Document and entity information
Document and entity information Document - USD ($) | 12 Months Ended | ||
Oct. 01, 2022 | Nov. 03, 2022 | Apr. 02, 2022 | |
Entity Information [Line Items] | |||
Document Annual Report | true | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 01, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-21272 | ||
Entity Registrant Name | Sanmina Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0228183 | ||
Entity Address, Address Line One | 2700 N. First St., | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95134 | ||
City Area Code | 408 | ||
Local Phone Number | 964-3500 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | SANM | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned 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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,453,429,173 | ||
Entity Common Stock, Shares Outstanding | 57,429,717 | ||
Entity Central Index Key | 0000897723 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --10-01 | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Oct. 01, 2022 | |
Audit Information [Abstract] | |
Auditor Location | San Jose, California |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 529,857 | $ 650,026 |
Accounts receivable, net of allowances of approximately $8 million and $7 million as of October 1, 2022 and October 2, 2021, respectively | 1,138,894 | 1,192,434 |
Contract assets | 503,674 | 348,741 |
Inventories | 1,691,081 | 1,036,511 |
Prepaid expenses and other current assets | 62,044 | 53,952 |
Total current assets | 3,925,550 | 3,281,664 |
Property, plant and equipment, net | 575,170 | 532,985 |
Deferred income tax assets, net | 198,588 | 235,117 |
Other | 160,192 | 156,953 |
Total assets | 4,859,500 | 4,206,719 |
Current liabilities: | ||
Accounts payable | 2,029,534 | 1,464,693 |
Accrued liabilities | 275,735 | 161,896 |
Accrued payroll and related benefits | 130,892 | 117,648 |
Short-term debt, including current portion of long-term debt | 17,500 | 18,750 |
Total current liabilities | 2,453,661 | 1,762,987 |
Long-term liabilities: | ||
Long-term debt | 329,237 | 311,572 |
Other | 215,333 | 253,532 |
Total long-term liabilities | 544,570 | 565,104 |
Commitments and Contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, authorized 5,000 shares, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 166,667 shares; 110,160 and 108,734 shares issued and 57,394 and 64,307 shares outstanding as of October 1, 2022 and October 2, 2021, respectively | 574 | 643 |
Treasury stock, 52,766 and 44,427 shares as of October 1, 2022 and October 2, 2021, respectively, at cost | (1,378,159) | (1,047,202) |
Additional paid-in capital | 6,380,774 | 6,338,863 |
Accumulated other comprehensive income | 56,325 | 40,690 |
Accumulated deficit | (3,198,245) | (3,454,366) |
Total stockholders' equity | 1,861,269 | 1,878,628 |
Total liabilities and stockholders' equity | $ 4,859,500 | $ 4,206,719 |
Balance sheet parenthetical (Pa
Balance sheet parenthetical (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowances | $ 8,000 | $ 7,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000 | 5,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 166,667 | 166,667 |
Common Stock, Shares, Issued | 110,160 | 108,734 |
Common Stock, Shares, Outstanding | 57,394 | 64,307 |
Treasury Stock, Shares | 52,766 | 44,427 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Net sales | $ 7,890,475 | $ 6,756,643 | $ 6,960,370 |
Cost of sales | 7,249,961 | 6,204,838 | 6,434,663 |
Gross profit | 640,514 | 551,805 | 525,707 |
Operating expenses: | |||
Selling, general and administrative | 244,569 | 234,537 | 240,931 |
Research and development | 21,343 | 20,911 | 22,564 |
Restructuring and other | 11,425 | 15,057 | 27,916 |
Goodwill, Impairment Loss | 0 | 0 | 6,609 |
Gain on sale of long-lived assets | (4,610) | 0 | 0 |
Total operating expenses | 272,727 | 270,505 | 298,020 |
Operating income | 367,787 | 281,300 | 227,687 |
Interest income | 1,628 | 925 | 2,322 |
Interest expense | (22,473) | (19,551) | (28,903) |
Other income (expense), net | (26,314) | 44,331 | (348) |
Interest and other, net | (47,159) | 25,705 | (26,929) |
Income before income taxes | 320,628 | 307,005 | 200,758 |
Provision for income taxes | 64,507 | 38,007 | 61,045 |
Net income | $ 256,121 | $ 268,998 | $ 139,713 |
Net income per share: | |||
Basic | $ 4.18 | $ 4.12 | $ 2.02 |
Diluted | $ 4.06 | $ 4.01 | $ 1.97 |
Weighted-average shares used in computing per share amounts: | |||
Basic | 61,310 | 65,318 | 69,041 |
Diluted | 63,117 | 67,084 | 70,793 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Net income | $ 256,121 | $ 268,998 | $ 139,713 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (12,191) | (9,223) | (925) |
Derivative financial instruments: | |||
Change in net unrealized amount | 8,414 | 3,034 | (3,646) |
Amount reclassified into net income | 10,003 | 4,863 | 1,332 |
Defined benefit plans: | |||
Changes in unrecognized net actuarial losses and unrecognized transition cost | 5,884 | 4,713 | (6,240) |
Amortization of actuarial losses and transition cost | 3,525 | 2,417 | 2,106 |
Total other comprehensive income (loss) | 15,635 | 5,804 | (7,373) |
Comprehensive income | $ 271,756 | $ 274,802 | $ 132,340 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Number of Common Shares | Common Stock And Additional Paid in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance at Sep. 28, 2019 | $ 1,642,573 | $ 6,267,509 | $ (804,118) | $ 42,259 | $ (3,863,077) | |
Common Stock, Shares, Issued at Sep. 28, 2019 | 105,551 | |||||
Treasury Stock, Shares at Sep. 28, 2019 | (35,831) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuances under stock plans | 2,078 | |||||
Issuances Under Stock Plans, Value | 7,793 | 7,793 | ||||
Stock-based compensation | 26,235 | 26,235 | ||||
Treasury Stock, Shares at Oct. 03, 2020 | (42,630) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Treasury Stock, Shares | (6,799) | |||||
Repurchases of Treasury Stock, Value | (179,025) | $ (179,025) | ||||
Other comprehensive income (loss) | (7,373) | (7,373) | ||||
Common Stock, Shares, Issued at Oct. 03, 2020 | 107,629 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 139,713 | 139,713 | ||||
Balance at Oct. 03, 2020 | 1,629,916 | 6,301,537 | $ (983,143) | 34,886 | (3,723,364) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuances under stock plans | 1,105 | |||||
Issuances Under Stock Plans, Value | 2,993 | 2,993 | ||||
Stock-based compensation | $ 34,976 | 34,976 | ||||
Treasury Stock, Shares at Oct. 02, 2021 | (44,427) | (44,427) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of Treasury Stock, Shares | (1,797) | |||||
Repurchases of Treasury Stock, Value | $ (64,059) | $ (64,059) | ||||
Other comprehensive income (loss) | $ 5,804 | 5,804 | ||||
Common Stock, Shares, Issued at Oct. 02, 2021 | 108,734 | 108,734 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 268,998 | 268,998 | ||||
Balance at Oct. 02, 2021 | 1,878,628 | 6,339,506 | $ (1,047,202) | 40,690 | (3,454,366) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuances under stock plans | 1,426 | |||||
Issuances Under Stock Plans, Value | 2,378 | 2,378 | ||||
Stock-based compensation | 39,608 | 39,608 | ||||
Repurchases of treasury stock | $ 331,101 | |||||
Treasury Stock, Shares at Oct. 01, 2022 | (52,766) | (52,766) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchases of treasury stock | (144) | |||||
Repurchases of Treasury Stock, Shares | (8,339) | |||||
Repurchases of Treasury Stock, Value | $ (330,957) | |||||
Other comprehensive income (loss) | $ 15,635 | 15,635 | ||||
Common Stock, Shares, Issued at Oct. 01, 2022 | 110,160 | 110,160 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 256,121 | 256,121 | ||||
Balance at Oct. 01, 2022 | $ 1,861,269 | $ 6,381,348 | $ (1,378,159) | $ 56,325 | $ (3,198,245) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 256,121 | $ 268,998 | $ 139,713 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 108,783 | 109,656 | 114,218 |
Stock-based compensation expense | 39,608 | 34,976 | 26,235 |
Deferred income taxes | 31,733 | 33,724 | 13,567 |
Goodwill impairment | 1,848 | 0 | 8,409 |
Loss (Gain) on sale of intellectual property | 7,000 | (15,000) | 0 |
Gain on liquidation of foreign entity | 0 | (8,263) | 0 |
Other, net | 1,260 | (1,371) | (239) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 46,480 | (146,516) | 83,623 |
Contract assets | (154,933) | 47,842 | (283) |
Inventories | (663,379) | (167,186) | 39,564 |
Prepaid expenses and other assets | (31,700) | (6,486) | 17,798 |
Accounts payable | 554,492 | 236,270 | (106,640) |
Accrued liabilities | 133,541 | (48,302) | (35,410) |
Cash provided by operating activities | 330,854 | 338,342 | 300,555 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (138,639) | (73,296) | (65,982) |
Proceeds from sales of property, plant and equipment | 8,425 | 1,084 | 1,573 |
Purchases of investments | (2,000) | (2,705) | (30,000) |
Sale of investments | 0 | 0 | 30,000 |
Cash paid for business acquisition, net of cash acquired | 0 | (21,408) | 0 |
Proceeds from sale of intellectual property | 0 | 5,000 | 0 |
Cash used in investing activities | (132,214) | (91,325) | (64,409) |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | |||
Proceeds from revolving credit facility borrowings | 1,874,000 | 399,600 | 1,909,000 |
Repayments of revolving credit facility borrowings | (1,874,000) | (399,600) | (1,909,000) |
Repayments of long-term debt | (332,814) | (18,752) | (39,048) |
Proceeds from issuance of long-term debt | 350,000 | 0 | 0 |
Debt issuance costs | (3,263) | 0 | 0 |
Net proceeds from stock issuances | 2,379 | 2,993 | 7,793 |
Repurchases of common stock | (331,101) | (64,059) | (179,025) |
Proceeds from collection of notes receivable | 500 | 2,500 | 0 |
Cash used in financing activities | (314,299) | (77,318) | (210,280) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (4,510) | (199) | (81) |
Increase (decrease) in cash and cash equivalents | (120,169) | 169,500 | 25,785 |
Cash and cash equivalents at beginning of year | 650,026 | 480,526 | 454,741 |
Cash and cash equivalents at end of year | 529,857 | 650,026 | 480,526 |
Cash paid during the year: | |||
Interest, net of capitalized interest | 18,243 | 15,264 | 20,477 |
Income taxes, net of refunds | 48,131 | 33,358 | 30,700 |
Noncash Investing and Financing Items: | |||
Unpaid purchases of property, plant and equipment at end of period | $ 38,570 | $ 20,929 | $ 12,371 |
Note 1 Organization of Sanmina
Note 1 Organization of Sanmina | 12 Months Ended |
Oct. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization of Sanmina Sanmina Corporation (“Sanmina,” or the “Company”) was incorporated in Delaware in 1989. The Company is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these comprehensive solutions primarily to original equipment manufacturers (OEMs) that serve the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure industries. The Company's operations are managed as two businesses: 1) Integrated Manufacturing Solutions (IMS). IMS is a single operating segment consisting of printed circuit board assembly and test, high-level assembly and test and direct-order-fulfillment. 2) Components, Products and Services (CPS). Components include printed circuit boards, backplanes and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts. Products include memory solutions from our Viking Technology division; high-performance storage platforms for hyperscale and enterprise solutions from our Viking Enterprise Solutions (VES) division; optical, radio frequency (RF) and microelectronic (microE) design and manufacturing services from Advanced Microsystems Technologies; defense and aerospace products from SCI Technology; and cloud-based manufacturing execution software from the Company's 42Q division. Services include design, engineering and logistics and repair. The Company's only reportable segment is IMS, which represented approximately 80% of total revenue in 2022. CPS consists of multiple operating segments which do not individually meet the quantitative thresholds for being presented as reportable segments. Therefore, financial information for these operating segments is combined and presented in a single category entitled “Components, Products and Services”. Basis of Presentation Fiscal Year. The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2022 and 2021 were each 52 weeks and fiscal 2020 was a 53-week year, with the extra week occurring during the fourth quarter of fiscal 2020. All references to years relate to fiscal years unless otherwise noted. |
Note 2 Summary of Significant A
Note 2 Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Management Estimates and Uncertainties. The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Due to the COVID-19 pandemic, the global economy and financial markets were disrupted and there is a significant amount of uncertainty about the length and severity of the consequences caused by the pandemic. The Company has considered information available to it 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 to the carrying value of its assets or liabilities. Significant estimates made in preparing the consolidated financial statements relate to allowances for accounts receivable; provisions for excess and obsolete inventories, environmental matters, and legal exposures; determining liabilities for uncertain tax positions; determining the realizability of deferred tax assets; and determining fair values of tangible and intangible assets for purposes of impairment tests. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. Financial Instruments and Concentration of Credit Risk. Financial instruments consist primarily of cash and cash equivalents, accounts receivable, foreign currency forward contracts, interest rate swap agreements, accounts payable and debt obligations. The fair value of these financial instruments approximates their carrying amount as of October 1, 2022 and October 2, 2021 due to the nature or short maturity of these instruments, or because, in some cases, the instruments are recorded at fair value on the consolidated balance sheets. Cash and Cash Equivalents. Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with maturities of three months or less. Accounts Receivable and Other Related Allowances. The Company had allowances of approximately $8 million and $7 million as of October 1, 2022 and October 2, 2021, respectively, for uncollectible accounts, product returns and other net sales adjustments. To establish the allowance for doubtful accounts, the Company estimates credit risk associated with accounts receivable by considering the creditworthiness of its customers, past experience, specific facts and circumstances, and the overall economic climate in industries that it serves. To establish the allowance for product returns and other adjustments, the Company primarily utilizes historical data. Accounts Receivable Sales. The Company is a party to a Receivables Purchase Agreement (the “RPA”) with certain third-party banking institutions for the sale of trade receivables generated from sales to certain customers, subject to acceptance by, and a funding commitment from, the banks that are party to the RPA. Trade receivables sold pursuant to the RPA are serviced by the Company. In addition to the RPA, the Company has the option to participate in trade receivables sales programs that have been implemented by certain of the Company's customers, as in effect from time to time. The Company does not service trade receivables sold under these other programs. Under each of the programs noted above, the Company sells its entire interest in a trade receivable for 100% of face value, less a discount. Accounts receivable balances sold are removed from the consolidated balance sheets and the related proceeds are reported as cash provided by operating activities in the consolidated statements of cash flows. Inventories. Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Cost includes labor, materials and manufacturing overhead. Provisions are made to reduce excess and obsolete inventories to their estimated net realizable values. The ultimate realization of inventory carrying amounts is primarily affected by changes in customer demand. Inventory provisions are established based on forecasted demand, past experience with specific customers, the age and nature of the inventory, the ability to redistribute inventory to other programs or back to suppliers, and whether customers are contractually obligated and have the ability to pay for the related inventory. Certain payments received from customers for inventory held by the Company are recorded as a reduction of inventory. Long-lived Assets. Property, plant and equipment are stated at cost or, in the case of property and equipment acquired through business combinations, at fair value as of the acquisition date. Depreciation is provided on a straight-line basis over 20 to 40 years for buildings and 3 to 15 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or useful life of the asset. The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An asset group is the unit of accounting which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. An asset or asset group is considered impaired if its carrying amount exceeds the undiscounted future net cash flows the asset or asset group is expected to generate. If an asset or asset group is considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the asset or asset group exceeds its fair value. For asset groups for which the primary asset is a building, the Company estimates fair value based on data provided by commercial real estate brokers. For other asset groups, the Company estimates fair value based on projected discounted future net cash flows. Foreign Currency Translation. For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in stockholders' equity as a component of accumulated other comprehensive income (“AOCI”). For all entities, remeasurement adjustments for non-functional currency monetary assets and liabilities are included in other income (expense), net in the accompanying consolidated statements of income. Remeasurement gains and losses arising from long-term intercompany loans denominated in a currency other than an entity's functional currency are recorded in AOCI if repayment of the loan is not anticipated in the foreseeable future. Derivative Instruments and Hedging Activities. The Company conducts business on a global basis in numerous currencies and certain of the Company's outstanding debt has a variable interest rate. Therefore, the Company is exposed to movements in foreign currency exchange rates and interest rates. The Company uses derivatives, such as foreign currency forward contracts and interest rate swaps, to minimize the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging, which requires each derivative instrument to be recorded on the consolidated balance sheets at its fair value as either an asset or a liability. If a derivative is designated as a cash flow hedge, the Company excludes time value from its assessment of hedge effectiveness and recognizes the amount of time value in earnings over the life of the derivative. Gains or losses on the derivative not caused by changes in time value are recorded in Accumulated Other Comprehensive Income (“AOCI”), a component of equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. If a derivative is designated as a fair value hedge, changes in the fair value of the derivative and of the item being hedged are recognized in earnings in the current period. Derivative instruments are entered into for periods of time consistent with the related underlying exposures and are not entered into for speculative purposes. At the inception of a hedge, the Company documents all relationships between derivative instruments and related hedged items, as well as its risk-management objectives and strategies for the hedging transaction. The Company's foreign currency forward contracts and interest rate swaps potentially expose the Company to credit risk to the extent the counterparties may be unable to meet the terms of the agreement. The Company minimizes such risk by seeking high quality counterparties. Leases. The Company's leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company's initial lease liability and corresponding right-of-use (“ROU”) asset only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company's balance sheet. The Company’s lease liability and ROU assets represent the present value of future lease payments which are a combination of lease components and non-lease components such as maintenance and utilities. Operating lease expense is recognized on a straight line basis over the term of the lease. Certain of the Company’s lease payments are variable because such payments adjust periodically based on changes in consumer price and other indexes. Variable payments are expensed as incurred and not included in the measurement of lease liabilities and ROU assets. Since the Company's leases generally do not provide an implicit rate, the Company uses an incremental borrowing rate based on information available at the lease commencement date for purposes of determining the present value of lease payments. The Company's incremental borrowing rate is based on the term of the lease, the economic environment of the lease and the effect of collateralization, if any. Revenue Recognition. The Company derives revenue principally from sales of integrated manufacturing solutions, components and Company-proprietary products. Other sources of revenue include logistics and repair services; design, development and engineering services; defense and aerospace programs; and sales of raw materials to customers whose requirements change after the Company has procured inventory to fulfill the customer’s forecasted demand. For purposes of determining when to recognize revenue, and in what amount, the Company applies a 5-step model: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. Each of these steps may involve the use of significant judgments. The Company recognizes revenue for the majority of its contracts on an over time basis. This is due to the fact that 1) the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress upon a customer’s cancellation of a contract for convenience or 2) the Company’s customer simultaneously receives and consumes the benefits provided by the Company’s services. For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. Revenue streams for which revenue is recognized on an over time basis include sales of vertically integrated manufacturing solutions (integrated manufacturing solutions and components); global services (logistics and repair); design, development and engineering services; and defense and aerospace programs. Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs. This division is an operating segment whose results are combined with eleven other operating segments and reported under Components, Products and Services (“CPS”) for segment reporting purposes. In 2022, CPS revenue and gross profit were $1.5 billion and $194 million, respectively. The Company updates its estimates of materials, labor and subcontractor costs on a quarterly basis. These updated estimates are reviewed each quarter by a group of employees that includes representatives from numerous functions such as engineering, materials, contracts, manufacturing, program management, finance and senior management. If a change in estimate is deemed necessary, the impact of the change is recognized in the period of change. For contracts for which revenue is required to be recognized at a point-in-time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer. Revenue streams for which revenue is recognized at a point-in-time include Company-proprietary products and sales of raw materials. Refer to Note 4 for further discussion. Income taxes. The Company estimates its income tax provision or benefit in each of the jurisdictions in which it operates, including estimating exposures and making judgments regarding the realizability of deferred tax assets. 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 carrying value of the Company's net deferred tax assets is based on the Company's belief that it is more likely than not that the Company will generate sufficient future taxable income in certain jurisdictions to realize these deferred tax assets. A valuation allowance has been established for deferred tax assets which do not meet the “more likely than not” criteria discussed above . The Company's tax rate is dependent upon the geographic distribution of its worldwide income or losses, the tax regulations and tax holidays in each geographic region, the availability of tax credits and carryforwards, including net operating losses, and the effectiveness of its tax planning strategies. The Company makes an assessment of whether each income tax position is “more likely than not” of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the “more likely than not” recognition threshold, the Company then assesses the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Recent Accounting Pronouncement Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted this ASU during the fourth quarter of 2022. The impact of adoption was not material. |
Note 3 Balance Sheet and Income
Note 3 Balance Sheet and Income Statement Details | 12 Months Ended |
Oct. 01, 2022 | |
Balance Sheet and Income Statement Details [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Balance Sheet and Income Statement Details Property, Plant and Equipment, net Property, plant and equipment consisted of the following: As of October 1, October 2, (In thousands) Machinery and equipment $ 1,523,598 $ 1,491,156 Land and buildings 656,839 645,639 Leasehold improvements 42,793 44,899 Furniture and fixtures 24,805 25,394 Construction in progress 91,928 40,524 2,339,963 2,247,612 Less: Accumulated depreciation and amortization (1,764,793) (1,714,627) Property, plant and equipment, net $ 575,170 $ 532,985 Depreciation expense was $108 million, $109 million and $113 million for 2022, 2021 and 2020, respectively. Other Income (Expense), net The Company terminated its frozen U.S. defined benefit plan (the “Plan”) effective July 3, 2022 and recorded a pension settlement charge of $2 million during the fourth quarter of 2022 which includes the reclassification of unrecognized pension losses from accumulated other comprehensive income to other income (expense), net on the consolidated statements of income. Refer to Note 17 for discussion. The Company recorded a loss on extinguishment of debt of $1 million during the fourth quarter of 2022, consisting of a write-off of unamortized debt issuance costs arising from the amendment and restatement of the Fourth Amended and Restated Loan Agreement, dated as of November 30, 2018. Refer to Note 7 for discussion. In 2021, the Company sold intellectual property for $15 million, of which $8 million has been received in cash. The sale of intellectual property was included in other income (expense), net on the consolidated statements of income. During the fourth quarter of 2022, the Company concluded it expected to incur credit losses with the counterparty for the remaining $7 million due under the arrangement. Accordingly, the Company recorded a charge of $7 million in other income (expense), net on the consolidated statements of income to establish an allowance for the expected credit loss. A foreign entity of the Company was substantially liquidated in 2021 and the Company reclassified $8 million of cumulative translation adjustments associated with this entity from accumulated other comprehensive income to other income (expense), net on the consolidated statements of income in 2021. |
Note 4 Revenue Recognition
Note 4 Revenue Recognition | 12 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The Company is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. For purposes of determining when to recognize revenue, and in what amount, the Company applies a 5-step model: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. Each of these steps may involve the use of significant judgments, as discussed below. Step 1 - Identify the contract with a customer A contract is defined as an agreement between two parties that creates enforceable rights and obligations. The Company generally enters into a master supply agreement (“MSA”) with its customers that provides the framework under which business will be conducted, and pursuant to which a customer will issue purchase orders or other binding documents to specify the quantity, price and delivery requirements for products or services the customer wishes to purchase. The Company generally considers its contract with a customer to be a firm commitment, consisting of the combination of an MSA and a purchase order or any other similar binding document. Step 2 - Identify the performance obligations in the contract A performance obligation is a promised good or service that is material in the context of the contract and is both capable of being distinct (customer can benefit from the good or service on its own or together with other readily available resources) and distinct within the context of the contract (separately identifiable from other promises). The Company reviews its contracts to identify promised goods or services and then evaluates such items to determine which of those items are performance obligations. The majority of the Company’s contracts have a single performance obligation since the promise to transfer an individual good or service is not separately identifiable from other promises in the contract. The Company’s performance obligations generally have an expected duration of one year or less. Step 3 - Determine the transaction price The Company’s contracts with its customers may include certain forms of variable consideration such as early payment discounts, volume discounts and shared cost savings. The Company includes an estimate of variable consideration when determining the transaction price and the appropriate amount of revenue to be recognized. This estimate is limited to an amount which will not result in a significant reversal of revenue in a future period. Factors considered in the Company’s estimate of variable consideration are the potential amount subject to these contract provisions, historical experience and other relevant facts and circumstances. Step 4 - Allocate the transaction price to the performance obligations in the contract A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In the event that more than one performance obligation is identified in a contract, the Company is required to allocate a portion of the transaction price to each performance obligation. This allocation would generally be based on the relative standalone price of each performance obligation, which most often would represent the price at which the Company would sell similar goods or services separately. Step 5 - Recognize revenue when (or as) a performance obligation is satisfied The Company is required to assess whether control of a product or services promised under a contract is transferred to the customer at a point-in-time or over time as the product is being manufactured or the services are being provided. If the criteria in ASC 606 for recognizing revenue on an over time basis are not met, revenue must be recognized at the point-in-time determined by the Company at which its customer obtains control of a product or service. The Company has determined that revenue for the majority of its contracts is required to be recognized on an over time basis. This determination is based on the fact that 1) the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress upon a customer’s cancellation of a contract for convenience or 2) the Company’s customer simultaneously receives and consumes the benefits provided by the Company’s services. For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. At least 95% of the Company's revenue is recognized on an over time basis, which is as products are manufactured or services are performed. Because of this, and the fact that there is no work-in-process or finished goods inventory associated with contracts for which revenue is recognized on an over-time basis, 99% or more of the Company’s inventory at the end of a given period is in the form of raw materials. For contracts for which revenue is required to be recognized at a point-in-time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer. Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs. This division is an operating segment whose results are combined with eleven other operating segments and reported under Components, Products and Services (“CPS”) for segment reporting purposes. In 2022, CPS revenue and gross profit were $1.5 billion and $194 million, respectively. The Company updates its estimates of materials, labor and subcontractor costs on a quarterly basis. These updated estimates are reviewed each quarter by a group of employees that includes representatives from numerous functions such as engineering, materials, contracts, manufacturing, program management, finance and senior management. If a change in estimate is deemed necessary, the impact of the change is recognized in the period of change. Contract Assets A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice to its customer for payment. Contract assets are classified separately on the consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. Because of the Company’s short manufacturing cycle times, the transfer from contract assets to accounts receivable generally occurs within the next fiscal quarter. Other Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control of a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. The Company applies the following practical expedients or policy elections under ASC 606: • The promised amount of consideration under a contract is not adjusted for the effects of a significant financing component because, at inception of a contract, the Company expects the period between when a good or service is transferred to a customer and when the customer pays for that good or service will generally be one year or less. • The Company has elected to not disclose information about remaining performance obligations that have original expected durations of one year or less, which is substantially all of the Company’s remaining performance obligations. • Incremental costs of obtaining a contract are not capitalized if the period over which such costs would be amortized to expense is less than one year. Disaggregation of revenue In the following table, revenue is disaggregated by segment, market sector and geography. Year Ended October 1, October 2, October 3, (In thousands) Segments: IMS $ 6,372,442 $ 5,454,269 $ 5,699,751 CPS 1,518,033 1,302,374 1,260,619 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 End Markets: Communications Networks and Cloud Infrastructure $ 3,175,534 $ 2,866,602 $ 2,832,650 Industrial, Defense, Medical and Automotive 4,714,941 3,890,041 4,127,720 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 Geography: Americas (1) $ 3,719,496 $ 3,182,849 $ 3,450,527 APAC 3,007,904 2,517,963 2,514,005 EMEA 1,163,075 1,055,831 995,838 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 (1) Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. |
Note 5 Financial Instruments
Note 5 Financial Instruments | 12 Months Ended |
Oct. 01, 2022 | |
Financial Instruments [Abstract] | |
Derivatives and Fair Value [Text Block] | Financial Instruments Fair Value Measurements Fair Value of Financial Instruments The fair values of cash equivalents (generally 10% or less of cash and cash equivalents), accounts receivable, accounts payable and short-term debt approximate carrying value due to the short-term duration of these instruments. Additionally, the fair value of variable rate long-term debt approximates carrying value as of October 1, 2022. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company's primary financial assets and financial liabilities measured at fair value on a recurring basis are deferred compensation plan assets and defined benefit plan assets, which are both measured using Level 1 inputs. Deferred compensation plan assets were $37 million and $46 million as of October 1, 2022 and October 2, 2021, respectively. Defined benefit plan assets were $17 million and $40 million as of October 1, 2022 and October 2, 2021, respectively. Other financial assets and financial liabilities measured at fair value on a recurring basis include foreign exchange contracts and interest rate swaps, which are both measured using Level 2 inputs. Foreign exchange contracts were not material as of October 1, 2022 or October 2, 2021 . Interest rate swaps had a positive value of $6 million and a negative value of $19 million, as of October 1, 2022 and October 2, 2021, respectively. Offsetting Derivative Assets and Liabilities The Company has entered into master netting arrangements with each of its derivative counterparties that allows net settlement of derivative assets and liabilities under certain conditions, such as multiple transactions with the same currency maturing on the same date. The Company presents its derivative assets and derivative liabilities on a gross basis on the consolidated balance sheets. The amount that the Company had the right to offset under these netting arrangements was not material as of October 1, 2022 or October 2, 2021 . Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis Other non-financial assets, such as intangible assets, goodwill and other long-lived assets, are measured at fair value as of the date such assets are acquired or in the period an impairment is recorded. During 2020, commodity prices in the oil and gas market experienced a sharp decline due to a combination of an oversaturated supply and a decrease in demand caused by the COVID-19 pandemic. This commodity price decline resulted in a negative impact to the projected cash flows of the Company’s oil and gas reporting unit that is part of the Company's Components, Products and Services (“CPS”) operating segment and, therefore, the Company performed a goodwill impairment test for this particular reporting unit. The Company concluded that the fair value of the reporting unit was below its carrying value, resulting in a goodwill impairment charge of $7 million. The fair value of the reporting unit was estimated based on the present value of future discounted cash flows. The Company also recorded an impairment charge of $2 million in 2022 and 2020 for certain long-lived assets. Derivative Instruments Foreign Exchange Rate Risk The Company is exposed to certain risks related to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange risk. Forward contracts on various foreign currencies are used to manage foreign currency risk associated with forecasted foreign currency transactions and certain monetary assets and liabilities denominated in non-functional currencies. The Company's primary foreign currency cash flows are in certain Asian and European countries, Brazil, Israel and Mexico. The Company had the following outstanding foreign currency forward contracts that were entered into to hedge foreign currency exposures: As of October 1, 2022 October 2, 2021 Derivatives Designated as Accounting Hedges: Notional amount (in thousands) $ 123,172 $ 110,098 Number of contracts 50 48 Derivatives Not Designated as Accounting Hedges: Notional amount (in thousands) $ 531,558 $ 353,108 Number of contracts 43 46 The Company utilizes foreign currency forward contracts to hedge certain operational (“cash flow”) exposures resulting from changes in foreign currency exchange rates. Such exposures generally result from (1) forecasted non-functional currency sales and (2) forecasted non-functional currency materials, labor, overhead and other expenses. These contracts are designated as cash flow hedges for accounting purposes and are generally one to two months in duration but, by policy, may be up to twelve months in duration. For derivative instruments that are designated and qualify as cash flow hedges, the Company excludes time value from its assessment of hedge effectiveness and recognizes the amount of time value in earnings over the life of the derivative instrument. Gains or losses on the derivative not caused by changes in time value are recorded in Accumulated Other Comprehensive Income (“AOCI”), a component of equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The amount of gain or loss recognized in Other Comprehensive Income on derivative instruments and the amount of gain or loss reclassified from AOCI into income were not material for any period presented herein. The Company enters into short-term foreign currency forward contracts to hedge currency exposures associated with certain monetary assets and liabilities denominated in non-functional currencies. These contracts have maturities of up to two months and are not designated as accounting hedges. Accordingly, these contracts are marked-to-market at the end of each period with unrealized gains and losses recorded in other income (expense), net, in the consolidated statements of income. The amount of gains or losses associated with these forward contracts was not material for any period presented herein. From an economic perspective, the objective of the Company's hedging program is for gains and losses on forward contracts to substantially offset gains and losses on the underlying hedged items. In addition to the contracts disclosed in the table above, the Company has numerous contracts that have been closed from an economic and financial accounting perspective and will settle early in the first month of the following quarter. Since these offsetting contracts do not expose the Company to risk of fluctuations in exchange rates, these contracts have been excluded from the above table. Interest Rate Risk The Company enters into forward interest rate swap agreements with independent counterparties to partially hedge the variability in cash flows due to changes in Secured Overnight Financing Rate benchmark interest rate (“SOFR”) associated with anticipated variable rate borrowings. These interest rate swaps have a maturity date of December 1, 2023, and effectively convert the Company's variable interest rate obligations to fixed interest rate obligations. These swaps are accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging. Interest rate swaps with an aggregate notional amount of $350 million were outstanding as of October 1, 2022 and October 2, 2021. The aggregate effective interest rate of these swaps as of October 1, 2022 was approximately 4.1%. Given the recent rise in interest rates and the likelihood of additional rate increases, these interest rate swaps had a positive value of $6 million as of October 1, 2022, of which the majority is included in prepaid expenses and other current assets and the remaining amount is included in other assets on the consolidated balance sheets. |
Note 6 Financial Instruments an
Note 6 Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Oct. 01, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Financial Instruments and Concentration of Credit RiskFinancial instruments that potentially subject the Company to credit risk consist primarily of cash, cash equivalents, trade accounts receivable, foreign currency forward contracts and interest rate swap agreements. The carrying value of assets such as cash, cash equivalents and accounts receivable is expected to approximate fair value due to the short duration of the assets. The Company maintains its cash and cash equivalents with recognized financial institutions that management believes to be of high credit quality. One of the Company's most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by ongoing credit evaluations of, and frequent contact with, the Company's customers, especially its most significant customers, thus enabling it to monitor changes in business operations and respond accordingly. The Company generally does not require collateral for sales on credit. The Company considers these concentrations of credit risks when estimating its allowance for doubtful accounts. Foreign currency forward contracts and interest rate swaps are maintained with high quality counterparties to reduce the Company's credit risk and are recorded on the Company's balance sheets at fair value. Nokia and Motorola each represented more than 10% of the Company's net sales in 2022. Nokia represented more than 10% of the Company's net sales in 2021 and 2020. Motorola represented 10% or more of the Company's gross accounts receivable as of October 1, 2022 and Nokia represented 10% or more of the Company's gross accounts receivable as of October 2, 2021. |
Note 7 Debt
Note 7 Debt | 12 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Long-term debt consisted of the following: As of October 1, October 2, (In thousands) Term loan due 2023, net of issuance costs $ — $ 330,322 Term loan due 2027, net of issuance costs 346,737 — Less: Current portion of long-term debt 17,500 18,750 Long-term debt $ 329,237 $ 311,572 Revolving Credit Facility. On September 27, 2022 (the “Closing Date”), the Company entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) that amended and restated the Company’s existing Fourth Amended and Restated Loan Agreement, dated as of November 30, 2018 (the “Existing Credit Agreement”) by, among other things: (i) increasing the revolving commitments amount, (ii) providing for a term loan facility and (iii) replacing LIBOR with SOFR for purposes of determining the interest rate payable for borrowings under the Credit Agreement. The Credit Agreement provides for an $800 million revolving credit facility and a $350 million secured term loan (“Term Loan Due 2027”). Subject to the satisfaction of certain conditions, including obtaining additional commitments from existing and/or new lenders, the Company may increase the revolving commitment up to an additional $200 million. Costs incurred in connection with the amendment of the Existing Credit Agreement of $3 million are classified as long-term debt and are being amortized to interest expense over the life of the Term Loan Due 2027 using the effective interest method. The Term Loan Due 2027 was fully drawn on the Closing Date and the proceeds were used to repay the term loan outstanding under the Existing Credit Agreement. Upon repayment, the Company recorded a loss on extinguishment of debt of $1 million consisting of a write-off of unamortized debt issuance costs of the Existing Credit Agreement. Loans under the Credit Agreement bear interest, at the Company's option, at either the SOFR or a base rate, in each case plus a spread determined based on the Company's credit rating. Interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of an interest period (and at three month intervals if the interest period exceeds three months) in the case of SOFR loans. The outstanding principal amount of all loans under the Credit Agreement, including, the Term Loan Due 2027, together with accrued and unpaid interest, is due on September 27, 2027. The Company is required to repay a portion of the principal amount of the Term Loan Due 2027 equal to 1.25% of the principal in quarterly installments. Maturities of the Term Loan Due 2027 as of October 1, 2022 by fiscal year are as follows: (In Thousands) 2023 $ 17,500 2024 13,125 2025 17,500 2026 21,875 2027 280,000 $ 350,000 Certain of the Company’s domestic subsidiaries are guarantors in respect of the Credit Agreement. The Company and the subsidiary guarantors’ obligations under the Credit Agreement are secured by a lien on substantially all of their respective assets (excluding real property), including cash, accounts receivable and the shares of certain Company subsidiaries, subject to certain exceptions. As of October 1, 2022, no borrowings and $9 million of letters of credit were outstanding under the Credit Agreement, under which $791 million was available to borrow. There were no borrowings outstanding under the Credit Agreement as of October 2, 2021. Foreign Short-term Borrowing Facilities . As of October 1, 2022, certain foreign subsidiaries of the Company had a total of $70 million of short-term borrowing facilities available, under which no borrowings were outstanding. These facilities expire at various dates through the second quarter of 2024. Debt Covenants |
Note 8 Leases
Note 8 Leases | 12 Months Ended |
Oct. 01, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases ROU assets and lease liabilities recorded in the consolidated balance sheet are as follows: As of October 1, 2022 October 2, (In thousands) Other assets $ 79,495 $ 68,012 Accrued liabilities $ 16,695 $ 17,219 Other long-term liabilities 48,566 38,587 Total lease liabilities $ 65,261 $ 55,806 Weighted average remaining lease term (in years) 15.74 14.46 Weighted average discount rate 2.4 % 2.72 % Lease expense and supplemental cash flow information related to operating leases are as follows: Year Ended October 1, October 2, October 3, Operating lease expense (1) $ 23,978 $ 21,455 $ 20,670 As of October 1, October 2, (In thousands) Cash paid for operating lease liabilities $ 19,249 $ 19,531 (1) Includes immaterial amounts of short term leases, variable lease costs and sublease income. Future lease payments under non-cancelable operating leases as of October 1, 2022, by fiscal year, are as follows: Operating Leases (In thousands) 2023 $ 18,109 2024 15,350 2025 12,450 2026 8,907 2027 5,724 Thereafter 10,412 Total lease payments 70,952 Less: imputed interest 5,691 Total $ 65,261 |
Note 9 Accounts Receivable Sale
Note 9 Accounts Receivable Sale Program | 12 Months Ended |
Oct. 01, 2022 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets [Text Block] | Accounts Receivable Sale Program The Company is a party to a Receivable Purchase Agreement (the “RPA”) with certain third-party banking institutions for the sale of trade receivables generated from sales to certain customers, subject to acceptance by, and a funding commitment from, the banks that are party to the RPA. Trade receivables sold pursuant to the RPA are serviced by the Company. In addition to the RPA, the Company has the option to participate in trade receivables sales programs that have been implemented by certain of the Company's customers, as in effect from time to time. The Company does not service trade receivables sold under these other programs. Under each of the programs noted above, the Company sells its entire interest in a trade receivable for 100% of face value, less a discount. For the years ended October 1, 2022 and October 2, 2021, the Company sold approximately $1.9 billion and approximately $0.5 billion, respectively, of accounts receivable under these programs. Upon sale, these receivables are removed from the consolidated balance sheets and cash received is presented as cash provided by operating activities in the consolidated statements of cash flows. Discounts on sold receivables were not material for any period presented. As of October 1, 2022 and October 2, 2021, $194 million and $7 million, respectively, of accounts receivable sold under the RPA and subject to servicing by the Company remained outstanding and had not yet been collected. The Company's sole risk with respect to receivables it services is with respect to commercial disputes regarding such receivables. Commercial disputes include billing errors, returns and similar matters. To date, the Company has not been required to repurchase any receivable it has sold due to a commercial dispute. Additionally, the Company is required to remit amounts collected as servicer under the RPA on a weekly basis to the financial institutions that purchased the receivables. As of October 1, 2022 and October 2, 2021, $49 million and $18 million, respectively, had been collected but not yet remitted. This amount is classified in accrued liabilities on the consolidated balance sheets. |
Note 10 Commitment and Continge
Note 10 Commitment and Contingencies | 12 Months Ended |
Oct. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Contingencies From time to time, the Company is a party to litigation, claims and other contingencies, including environmental, regulatory and employee matters and examinations and investigations by governmental agencies, which arise in the ordinary course of business. The Company records a contingent liability when it is probable that a loss has been incurred and the amount of loss is reasonably estimable in accordance with ASC Topic 450, Contingencies, or other applicable accounting standards. As of October 1, 2022 and October 2, 2021, the Company had reserves of $38 million and $37 million, respectively for environmental matters, warranty, litigation and other contingencies (excluding reserves for uncertain tax positions), which the Company believes are adequate. However, there can be no assurance that the Company's reserves will be sufficient to settle these contingencies. Such reserves are included in accrued liabilities and other long-term liabilities on the consolidated balance sheets. Legal Proceedings Environmental Matters The Company is subject to various federal, state, local and foreign laws and regulations and administrative orders concerning environmental protection, including those addressing the discharge of pollutants into the environment, the management and disposal of hazardous substances, the cleanup of contaminated sites, the materials used in products, and the recycling, treatment and disposal of hazardous waste. As of October 1, 2022, the Company had been named in a lawsuit and several administrative orders alleging certain of its current and former sites contributed to groundwater contamination. One such order demands that the Company and other alleged defendants remediate groundwater contamination at four landfills located in Northern California to which the Company may have sent wastewater in the past. The Company is participating in a working group of other alleged defendants to better understand its potential exposure in this action and has reserved its estimated exposure for this matter as of October 1, 2022. However, there can be no assurance that the Company's reserve will ultimately be sufficient. In June 2008, the Company was named by the Orange County Water District in a suit alleging that a predecessor company’s actions at a plant the Company sold in 1998 contributed to polluted groundwater managed by the plaintiff. The complaint seeks recovery of compensatory and other damages, as well as declaratory relief, for the payment of costs necessary to investigate, monitor, remediate, abate and contain contamination of groundwater. In April 2013, all claims against the Company were dismissed. The plaintiff appealed this dismissal and the Court of Appeal reversed the judgment in August 2017, remanding the case back to the Superior Court of California for trial. The first phase of a multi-phase trial against the Company and several other defendants commenced in April 2021 and the submission of evidence concluded in May 2022. On June 28, 2022, the Court issued a tentative ruling finding Sanmina and the other defendants liable for certain past investigation costs incurred by the plaintiff. A final statement of decision in this phase of the trial is expected on or about the middle of calendar year 2023. Based upon the Court’s tentative ruling, the Company believes a loss in this matter is probable and has recorded an estimated loss. Subsequent trial phases to assess the Company’s and certain other defendants’ liability for the plaintiff’s future remediation and other costs, and the allocation of damages among the liable defendants, are anticipated to occur in 2024 and beyond. It is probable that the Company will record additional losses in connection with this matter, and it is reasonably possible that the amount of such additional losses will be material. However, at the current time, the Company is unable to estimate the amount of such additional losses or a range of losses. The Company intends to continue defending the case vigorously and to seek appellate review of any adverse liability rulings or judgment at the appropriate time. Other Matters In October 2018, a contractor who had been retained by the Company through a third party temporary staffing agency filed a lawsuit against the Company in the Santa Clara County Superior Court on behalf of himself and all other similarly situated Company contractors and employees in California, alleging violations of California Labor Code provisions governing overtime, meal and rest periods, wages, wage statements and reimbursement of business expenses. The complaint sought certification of a class of all non-exempt employees. Although the Company continued to deny any wrongdoing, on November 19, 2020, the Company reached an agreement to resolve all claims, including claims under California’s Private Attorneys General Act of 2004 (the “Settlement”), which also resulted in the dismissal of a suit alleging substantially similar claims filed in the Santa Clara County Superior Court in June 2021. The final amount of the judicially approved Settlement was approximately $4 million, and was paid during the first quarter of fiscal 2022. |
Note 11 Restructuring
Note 11 Restructuring | 12 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Restructuring costs were $11 million, $15 million, and $27 million in 2022, 2021, and 2020, respectively. The following table is a summary of restructuring costs: Year Ended October 1, 2022 October 2, 2021 October 3, 2020 (In thousands) Severance costs $ 319 $ 9,405 $ 17,919 Other exit costs (recognized as incurred) 1,500 1,834 71 Total - Q1 FY20 Plan 1,819 11,239 17,990 Costs incurred for other plans 9,606 3,818 8,793 Total - all plans $ 11,425 $ 15,057 $ 26,783 Q1 FY20 Plan On October 28, 2019, the Company adopted a Company-wide restructuring plan (“Q1 FY20 Plan”) under which the Company has incurred restructuring costs of approximately $31 million as of October 1, 2022. These charges consist primarily of severance. Substantially all cash payments have occurred and actions under this plan are complete. Other plans Other plans include a number of plans for which costs are not expected to be material individually or in the aggregate. All Plans The Company’s Integrated Manufacturing Solutions (“IMS”) segment incurred costs of $1 million and $9 million for the years ended October 1, 2022 and October 2, 2021, respectively. The Company’s CPS segment incurred costs of $10 million and $5 million for the years ended October 1, 2022 and October 2, 2021, respectively. In addition, the Company incurred costs of $1 million for the year ended October 2, 2021 for Corporate headcount reductions that were not allocated to the Company's IMS and CPS segments. The Company had accrued liabilities of $6 million as of October 1, 2022 and October 2, 2021, for restructuring costs (exclusive of long-term environmental remediation liabilities). The Company expects to incur restructuring costs, which could be material, in future periods primarily relating to vacant facilities and former sites for which the Company is or may be responsible for environmental remediation. |
Note 12 Income Tax
Note 12 Income Tax | 12 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Domestic and foreign components of income before income taxes were as follows: Year Ended October 1, October 2, October 3, (In thousands) Domestic $ 163,979 $ 200,300 $ 96,993 Foreign 156,649 106,705 103,765 Total $ 320,628 $ 307,005 $ 200,758 The provision for income taxes consists of the following: Year Ended October 1, October 2, October 3, (In thousands) Federal: Current $ 1,070 $ 705 $ (917) Deferred 29,222 34,157 9,460 State: Current 2,060 4,241 1,705 Deferred 3,081 (302) 2,579 Foreign: Current 29,640 (906) 46,376 Deferred (566) 112 1,842 Total provision for income taxes $ 64,507 $ 38,007 $ 61,045 The Company's provision for income taxes for 2022, 2021 and 2020 was $65 million (20% of income before taxes), $38 million (12% of income before taxes) and $61 million (30% of income before taxes), respectively. The effective tax rates for 2022 and 2021 were lower than the expected U.S. statutory rate of 21% primarily due to a $16 million and $43 million tax benefit, respectively, resulting from the release of a foreign tax reserves due to lapse of time and expiration of statutes of limitations. The effective tax rate for 2020 is higher than the expected U.S. statutory rate of 21% primarily due to foreign operations that are taxed at rates higher than the U.S. statutory rate. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows: As of October 1, 2022 October 2, 2021 (In thousands) Deferred tax assets: U.S. net operating loss carryforwards $ 81,917 $ 127,243 Foreign net operating loss carryforwards 109,416 112,516 Intangibles 25,099 24,219 Accruals not currently deductible 44,963 43,932 Property, plant and equipment 27,514 25,494 Tax credit carryforwards 18,465 17,250 Reserves not currently deductible 14,939 11,534 Stock compensation expense 6,365 7,677 Federal benefit of foreign operations 21,312 18,336 Derivatives and other impacts of OCI 838 7,637 Lease deferred tax asset 15,018 11,563 Other 1,915 — Valuation allowance (118,210) (115,258) Total deferred tax assets 249,551 292,143 Deferred tax liabilities on undistributed earnings (14,775) (14,775) Deferred tax liabilities on branch operations (24,182) (30,000) Revenue recognition (1,572) (1,702) Lease deferred tax liability (14,808) (11,349) Other — (2,495) Net deferred tax assets $ 194,214 $ 231,822 Recorded as: Deferred tax assets $ 198,588 $ 235,117 Deferred tax liabilities (4,374) (3,295) Net deferred tax assets $ 194,214 $ 231,822 A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Significant judgment is required in assessing the Company's ability to generate revenue, gross profit, operating income and jurisdictional taxable income in future periods. The Company's valuation allowance as of October 1, 2022 relates primarily to foreign net operating losses, with the exception of $14 million related to U.S. state net operating losses. The Company provides deferred tax liabilities for the tax consequences associated with the undistributed earnings that are expected to be repatriated to subsidiaries' parent unless the subsidiaries' earnings are considered indefinitely reinvested. As of October 1, 2022, income taxes and foreign withholding taxes have not been provided for approximately $439 million of cumulative undistributed earnings of several non-U.S. subsidiaries. The Company intends to reinvest these earnings indefinitely in operations outside of the U.S. Determination of the amount of unrecognized deferred tax liabilities on these undistributed earnings is not practicable. As of October 1, 2022, the Company has cumulative net operating loss carryforwards for federal, state and foreign tax purposes of $292 million, $357 million and $465 million, respectively. The federal and state net operating loss carryforwards begin expiring in fiscal years 2028 and 2023, respectively, and expire at various dates through September 29, 2035. Certain foreign net operating losses start expiring in 2023. However, the majority of foreign net operating losses carryforward indefinitely. As of October 1, 2022, the Company has federal tax credits of $21 million that expire between 2031 and 2042. There are certain restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an “ownership change” as defined in the Internal Revenue Code. The utilization of certain net operating losses may be restricted due to changes in ownership and business operations. Following is a reconciliation of the statutory federal tax rate to the Company's effective tax rate: Year Ended October 1, October 2, October 3, Federal tax at statutory tax rate 21.00 % 21.00 % 21.00 % Effect of foreign operations 2.63 7.33 13.02 Permanent items 0.07 (1.86) (0.59) Federal credits (0.65) (0.50) (1.31) Other 0.28 (0.17) (0.06) State income taxes, net of federal benefit 1.74 1.01 1.96 Release of foreign tax reserves (4.96) (14.43) (3.61) Effective tax rate 20.11 % 12.38 % 30.41 % A reconciliation of the beginning and ending amount of total liabilities for unrecognized tax benefits, excluding accrued penalties and interest, is as follows: Year Ended October 1, October 2, October 3, (In thousands) Balance, beginning of year $ 67,781 $ 74,612 $ 66,677 Increase (decrease) related to prior year tax positions (4,456) 6,063 1,327 Increase related to current year tax positions 7,154 7,349 9,907 Settlements (7,596) — — Decrease related to lapse of time and expiration of statutes of limitations (9,331) (20,243) (3,299) Balance, end of year $ 53,552 $ 67,781 $ 74,612 The Company had reserves of $11 million and $17 million as of October 1, 2022 and October 2, 2021, respectively, for the payment of interest and penalties relating to unrecognized tax benefits. During 2022, the Company recognized an income tax benefit for interest and penalties of $3 million due to lapse of time and expiration of statutes of limitations compared to an income tax benefit of $23 million in 2021. The Company recognizes interest and penalties related to liabilities for unrecognized tax benefits as a component of income tax expense. Should the Company be able to ultimately recognize all of these uncertain tax positions, it would result in a benefit to net income of $44 million in 2022. The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is currently being audited by the Internal Revenue Service for tax years 2008 through 2010. To the extent the final tax liabilities are different from the amounts accrued, this would result in an increase or decrease in net operating loss carryforwards which could materially impact tax expense. Additionally, the Company is being audited by various state tax agencies and certain foreign countries. To the extent the final tax liabilities are different from the amounts accrued, the increases or decreases would be recorded as income tax expense or benefit in the consolidated statements of income. Although the Company believes that the resolution of these audits will not have a material adverse impact on the Company’s results of operations, the outcome is subject to uncertainty. In general, the Company is no longer subject to United States federal or state income tax examinations for years before 2003, and to foreign examinations for years prior to 2006 in its major foreign jurisdictions. It is reasonably possible that the |
Note 13 Earnings Per Share
Note 13 Earnings Per Share | 12 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period, as follows: Year Ended October 1, October 2, October 3, 2020 (In thousands, except per share amounts) Numerator: Net income $ 256,121 $ 268,998 $ 139,713 Denominator: Weighted average common shares outstanding 61,310 65,318 69,041 Effect of dilutive stock options and restricted stock units 1,807 1,766 1,752 Denominator for diluted earnings per share 63,117 67,084 70,793 Net income per share: Basic $ 4.18 $ 4.12 $ 2.02 Diluted $ 4.06 $ 4.01 $ 1.97 Weighted-average dilutive securities that were excluded from the above calculation because their inclusion would have had an anti-dilutive effect under ASC Topic 260, Earnings per Share , due to application of the treasury stock method were not material for any period presented. |
Note 14 Stockholders' Equity
Note 14 Stockholders' Equity | 12 Months Ended |
Oct. 01, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders' Equity The Company's 2009 Stock Plan (“2009 Plan”) expired as to future grants on January 26, 2019. Although the 2009 Plan expired, it will continue to govern all awards granted under it prior to its expiration date. On March 11, 2019, the Company's stockholders approved the Company's 2019 Equity Incentive Plan (“2019 Plan”) and the reservation of 4 million shares of common stock for issuance thereunder, plus any shares subject to stock options or similar awards granted under the 2009 Plan that expire or otherwise terminate without having been exercised in full and shares issued pursuant to awards granted that are forfeited by the Company. As of October 1, 2022, an aggregate of 7 million shares were authorized for future issuance under the Company's stock plans, of which 4 million of such shares were issuable upon exercise of outstanding options and delivery of shares upon vesting of restricted stock units and 3 million shares of common stock were available for future grant. Awards other than stock options reduce common stock available for grant by 1.36 shares for every share of common stock subject to such an award. Awards under the 2019 Plan and 2009 Plan that expire or are cancelled without delivery of shares generally become available for issuance under the 2019 Plan. The 2019 Plan will expire as to future grants in December 2028. Stock Repurchase Program During 2022, 2021 and 2020, the Company repurchased 8.0 million shares, 1.5 million shares and 6.4 million shares of its common stock for $317 million, $54 million and $166 million (including commissions), respectively, under stock repurchase programs authorized by the Board of Directors. These programs have no expiration dates and the timing of repurchases will depend upon capital needs to support the growth of the Company’s business, market conditions and other factors. Although stock repurchases are intended to increase stockholder value, purchases of shares reduce the Company’s liquidity. As of October 1, 2022, an aggregate of $164 million remains available under these programs. In addition to the repurchases discussed above, the Company repurchased 369,000, 286,000 and 398,000 shares of its common stock during 2022, 2021, and 2020, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $14 million, $10 million and $13 million, respectively, to applicable tax authorities in connection with these repurchases. Accumulated Other Comprehensive Income Accumulated other comprehensive income, net of tax as applicable, consisted of the following: As of October 1, October 2, (In thousands) Foreign currency translation adjustments $ 63,929 $ 76,120 Unrealized holding gain (loss) on derivative financial instruments 4,112 (14,305) Unrecognized net actuarial loss and unrecognized transition cost for benefit plans (11,716) (21,125) Total $ 56,325 $ 40,690 During the third quarter of 2021, a foreign entity of the Company was substantially liquidated and the Company reclassified $8 million of cumulative translation adjustments associated with this entity from accumulated other comprehensive income to other income (expense), net in the consolidated statements of income. During the fourth quarter of 2022, the Company reclassified $2 million of unrecognized pension losses from accumulated other comprehensive income to other income (expense), net in the consolidated statements of income. There were no other significant reclassifications from accumulated other comprehensive income to the consolidated statements of income for any period presented. Unrealized holding gain (loss) on derivative financial instruments includes losses from interest rate swap agreements with independent counterparties to partially hedge the variability in cash flows due to changes in the benchmark interest rate (SOFR) associated with anticipated variable rate borrowings. These swaps are accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging. Interest rate swaps with an aggregate notional amount of $350 million were outstanding as of October 1, 2022 and October 2, 2021. The aggregate effective interest rate of these swaps as of October 1, 2022 was approximately 4.1% and was approximately 4.3% as of October 2, 2021. These interest rate swaps had a negative value of $19 million as of October 2, 2021, of which $9 million is included in accrued liabilities and the remaining amount is included in other long-term liabilities on the consolidated balance sheets. Given the recent rise in interest rates and the likelihood of additional rate increases, these interest rate swaps had a positive value of $6 million as of October 1, 2022, of which the majority is included in prepaid expenses and other current assets and the remaining amount is included in other assets on the consolidated balance sheets. |
Note 15 Business Segment, Geogr
Note 15 Business Segment, Geographic and Customer Information | 12 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Business Segment, Geographic and Customer Information ASC Topic 280, Segment Reporting , establishes standards for reporting information about operating segments, products and services, geographic areas of operations and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker or decision making group in deciding how to allocate resources and in assessing performance. The Company's operations are managed as two businesses: 1) Integrated Manufacturing Solutions (IMS). IMS is a reportable segment consisting of printed circuit board assembly and test, high-level assembly and test and direct order fulfillment. 2) Components, Products and Services (CPS). Components include printed circuit boards, backplanes and backplane assemblies, cable assemblies fabricated metal parts, precision machined parts, and plastic injected molded parts. Products include memory solutions from our Viking Technology division; high-performance storage platforms for hyperscale and enterprise solutions from our Viking Enterprise Solutions (VES) division; optical, radio frequency (RF) and microelectronics (microE) design and manufacturing services from Advanced Microsystems Technologies; defense and aerospace products from SCI Technology; and cloud-based manufacturing execution software from the Company's 42Q division. Services include design, engineering and logistics and repair. The Company determined that it has only one reportable segment - IMS, which generated approximately 80% of the Company's total revenue in 2022. CPS consists of multiple operating segments which do not meet the quantitative threshold for being presented individually as reportable segments. Therefore, financial information for these operating segments is combined and presented in a single category entitled “Components, Products and Services”. The accounting policies for each segment are the same as those disclosed by the Company for its consolidated financial statements. Intersegment sales consist primarily of sales of components from CPS to IMS. The Company's chief operating decision making group is the Chief Executive Officer who allocates resources and assesses performance of operating segments based on a measure of revenue and gross profit that excludes items not directly related to the Company's ongoing business operations. These items are typically either non-recurring or non-cash in nature. Segment information is as follows: Year Ended October 1, 2022 October 2, 2021 October 3, 2020 (In thousands) Gross sales: IMS $ 6,407,724 $ 5,485,612 $ 5,733,180 CPS 1,631,918 1,397,742 1,365,712 Intersegment revenue (149,167) (126,711) (138,522) Net Sales $ 7,890,475 $ 6,756,643 $ 6,960,370 Gross Profit: IMS $ 462,606 $ 391,339 $ 381,638 CPS 193,817 177,248 156,844 Total 656,423 568,587 538,482 Unallocated items (1) (15,909) (16,782) (12,775) Total $ 640,514 $ 551,805 $ 525,707 Depreciation and amortization: IMS $ 73,914 $ 77,076 $ 81,169 CPS 30,061 27,770 26,718 Total 103,975 104,846 107,887 Unallocated corporate items (2) 4,808 4,810 6,331 Total $ 108,783 $ 109,656 $ 114,218 Capital expenditures (receipt basis): IMS $ 94,636 $ 44,672 $ 23,933 CPS 55,993 33,839 23,915 Total 150,629 78,511 47,848 Unallocated corporate items (2) 5,650 3,343 3,227 Total $ 156,279 $ 81,854 $ 51,075 (1) For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and litigation settlements. (2) Primarily related to selling, general and administration functions. Segment assets, consisting of accounts receivable, inventories and fixed assets, are substantially proportional to segment sales. Net sales by geographic segment, determined based on the country in which a product is manufactured were as follows: Year Ended October 1, October 2, October 3, (In thousands) Net sales: Americas (1) $ 3,719,496 $ 3,182,849 $ 3,450,527 APAC 3,007,904 2,517,963 2,514,005 EMEA 1,163,075 1,055,831 995,838 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 (1) Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. Percentage of net sales represented by ten largest customers 48.7 % 52.7 % 55.5 % Number of customers representing 10% or more of net sales 2 1 1 As of October 1, October 2, (In thousands) Property, plant and equipment, net: Americas $ 367,172 $ 322,545 APAC 151,254 143,111 EMEA 56,744 67,329 Total $ 575,170 $ 532,985 |
Note 16 Stock-Based Compensatio
Note 16 Stock-Based Compensation | 12 Months Ended |
Oct. 01, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement [Text Block] | Stock-Based Compensation Stock-based compensation expense was recognized as follows: Year Ended October 1, October 2, October 3, (In thousands) Cost of sales $ 14,065 $ 14,472 $ 10,099 Selling, general and administrative 25,037 20,118 15,897 Research and development 506 386 239 Total $ 39,608 $ 34,976 $ 26,235 The Company grants restricted stock units and restricted stock units with performance conditions (“PSUs”) to executive officers, directors and certain other employees. These units vest over periods ranging from one year to four years and/or upon achievement of specified performance criteria, with associated compensation expense recognized ratably over the vesting period. The Company grants shares for which vesting is contingent on cumulative non-GAAP earnings per share measured over three fiscal years. If a minimum threshold is not achieved during the measurement period, the shares will be cancelled. If a minimum threshold is achieved or exceeded, the number of shares of common stock that will be issued will range from 80% to 120% of the number of PSUs granted, depending on the extent of performance. Additionally, the number of shares that vest may be adjusted up or down by up to 15% based on the Company's total shareholder return relative to that of its peer group over this same period. Activity with respect to the Company's restricted stock units and PSUs was as follows: Number of Shares Weighted Average Grant-Date Fair Value Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding as of September 28, 2019 3,153 27.82 1.30 102,720 Granted 1,340 32.51 Vested/Forfeited/Cancelled (1,925) 28.62 Outstanding as of October 3, 2020 2,568 29.67 1.23 71,571 Granted 1,529 34.26 Vested/Forfeited/Cancelled (1,143) 29.27 Outstanding as of October 2, 2021 2,954 32.21 1.23 113,591 Granted 1,644 40.54 Vested/Forfeited/Cancelled (1,318) 30.42 Outstanding as of October 1, 2022 3,280 37.11 1.35 155,049 Expected to vest as of October 1, 2022 2,909 36.93 1.28 137,524 The fair value of restricted stock units that vested during the year was $44 million for 2022, $32 million for 2021 and $43 million for 2020. As of October 1, 2022, unrecognized compensation expense of $68 million is expected to be recognized over a weighted average period of 1.3 years. |
Note 17 Employee Benefit Plans
Note 17 Employee Benefit Plans | 12 Months Ended |
Oct. 01, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Employee Benefit Plans The Company has various defined contribution retirement plans that cover the majority of its domestic employees. These retirement plans permit participants to elect to have contributions made to the retirement plans in the form of salary deferrals. Under these retirement plans, the Company may match a portion of employee contributions. Amounts contributed by the Company were not material for any period presented herein. The Company sponsors a deferred compensation plan for eligible employees that allows participants to defer payment of all or part of their compensation. Deferrals under this plan were immaterial. Assets associated with these plans were $37 million and $46 million as of October 1, 2022 and October 2, 2021, respectively. Liabilities associated with these plans were $37 million and $46 million as of October 1, 2022 and October 2, 2021, respectively. These amounts are recorded in other non-current assets and other long-term liabilities on the consolidated balance sheets. Defined benefit plans covering certain employees in the United States and Canada were frozen in 2001. Employees who had not yet vested will continue to be credited with service until vesting occurs, but no additional benefits will accrue. During the third quarter of 2022, the Board of Directors approved the termination of the Company's frozen U.S. defined benefit plan (the “Plan”) effective July 3, 2022. In connection with this termination, the Company purchased a group annuity contract for $6 million during the fourth quarter of 2022 that provides for the administration of future payments to eligible plan participants. In addition, the Company recorded a pension settlement charge of $2 million during the fourth quarter of 2022, which includes the reclassification of unrecognized pension losses from accumulated other comprehensive income to other income (expense), net on the consolidated statements of income. The Company also provides defined benefit pension plans in certain other countries. The assumptions used for calculating the pension benefit obligations for non-U.S. plans depend on the local economic environment and regulations. The measurement date for the Company's defined benefit plans is October 1, 2022. The funded status and plan assets for the defined benefit plans and amount reported on the consolidated balance sheets were as follows: As of October 1, 2022 October 2, 2021 October 3, 2020 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Plan Assets $ 17,290 $ 16,435 $ 23,575 $ 15,430 $ 23,575 Projected Benefit Obligation 50,871 22,943 63,217 25,704 64,453 Underfunded Status $ 33,581 $ 6,508 $ 39,642 $ 10,274 $ 40,878 Current Liabilities $ 3,038 $ — $ 2,674 $ — $ 2,054 Non-current liabilities 30,543 6,508 36,968 10,274 38,824 Total liabilities $ 33,581 $ 6,508 $ 39,642 $ 10,274 $ 40,878 |
Note 18 Strategic Transactions
Note 18 Strategic Transactions | 12 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Strategic Transactions India Joint Venture On October 3, 2022, subsequent to the end of the fourth quarter of 2022, the Company completed a joint venture transaction in which the Company entered into a Share Subscription and Purchase Agreement (the “SSPA”) and a Joint Venture and Shareholders’ Agreement (the “Shareholders’ Agreement”) with Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly owned subsidiary of Reliance Industries Limited. Pursuant to the SSPA and the Shareholder’ Agreement, the parties established Sanmina SCI India Private Limited (“SIPL”), the Company’s existing Indian manufacturing entity, as a joint venture to engage in manufacturing in India of telecommunications equipment, data center and internet equipment, medical equipment, clean technology equipment and other high-tech equipment. As a result of the transaction, RSBVL acquired shares of SIPL for approximately $215 million of cash such that immediately after the closing of the transaction, RSBVL holds 50.1% of the outstanding shares of SIPL and Sanmina holds the remaining 49.9% of the outstanding shares of SIPL. The amount received from RSBVL was based on preliminary calculations and is subject to adjustment based on final calculations. Given the terms of the agreements entered into by the parties concerning management of the joint venture, the Company expects to continue to consolidate SIPL in future periods. Acquisition On April 6, 2021, the Company purchased all of the outstanding stock of a European subsidiary of a multinational company in the industrial end market. This acquisition increased the Company's IMS capabilities in Europe. The Company also entered into a master supply agreement with the seller in connection with this acquisition. Total consideration paid in this acquisition was $38 million of cash, of which $29 million was paid upon closing and $9 million is due in April 2023. The acquiree had $8 million of cash as of the acquisition date, resulting in a net cash outlay upon closing of $21 million. The pro-forma effect of the acquisition, as if it had occurred at the beginning of the year, was not material to the consolidated financial statements. The acquisition is reported in the Company's IMS reportable segment. The Company's allocation of the purchase price was based on management's estimate of the acquisition-date fair values of the tangible and identifiable intangible assets acquired and liabilities assumed. The following represents the allocation of the purchase price to the acquired assets and liabilities assumed. (In thousands) Current assets, including cash acquired of $8.1 million $ 18,696 Noncurrent assets, including identifiable intangible assets of $4.4 million and goodwill of $8.5 million 30,711 Current liabilities (10,671) Noncurrent liabilities (152) Total net assets acquired $ 38,584 Goodwill reflects the expectation that the acquisition enables the Company to increase its IMS capabilities in Europe. Goodwill and identifiable intangible assets are recorded in other non-current assets on the consolidated balance sheets. Identifiable intangible assets are being amortized over four years. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Oct. 01, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts Disclosure [Text Block] | The financial statement Schedule II-VALUATION AND QUALIFYING ACCOUNTS is filed as part of this Form 10-K. SANMINA CORPORATION SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Period Charged to Operations Charges Utilized Balance at End of Period (In thousands) Allowances for Doubtful Accounts, Product Returns and Other Net Sales Adjustments Fiscal year ended October 3, 2020 $ 12,481 $ (3,911) $ — $ 8,570 Fiscal year ended October 2, 2021 $ 8,570 $ (1,635) $ — $ 6,935 Fiscal year ended October 1, 2022 $ 6,935 $ 7,978 $ — $ 14,913 |
Note 1 Organization of Sanmina
Note 1 Organization of Sanmina Accounting Policies (Policies) | 12 Months Ended |
Oct. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year. The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2022 and 2021 were each 52 weeks and fiscal 2020 was a 53-week year, with the extra week occurring during the fourth quarter of fiscal 2020. All references to years relate to fiscal years unless otherwise noted. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Principles of Consolidation. The consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances and transactions have been eliminated. |
Note 2 Summary of Significant_2
Note 2 Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Management Estimates and Uncertainties. The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Due to the COVID-19 pandemic, the global economy and financial markets were disrupted and there is a significant amount of uncertainty about the length and severity of the consequences caused by the pandemic. The Company has considered information available to it 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 to the carrying value of its assets or liabilities. Significant estimates made in preparing the consolidated financial statements relate to allowances for accounts receivable; provisions for excess and obsolete inventories, environmental matters, and legal exposures; determining liabilities for uncertain tax positions; determining the realizability of deferred tax assets; and determining fair values of tangible and intangible assets for purposes of impairment tests. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. |
Financial Instruments And Concentration of Credit Risk [Policy Text Block] | Financial Instruments and Concentration of Credit Risk. Financial instruments consist primarily of cash and cash equivalents, accounts receivable, foreign currency forward contracts, interest rate swap agreements, accounts payable and debt obligations. The fair value of these financial instruments approximates their carrying amount as of October 1, 2022 and |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy | Accounts Receivable and Other Related Allowances. The Company had allowances of approximately $8 million and $7 million as of October 1, 2022 and October 2, 2021, respectively, for uncollectible accounts, product returns and other net sales adjustments. To establish the allowance for doubtful accounts, the Company estimates credit risk associated with accounts receivable by considering the creditworthiness of its customers, past experience, specific facts and circumstances, and the overall economic climate in industries that it serves. To establish the allowance for product returns and other adjustments, the Company primarily utilizes historical data. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Accounts Receivable Sales. The Company is a party to a Receivables Purchase Agreement (the “RPA”) with certain third-party banking institutions for the sale of trade receivables generated from sales to certain customers, subject to acceptance by, and a funding commitment from, the banks that are party to the RPA. Trade receivables sold pursuant to the RPA are serviced by the Company. |
Inventory, Policy [Policy Text Block] | Inventories. Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Cost includes labor, materials and manufacturing overhead. Provisions are made to reduce excess and obsolete inventories to their estimated net realizable values. The ultimate realization of inventory carrying amounts is primarily affected by changes in customer demand. Inventory provisions are established based on forecasted demand, past experience with specific customers, the age and nature of the inventory, the ability to redistribute inventory to other programs or back to suppliers, and whether customers are contractually obligated and have the ability to pay for the related inventory. Certain payments received from customers for inventory held by the Company are recorded as a reduction of inventory. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-lived Assets. Property, plant and equipment are stated at cost or, in the case of property and equipment acquired through business combinations, at fair value as of the acquisition date. Depreciation is provided on a straight-line basis over 20 to 40 years for buildings and 3 to 15 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or useful life of the asset. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation. For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in stockholders' equity as a component of accumulated other comprehensive income (“AOCI”). For all entities, remeasurement adjustments for non-functional currency monetary assets and liabilities are included in other income (expense), net in the accompanying consolidated statements of income. Remeasurement gains and losses arising from long-term intercompany loans denominated in a currency other than an entity's functional currency are recorded in AOCI if repayment of the loan is not anticipated in the foreseeable future. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities. The Company conducts business on a global basis in numerous currencies and certain of the Company's outstanding debt has a variable interest rate. Therefore, the Company is exposed to movements in foreign currency exchange rates and interest rates. The Company uses derivatives, such as foreign currency forward contracts and interest rate swaps, to minimize the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging, which requires each derivative instrument to be recorded on the consolidated balance sheets at its fair value as either an asset or a liability. If a derivative is designated as a cash flow hedge, the Company excludes time value from its assessment of hedge effectiveness and recognizes the amount of time value in earnings over the life of the derivative. Gains or losses on the derivative not caused by changes in time value are recorded in Accumulated Other Comprehensive Income (“AOCI”), a component of equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. If a derivative is designated as a fair value hedge, changes in the fair value of the derivative and of the item being hedged are recognized in earnings in the current period. Derivative instruments are entered into for periods of time consistent with the related underlying exposures and are not entered into for speculative purposes. At the inception of a hedge, the Company documents all relationships between derivative instruments and related hedged items, as well as its risk-management objectives and strategies for the hedging transaction. |
Lessee, Leases | Leases. The Company's leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company's initial lease liability and corresponding right-of-use (“ROU”) asset only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company's balance sheet. The Company’s lease liability and ROU assets represent the present value of future lease payments which are a combination of lease components and non-lease components such as maintenance and utilities. Operating lease expense is recognized on a straight line basis over the term of the lease. Certain of the Company’s lease payments are variable because such payments adjust periodically based on changes in consumer price and other indexes. Variable payments are expensed as incurred and not included in the measurement of lease liabilities and ROU assets. Since the Company's leases generally do not provide an implicit rate, the Company uses an incremental borrowing rate based on information available at the lease commencement date for purposes of determining the present value of lease payments. The Company's incremental borrowing rate is based on the term of the lease, the economic environment of the lease and the effect of collateralization, if any. |
Revenue [Policy Text Block] | Revenue Recognition. The Company derives revenue principally from sales of integrated manufacturing solutions, components and Company-proprietary products. Other sources of revenue include logistics and repair services; design, development and engineering services; defense and aerospace programs; and sales of raw materials to customers whose requirements change after the Company has procured inventory to fulfill the customer’s forecasted demand. For purposes of determining when to recognize revenue, and in what amount, the Company applies a 5-step model: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. Each of these steps may involve the use of significant judgments. The Company recognizes revenue for the majority of its contracts on an over time basis. This is due to the fact that 1) the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress upon a customer’s cancellation of a contract for convenience or 2) the Company’s customer simultaneously receives and consumes the benefits provided by the Company’s services. For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. Revenue streams for which revenue is recognized on an over time basis include sales of vertically integrated manufacturing solutions (integrated manufacturing solutions and components); global services (logistics and repair); design, development and engineering services; and defense and aerospace programs. Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs. This division is an operating segment whose results are combined with eleven other operating segments and reported under Components, Products and Services (“CPS”) for segment reporting purposes. In 2022, CPS revenue and gross profit were $1.5 billion and $194 million, respectively. The Company updates its estimates of materials, labor and subcontractor costs on a quarterly basis. These updated estimates are reviewed each quarter by a group of employees that includes representatives from numerous functions such as engineering, materials, contracts, manufacturing, program management, finance and senior management. If a change in estimate is deemed necessary, the impact of the change is recognized in the period of change. For contracts for which revenue is required to be recognized at a point-in-time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer. Revenue streams for which revenue is recognized at a point-in-time include Company-proprietary products and sales of raw materials. |
Income Tax, Policy [Policy Text Block] | Income taxes. The Company estimates its income tax provision or benefit in each of the jurisdictions in which it operates, including estimating exposures and making judgments regarding the realizability of deferred tax assets. 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 carrying value of the Company's net deferred tax assets is based on the Company's belief that it is more likely than not that the Company will generate sufficient future taxable income in certain jurisdictions to realize these deferred tax assets. A valuation allowance has been established for deferred tax assets which do not meet the “more likely than not” criteria discussed above . The Company's tax rate is dependent upon the geographic distribution of its worldwide income or losses, the tax regulations and tax holidays in each geographic region, the availability of tax credits and carryforwards, including net operating losses, and the effectiveness of its tax planning strategies. The Company makes an assessment of whether each income tax position is “more likely than not” of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the “more likely than not” recognition threshold, the Company then assesses the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. |
New Accounting Pronouncements [Text Block] | Recent Accounting Pronouncement Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted this ASU during the fourth quarter of 2022. The impact of adoption was not material. |
Note 3 Balance Sheet Items (Tab
Note 3 Balance Sheet Items (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Property, Plant and Equipment [Table Text Block] | As of October 1, October 2, (In thousands) Machinery and equipment $ 1,523,598 $ 1,491,156 Land and buildings 656,839 645,639 Leasehold improvements 42,793 44,899 Furniture and fixtures 24,805 25,394 Construction in progress 91,928 40,524 2,339,963 2,247,612 Less: Accumulated depreciation and amortization (1,764,793) (1,714,627) Property, plant and equipment, net $ 575,170 $ 532,985 |
Note 4 Revenue Recognition (Tab
Note 4 Revenue Recognition (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Segments: IMS $ 6,372,442 $ 5,454,269 $ 5,699,751 CPS 1,518,033 1,302,374 1,260,619 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 End Markets: Communications Networks and Cloud Infrastructure $ 3,175,534 $ 2,866,602 $ 2,832,650 Industrial, Defense, Medical and Automotive 4,714,941 3,890,041 4,127,720 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 Geography: Americas (1) $ 3,719,496 $ 3,182,849 $ 3,450,527 APAC 3,007,904 2,517,963 2,514,005 EMEA 1,163,075 1,055,831 995,838 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 (1) Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. |
Note 5 Derivative Financial Ins
Note 5 Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of October 1, 2022 October 2, 2021 Derivatives Designated as Accounting Hedges: Notional amount (in thousands) $ 123,172 $ 110,098 Number of contracts 50 48 Derivatives Not Designated as Accounting Hedges: Notional amount (in thousands) $ 531,558 $ 353,108 Number of contracts 43 46 |
Note 7 Debt (Tables)
Note 7 Debt (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of October 1, October 2, (In thousands) Term loan due 2023, net of issuance costs $ — $ 330,322 Term loan due 2027, net of issuance costs 346,737 — Less: Current portion of long-term debt 17,500 18,750 Long-term debt $ 329,237 $ 311,572 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In Thousands) 2023 $ 17,500 2024 13,125 2025 17,500 2026 21,875 2027 280,000 $ 350,000 |
Note 8 Leases (Tables)
Note 8 Leases (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Leases [Abstract] | |
Asset and Liabilities, Lessee | As of October 1, 2022 October 2, (In thousands) Other assets $ 79,495 $ 68,012 Accrued liabilities $ 16,695 $ 17,219 Other long-term liabilities 48,566 38,587 Total lease liabilities $ 65,261 $ 55,806 Weighted average remaining lease term (in years) 15.74 14.46 Weighted average discount rate 2.4 % 2.72 % |
Lease, Cost | Year Ended October 1, October 2, October 3, Operating lease expense (1) $ 23,978 $ 21,455 $ 20,670 As of October 1, October 2, (In thousands) Cash paid for operating lease liabilities $ 19,249 $ 19,531 (1) Includes immaterial amounts of short term leases, variable lease costs and sublease income. |
Lessee, Operating Lease, Liability, Maturity | Operating Leases (In thousands) 2023 $ 18,109 2024 15,350 2025 12,450 2026 8,907 2027 5,724 Thereafter 10,412 Total lease payments 70,952 Less: imputed interest 5,691 Total $ 65,261 |
Note 11 Restructuring and Relat
Note 11 Restructuring and Related Activities (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Year Ended October 1, 2022 October 2, 2021 October 3, 2020 (In thousands) Severance costs $ 319 $ 9,405 $ 17,919 Other exit costs (recognized as incurred) 1,500 1,834 71 Total - Q1 FY20 Plan 1,819 11,239 17,990 Costs incurred for other plans 9,606 3,818 8,793 Total - all plans $ 11,425 $ 15,057 $ 26,783 |
Note 12 Income Tax (Tables)
Note 12 Income Tax (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Domestic $ 163,979 $ 200,300 $ 96,993 Foreign 156,649 106,705 103,765 Total $ 320,628 $ 307,005 $ 200,758 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Federal: Current $ 1,070 $ 705 $ (917) Deferred 29,222 34,157 9,460 State: Current 2,060 4,241 1,705 Deferred 3,081 (302) 2,579 Foreign: Current 29,640 (906) 46,376 Deferred (566) 112 1,842 Total provision for income taxes $ 64,507 $ 38,007 $ 61,045 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of October 1, 2022 October 2, 2021 (In thousands) Deferred tax assets: U.S. net operating loss carryforwards $ 81,917 $ 127,243 Foreign net operating loss carryforwards 109,416 112,516 Intangibles 25,099 24,219 Accruals not currently deductible 44,963 43,932 Property, plant and equipment 27,514 25,494 Tax credit carryforwards 18,465 17,250 Reserves not currently deductible 14,939 11,534 Stock compensation expense 6,365 7,677 Federal benefit of foreign operations 21,312 18,336 Derivatives and other impacts of OCI 838 7,637 Lease deferred tax asset 15,018 11,563 Other 1,915 — Valuation allowance (118,210) (115,258) Total deferred tax assets 249,551 292,143 Deferred tax liabilities on undistributed earnings (14,775) (14,775) Deferred tax liabilities on branch operations (24,182) (30,000) Revenue recognition (1,572) (1,702) Lease deferred tax liability (14,808) (11,349) Other — (2,495) Net deferred tax assets $ 194,214 $ 231,822 Recorded as: Deferred tax assets $ 198,588 $ 235,117 Deferred tax liabilities (4,374) (3,295) Net deferred tax assets $ 194,214 $ 231,822 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended October 1, October 2, October 3, Federal tax at statutory tax rate 21.00 % 21.00 % 21.00 % Effect of foreign operations 2.63 7.33 13.02 Permanent items 0.07 (1.86) (0.59) Federal credits (0.65) (0.50) (1.31) Other 0.28 (0.17) (0.06) State income taxes, net of federal benefit 1.74 1.01 1.96 Release of foreign tax reserves (4.96) (14.43) (3.61) Effective tax rate 20.11 % 12.38 % 30.41 % |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Balance, beginning of year $ 67,781 $ 74,612 $ 66,677 Increase (decrease) related to prior year tax positions (4,456) 6,063 1,327 Increase related to current year tax positions 7,154 7,349 9,907 Settlements (7,596) — — Decrease related to lapse of time and expiration of statutes of limitations (9,331) (20,243) (3,299) Balance, end of year $ 53,552 $ 67,781 $ 74,612 |
Note 13 Earnings Per Share (Tab
Note 13 Earnings Per Share (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended October 1, October 2, October 3, 2020 (In thousands, except per share amounts) Numerator: Net income $ 256,121 $ 268,998 $ 139,713 Denominator: Weighted average common shares outstanding 61,310 65,318 69,041 Effect of dilutive stock options and restricted stock units 1,807 1,766 1,752 Denominator for diluted earnings per share 63,117 67,084 70,793 Net income per share: Basic $ 4.18 $ 4.12 $ 2.02 Diluted $ 4.06 $ 4.01 $ 1.97 |
Note 14 Stockholders' Equity (T
Note 14 Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | As of October 1, October 2, (In thousands) Foreign currency translation adjustments $ 63,929 $ 76,120 Unrealized holding gain (loss) on derivative financial instruments 4,112 (14,305) Unrecognized net actuarial loss and unrecognized transition cost for benefit plans (11,716) (21,125) Total $ 56,325 $ 40,690 |
Note 15 Business Segment, Geo_2
Note 15 Business Segment, Geographic and Customer Information (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended October 1, 2022 October 2, 2021 October 3, 2020 (In thousands) Gross sales: IMS $ 6,407,724 $ 5,485,612 $ 5,733,180 CPS 1,631,918 1,397,742 1,365,712 Intersegment revenue (149,167) (126,711) (138,522) Net Sales $ 7,890,475 $ 6,756,643 $ 6,960,370 Gross Profit: IMS $ 462,606 $ 391,339 $ 381,638 CPS 193,817 177,248 156,844 Total 656,423 568,587 538,482 Unallocated items (1) (15,909) (16,782) (12,775) Total $ 640,514 $ 551,805 $ 525,707 Depreciation and amortization: IMS $ 73,914 $ 77,076 $ 81,169 CPS 30,061 27,770 26,718 Total 103,975 104,846 107,887 Unallocated corporate items (2) 4,808 4,810 6,331 Total $ 108,783 $ 109,656 $ 114,218 Capital expenditures (receipt basis): IMS $ 94,636 $ 44,672 $ 23,933 CPS 55,993 33,839 23,915 Total 150,629 78,511 47,848 Unallocated corporate items (2) 5,650 3,343 3,227 Total $ 156,279 $ 81,854 $ 51,075 (1) For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and litigation settlements. (2) Primarily related to selling, general and administration functions. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Net sales: Americas (1) $ 3,719,496 $ 3,182,849 $ 3,450,527 APAC 3,007,904 2,517,963 2,514,005 EMEA 1,163,075 1,055,831 995,838 Total $ 7,890,475 $ 6,756,643 $ 6,960,370 (1) Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. Percentage of net sales represented by ten largest customers 48.7 % 52.7 % 55.5 % Number of customers representing 10% or more of net sales 2 1 1 |
Schedule of Long-lived Assets by Geographic Areas [Table Text Block] | As of October 1, October 2, (In thousands) Property, plant and equipment, net: Americas $ 367,172 $ 322,545 APAC 151,254 143,111 EMEA 56,744 67,329 Total $ 575,170 $ 532,985 |
Note 16 Stock-Based Compensat_2
Note 16 Stock-Based Compensation (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended October 1, October 2, October 3, (In thousands) Cost of sales $ 14,065 $ 14,472 $ 10,099 Selling, general and administrative 25,037 20,118 15,897 Research and development 506 386 239 Total $ 39,608 $ 34,976 $ 26,235 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant-Date Fair Value Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding as of September 28, 2019 3,153 27.82 1.30 102,720 Granted 1,340 32.51 Vested/Forfeited/Cancelled (1,925) 28.62 Outstanding as of October 3, 2020 2,568 29.67 1.23 71,571 Granted 1,529 34.26 Vested/Forfeited/Cancelled (1,143) 29.27 Outstanding as of October 2, 2021 2,954 32.21 1.23 113,591 Granted 1,644 40.54 Vested/Forfeited/Cancelled (1,318) 30.42 Outstanding as of October 1, 2022 3,280 37.11 1.35 155,049 Expected to vest as of October 1, 2022 2,909 36.93 1.28 137,524 |
Note 17 Employee Benefit Plans
Note 17 Employee Benefit Plans (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | As of October 1, 2022 October 2, 2021 October 3, 2020 Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Plan Assets $ 17,290 $ 16,435 $ 23,575 $ 15,430 $ 23,575 Projected Benefit Obligation 50,871 22,943 63,217 25,704 64,453 Underfunded Status $ 33,581 $ 6,508 $ 39,642 $ 10,274 $ 40,878 Current Liabilities $ 3,038 $ — $ 2,674 $ — $ 2,054 Non-current liabilities 30,543 6,508 36,968 10,274 38,824 Total liabilities $ 33,581 $ 6,508 $ 39,642 $ 10,274 $ 40,878 |
Note 18 Strategic Transactions
Note 18 Strategic Transactions (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Current assets, including cash acquired of $8.1 million $ 18,696 Noncurrent assets, including identifiable intangible assets of $4.4 million and goodwill of $8.5 million 30,711 Current liabilities (10,671) Noncurrent liabilities (152) Total net assets acquired $ 38,584 |
Note 1 Organization of Sanmin_2
Note 1 Organization of Sanmina Segment Information (Details) | 12 Months Ended |
Oct. 01, 2022 | |
IMS | |
Segment Information [Line Items] | |
Revenue percentage generated by reportable segment | 80% |
Note 2 Accounts Receivable (Det
Note 2 Accounts Receivable (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Accounts receivable allowances | $ 8,000 | $ 7,000 |
Note 2 Accounts Receivable Sale
Note 2 Accounts Receivable Sale Program (Details) | 12 Months Ended |
Oct. 01, 2022 | |
Accounts Receivable Sale [Abstract] | |
Percentage of Face Value of Receivable Sold | 100% |
Note 2 Property Plant and Equip
Note 2 Property Plant and Equipment (Details) | 12 Months Ended |
Oct. 01, 2022 | |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Depreciation Methods | straight-line basis over the shorter of the lease term or useful life of the asset |
Minimum | Building | |
Property, Plant and Equipment [Line Items] | |
Useful Life In Years | 20 years |
Minimum | Machinery, Equipment, Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful Life In Years | 3 years |
Maximum | Building | |
Property, Plant and Equipment [Line Items] | |
Useful Life In Years | 40 years |
Maximum | Machinery, Equipment, Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful Life In Years | 15 years |
Note 2 Leases (Details)
Note 2 Leases (Details) | Oct. 01, 2022 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of Contracts | 44 years |
Note 2 Revenue (Details)
Note 2 Revenue (Details) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | Oct. 03, 2020 USD ($) | |
Segment Information [Line Items] | |||
Net sales | $ 7,890,475 | $ 6,756,643 | $ 6,960,370 |
Gross profit | $ 640,514 | 551,805 | 525,707 |
Number of Other Operating Segment Excluding DAS | 11 | ||
Operating segments | |||
Segment Information [Line Items] | |||
Gross profit | $ 656,423 | 568,587 | 538,482 |
CPS Third Party Revenue [Member] | |||
Segment Information [Line Items] | |||
Net sales | 1,518,033 | 1,302,374 | 1,260,619 |
CPS | Operating segments | |||
Segment Information [Line Items] | |||
Net sales | 1,631,918 | 1,397,742 | 1,365,712 |
Gross profit | $ 193,817 | $ 177,248 | $ 156,844 |
Note 3 Property, Plant and Equi
Note 3 Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,339,963 | $ 2,247,612 | |
Accumulated Depreciation and Amortization | (1,764,793) | (1,714,627) | |
Property, plant and equipment, net | 575,170 | 532,985 | |
Depreciation Expense | 108,000 | 109,000 | $ 113,000 |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,523,598 | 1,491,156 | |
Land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 656,839 | 645,639 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 42,793 | 44,899 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 24,805 | 25,394 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 91,928 | $ 40,524 |
Note 3 Other Income and Expense
Note 3 Other Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2022 | Jul. 03, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Schedule of Other Nonoperating Income (Expense), by Component [Line Items] | |||||
Pension Expense (Income) for Defined Benefit Plan Termination | $ 2,000 | ||||
Proceeds from sale of intellectual property | $ 0 | $ 5,000 | $ 0 | ||
Foreign Currency Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 8,000 | ||||
Litigation Settlement, Amount Awarded from Other Party | 16,000 | ||||
Fourth Amended and Restated Credit Agreement [Member] | |||||
Schedule of Other Nonoperating Income (Expense), by Component [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | (1,000) | ||||
Intellectual Property | |||||
Schedule of Other Nonoperating Income (Expense), by Component [Line Items] | |||||
Other Nonoperating Income | 15,000 | ||||
Proceeds from sale of intellectual property | $ 8,000 | ||||
Intellectual Property | Notes Receivable | |||||
Schedule of Other Nonoperating Income (Expense), by Component [Line Items] | |||||
Nontrade Receivables, Current | 7,000 | 7,000 | |||
Allowance for Credit Loss, Receivable, Other, Current | $ 7,000 | $ 7,000 |
Note 4 Disaggregation of Revenu
Note 4 Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | ||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 7,890,475 | $ 6,756,643 | $ 6,960,370 | |
Percent of Net Sales Transferred Over Time | 95% | |||
Raw Materials as a percentage of total Inventory | 99% | |||
Gross profit | $ 640,514 | 551,805 | 525,707 | |
Number of Other Operating Segment Excluding DAS | 11 | |||
Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Gross profit | $ 656,423 | 568,587 | 538,482 | |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | [1] | 3,719,496 | 3,182,849 | 3,450,527 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3,007,904 | 2,517,963 | 2,514,005 | |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,163,075 | 1,055,831 | 995,838 | |
Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net Sales to Americas Net Sales | 60% | |||
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Net Sales to Americas Net Sales | 35% | |||
Communications Networks and Cloud Infrastructure[Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,175,534 | 2,866,602 | 2,832,650 | |
Industrial, Medical, Defense and Automotive [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4,714,941 | 3,890,041 | 4,127,720 | |
IMS Third Party Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 6,372,442 | 5,454,269 | 5,699,751 | |
CPS Third Party Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,518,033 | 1,302,374 | 1,260,619 | |
CPS | Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,631,918 | 1,397,742 | 1,365,712 | |
Gross profit | $ 193,817 | $ 177,248 | $ 156,844 | |
[1]Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. |
Note 5 Fair Value (Details)
Note 5 Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Derivative [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 6,609 |
Impairment of Long-Lived Assets to be Disposed of | 2,000 | $ 2,000 | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Derivative [Line Items] | |||
Deferred Compensation Plan Assets | 37,000 | 46,000 | |
Defined Benefit Plan, Plan Assets, Amount | $ 17,000 | $ 40,000 | |
Maximum | |||
Derivative [Line Items] | |||
Cash Equivalents | 10% |
Note 5 Derivatives (Details)
Note 5 Derivatives (Details) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | |
Foreign Currency Forward | Derivatives Designated as Accounting Hedges: | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 123,172 | $ 110,098 |
Number of Contracts | 50 | 48 |
Maximum Length of Time Hedged | 12 months | |
Foreign Currency Forward | Derivatives Not Designated as Accounting Hedges: | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 531,558 | $ 353,108 |
Number of Contracts | 43 | 46 |
Maximum Remaining Maturity | 2 months | |
Interest Rate Swap | Derivatives Designated as Accounting Hedges: | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 350,000 | $ 350,000 |
Effective Interest Rate | 4.10% | 4.30% |
Maturity Date | Dec. 01, 2023 | |
Interest Rate Swap | Derivatives Designated as Accounting Hedges: | Level 2 | Fair Value, Recurring [Member] | ||
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 19,000 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 6,000 |
Note 6 Concentration of Credit
Note 6 Concentration of Credit Risk (Details) | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Revenue Benchmark [Member] | Nokia [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of Sales or Receivables | 10% | 10% | 10% |
Revenue Benchmark [Member] | Motorola [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of Sales or Receivables | 10% | ||
Accounts Receivable [Member] | Nokia [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of Sales or Receivables | 10% | ||
Accounts Receivable [Member] | Motorola [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of Sales or Receivables | 10% |
Note 7 Debt Schedule (Details)
Note 7 Debt Schedule (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 329,237 | $ 311,572 |
Term Loan Due 2027 | ||
Debt Instrument [Line Items] | ||
Loans Payable to Bank | 346,737 | 0 |
Less: Current portion of long-term debt | 17,500 | |
Term Loan Due 2023 | ||
Debt Instrument [Line Items] | ||
Loans Payable to Bank | $ 0 | 330,322 |
Less: Current portion of long-term debt | $ 18,750 |
Note 7 Line of Credit Facility
Note 7 Line of Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 01, 2022 | Sep. 27, 2022 | Oct. 02, 2021 | |
Fifth Amended and Restated Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Borrowing Capacity | $ 800,000 | |||
Additional Credit Line | 200,000 | |||
Line of Credit Facility, Initiation Date | Sep. 27, 2022 | |||
Facility Expiration Date | Sep. 27, 2027 | |||
Amount Outstanding | $ 0 | $ 0 | $ 0 | |
Letters of Credit Outstanding, Amount | 9,000 | 9,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 791,000 | 791,000 | ||
Term Loan | $ 350,000 | |||
Debt Issuance Costs, Gross | 3,000 | 3,000 | ||
Foreign Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Borrowing Capacity | 70,000 | 70,000 | ||
Amount Outstanding | 0 | $ 0 | ||
Line of Credit Expiration Date | the second quarter of 2024 | |||
Fourth Amended and Restated Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 1,000 | |||
Term Loan Due 2027 | ||||
Line of Credit Facility [Line Items] | ||||
Quarterly Principal Repayment Percentage for Long-term Debt | 1.25% | 1.25% | ||
Long Term Debt, Gross | $ 350,000 | $ 350,000 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 17,500 | 17,500 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 13,125 | 13,125 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 17,500 | 17,500 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 21,875 | 21,875 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 280,000 | $ 280,000 |
Note 8 Leases (Details)
Note 8 Leases (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Asset and Liabilities, Lessee [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 79,495 | $ 68,012 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Operating Lease, Liability, Current | $ 16,695 | $ 17,219 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Operating Lease, Liability, Noncurrent | $ 48,566 | $ 38,587 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Operating Lease, Liability | $ 65,261 | $ 55,806 |
Operating Lease, Weighted Average Remaining Lease Term | 15 years 8 months 26 days | 14 years 5 months 15 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.40% | 2.72% |
Note 8 Lease Cost (Details)
Note 8 Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | ||
Leases [Abstract] | ||||
Operating Leases, Rent Expense, Net | [1] | $ 23,978 | $ 21,455 | $ 20,670 |
Operating Lease, Payments | $ 19,249 | $ 19,531 | ||
[1]Includes immaterial amounts of short term leases, variable lease costs and sublease income. |
Note 8 Future Lease Liability (
Note 8 Future Lease Liability (Details) - USD ($) | Oct. 01, 2022 | Oct. 02, 2021 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 18,109,000 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 15,350,000 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 12,450,000 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 8,907,000 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 5,724,000 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 10,412,000 | |
Lessee, Operating Lease, Liability, to be Paid | 70,952,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 5,691,000 | |
Operating Lease, Liability | $ 65,261,000 | $ 55,806,000 |
Note 9 Accounts Receivable Sa_2
Note 9 Accounts Receivable Sale Program (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Percentage of Face Value of Receivable Sold | 100% | |
Accounts Receivable Sold During The Period | $ 1,900 | $ 500 |
RPA [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Accounts Receivable Sold and Outstanding | 194 | 7 |
Amount Collected But Not Remitted to Financial Institutions | $ 49 | $ 18 |
Note 10 Loss Contingency (Detai
Note 10 Loss Contingency (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 28, 2019 | Oct. 01, 2022 | Oct. 02, 2021 | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | $ 38 | $ 37 | ||
Collectibility of Receivable and Excess and Obsolete Inventory [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | $ 10 | |||
Performance Of Manufacturing Service Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 200 | |||
Performance Of Manufacturing Service Agreement [Member] | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 2 | |||
Violation of Labor Code | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 4 |
Note 11 Restructuring and Rel_2
Note 11 Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 11,425 | $ 15,057 | $ 26,783 |
Restructuring Reserve, Current | 6,000 | 6,000 | |
Unallocated corporate items | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1,000 | ||
IMS | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1,000 | 9,000 | |
CPS [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10,000 | 5,000 | |
Other plans [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 9,606 | 3,818 | 8,793 |
Q1 FY20 Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1,819 | 11,239 | 17,990 |
Restructuring and Related Cost, Cost Incurred to Date | 31,000 | ||
Q1 FY20 Plan [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 319 | 9,405 | 17,919 |
Q1 FY20 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 1,500 | $ 1,834 | $ 71 |
Note 12 Income (Loss) Before In
Note 12 Income (Loss) Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 163,979 | $ 200,300 | $ 96,993 |
Foreign | 156,649 | 106,705 | 103,765 |
Income before income taxes | 320,628 | 307,005 | 200,758 |
Federal: | |||
Current | 1,070 | 705 | (917) |
Deferred | 29,222 | 34,157 | 9,460 |
State: | |||
Current | 2,060 | 4,241 | 1,705 |
Deferred | 3,081 | (302) | 2,579 |
Foreign: | |||
Current | 29,640 | (906) | 46,376 |
Deferred | (566) | 112 | 1,842 |
Total provision for income taxes | $ 64,507 | $ 38,007 | $ 61,045 |
Note 12 Income Tax Disclosure (
Note 12 Income Tax Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Disclosure Table [Line Items] | |||
Provision for income taxes | $ 64,507 | $ 38,007 | $ 61,045 |
Effective Income Tax Rate Reconciliation, Percent | 20.11% | 12.38% | 30.41% |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 9,331 | $ 20,243 | $ 3,299 |
Foreign | |||
Income Tax Disclosure Table [Line Items] | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 16,000 | $ 43,000 |
Note 12 Deferred Tax Assets and
Note 12 Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Deferred tax assets: | ||
U.S. net operating loss carryforwards | $ 81,917 | $ 127,243 |
Foreign net operating loss carryforwards | 109,416 | 112,516 |
Intangibles | 25,099 | 24,219 |
Accruals not currently deductible | 44,963 | 43,932 |
Property, plant and equipment | 27,514 | 25,494 |
Tax credit carryforwards | 18,465 | 17,250 |
Reserves not currently deductible | 14,939 | 11,534 |
Stock compensation expense | 6,365 | 7,677 |
Federal benefit of foreign operations | 21,312 | 18,336 |
Derivatives and other impacts of OCI | 838 | 7,637 |
Lease deferred tax asset | 15,018 | 11,563 |
Other | 1,915 | 0 |
Valuation allowance | (118,210) | (115,258) |
Total deferred tax assets | 249,551 | 292,143 |
Deferred tax liabilities on undistributed earnings | (14,775) | (14,775) |
Deferred tax liabilities on branch operations | (24,182) | (30,000) |
Revenue recognition | (1,572) | (1,702) |
Lease deferred tax liability | 14,808 | 11,349 |
Other | 0 | (2,495) |
Deferred Tax Assets, Net | 194,214 | 231,822 |
Recorded as: | ||
Deferred income tax assets, net | 198,588 | 235,117 |
Deferred Tax Assets, Net | 194,214 | 231,822 |
Other Noncurrent Liabilities | ||
Recorded as: | ||
Deferred Income Tax Liabilities, Net | $ 4,374 | $ 3,295 |
Note 12 Income Tax Detail (Deta
Note 12 Income Tax Detail (Details) $ in Millions | 12 Months Ended |
Oct. 01, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Undistributed Earnings of Foreign Subsidiaries | $ 439 |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 292 |
Tax Credit, Other | 21 |
State | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Valuation Allowance | 14 |
Operating Loss Carryforwards | 357 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 465 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Sep. 29, 2035 |
Note 12 Effective Tax Rate (Det
Note 12 Effective Tax Rate (Details) | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal tax at statutory tax rate | 21% | 21% | 21% |
Effect of foreign operations | 2.63% | 7.33% | 13.02% |
Permanent items | 0.07% | (1.86%) | (0.59%) |
Federal credits | (0.65%) | (0.50%) | (1.31%) |
Other | 0.28% | (0.17%) | (0.06%) |
State income taxes, net of federal benefit | 1.74% | 1.01% | 1.96% |
Release of foreign tax reserves | (4.96%) | (14.43%) | (3.61%) |
Effective tax rate | 20.11% | 12.38% | 30.41% |
Note 12 Unrecognized Tax Benefi
Note 12 Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Uncertainties [Abstract] | |||
Balance, beginning of year | $ 67,781 | $ 74,612 | $ 66,677 |
Increase related to prior year tax positions | 6,063 | 1,327 | |
Decrease related to prior year tax position | 4,456 | ||
Increase related to current year tax positions | 7,154 | 7,349 | 9,907 |
Settlements | (7,596) | 0 | 0 |
Decrease related to lapse of time and expiration of statutes of limitations | (9,331) | (20,243) | (3,299) |
Balance, end of year | 53,552 | 67,781 | $ 74,612 |
Unrecognized Tax Benefits, Reserve for Penalties and Interest | 11,000 | 17,000 | |
Unrecognized Tax Benefits, Penalties and Interest accrued during the year | 3,000 | $ 23,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 44,000 | ||
Resolution of Audits and Expiration of Statutes [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 9,000 | ||
Interest and Penalties [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 4,000 |
Note 13 Earnings Per Share (Det
Note 13 Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Weighted average shares used in computing per share amount: | |||
Net income | $ 256,121 | $ 268,998 | $ 139,713 |
Weighted average common shares outstanding | 61,310 | 65,318 | 69,041 |
Effect of dilutive stock options and restricted stock units | 1,807 | 1,766 | 1,752 |
Denominator for diluted earnings per share | 63,117 | 67,084 | 70,793 |
Net income per share: | |||
Basic | $ 4.18 | $ 4.12 | $ 2.02 |
Earnings Per Share, Diluted [Abstract] | |||
Diluted | $ 4.06 | $ 4.01 | $ 1.97 |
Note 14 Stockholders' Equity (D
Note 14 Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Mar. 11, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,000,000 | |||
Stock options and unvested restricted stock units outstanding | 4,000,000 | |||
Number of Shares Available for Future Grant | 3,000,000 | |||
Stock Repurchased During Period, Shares | 8,000,000 | 1,500,000 | 6,400,000 | |
Stock Repurchased During Period, Value | $ 317 | $ 54 | $ 166 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 164 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 369,000 | 286,000 | 398,000 | |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 14 | $ 10 | $ 13 | |
2019 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,000,000 | |||
Stock Plan Expiration Date | December 2028 |
Note 14 Accumulated Other Compr
Note 14 Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 01, 2022 | Jul. 03, 2021 | Oct. 02, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments | $ 63,929 | $ 76,120 | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 4,112 | (14,305) | |
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans | (11,716) | (21,125) | |
Total | 56,325 | $ 40,690 | |
Foreign Currency Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 8,000 | ||
Pension Expense (Income) for Defined Benefit Plan Termination | $ 2,000 |
Note 14 Derivatives (Details)
Note 14 Derivatives (Details) - Interest Rate Swap - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Oct. 01, 2022 | Oct. 02, 2021 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 350 | $ 350 |
Effective Interest Rate | 4.10% | 4.30% |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 9 | |
Level 2 | Fair Value, Recurring [Member] | ||
Derivative [Line Items] | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 19 | |
Interest Rate Cash Flow Hedge Asset at Fair Value | $ 6 |
Note 15 Revenue and Gross Profi
Note 15 Revenue and Gross Profit by Segment (Details) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 USD ($) | Oct. 02, 2021 USD ($) | Oct. 03, 2020 USD ($) | ||
Segment Information [Line Items] | ||||
Net sales | $ 7,890,475 | $ 6,756,643 | $ 6,960,370 | |
Gross profit | 640,514 | 551,805 | 525,707 | |
Depreciation and amortization | 108,783 | 109,656 | 114,218 | |
Property, Plant and Equipment, Additions | $ 156,279 | 81,854 | 51,075 | |
IMS | ||||
Segment Information [Line Items] | ||||
Revenue percentage generated by reportable segment | 80% | |||
Number of reportable segments | 1 | |||
Operating segments | ||||
Segment Information [Line Items] | ||||
Gross profit | $ 656,423 | 568,587 | 538,482 | |
Depreciation and amortization | 103,975 | 104,846 | 107,887 | |
Property, Plant and Equipment, Additions | 150,629 | 78,511 | 47,848 | |
Operating segments | IMS | ||||
Segment Information [Line Items] | ||||
Net sales | 6,407,724 | 5,485,612 | 5,733,180 | |
Gross profit | 462,606 | 391,339 | 381,638 | |
Depreciation and amortization | 73,914 | 77,076 | 81,169 | |
Property, Plant and Equipment, Additions | 94,636 | 44,672 | 23,933 | |
Operating segments | CPS | ||||
Segment Information [Line Items] | ||||
Net sales | 1,631,918 | 1,397,742 | 1,365,712 | |
Gross profit | 193,817 | 177,248 | 156,844 | |
Depreciation and amortization | 30,061 | 27,770 | 26,718 | |
Property, Plant and Equipment, Additions | 55,993 | 33,839 | 23,915 | |
Segment reconciling items | ||||
Segment Information [Line Items] | ||||
Gross profit | [1] | (15,909) | (16,782) | (12,775) |
Unallocated corporate items | ||||
Segment Information [Line Items] | ||||
Depreciation and amortization | [2] | 4,808 | 4,810 | 6,331 |
Property, Plant and Equipment, Additions | [2] | 5,650 | 3,343 | 3,227 |
Intersegment eliminations | ||||
Segment Information [Line Items] | ||||
Net sales | $ (149,167) | $ (126,711) | $ (138,522) | |
[1]For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and litigation settlements.[2]Primarily related to selling, general and administration functions. |
Note 15 Net Sales Information b
Note 15 Net Sales Information by Geographic Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | ||
Revenue from External Customers [Line Items] | ||||
Percentage of Net Sales Represented by Ten Largest Customers | 48.70% | 52.70% | 55.50% | |
Number of Customers Representing More Than 10% of Net Sales | 2 | 1 | 1 | |
Net Sales | $ 7,890,475 | $ 6,756,643 | $ 6,960,370 | |
Americas | ||||
Revenue from External Customers [Line Items] | ||||
Net Sales | [1] | 3,719,496 | 3,182,849 | 3,450,527 |
Asia Pacific | ||||
Revenue from External Customers [Line Items] | ||||
Net Sales | 3,007,904 | 2,517,963 | 2,514,005 | |
EMEA | ||||
Revenue from External Customers [Line Items] | ||||
Net Sales | $ 1,163,075 | $ 1,055,831 | $ 995,838 | |
Mexico | ||||
Revenue from External Customers [Line Items] | ||||
Percentage of Net Sales to Americas Net Sales | 60% | |||
U.S. | ||||
Revenue from External Customers [Line Items] | ||||
Percentage of Net Sales to Americas Net Sales | 35% | |||
[1]Mexico represents approximately 60% of the Americas revenue and the U.S. represents approximately 35%. |
Note 15 Long-lived Assets Infor
Note 15 Long-lived Assets Information by Geographic Segment (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
By Geographic Areas, Long-lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 575,170 | $ 532,985 |
Americas | ||
By Geographic Areas, Long-lived Assets [Line Items] | ||
Property, plant and equipment, net | 367,172 | 322,545 |
EMEA | ||
By Geographic Areas, Long-lived Assets [Line Items] | ||
Property, plant and equipment, net | 56,744 | 67,329 |
Asia Pacific | ||
By Geographic Areas, Long-lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 151,254 | $ 143,111 |
Note 16 Share-Based Compensatio
Note 16 Share-Based Compensation Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-based Compensation [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 39,608 | $ 34,976 | $ 26,235 |
Cost of sales | |||
Share-based Compensation [Line Items] | |||
Share-based Payment Arrangement, Expense | 14,065 | 14,472 | 10,099 |
Selling, general and administrative | |||
Share-based Compensation [Line Items] | |||
Share-based Payment Arrangement, Expense | 25,037 | 20,118 | 15,897 |
Research and development | |||
Share-based Compensation [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 506 | $ 386 | $ 239 |
Note 16 Additional Information
Note 16 Additional Information (Details) | 12 Months Ended |
Oct. 01, 2022 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 1 year |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 4 years |
Performance Shares With TSR [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Potential adjustments to PSUs | 15% |
Performance Shares With TSR [Member] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Potential Payout Percentage | 80% |
Performance Shares With TSR [Member] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Potential Payout Percentage | 120% |
Note 16 Restricted Stock Rollfo
Note 16 Restricted Stock Rollforward (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Sep. 28, 2019 | |
Awards, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning outstanding | 2,954 | 2,568 | 3,153 | |
Granted | 1,644 | 1,529 | 1,340 | |
Vested/Cancelled | (1,318) | (1,143) | (1,925) | |
Ending outstanding | 3,280 | 2,954 | 2,568 | 3,153 |
Expected to vest | 2,909 | |||
Weighted Average Grant Date Fair Value Restricted Stock [Abstract] | ||||
Beginning outstanding | $ 32.21 | $ 29.67 | $ 27.82 | |
Granted | 40.54 | 34.26 | 32.51 | |
Vested/Cancelled | 30.42 | 29.27 | 28.62 | |
Ending outstanding | 37.11 | $ 32.21 | $ 29.67 | $ 27.82 |
Expected to vest | $ 36.93 | |||
Weighted Average Remaining Contractual Term [Abstract] | ||||
Outstanding | 1 year 4 months 6 days | 1 year 2 months 23 days | 1 year 2 months 23 days | 1 year 3 months 18 days |
Expected to vest | 1 year 3 months 10 days | |||
Restricted Stock Non vested Aggregate Intrinsic Value [Abstract] | ||||
Outstanding | $ 155,049 | $ 113,591 | $ 71,571 | $ 102,720 |
Expected to vest | $ 137,524 |
Note 16 Fair Value and Intrinsi
Note 16 Fair Value and Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
RSU Vested in Period, Fair Value | $ 44 | $ 32 | $ 43 |
Note 16 Unrecognized Stock-base
Note 16 Unrecognized Stock-based Compensation Expense (Details) - Restricted stock units $ in Millions | 12 Months Ended |
Oct. 01, 2022 USD ($) | |
Unrecognized Compensation Cost [Line Items] | |
Unrecognized Compensation Expense | $ 68 |
Weighted Average Period of Recognition (Years) | 1 year 3 months 18 days |
Note 17 Employee Benefit Plan_2
Note 17 Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 6,000 | ||
Pension Expense (Income) for Defined Benefit Plan Termination | 2,000 | ||
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 50,871 | $ 63,217 | $ 64,453 |
Current liabilities | 3,038 | 2,674 | 2,054 |
Non-current liabilities | 30,543 | 36,968 | 38,824 |
Liability, Defined Benefit Plan | 33,581 | 39,642 | 40,878 |
Underfunded status | 33,581 | 39,642 | 40,878 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 22,943 | 25,704 | |
Current liabilities | 0 | 0 | |
Non-current liabilities | 6,508 | 10,274 | |
Liability, Defined Benefit Plan | 6,508 | 10,274 | |
Underfunded status | 6,508 | 10,274 | |
Level 1 [Member] | Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 17,290 | 23,575 | 23,575 |
Level 1 [Member] | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16,435 | $ 15,430 | |
Level 1 [Member] | Fair Value, Measurements, Recurring | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 17,000 | 40,000 | |
Defined Contribution Plan [Abstract] | |||
Deferred Compensation Plan Assets | 37,000 | 46,000 | |
Deferred Compensation Liability | $ 37,000 | $ 46,000 |
Note 18 Strategic Transaction_2
Note 18 Strategic Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Oct. 03, 2022 | Jul. 02, 2022 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Apr. 06, 2021 | |
Business Acquisition [Line Items] | ||||||
Cash paid for business acquisition, net of cash acquired | $ 0 | $ (21,408) | $ 0 | |||
FY21 Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Effective Date of Acquisition | Apr. 06, 2021 | |||||
Consideration Transferred | $ 38,000 | |||||
Payments to Acquire Businesses, Gross | 29,000 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 9,000 | |||||
Due Date for Liability Incurred | April 2023 | |||||
Cash paid for business acquisition, net of cash acquired | $ (21,000) | |||||
Current Assets | $ 18,696 | |||||
Noncurrent Assets | 30,711 | |||||
Cash | 8,100 | |||||
Finite-Lived Intangibles | 4,400 | |||||
Goodwill | 8,500 | |||||
Current Liabilities | (10,671) | |||||
Noncurrent Liabilities | (152) | |||||
Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 38,584 | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||
Joint Venture with Reliance | Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from RSBVL to Acquire Interest in Joint Venture | $ 215,000 | |||||
Subsequent Event, Date | Oct. 03, 2022 | |||||
Joint Venture with Reliance | RSBVL | Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.10% | |||||
Joint Venture with Reliance | Sanmina | Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.90% |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Accounts Receivables - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 6,935 | $ 8,570 | $ 12,481 |
Charged to Operations | 7,978 | (1,635) | (3,911) |
Charges Utilized | 0 | 0 | 0 |
Balance at End of Period | $ 14,913 | $ 6,935 | $ 8,570 |