecognized compensation expense related to RSUs that is expected to be recognized over a weighted average period of 1.4 years. The Company recognizes share-based compensation expense over the vesting period of PSUs. During the fiscal year ended September 30, 2023, the 0.1 million PSUs granted in fiscal 2020 vested at a 170% payout based upon the TSR performance achieved during the performance period and 200% payout based upon economic return performance achieved during the performance period. There were 0.1 million PSUs granted during each of fiscal years 2023, 2022 and 2021. As of September 30, 2023, at the target achievement level, there was $7.1 million of unrecognized compensation expense related to PSUs that is expected to be recognized over a weighted average period of 1.9 years. 401(k) Savings Plan: The Company’s 401(k) Retirement Plan covers all eligible U.S. employees. The Company matches employee contributions up to 4.0% of eligible earnings. The Company’s contributions for fiscal 2023, 2022 and 2021 totaled $9.8 million, $9.3 million and $9.3 million, respectively. Supplemental Executive Retirement Plan (Deferred Compensation Arrangement): The Company maintains a supplemental executive retirement plan (the "SERP") as a deferred compensation plan for executive officers. Under the SERP, a covered executive may elect to defer some or all of the participant’s compensation into the plan, and the Company may credit the participant’s account with a discretionary employer contribution. Participants are entitled to payment of deferred amounts and any related earnings upon termination or retirement from Plexus. The SERP allows investment of deferred compensation into individual accounts and, within these accounts, into one or more designated investments. Investment choices do not include Plexus stock. During fiscal 2023, 2022 and 2021, the Company made contributions to the participants’ SERP accounts in the amount of $0.9 million, $0.8 million and $0.7 million, respectively. As of September 30, 2023 and October 1, 2022, the SERP assets held in the trust totaled $12.4 million and $10.0 million, respectively, and the related liability to the participants totaled approximately $12.4 million and $10.0 million, respectively. As of September 30, 2023 and October 1, 2022, the SERP assets held in the trust were recorded at fair value on a recurring basis, and were classified as Level 2 in the fair value hierarchy discussed in Note 1, "Description of Business and Significant Accounting Policies." The trust assets are subject to the claims of the Company’s creditors. The trust assets and the related liabilities to the participants are included in non-current "Other assets" and non-current "Other liabilities," respectively, in the accompanying Consolidated Balance Sheets. |
Litigation
Litigation | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation The Company is party to lawsuits in the ordinary course of business. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. During fiscal 2023, the Company paid a one-time, non-recurring payment of $15.8 million related to an arbitration decision in Norway regarding a contractual matter concluded in May 2023. This payment resulted in a $14.2 million one-time, non-recurring charge, net of insurance recoveries and amounts previously accrued. The Company no longer provides services for this customer. Refer to Note 16, "Restructuring and Other Charges," for information regarding total charges. The Company does not expect further charges relating to this matter, but is pursuing insurance recoveries. Management does not believe that any other such 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. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. |
Reportable Segments, Geographic
Reportable Segments, Geographic Information and Major Customers | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segments, Geographic Information and Major Customers | Reportable Segments, Geographic Information and Major CustomersReportable 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 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 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. A segment’s operating income 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, and restructuring costs and other charges, if any, such as the $23.1 million, $2.0 million and $3.3 million of restructuring and other charges in fiscal 2023, 2022 and 2021, respectively. 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 fiscal 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Net sales: AMER $ 1,558,230 $ 1,310,687 $ 1,317,404 APAC 2,358,390 2,300,640 1,850,603 EMEA 403,040 316,315 312,669 Elimination of inter-segment sales (109,355) (116,274) (111,811) $ 4,210,305 $ 3,811,368 $ 3,368,865 Operating income (loss): AMER $ 79,678 $ 44,741 $ 62,338 APAC 289,556 267,253 238,800 EMEA 1,576 8,018 (895) Corporate and other costs (174,990) (141,827) (123,975) $ 195,820 $ 178,185 $ 176,268 Other income (expense): Interest expense $ (31,542) $ (15,858) $ (14,253) Interest income 3,138 1,305 1,372 Miscellaneous, net (6,403) (5,329) (2,976) Income before income taxes $ 161,013 $ 158,303 $ 160,411 2023 2022 2021 Depreciation: AMER $ 23,560 $ 23,482 $ 24,325 APAC 29,218 23,547 19,924 EMEA 6,281 5,861 7,189 Corporate 9,513 8,613 8,390 $ 68,572 $ 61,503 $ 59,828 Capital expenditures: AMER $ 23,880 $ 20,024 $ 16,114 APAC 45,923 73,758 31,774 EMEA 23,120 2,617 2,504 Corporate 11,126 5,213 6,707 $ 104,049 $ 101,612 $ 57,099 September 30, October 1, Total assets: AMER $ 1,124,555 $ 1,150,605 APAC 1,696,795 1,807,542 EMEA 462,199 302,901 Corporate and eliminations 37,623 132,177 $ 3,321,172 $ 3,393,225 The following information is provided in accordance with the required segment disclosures for fiscal 2023, 2022 and 2021. Net sales were based on the Company’s location providing the product or service (in thousands): 2023 2022 2021 Net sales: United States $ 1,001,697 $ 869,144 $ 914,360 Malaysia 1,886,970 1,846,086 1,495,049 Mexico 556,532 441,543 403,044 China 456,443 453,591 355,554 Romania 297,969 217,052 202,649 United Kingdom 98,314 91,137 99,365 Thailand 14,978 963 — Germany 6,757 8,126 10,655 Elimination of inter-country sales (109,355) (116,274) (111,811) $ 4,210,305 $ 3,811,368 $ 3,368,865 September 30, October 1, Long-lived assets: United States $ 107,392 $ 105,272 Malaysia 159,182 152,317 Mexico 77,757 77,947 Thailand 58,009 56,115 Romania 51,653 23,894 China 44,068 37,608 United Kingdom 8,234 6,842 Other Foreign 2,767 2,899 Corporate 52,337 46,945 $ 561,399 $ 509,839 As the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services. Long-lived assets as of September 30, 2023 and October 1, 2022 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $87.6 million and $67.3 million, respectively. As a percentage of consolidated net sales, net sales attributable to customers representing 10.0% or more of consolidated net sales for fiscal 2023, 2022 and 2021 were as follows: 2023 2022 2021 GE Healthcare Technologies, Inc. ("GEHC") 10.3% * * General Electric Company ("GE") * 12.9% 11.2% * Net sales attributable to the customer were less than 10.0% of consolidated net sales for the period During fiscal 2023, GE completed the separation of its healthcare business, GEHC, as a stand-alone company. During fiscal 2023 net sales attributable to GEHC were reported in all three reportable segments. During fiscal 2022 and 2021, net sales attributable to GE were reported in all three reportable segments. GE represented 16.2% of total accounts receivable as of October 1, 2022. Medtronic, Inc. represented 10.2% of total accounts receivable as of October 1, 2022. |
Guarantees
Guarantees | 12 Months Ended |
Sep. 30, 2023 | |
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 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 fiscal 2023, 2022 and 2021 (in thousands): Limited warranty liability, as of October 3, 2020 $ 6,386 Accruals for warranties issued during the period 3,277 Settlements (in cash or in kind) during the period (3,018) Limited warranty liability, as of October 2, 2021 6,645 Accruals for warranties issued during the period 2,786 Settlements (in cash or in kind) during the period (2,506) Limited warranty liability, as of October 1, 2022 6,925 Accruals for warranties issued during the period 2,954 Settlements (in cash or in kind) during the period (4,058) Limited warranty liability, as of September 30, 2023 $ 5,821 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity On August 11, 2021, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2022 Program"). The 2022 Program commenced upon completion of the 2021 Program. During fiscal 2022 and 2021, the Company completed the 2022 Program by repurchasing 564,718 and 34,381 shares under this program for $46.9 million and $3.1 million at an average price of $83.07 and $90.16 per share, respectively. On August 18, 2022, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2023 Program"). The 2023 Program became effective immediately and has no expiration. During fiscal 2023 and 2022, the Company repurchased 425,746 and 38,397 shares under this program for $40.9 million and $3.5 million at an average price of $95.96 and $90.63 per share, respectively. As of September 30, 2023, $5.7 million of authority remained under the 2023 Program. |
Trade Accounts Receivable Sale
Trade Accounts Receivable Sale Programs | 12 Months Ended |
Sep. 30, 2023 | |
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"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which the Company may elect to sell receivables; at a discount. All facilities are uncommitted facilities. The maximum facility amount under the MUFG R PA is $340.0 million. The maximum facility amount under the HSBC RPA 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 terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA. 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 Consolidated Balance Sheets and are reflected as cash provided by operating activities on the 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 Consolidated Statements of Comprehensive Income in the period of the sale. The Company continues servicing receivables sold and performing all accounts receivable administrative functions, in exchange receives a servicing fee, under both the MUFG RPA and HSBC RPA. Servicing fees related to trade accounts receivable programs recognized during fiscal 2023 , 2022 and 2021 were not material. The Company sold $834.5 million, $787.5 million and $730.5 million of trade accounts receivable under these programs, or their predecessors, during fiscal 2023, 2022 and 2021, respectively, in exchange for cash proceeds of $824.6 million , $783.1 million and $728.4 million, respectively. As of September 30, 2023 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers 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 toward 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 fiscal years indicated disaggregated by geographic reportable segment and market sector (in thousands): 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 862,767 $ 809,165 $ 202,842 $ 1,874,774 Industrial 398,120 1,248,016 110,389 1,756,525 Aerospace/Defense 281,632 212,336 85,038 579,006 External revenue 1,542,519 2,269,517 398,269 4,210,305 Inter-segment sales 15,711 88,873 4,771 109,355 Segment revenue $ 1,558,230 $ 2,358,390 $ 403,040 $ 4,319,660 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 645,881 $ 744,216 $ 175,674 $ 1,565,771 Industrial 398,743 1,288,577 65,398 1,752,718 Aerospace/Defense 255,779 165,432 71,668 492,879 External revenue 1,300,403 2,198,225 312,740 3,811,368 Inter-segment sales 10,284 102,415 3,575 116,274 Segment revenue $ 1,310,687 $ 2,300,640 $ 316,315 $ 3,927,642 2021 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Healthcare/Life Sciences $ 566,693 $ 605,249 $ 154,830 $ 1,326,772 Industrial 462,789 1,010,833 75,353 1,548,975 Aerospace/Defense 277,870 134,842 80,406 493,118 External revenue 1,307,352 1,750,924 310,589 3,368,865 Inter-segment sales 10,052 99,679 2,080 111,811 Segment revenue $ 1,317,404 $ 1,850,603 $ 312,669 $ 3,480,676 (1) During fiscal 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. For fiscal 2023 approximately 82% and for fiscal 2022 and 2021 approximately 84% and 91% of the Company's revenue was recognized as products and services were transferred over time. 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 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 fiscal 2023 and 2022 (in thousands): 2023 2022 Contract assets, beginning of period $ 138,540 $ 115,283 Revenue recognized during the period 3,450,570 3,180,108 Amounts collected or invoiced during the period (3,446,813) (3,156,851) Contract assets, end of period $ 142,297 $ 138,540 Deferred Revenue : Deferred revenue is recorded when consideration is received from a customer prior to transferring goods or services to the customer under the terms of the contract, which is included in advanced payments from customers on Consolidated Balance Sheets. As of September 30, 2023 and October 1, 2022 the balance of advance payments from customers attributable to deferred revenue was $158.7 million and $298.8 million, respectively. The advance payment is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the company from the other party failing to adequately complete some or all of its obligations under the contract. Deferred revenue is recognized into revenue when all revenue recognition criteria are met. For performance obligations satisfied over time, recognition will occur as work progresses; otherwise deferred revenue will be recognized based upon shipping terms |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges Restructuring and non-recurring charges are recorded within restructuring and other charges on the Consolidated Statements of Comprehensive Income. Restructuring liabilities are primarily recorded within other accrued liabilities on the Consolidated Balance Sheets. During fiscal 2023, the Company incurred restructuring and other charges of $8.9 million, which consisted of severance from the reduction of the Company's workforce and a lease agreement termination. Additionally, the Company incurred a one-time, non-recurring charge of $14.2 million relating to an arbitration decision in Norway regarding a contractual matter. The Company no longer provides services for this customer. During fiscal 2022, the Company recorded $2.0 million of restructuring and impairment charges primarily due to employee severance costs associated with a facility transition in the Company's APAC segment. During fiscal 2021, the Company recorded $3.3 million of restructuring and impairment charges which consisted of severance from the reduction of the Company's workforce, primarily in the AMER and EMEA segments. The Company recognized a tax benefit of $1.9 million, $0.2 million and $0.3 million related to restructuring and other charges in fiscal 2023, 2022 and 2021, respectively. The Company's restructuring accrual activity for fiscal 2023, 2022 and 2021 is included in the table below (in thousands): Fixed Asset and Operating ROU Asset Impairment Arbitration Charge Termination and Severance Costs Total Accrual balance, as of October 3, 2020 $ — $ — $ 36 $ 36 Restructuring and impairment costs — — 3,267 3,267 Amounts utilized — — (3,232) (3,232) Accrual balance, as of October 2, 2021 — — 71 71 Restructuring and impairment costs 255 — 1,766 2,021 Amounts utilized (255) — (1,725) (1,980) Accrual balance, as of October 1, 2022 — — 112 112 Restructuring and other charges — 14,229 8,865 23,094 Amounts utilized — (14,229) (8,355) (22,584) Accrual balance, as of September 30, 2023 $ — $ — $ 622 $ 622 The accrual balances outstanding as of October 2, 2021 and October 1, 2022 were fully utilized as of September 30, 2023. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts For fiscal 2023, 2022 and 2021 (in thousands): Descriptions Balance at beginning of period Additions charged to costs and expenses Additions charged to other accounts Deductions Balance at end of period Fiscal Year 2023: Allowance for losses on accounts receivable (deducted from the asset to which it relates) $ 1,961 $ 2,197 $ — $ (2,244) $ 1,914 Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) $ 25,562 $ 6,425 $ — $ (38) $ 31,949 Fiscal Year 2022: Allowance for losses on accounts receivable (deducted from the asset to which it relates) $ 1,188 $ 2,117 $ — $ (1,344) $ 1,961 Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) $ 30,321 $ 1,338 $ — $ (6,097) $ 25,562 Fiscal Year 2021: Allowance for losses on accounts receivable (deducted from the asset to which it relates) $ 3,597 $ 1,232 $ — $ (3,641) $ 1,188 Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) $ 34,948 $ 4,499 $ — $ (9,126) $ 30,321 |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation Principles | Consolidation Principles and Basis of Presentation: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the accounts of Plexus Corp. and its subsidiaries. All intercompany transactions have been eliminated. The Company’s fiscal year ends on the Saturday closest to September 30. The Company also 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. Fiscal 2023, fiscal 2022 and fiscal 2021 each included 52 weeks. |
Basis of Presentation | Consolidation Principles and Basis of Presentation: The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and include the accounts of Plexus Corp. and its subsidiaries. All intercompany transactions have been eliminated. The Company’s fiscal year ends on the Saturday closest to September 30. The Company also 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. Fiscal 2023, fiscal 2022 and fiscal 2021 each included 52 weeks. |
Reclassification | Reclassification : Certain prior year amounts in the consolidated financial statements and notes thereto have been reclassified where necessary to conform to the current year's presentation. These reclassifications do not affect the prior period's total assets, total liabilities, total shareholders' equity, cash flows provided by (used in) operating activities, or net income. During the quarter ended September 30, 2023, we changed the presentation on our consolidated balance sheets and consolidated statements of cash flows in order to present deferred revenue with customer deposits, previously included in other accrued liabilities, to create a new financial statement line item "Advanced payments from customers." The following table presents the effect of the reclassification on the Company's consolidated balance sheets (in thousands): 2023 2022 Customer deposits $ 601,644 $ 480,486 Deferred revenue 158,707 298,800 Advanced payments from customers $ 760,351 $ 779,286 |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: Cash equivalents include short-term highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Cash equivalents of $33.5 million and $88.7 million at September 30, 2023 and October 1, 2022, respectively, consisted primarily of time deposits with initial maturities of less than three months. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that the Company continues servicing and is contractually required to be set aside. The restrictions will lapse when the cash is remitted to the purchaser of the receivables. Restricted cash is also classified as Level 1 in the fair value hierarchy described below. |
Inventories | Inventories: Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out ("FIFO") method. Valuing inventories at the lower of cost or net realizable value requires the use of estimates and judgment. Customers may cancel their orders, change production quantities or delay production for a number of reasons that are beyond the Company’s control. Any of these, or certain additional actions, could impact the valuation of inventory. Any actions taken by the Company’s customers that could impact the value of its inventory are considered when determining the lower of cost or net realizable value. In certain instances, in accordance with contractual terms, the Company receives advanced payments from customers to offset inventory risks. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation: Property, plant and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are generally as follows: Buildings and improvements 5-39 years Machinery and equipment 3-7 years Computer hardware and software 3-10 years Certain facilities and equipment held under finance leases are classified as property, plant and equipment and amortized using the straight-line method over the term of the lease and the related obligations are recorded as liabilities. Amortization of assets held under finance leases is included in depreciation expense (see Note 3, "Property, Plant and Equipment") and the financing component of the lease payments is classified as interest expense. Maintenance and repairs are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: Long-lived assets, including property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives are reviewed for impairment and written down to fair value when facts and circumstances indicate that the carrying value of long-lived assets or asset groups may not be recoverable through estimated future undiscounted cash flows. If an impairment has occurred, a write-down to estimated fair value is made and the impairment loss is recognized as a charge against current operations. The impairment analysis is based on management’s assumptions, including future revenue and cash flow projections. Circumstances that may lead to impairment of property, plant and equipment, operating lease right-of-use assets and intangible assets with finite lives include reduced expectations for future performance or industry demand and possible further restructurings, among others. |
Revenue Recognition | Revenue Recognition: 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. If an enforceable right to payment for work-in-process does not exist, 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 contract. For contracts requiring over time revenue recognition, the selection of the method to measure progress toward 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. 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. Net sales from engineering design and development services, which are generally performed under contracts with a duration of twelve months or less, are typically recognized as program costs incurred by utilizing the proportional performance model. The completed performance model is used if certain customer acceptance criteria exist. Any losses are recognized when anticipated. Net sales from engineering design and development services were less than 5.0% of consolidated net sales for each of fiscal 2023, 2022 and 2021. |
Income Taxes | Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. |
Foreign Currency Translation and Transactions | Foreign Currency Translation & Transactions: The Company translates assets and liabilities of subsidiaries operating outside of the U.S. with a functional currency other than the U.S. dollar into U.S. dollars using exchange rates in effect at the relevant balance sheet date and net sales, expenses and cash flows at the average exchange rates during the respective periods. Adjustments resulting from the translation of the financial statements are recorded as a component of "Accumulated other comprehensive loss." Exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved and remeasurement adjustments for foreign operations where the U.S. dollar is the functional currency are included in the Consolidated Statements of Comprehensive Income as a component of "Miscellaneous, net." Exchange losses on foreign currency transactions were $1.8 million, $0.7 million and $1.1 million for fiscal 2023, 2022 and 2021, respectively. These amounts include the amount of gain recognized in income during each fiscal year due to forward currency exchange contracts entered into to hedge recognized assets or liabilities ("non-designated hedges") the Company entered into during each respective year. Refer to Note 5, "Derivatives and Fair Value Measurements," for further details on derivatives. |
Derivatives | Derivatives: All derivatives are recognized on the balance sheets at fair value. The Company periodically enters into forward currency exchange contracts and interest rate swaps. On the date a derivative contract is entered into, the Company designates the derivative as a non-designated hedge or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (a "cash flow" hedge). The Company does not enter into derivatives for speculative purposes. Changes in the fair value of non-designated derivatives are recorded in earnings as are the gains or losses related to the hedged asset or liability. Changes in the fair value of a derivative that qualifies as a cash flow hedge are recorded in "Accumulated other comprehensive loss" within shareholders' equity until earnings are affected by the variability of cash flows. Certain forward currency exchange contracts are treated as cash flow hedges and, therefore, $1.1 million, $(5.0) million and $(2.2) million was recorded in "Accumulated other comprehensive loss" for fiscal 2023, 2022 and 2021, respectively. See Note 5, "Derivatives and Fair Value Measurements," for further information. |
Earnings Per Share | Earnings Per Share: The computation of basic earnings per common share is based upon the weighted average number of common shares outstanding and net income. The computation of diluted earnings per common share reflects additional dilution from share-based awards, excluding any with an antidilutive effect. See Note 7, "Earnings Per Share," for further information. |
Share-based Compensation | Share-based Compensation: The Company measures all grants of share-based payments to employees, including grants of employee stock options, at fair value and expenses them in the Consolidated Statements of Comprehensive Income over the service period (generally the vesting period) of the grant. See Note 9, "Benefit Plans," for further information. |
Comprehensive Income (Loss) | Comprehensive Income (Loss): The Company follows the established standards for reporting comprehensive income (loss), which is defined as the changes in equity of an enterprise except those resulting from shareholder transactions. Accumulated other comprehensive loss consists of the following as of September 30, 2023 and October 1, 2022 (in thousands): 2023 2022 Foreign currency translation adjustments $ (20,602) $ (31,104) Cumulative derivative instrument fair value adjustments (4,699) (5,779) Other fair value adjustments 971 855 Accumulated other comprehensive loss $ (24,330) $ (36,028) Refer to Note 5, "Derivatives and Fair Value Measurements," for further explanation regarding the change in fair value of derivative instruments that is recorded to "Accumulated other comprehensive loss." |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The Company holds financial instruments consisting of cash and cash equivalents, restricted cash, accounts receivable, certain deferred compensation assets held under trust arrangements, accounts payable, debt, derivatives and finance and operating lease obligations. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and finance and operating lease obligations as reported in the consolidated financial statements approximate fair value. Derivatives and certain deferred compensation assets held under trust arrangements are recorded at fair value. Accounts receivable are reflected at net realizable value based on anticipated losses due to potentially uncollectible balances. Anticipated losses are based on management’s analysis of historical losses and changes in customers’ credit status. The fair value of the Company’s debt excluding finance lease and other financing obligations was $374.3 million and $401.6 million as of September 30, 2023 and October 1, 2022, respectively. The carrying value of the Company's debt was $383.0 million and $413.0 million as of September 30, 2023 and October 1, 2022, respectively. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy described below. The fair values of the Company’s derivatives are disclosed in Note 5, "Derivatives and Fair Value Measurements." The fair values of the deferred compensation assets held under trust arrangements are discussed in Note 9, "Benefit Plans." 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 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. |
Business and Credit Concentrations | Business and Credit Concentrations: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, trade accounts receivable and derivative instruments, specifically related to counterparties. In accordance with the Company’s investment policy, the Company’s cash, cash equivalents and derivative instruments were placed with recognized financial institutions. The Company’s investment policy limits the amount of credit exposure in any one |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted: In September 2022, the FASB issued ASU 2022-04, which requires enhanced disclosures about supplier finance programs. This guidance is effective for the Company beginning in the first quarter of fiscal 2024. Early adoption is permitted. The Company is currently in the process of assessing the impacts of the guidance and does not expect this standard to have a material impact on it Consolidated Financial Statements. 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. |
Description of Business and S_3
Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Reclassification | The following table presents the effect of the reclassification on the Company's consolidated balance sheets (in thousands): 2023 2022 Customer deposits $ 601,644 $ 480,486 Deferred revenue 158,707 298,800 Advanced payments from customers $ 760,351 $ 779,286 |
Schedule of Property, Plant and Equipment | Estimated useful lives for major classes of depreciable assets are generally as follows: Buildings and improvements 5-39 years Machinery and equipment 3-7 years Computer hardware and software 3-10 years Property, plant and equipment as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Land, buildings and improvements $ 406,326 $ 386,623 Machinery and equipment 468,904 421,717 Computer hardware and software 171,003 164,420 Capital assets in progress 28,875 28,187 Total property, plant and equipment, gross 1,075,108 1,000,947 Less: accumulated depreciation (583,072) (556,242) Total property, plant and equipment, net $ 492,036 $ 444,705 |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following as of September 30, 2023 and October 1, 2022 (in thousands): 2023 2022 Foreign currency translation adjustments $ (20,602) $ (31,104) Cumulative derivative instrument fair value adjustments (4,699) (5,779) Other fair value adjustments 971 855 Accumulated other comprehensive loss $ (24,330) $ (36,028) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Raw materials $ 1,409,638 $ 1,433,353 Work-in-process 66,340 81,207 Finished goods 86,059 88,223 Total inventories $ 1,562,037 $ 1,602,783 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated useful lives for major classes of depreciable assets are generally as follows: Buildings and improvements 5-39 years Machinery and equipment 3-7 years Computer hardware and software 3-10 years Property, plant and equipment as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Land, buildings and improvements $ 406,326 $ 386,623 Machinery and equipment 468,904 421,717 Computer hardware and software 171,003 164,420 Capital assets in progress 28,875 28,187 Total property, plant and equipment, gross 1,075,108 1,000,947 Less: accumulated depreciation (583,072) (556,242) Total property, plant and equipment, net $ 492,036 $ 444,705 |
Schedule of Assets Held Under Finance Leases and Included in Property, Plant and Equipment | Assets held under finance leases and included in property, plant and equipment as of September 30, 2023 and October 1, 2022 consisted of the following (in thousands): 2023 2022 Buildings and improvements $ 37,771 $ 36,270 Machinery and equipment 2,008 1,492 Computer hardware and software 15,042 23,870 Total property, plant and equipment held under finance leases, gross 54,821 61,632 Less: accumulated amortization (17,430) (21,569) Total property, plant and equipment held under finance leases, net $ 37,391 $ 40,063 |
Debt, Finance Lease and Other_2
Debt, Finance Lease and Other Financing Obligations (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt, Finance Lease and Other Financing Obligations | Debt and finance lease obligations as of September 30, 2023 and October 1, 2022, consisted of the following (in thousands): 2023 2022 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 Credit Facility 233,000 263,000 Finance lease and other financing obligations 49,233 50,269 Unamortized deferred financing fees (1,175) (1,522) Total obligations 431,058 461,747 Less: current portion (240,205) (273,971) Long-term debt, finance lease and other financing obligations, net of current portion $ 190,853 $ 187,776 |
Schedule of Aggregate Scheduled Maturities of Debt Obligations | The aggregate scheduled maturities of the Company’s debt obligations as of September 30, 2023, are as follows (in thousands): 2024 $ 233,000 2025 100,000 2026 — 2027 — 2028 50,000 Total $ 383,000 |
Schedule Of Future Minimum Lease Payments For Finance Leases and Other Financing Obligations | The aggregate scheduled maturities of the Company’s finance leases and other financing obligations as of September 30, 2023, are as follows (in thousands): 2024 $ 7,205 2025 4,388 2026 2,104 2027 12,607 2028 1,369 Thereafter 21,560 Total $ 49,233 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities September 30, October 1, September 30, October 1, 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 $ 2,610 $ 715 Other accrued liabilities $ 7,590 $ 6,747 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities September 30, October 1, September 30, October 1, 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 $ 1,337 $ 1,555 Other accrued liabilities $ 2,669 $ 1,249 |
Schedule of Derivative Impact on Accumulated Other Comprehensive (Loss) Income | The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Twelve Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts $ 2,181 $ (7,637) $ 1,238 |
Schedule of Derivative Impact on (Loss) Gain Recognized in Income | Derivative Impact on Gain (Loss) Recognized in Consolidated Statements of Comprehensive Income (in thousands) for the Twelve 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 September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts Cost of sales $ 1,002 $ (2,459) $ 3,205 Foreign currency forward contracts Selling and administrative expenses 127 (189) 265 |
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income | Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income September 30, 2023 October 1, 2022 October 2, 2021 Foreign currency forward contracts Miscellaneous, net $ (1,285) $ (1,181) $ 98 |
Schedule of Derivatives Fair Value Measurements Using Input Levels | The following table lists the fair values of the Company’s derivatives as of September 30, 2023 and October 1, 2022, by input level: Fair Value Measurements Using Input Levels Liability (in thousands) Fiscal year ended September 30, 2023 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 6,312 $ — $ 6,312 Fiscal year ended October 1, 2022 Derivatives Foreign currency forward contracts $ — $ 5,726 $ — $ 5,726 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes | The domestic and foreign components of income (loss) before income tax expense for fiscal 2023, 2022 and 2021 were as follows (in thousands): 2023 2022 2021 U.S. $ (84,557) $ (64,267) $ (33,409) Foreign 245,570 222,570 193,820 $ 161,013 $ 158,303 $ 160,411 |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) for fiscal 2023, 2022 and 2021 were as follows (in thousands): 2023 2022 2021 Current: Federal $ 24,779 $ 12,506 $ 9,217 State 302 386 524 Foreign 19,276 17,968 15,146 44,357 30,860 24,887 Deferred: Federal (21,098) (9,931) (1,153) State (1,371) (315) 1 Foreign 31 (554) (2,236) (22,438) (10,800) (3,388) $ 21,919 $ 20,060 $ 21,499 |
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rates | The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2023, 2022 and 2021: 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % (Decrease) increase resulting from: Foreign tax rate differences (23.8) (23.2) (20.3) Withholding tax on dividends 0.4 2.2 2.9 Permanent differences (1.3) (0.8) (0.6) Excess tax benefits related to share-based compensation (1.1) (1.4) (0.9) Global intangible low-taxed income ("GILTI") 13.1 10.4 6.4 Audit settlements — 3.7 5.0 Non-deductible compensation 2.8 2.5 3.8 Valuation allowances 3.5 (1.7) (3.7) Tax credits, net (2.1) (1.9) — Other, net 1.1 1.9 (0.2) Effective income tax rate 13.6 % 12.7 % 13.4 % |
Schedule of Components of Net Deferred Income Tax Assets (Liabilities) | The components of the net deferred income tax assets as of September 30, 2023 and October 1, 2022, were as follows (in thousands): 2023 2022 Deferred income tax assets: Loss/credit carryforwards $ 27,810 $ 24,575 Inventories 24,183 21,869 Accrued employee benefits 14,548 17,224 Advanced payments from customers 25,291 7,257 Lease obligations 17,520 17,427 Research and development capitalization 8,602 — Other 8,556 6,408 Total gross deferred income tax assets 126,510 94,760 Less valuation allowances (31,949) (25,562) Deferred income tax assets 94,561 69,198 Deferred income tax liabilities: Property, plant and equipment 21,931 19,878 Right-of-use assets 10,539 10,538 Tax on unremitted earnings 3,851 6,034 Deferred income tax liabilities 36,321 36,450 Net deferred income tax assets $ 58,240 $ 32,748 |
Schedule of Reconciliation of Beginning And Ending Amounts of Unrecognized Income Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits for the indicated fiscal years (in thousands): 2023 2022 2021 Balance at beginning of fiscal year $ 8,998 $ 4,635 $ 2,096 Gross increases for tax positions of prior years 3,778 2,421 623 Gross increases for tax positions of the current year 2,105 2,531 2,161 Gross decreases for tax positions of prior years (931) (589) (245) Balance at end of fiscal year $ 13,950 $ 8,998 $ 4,635 |
Schedule of Years That Remain Subject to Examination by Major Tax Jurisdictions | The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. The following tax years remain subject to examination by the respective major tax jurisdictions: Jurisdiction Fiscal Years China 2019-2023 Germany 2019-2023 Malaysia 2019-2023 Mexico 2019-2023 Romania 2020-2023 Thailand 2021-2023 United Kingdom 2020-2023 United States Federal 2015, 2017, 2018, 2020-2023 State 2003-2006, 2009-2023 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 fiscal 2023, 2022 and 2021 (in thousands, except per share amounts): 2023 2022 2021 Net income $ 139,094 $ 138,243 $ 138,912 Basic weighted average common shares outstanding 27,582 27,862 28,575 Dilutive effect of share-based awards and options outstanding 532 577 592 Diluted weighted average shares outstanding 28,114 28,439 29,167 Earnings per share: Basic $ 5.04 $ 4.96 $ 4.86 Diluted $ 4.95 $ 4.86 $ 4.76 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Expense and Other Information | The components of lease expense for fiscal years indicated were as follows (in thousands): 2023 2022 2021 Finance lease expense: Amortization of right-of-use assets $ 6,903 $ 6,478 $ 6,290 Interest on lease liabilities 5,132 4,927 4,888 Operating lease expense 10,783 11,278 11,034 Other lease expense 8,280 6,185 4,794 Total $ 31,098 $ 28,868 $ 27,006 Other information related to the Company’s leases was as follows: 2023 2022 Weighted-average remaining lease term (in years) Finance leases 10.6 11.1 Operating leases 16.0 17.6 Weighted-average discount rate Finance leases 16.7 % 17.1 % Operating leases 3.7 % 2.6 % 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash flows used in finance leases $ 4,823 $ 4,630 $ 4,571 Operating cash flows used in operating leases 10,114 10,278 10,667 Finance cash flows used in finance leases 8,375 6,148 5,734 ROU assets obtained in exchange for lease liabilities (in thousands) Operating leases $ 13,102 $ 4,710 $ 11,897 Finance leases 4,811 7,851 4,253 |
Schedule of Lease Assets and Liabilities | The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Consolidated Balance Sheets (in thousands): Financial Statement Line Item 2023 2022 ASSETS Finance lease assets Property, plant and equipment, net $ 37,391 $ 40,063 Operating lease assets Operating lease right-of-use assets 69,363 65,134 Total lease assets $ 106,754 $ 105,197 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,034 $ 5,087 Operating lease liabilities Other accrued liabilities 8,363 7,948 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 39,271 39,257 Operating lease liabilities Long-term operating lease liabilities 38,552 33,628 Total lease liabilities $ 90,220 $ 85,920 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments required under finance and operating leases as of September 30, 2023, were as follows (in thousands): Operating leases Finance leases 2024 $ 10,121 $ 9,090 2025 9,116 8,184 2026 8,204 6,168 2027 6,883 16,404 2028 5,015 4,762 Thereafter 15,147 70,042 Total minimum lease payments 54,486 114,650 Less: imputed interest (7,374) (71,344) Present value of lease liabilities $ 47,112 $ 43,306 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of PSU and RSU Activity | A summary of the Company’s PSU and RSU activity follows: Number of Shares (in thousands) Weighted Average Fair Value at Date of Grant Aggregate Intrinsic Value (in thousands) Units outstanding as of October 3, 2020 851 $ 66.33 Granted 360 81.15 Canceled (10) 70.12 Vested (340) 64.00 Units outstanding as of October 2, 2021 861 $ 72.38 Granted 328 75.39 Canceled (35) 76.68 Vested (356) 58.76 Units outstanding as of October 1, 2022 798 $ 79.57 Granted 371 91.73 Canceled (28) 83.97 Vested (339) 80.85 Units outstanding as of September 30, 2023 802 $ 84.50 $ 74,568 |
Reportable Segments, Geograph_2
Reportable Segments, Geographic Information and Major Customers (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Information | Information about the Company’s three reportable segments for fiscal 2023, 2022 and 2021 is as follows (in thousands): 2023 2022 2021 Net sales: AMER $ 1,558,230 $ 1,310,687 $ 1,317,404 APAC 2,358,390 2,300,640 1,850,603 EMEA 403,040 316,315 312,669 Elimination of inter-segment sales (109,355) (116,274) (111,811) $ 4,210,305 $ 3,811,368 $ 3,368,865 Operating income (loss): AMER $ 79,678 $ 44,741 $ 62,338 APAC 289,556 267,253 238,800 EMEA 1,576 8,018 (895) Corporate and other costs (174,990) (141,827) (123,975) $ 195,820 $ 178,185 $ 176,268 Other income (expense): Interest expense $ (31,542) $ (15,858) $ (14,253) Interest income 3,138 1,305 1,372 Miscellaneous, net (6,403) (5,329) (2,976) Income before income taxes $ 161,013 $ 158,303 $ 160,411 2023 2022 2021 Depreciation: AMER $ 23,560 $ 23,482 $ 24,325 APAC 29,218 23,547 19,924 EMEA 6,281 5,861 7,189 Corporate 9,513 8,613 8,390 $ 68,572 $ 61,503 $ 59,828 Capital expenditures: AMER $ 23,880 $ 20,024 $ 16,114 APAC 45,923 73,758 31,774 EMEA 23,120 2,617 2,504 Corporate 11,126 5,213 6,707 $ 104,049 $ 101,612 $ 57,099 September 30, October 1, Total assets: AMER $ 1,124,555 $ 1,150,605 APAC 1,696,795 1,807,542 EMEA 462,199 302,901 Corporate and eliminations 37,623 132,177 $ 3,321,172 $ 3,393,225 |
Schedule of Net Sales and Long-lived Assets | The following information is provided in accordance with the required segment disclosures for fiscal 2023, 2022 and 2021. Net sales were based on the Company’s location providing the product or service (in thousands): 2023 2022 2021 Net sales: United States $ 1,001,697 $ 869,144 $ 914,360 Malaysia 1,886,970 1,846,086 1,495,049 Mexico 556,532 441,543 403,044 China 456,443 453,591 355,554 Romania 297,969 217,052 202,649 United Kingdom 98,314 91,137 99,365 Thailand 14,978 963 — Germany 6,757 8,126 10,655 Elimination of inter-country sales (109,355) (116,274) (111,811) $ 4,210,305 $ 3,811,368 $ 3,368,865 September 30, October 1, Long-lived assets: United States $ 107,392 $ 105,272 Malaysia 159,182 152,317 Mexico 77,757 77,947 Thailand 58,009 56,115 Romania 51,653 23,894 China 44,068 37,608 United Kingdom 8,234 6,842 Other Foreign 2,767 2,899 Corporate 52,337 46,945 $ 561,399 $ 509,839 |
Concentration of Risk | As a percentage of consolidated net sales, net sales attributable to customers representing 10.0% or more of consolidated net sales for fiscal 2023, 2022 and 2021 were as follows: 2023 2022 2021 GE Healthcare Technologies, Inc. ("GEHC") 10.3% * * General Electric Company ("GE") * 12.9% 11.2% * Net sales attributable to the customer were less than 10.0% of consolidated net sales for the period |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 fiscal 2023, 2022 and 2021 (in thousands): Limited warranty liability, as of October 3, 2020 $ 6,386 Accruals for warranties issued during the period 3,277 Settlements (in cash or in kind) during the period (3,018) Limited warranty liability, as of October 2, 2021 6,645 Accruals for warranties issued during the period 2,786 Settlements (in cash or in kind) during the period (2,506) Limited warranty liability, as of October 1, 2022 6,925 Accruals for warranties issued during the period 2,954 Settlements (in cash or in kind) during the period (4,058) Limited warranty liability, as of September 30, 2023 $ 5,821 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The table below includes the Company’s revenue for the fiscal years indicated disaggregated by geographic reportable segment and market sector (in thousands): 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 862,767 $ 809,165 $ 202,842 $ 1,874,774 Industrial 398,120 1,248,016 110,389 1,756,525 Aerospace/Defense 281,632 212,336 85,038 579,006 External revenue 1,542,519 2,269,517 398,269 4,210,305 Inter-segment sales 15,711 88,873 4,771 109,355 Segment revenue $ 1,558,230 $ 2,358,390 $ 403,040 $ 4,319,660 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 645,881 $ 744,216 $ 175,674 $ 1,565,771 Industrial 398,743 1,288,577 65,398 1,752,718 Aerospace/Defense 255,779 165,432 71,668 492,879 External revenue 1,300,403 2,198,225 312,740 3,811,368 Inter-segment sales 10,284 102,415 3,575 116,274 Segment revenue $ 1,310,687 $ 2,300,640 $ 316,315 $ 3,927,642 2021 Reportable Segment: AMER APAC EMEA Total Market Sector (1): Healthcare/Life Sciences $ 566,693 $ 605,249 $ 154,830 $ 1,326,772 Industrial 462,789 1,010,833 75,353 1,548,975 Aerospace/Defense 277,870 134,842 80,406 493,118 External revenue 1,307,352 1,750,924 310,589 3,368,865 Inter-segment sales 10,052 99,679 2,080 111,811 Segment revenue $ 1,317,404 $ 1,850,603 $ 312,669 $ 3,480,676 (1) During fiscal 2021, the Company consolidated the previously reported Industrial/Commercial and Communications market sectors to form the Industrial market sector. |
Schedule of Contract Assets | The following table summarizes the activity in the Company's contract assets during fiscal 2023 and 2022 (in thousands): 2023 2022 Contract assets, beginning of period $ 138,540 $ 115,283 Revenue recognized during the period 3,450,570 3,180,108 Amounts collected or invoiced during the period (3,446,813) (3,156,851) Contract assets, end of period $ 142,297 $ 138,540 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Accrual Activity | The Company's restructuring accrual activity for fiscal 2023, 2022 and 2021 is included in the table below (in thousands): Fixed Asset and Operating ROU Asset Impairment Arbitration Charge Termination and Severance Costs Total Accrual balance, as of October 3, 2020 $ — $ — $ 36 $ 36 Restructuring and impairment costs — — 3,267 3,267 Amounts utilized — — (3,232) (3,232) Accrual balance, as of October 2, 2021 — — 71 71 Restructuring and impairment costs 255 — 1,766 2,021 Amounts utilized (255) — (1,725) (1,980) Accrual balance, as of October 1, 2022 — — 112 112 Restructuring and other charges — 14,229 8,865 23,094 Amounts utilized — (14,229) (8,355) (22,584) Accrual balance, as of September 30, 2023 $ — $ — $ 622 $ 622 |
Description of Business and S_4
Description of Business and Significant Accounting Policies - Schedule of Reclassification (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Accounting Policies [Abstract] | ||
Customer deposits | $ 601,644 | $ 480,486 |
Deferred revenue | 158,707 | 298,800 |
Advanced payments from customers | $ 760,351 | $ 779,286 |
Description of Business and S_5
Description of Business and Significant Accounting Policies - Schedule of Property, Plant And Equipment, Useful Lives (Details) | Sep. 30, 2023 |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer hardware and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer hardware and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Description of Business and S_6
Description of Business and Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Accounting Policies [Abstract] | ||
Foreign currency translation adjustments | $ (20,602) | $ (31,104) |
Cumulative derivative instrument fair value adjustments | (4,699) | (5,779) |
Other fair value adjustments | 971 | 855 |
Accumulated other comprehensive loss | $ (24,330) | $ (36,028) |
Description of Business and S_7
Description of Business and Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 USD ($) numberOfEmployees | Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Entity Number of Employees | numberOfEmployees | 25,000 | ||
Cash Equivalents, at Carrying Value | $ 33,500 | $ 88,700 | |
Exchange gains (losses) on foreign currency transactions | (1,800) | (700) | $ (1,100) |
Forward currency exchange contracts treated as cash flow hedges and recorded in accumulated other comprehensive loss | 1,100 | (5,000) | $ (2,200) |
Fair value of debt | 374,300 | 401,600 | |
Carrying value of debt | $ 383,000 | $ 413,000 | |
Engineering Design and Development Services | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of consolidated net sales (less than) | 5% | 5% | 5% |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,409,638 | $ 1,433,353 |
Work-in-process | 66,340 | 81,207 |
Finished goods | 86,059 | 88,223 |
Total inventories | $ 1,562,037 | $ 1,602,783 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Inventory [Line Items] | ||
Advanced payments from customers | $ 760,351 | $ 779,286 |
Inventory | ||
Inventory [Line Items] | ||
Advanced payments from customers | $ 590,200 | $ 463,200 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 1,075,108 | $ 1,000,947 |
Less: accumulated depreciation | (583,072) | (556,242) |
Total property, plant and equipment, net | 492,036 | 444,705 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 406,326 | 386,623 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 468,904 | 421,717 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 171,003 | 164,420 |
Capital assets in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 28,875 | $ 28,187 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Assets Held Under Finance Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Finance Leased Assets [Line Items] | ||
Total property, plant and equipment held under finance leases, gross | $ 54,821 | $ 61,632 |
Less: accumulated amortization | (17,430) | (21,569) |
Total property, plant and equipment held under finance leases, net | 37,391 | 40,063 |
Buildings and improvements | ||
Finance Leased Assets [Line Items] | ||
Total property, plant and equipment held under finance leases, gross | 37,771 | 36,270 |
Machinery and equipment | ||
Finance Leased Assets [Line Items] | ||
Total property, plant and equipment held under finance leases, gross | 2,008 | 1,492 |
Computer hardware and software | ||
Finance Leased Assets [Line Items] | ||
Total property, plant and equipment held under finance leases, gross | $ 15,042 | $ 23,870 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Purchase of property, plant and equipment included in accounts payable | $ 28.9 | $ 25.4 | $ 17.3 |
Debt, Finance Lease and Other_3
Debt, Finance Lease and Other Financing Obligations - Schedule of Debt, Finance Lease and Other Financing Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 383,000 | $ 413,000 |
Finance lease and other financing obligations | 49,233 | 50,269 |
Unamortized deferred financing fees | (1,175) | (1,522) |
Total obligations | 431,058 | 461,747 |
Current portion of long-term debt and finance lease obligations | (240,205) | (273,971) |
Long-term debt, finance lease and other financing obligations, net of current portion | 190,853 | 187,776 |
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 Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 233,000 | $ 263,000 |
Debt, Finance Lease and Other_4
Debt, Finance Lease and Other Financing Obligations - Schedule of Aggregate Scheduled Maturities of Debt Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Debt and Lease Obligation [Abstract] | ||
2024 | $ 233,000 | |
2025 | 100,000 | |
2026 | 0 | |
2027 | 0 | |
2028 | 50,000 | |
Total | $ 383,000 | $ 413,000 |
Debt, Finance Lease and Other_5
Debt, Finance Lease and Other Financing Obligations- Schedule of Aggregate Scheduled Maturities of Obligations Under Finance Leases (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Finance Leased Assets [Line Items] | |
2024 | $ 7,205 |
2025 | 4,388 |
2026 | 2,104 |
2027 | 12,607 |
2028 | 1,369 |
Thereafter | 21,560 |
Total minimum lease payments | $ 49,233 |
Debt, Finance Lease and Other_6
Debt, Finance Lease and Other Financing Obligations- Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | Jun. 09, 2022 | May 14, 2019 | |
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 383,000 | $ 413,000 | |||
Amount borrowed | $ 748,500 | 758,000 | $ 376,739 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility, term | 5 years | ||||
Highest daily borrowings | $ 412,000 | ||||
Average daily borrowings | 338,100 | ||||
Amount borrowed | 748,500 | ||||
Amount repaid | 778,500 | ||||
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 | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 233,000 | $ 263,000 | |||
Maximum commitment | $ 500,000 | $ 350,000 | |||
Amount credit facility may be further increased | $ 750,000 | ||||
Annual commitment fee | 0.125% | ||||
Finance Lease Obligations | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 16.70% | 17.10% |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Schedule of Fair Values of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 300 | |
Fair value of derivative liability | $ 1,300 | |
Prepaid expenses and other | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 2,610 | 715 |
Prepaid expenses and other | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 1,337 | 1,555 |
Other accrued liabilities | Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 7,590 | 6,747 |
Other accrued liabilities | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 2,669 | $ 1,249 |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Foreign Exchange Forward [Member] | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCL on Derivatives | $ 2,181 | $ (7,637) | $ 1,238 |
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 Exchange Forward [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income | $ 1,002 | $ (2,459) | $ 3,205 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | Cost of sales |
Selling and administrative expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income | $ 127 | $ (189) | $ 265 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling and administrative expenses | Selling and administrative expenses | Selling and administrative expenses |
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 | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Amount of (Loss) Gain on Derivatives Recognized in Income | $ (1,285) | $ (1,181) | $ 98 |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurements - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Derivative Liability | $ 6,312 | $ 5,726 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Level 1 | ||
Derivative Liability | $ 0 | $ 0 |
Level 2 | ||
Derivative Liability | 6,312 | 5,726 |
Level 3 | ||
Derivative Liability | $ 0 | $ 0 |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months | $ (5,000) | |
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign Exchange Forward [Member] | ||
Notional amount of forward exchange contracts | 215,400 | $ 143,200 |
Fair value of derivative liability | 5,000 | 6,000 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward [Member] | ||
Notional amount of forward exchange contracts | 145,500 | 60,100 |
Fair value of derivative liability | $ 1,300 | |
Fair value of derivative asset | $ 300 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (84,557) | $ (64,267) | $ (33,409) |
Foreign | 245,570 | 222,570 | 193,820 |
Income before income taxes | $ 161,013 | $ 158,303 | $ 160,411 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Current: | |||
Federal | $ 24,779 | $ 12,506 | $ 9,217 |
State | 302 | 386 | 524 |
Foreign | 19,276 | 17,968 | 15,146 |
Current Total | 44,357 | 30,860 | 24,887 |
Deferred: | |||
Federal | (21,098) | (9,931) | (1,153) |
State | (1,371) | (315) | 1 |
Foreign | 31 | (554) | (2,236) |
Deferred Total | (22,438) | (10,800) | (3,388) |
Income Tax Expense (Benefit) | $ 21,919 | $ 20,060 | $ 21,499 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rates (Details) | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
(Decrease) increase resulting from: | |||
Foreign tax rate differences | (23.80%) | (23.20%) | (20.30%) |
Withholding tax on dividends | 0.40% | 2.20% | 2.90% |
Permanent differences | (1.30%) | (0.80%) | (0.60%) |
Excess tax benefits related to share-based compensation | (1.10%) | (1.40%) | (0.90%) |
Global intangible low-taxed income ("GILTI") | 13.10% | 10.40% | 6.40% |
Audit settlements | 0% | 3.70% | 5% |
Non-deductible compensation | 2.80% | 2.50% | 3.80% |
Valuation allowances | 3.50% | (1.70%) | (3.70%) |
Tax credits, net | (2.10%) | (1.90%) | 0% |
Other, net | 1.10% | 1.90% | (0.20%) |
Effective income tax rate | 13.60% | 12.70% | 13.40% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Net Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Deferred income tax assets: | ||
Loss/credit carryforwards | $ 27,810 | $ 24,575 |
Inventories | 24,183 | 21,869 |
Accrued employee benefits | 14,548 | 17,224 |
Advanced payments from customers | 25,291 | 7,257 |
Lease obligations | 17,520 | 17,427 |
Research and development capitalization | 8,602 | 0 |
Other | 8,556 | 6,408 |
Total gross deferred income tax assets | 126,510 | 94,760 |
Less valuation allowances | (31,949) | (25,562) |
Deferred income tax assets | 94,561 | 69,198 |
Deferred income tax liabilities: | ||
Property, plant and equipment | 21,931 | 19,878 |
Right-of-use assets | 10,539 | 10,538 |
Tax on unremitted earnings | 3,851 | 6,034 |
Deferred income tax liabilities | 36,321 | 36,450 |
Net deferred income tax assets | $ 58,240 | $ 32,748 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Income Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of fiscal year | $ 8,998 | $ 4,635 | $ 2,096 |
Gross increases for tax positions of prior years | 3,778 | 2,421 | 623 |
Gross increases for tax positions of the current year | 2,105 | 2,531 | 2,161 |
Gross decreases for tax positions of prior years | (931) | (589) | (245) |
Balance at end of fiscal year | $ 13,950 | $ 8,998 | $ 4,635 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Additions (reductions) to valuation allowance | $ 5.7 | $ (2.8) | $ (5.9) |
Increase (Decrease) to valuation allowance | 6.4 | ||
Tax Expense (Benefit) of Undistributed Earnings of Foreign Subsidiaries | (14.5) | ||
Uncertain tax benefits | 14 | ||
Unrecognized tax benefits that would reduce company's effective tax rate if recognized | 13.6 | 8.6 | |
Total accrued penalties and net accrued interest with respect to income taxes | 1.1 | 0.5 | 0.5 |
Expense recognized for accrued penalties and net accrued interest (less than) | 0.6 | 0.3 | 0.1 |
Other liabilities (noncurrent) | |||
Uncertain tax benefits | 13.6 | ||
Deferred income taxes (noncurrent asset) | |||
Uncertain tax benefits | 0.4 | ||
Foreign Tax Authority | |||
Net operating loss carryforwards, foreign | 61.9 | ||
State Jurisdiction | |||
Net operating loss carryforwards, state | 184.2 | ||
APAC | |||
Increase (Decrease) to valuation allowance | 2.8 | ||
Tax reductions related to tax holiday | $ 25.9 | $ 35.3 | $ 34.4 |
Tax reductions related to tax holiday, basic (in dollars per share) | $ 0.94 | $ 1.27 | $ 1.20 |
Tax reductions related to tax holiday, diluted (in dollars per share) | $ 0.92 | $ 1.24 | $ 1.18 |
EMEA | |||
Increase (Decrease) to valuation allowance | $ 2.4 | ||
AMER | |||
Increase (Decrease) to valuation allowance | $ 1.2 |
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 | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |||
Net income | $ 139,094 | $ 138,243 | $ 138,912 |
Basic weighted average common shares outstanding (in shares) | 27,582 | 27,862 | 28,575 |
Dilutive effect of share-based awards and options outstanding (in shares) | 532 | 577 | 592 |
Diluted weighted average shares outstanding (in shares) | 28,114 | 28,439 | 29,167 |
Earnings per share: | |||
Basic (in dollars per share) | $ 5.04 | $ 4.96 | $ 4.86 |
Diluted (in dollars per share) | $ 4.95 | $ 4.86 | $ 4.76 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
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 | 0.1 | 0.1 |
Leases Schedule of Lease Expens
Leases Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 6,903 | $ 6,478 | $ 6,290 |
Interest on lease liabilities | 5,132 | 4,927 | 4,888 |
Operating lease expense | 10,783 | 11,278 | 11,034 |
Other lease expense | 8,280 | 6,185 | 4,794 |
Total lease expense | $ 31,098 | $ 28,868 | 27,006 |
Weighted average remaining lease term, Finance lease | 10 years 7 months 6 days | 11 years 1 month 6 days | |
Weighted average remaining lease term, Operating lease | 16 years | 17 years 7 months 6 days | |
Weighted average discount rate, Finance lease | 16.70% | 17.10% | |
Weighted average discount rate, Operating lease | 3.70% | 2.60% | |
Operating cash flows used in finance leases | $ 4,823 | $ 4,630 | 4,571 |
Operating cash flows used in operating leases | 10,114 | 10,278 | 10,667 |
Finance cash flows used in finance leases | 8,375 | 6,148 | 5,734 |
Right-of-Use Asset obtained in exchange for Operating Lease liability | 13,102 | 4,710 | 11,897 |
Right-of-Use Asset obtained in exchange for Finance Lease liability | $ 4,811 | $ 7,851 | $ 4,253 |
Leases Schedule of Lease Assets
Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Oct. 01, 2022 |
Assets and Liabilities, Leases [Abstract] | ||
Finance lease right-of-use assets | $ 37,391 | $ 40,063 |
Operating lease right-of-use assets | 69,363 | 65,134 |
Total lease Assets | 106,754 | 105,197 |
Current finance lease liabilities | $ 4,034 | $ 5,087 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance lease obligations | Current portion of long-term debt and finance lease obligations |
Current operating lease liabilities | $ 8,363 | $ 7,948 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Long-term finance lease liabilities | $ 39,271 | $ 39,257 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations, net of current portion | Long-term debt and finance lease obligations, net of current portion |
Long-term operating lease liabilities | $ 38,552 | $ 33,628 |
Total lease liabilities | $ 90,220 | $ 85,920 |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Operating Lease, Liability, Payment, Due [Abstract] | |
2024 | $ 10,121 |
2025 | 9,116 |
2026 | 8,204 |
2027 | 6,883 |
2028 | 5,015 |
Thereafter | 15,147 |
Total minimum lease payments | 54,486 |
Less: imputed interest | (7,374) |
Present value of lease liabilities | 47,112 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2024 | 9,090 |
2025 | 8,184 |
2026 | 6,168 |
2027 | 16,404 |
2028 | 4,762 |
Thereafter | 70,042 |
Total minimum lease payments | 114,650 |
Less: imputed interest | (71,344) |
Present value of lease liabilities | 43,306 |
Lessee, Lease, Description [Line Items] | |
Present value of lease liabilities | $ 43,306 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee Lease Term of Contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee Lease Term of Contract | 37 years |
Benefit Plans - Schedule of Per
Benefit Plans - Schedule of Performance Stock Unit and Restricted Stock Unit Activity (Details) - PSUs and RSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Number of Shares | |||
Units outstanding at beginning of period (in shares) | 798 | 861 | 851 |
Granted (in shares) | 371 | 328 | 360 |
Canceled (in shares) | (28) | (35) | (10) |
Vested (in shares) | (339) | (356) | (340) |
Units outstanding at end of period (in shares) | 802 | 798 | 861 |
Weighted Average Fair Value at Date of Grant | |||
Units outstanding at beginning of period (in dollars per share) | $ 79.57 | $ 72.38 | $ 66.33 |
Granted (in dollars per share) | 91.73 | 75.39 | 81.15 |
Canceled (in dollars per share) | 83.97 | 76.68 | 70.12 |
Vested (in dollars per share) | 80.85 | 58.76 | 64 |
Units outstanding at end of period (in dollars per share) | $ 84.50 | $ 79.57 | $ 72.38 |
Aggregate Intrinsic Value | |||
Units outstanding at end of period | $ 74,568 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) | 12 Months Ended | ||
Sep. 30, 2023 USD ($) installment shares | Oct. 01, 2022 USD ($) shares | Oct. 02, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 21,300,000 | $ 23,300,000 | $ 24,800,000 |
Employer matching contribution, percent of eligible earnings (up to) | 4% | ||
Amount of contributions made to 401K | $ 9,800,000 | 9,300,000 | 9,300,000 |
SERP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amount of contributions made to participants' SERP accounts | 900,000 | 800,000 | $ 700,000 |
Total value of assets held by trust | 12,400,000 | 10,000,000 | |
Deferred compensation liability | 12,400,000 | $ 10,000,000 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award unrecognized compensation expense | $ 21,100,000 | ||
Award, unrecognized compensation expense, weighted average period of recognition | 1 year 4 months 24 days | ||
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award unrecognized compensation expense | $ 7,100,000 | ||
Award, unrecognized compensation expense, weighted average period of recognition | 1 year 10 months 24 days | ||
Vested (in shares) | shares | 100,000 | ||
Granted (in shares) | shares | 100,000 | 100,000 | 100,000 |
PSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares that may be issued (in shares) | shares | 0 | ||
PSUs | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares that may be issued (in shares) | shares | 500,000 | ||
PSUs | Vest Based on Market Condition - Relative TSR of Common Stock Compared to Companies in Russell 3000 Index or S&P 400 Index | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout, Percent of Shares Granted | 170% | ||
PSUs | Vest Based on Market Condition - Relative TSR of Common Stock Compared to Companies in Russell 3000 Index or S&P 400 Index | Minimum | S&P 400 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0% | ||
PSUs | Vest Based on Market Condition - Relative TSR of Common Stock Compared to Companies in Russell 3000 Index or S&P 400 Index | Maximum | S&P 400 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 150% | ||
PSUs | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout, Percent of Shares Granted | 200% | ||
Payout, Average Economic Return Threshold, Percent | 2.50% | ||
PSUs | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return | Minimum | Russell 3000 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0% | ||
PSUs | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return | Maximum | Russell 3000 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 200% | ||
Options and SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and SARS granted in period | shares | 0 | 0 | 0 |
Options and SARS fair value vested in period | $ 0 | $ 0 | $ 0 |
Options and SARS total intrinsic value exercised | $ 100,000 | $ 600,000 | $ 5,400,000 |
2016 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares authorized under the plan (in shares) | shares | 3,200,000 | ||
2016 Plan | Cash Incentive Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Long-term cash awards per employee that may be granted annually | $ 4,000,000 | ||
2016 Plan | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of annual vesting installments | installment | 2 | ||
Term | 10 years | ||
2016 Plan | SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of annual vesting installments | installment | 2 | ||
Term | 7 years | ||
2016 Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
2016 Plan | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
2016 Plan | PSUs | Vest Based on Market Condition - Relative TSR of Common Stock Compared to Companies in Russell 3000 Index or S&P 400 Index | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 50% | ||
Payout, Percent of Shares Granted | 100% | ||
Total Shareholder Return Threshold, Percent | 50% | ||
2016 Plan | PSUs | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Vesting percentage | 50% | ||
Terms of Award | three |
Litigation - Narrative (Details
Litigation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 23,094 | $ 2,021 | $ 3,267 |
Arbitration Charge Total Cash Outlay | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 15,800 | ||
Arbitration Charge | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 14,229 | $ 0 | $ 0 |
Reportable Segments, Geograph_3
Reportable Segments, Geographic Information and Major Customers - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net sales | $ 4,210,305 | $ 3,811,368 | $ 3,368,865 |
Operating income (loss): | 195,820 | 178,185 | 176,268 |
Interest expense | (31,542) | (15,858) | (14,253) |
Interest income | 3,138 | 1,305 | 1,372 |
Miscellaneous, net | (6,403) | (5,329) | (2,976) |
Income before income taxes | 161,013 | 158,303 | 160,411 |
Depreciation | 68,572 | 61,503 | 59,828 |
Capital expenditures | 104,049 | 101,612 | 57,099 |
Total assets | 3,321,172 | 3,393,225 | |
Elimination of inter-segment sales | |||
Net sales | (109,355) | (116,274) | (111,811) |
Corporate | |||
Operating income (loss): | (174,990) | (141,827) | (123,975) |
Depreciation | 9,513 | 8,613 | 8,390 |
Capital expenditures | 11,126 | 5,213 | 6,707 |
Corporate and eliminations | |||
Total assets | 37,623 | 132,177 | |
AMER | Operating Segments | |||
Net sales | 1,558,230 | 1,310,687 | 1,317,404 |
Operating income (loss): | 79,678 | 44,741 | 62,338 |
Depreciation | 23,560 | 23,482 | 24,325 |
Capital expenditures | 23,880 | 20,024 | 16,114 |
Total assets | 1,124,555 | 1,150,605 | |
APAC | Operating Segments | |||
Net sales | 2,358,390 | 2,300,640 | 1,850,603 |
Operating income (loss): | 289,556 | 267,253 | 238,800 |
Depreciation | 29,218 | 23,547 | 19,924 |
Capital expenditures | 45,923 | 73,758 | 31,774 |
Total assets | 1,696,795 | 1,807,542 | |
EMEA | Operating Segments | |||
Net sales | 403,040 | 316,315 | 312,669 |
Operating income (loss): | 1,576 | 8,018 | (895) |
Depreciation | 6,281 | 5,861 | 7,189 |
Capital expenditures | 23,120 | 2,617 | $ 2,504 |
Total assets | $ 462,199 | $ 302,901 |
Reportable Segments, Geograph_4
Reportable Segments, Geographic Information and Major Customers - Schedule of Net Sales and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Net sales | $ 4,210,305 | $ 3,811,368 | $ 3,368,865 |
Long-Lived Assets | 561,399 | 509,839 | |
United States | |||
Net sales | 1,001,697 | 869,144 | 914,360 |
Long-Lived Assets | 107,392 | 105,272 | |
Malaysia | |||
Net sales | 1,886,970 | 1,846,086 | 1,495,049 |
Long-Lived Assets | 159,182 | 152,317 | |
Mexico | |||
Net sales | 556,532 | 441,543 | 403,044 |
Long-Lived Assets | 77,757 | 77,947 | |
China | |||
Net sales | 456,443 | 453,591 | 355,554 |
Long-Lived Assets | 44,068 | 37,608 | |
Romania | |||
Net sales | 297,969 | 217,052 | 202,649 |
Long-Lived Assets | 51,653 | 23,894 | |
United Kingdom | |||
Net sales | 98,314 | 91,137 | 99,365 |
Long-Lived Assets | 8,234 | 6,842 | |
Thailand | |||
Net sales | 14,978 | 963 | 0 |
Long-Lived Assets | 58,009 | 56,115 | |
Germany | |||
Net sales | 6,757 | 8,126 | 10,655 |
Other Foreign | |||
Long-Lived Assets | 2,767 | 2,899 | |
Elimination of inter-segment sales | |||
Net sales | (109,355) | (116,274) | $ (111,811) |
Corporate | |||
Long-Lived Assets | $ 52,337 | $ 46,945 |
Reportable Segments, Geograph_5
Reportable Segments, Geographic Information and Major Customers - Concentration of Risk (Details) - Customer Concentration Risk - Consolidated Net Sales | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
GE Healthcare Technologies, Inc. ("GEHC") | |||
Segment Reporting Information [Line Items] | |||
Percentage of concentration risk | 10.30% | ||
General Electric Company ("GE") | |||
Segment Reporting Information [Line Items] | |||
Percentage of concentration risk | 12.90% | 11.20% |
Reportable Segments, Geograph_6
Reportable Segments, Geographic Information and Major Customers - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 USD ($) segment | Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | |
Segment Reporting [Abstract] | |||
Restructuring and other charges | $ 23,094 | $ 2,021 | $ 3,267 |
Number of reportable segments | segment | 3 | ||
Other long-term assets, operating lease right-of-use assets, deferred income tax assets and intangible assets | $ 87,600 | $ 67,300 | |
Customer Concentration Risk | General Electric Company ("GE") | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 16.20% | ||
Customer Concentration Risk | Medtronic | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 10.20% |
Guarantees - Schedule of Activi
Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Limited warranty liability, beginning balance | $ 6,925 | $ 6,645 | $ 6,386 |
Accruals for warranties issued during the period | 2,954 | 2,786 | 3,277 |
Settlements (in cash or in kind) during the period | (4,058) | (2,506) | (3,018) |
Limited warranty liability, ending balance | $ 5,821 | $ 6,925 | $ 6,645 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) | 12 Months Ended |
Sep. 30, 2023 | |
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 | 12 Months Ended | ||||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | Aug. 18, 2022 | Aug. 11, 2021 | |
2022 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized repurchase amount | $ 50,000 | ||||
Amount repurchased (in shares) | 564,718 | 34,381 | |||
Amount repurchased | $ 46,900 | $ 3,100 | |||
Average repurchase price (in dollars per share) | $ 83.07 | $ 90.16 | |||
2023 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized repurchase amount | $ 50,000 | ||||
Amount repurchased (in shares) | 425,746 | 38,397 | |||
Amount repurchased | $ 40,900 | $ 3,500 | |||
Average repurchase price (in dollars per share) | $ 95.96 | $ 90.63 | |||
Remaining authorized repurchase amount | $ 5,700 |
Trade Accounts Receivable Sal_2
Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items] | |||
Trade accounts receivable sold | $ 834,500,000 | $ 787,500,000 | $ 730,500,000 |
Cash proceeds | 824,600,000 | 783,100,000 | $ 728,400,000 |
Trade accounts receivable sold, not yet collected | 220,500,000 | $ 222,500,000 | |
MUFG RPA | |||
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items] | |||
Maximum facility amount | $ 340,000,000 | ||
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 | $ 60,000,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | $ 4,319,660 | $ 3,927,642 | $ 3,480,676 |
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 4,210,305 | 3,811,368 | 3,368,865 |
Elimination of inter-segment sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 109,355 | 116,274 | 111,811 |
Healthcare/Life Sciences | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,874,774 | 1,565,771 | 1,326,772 |
Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,756,525 | 1,752,718 | 1,548,975 |
Aerospace/Defense | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 579,006 | 492,879 | 493,118 |
AMER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,558,230 | 1,310,687 | 1,317,404 |
AMER | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,542,519 | 1,300,403 | 1,307,352 |
AMER | Elimination of inter-segment sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 15,711 | 10,284 | 10,052 |
AMER | Healthcare/Life Sciences | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 862,767 | 645,881 | 566,693 |
AMER | Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 398,120 | 398,743 | 462,789 |
AMER | Aerospace/Defense | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 281,632 | 255,779 | 277,870 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 2,358,390 | 2,300,640 | 1,850,603 |
APAC | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 2,269,517 | 2,198,225 | 1,750,924 |
APAC | Elimination of inter-segment sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 88,873 | 102,415 | 99,679 |
APAC | Healthcare/Life Sciences | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 809,165 | 744,216 | 605,249 |
APAC | Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,248,016 | 1,288,577 | 1,010,833 |
APAC | Aerospace/Defense | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 212,336 | 165,432 | 134,842 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 403,040 | 316,315 | 312,669 |
EMEA | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 398,269 | 312,740 | 310,589 |
EMEA | Elimination of inter-segment sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 4,771 | 3,575 | 2,080 |
EMEA | Healthcare/Life Sciences | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 202,842 | 175,674 | 154,830 |
EMEA | Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 110,389 | 65,398 | 75,353 |
EMEA | Aerospace/Defense | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | $ 85,038 | $ 71,668 | $ 80,406 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 142,297,000 | $ 138,540,000 | $ 115,283,000 |
Revenue recognized | 3,450,570,000 | 3,180,108,000 | |
Amounts collected or invoiced | $ (3,446,813,000) | $ (3,156,851,000) |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 158,707 | $ 298,800 | |
Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Revenue | 82% | 84% | 91% |
Restructuring and Other Charg_3
Restructuring and Other Charges Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 622 | $ 112 | $ 71 | $ 36 |
Restructuring and other charges | 23,094 | 2,021 | 3,267 | |
Amounts utilized | (22,584) | (1,980) | (3,232) | |
Fixed Asset and Operating ROU Asset Impairment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Restructuring and other charges | 0 | 255 | 0 | |
Amounts utilized | 0 | (255) | 0 | |
Termination and Severance Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 622 | 112 | 71 | 36 |
Restructuring and other charges | 8,865 | 1,766 | 3,267 | |
Amounts utilized | (8,355) | (1,725) | (3,232) | |
Arbitration Charge | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | $ 0 |
Restructuring and other charges | 14,229 | 0 | 0 | |
Amounts utilized | $ (14,229) | $ 0 | $ 0 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 23,094 | $ 2,021 | $ 3,267 |
Termination and Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 8,865 | 1,766 | 3,267 |
Arbitration Charge | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 14,229 | 0 | 0 |
Restructuring Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Tax Expense (Benefit) | $ (1,900) | $ (200) | $ (300) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Oct. 02, 2021 | |
Allowance for losses on accounts receivable (deducted from the asset to which it relates) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 1,961 | $ 1,188 | $ 3,597 |
Additions charged to costs and expenses | 2,197 | 2,117 | 1,232 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | (2,244) | (1,344) | (3,641) |
Balance at end of period | 1,914 | 1,961 | 1,188 |
Valuation allowance on deferred income tax assets (deducted from the asset to which it relates) | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 25,562 | 30,321 | 34,948 |
Additions charged to costs and expenses | 6,425 | 1,338 | 4,499 |
Additions charged to other accounts | 0 | 0 | 0 |
Deductions | (38) | (6,097) | (9,126) |
Balance at end of period | $ 31,949 | $ 25,562 | $ 30,321 |