Plexus (PLXS) 10-Q 7 Aug 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 04, 2015	Aug. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 4, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	PLEXUS CORP
Entity Central Index Key	785,786
Current Fiscal Year End Date	--10-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,636,883

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Income Statement [Abstract]
Revenue, Net	$ 669,585	$ 620,505	$ 1,985,560	$ 1,712,026
Cost of sales	(610,498)	(561,912)	(1,805,282)	(1,549,096)
Gross profit	59,087	58,593	180,278	162,930
Selling and administrative expenses	30,456	29,180	91,722	83,106
Restructuring Costs and Asset Impairment Charges	0	1,215		10,865
Restructuring Charges			1,691
Operating income	28,631	28,198	86,865	68,959
Other income (expense):
Interest expense	(3,280)	(3,055)	(10,440)	(8,952)
Interest income	866	770	2,552	2,092
Miscellaneous	471	1,271	549	2,182
Income before income taxes	26,688	27,184	79,526	64,281
Income tax expense	2,894	2,600	9,059	3,518
Net income	$ 23,794	$ 24,584	$ 70,467	$ 60,763
Earnings per share:
Basic	$ 0.71	$ 0.73	$ 2.10	$ 1.80
Diluted	$ 0.69	$ 0.71	$ 2.05	$ 1.75
Weighted average shares outstanding:
Basic	33,653	33,837	33,617	33,810
Diluted	34,454	34,670	34,400	34,686
Comprehensive income:
Net income	$ 23,794	$ 24,584	$ 70,467	$ 60,763
Derivative instrument fair market value adjustment - net of income tax	941	1,510	(5,017)	2,373
Foreign currency translation adjustments	(1,434)	(1,276)	(8,161)	(1,756)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(493)	234	(13,178)	617
Comprehensive income	$ 23,301	$ 24,818	$ 57,289	$ 61,380

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Current assets:
Cash and cash equivalents	$ 354,830	$ 346,591
Accounts receivable, net of allowances of $894 and $1,188, respectively	349,922	324,072
Inventories	588,453	525,970
Deferred income taxes	6,399	6,449
Prepaid expenses and other	26,012	27,757
Total current assets	1,325,616	1,230,839
Property, plant and equipment, net	322,821	334,926
Deferred income taxes	3,493	3,675
Other	40,309	39,586
Assets, Noncurrent	366,623	378,187
Total assets	1,692,239	1,609,026
Current liabilities:
Current portion of long-term debt and capital lease obligations	4,281	4,368
Accounts payable	416,190	396,363
Customer deposits	76,049	56,155
Deferred income taxes	567	647
Accrued salaries and wages	48,681	52,043
Other accrued liabilities	34,556	37,739
Total current liabilities	580,324	547,315
Long-term debt, capital lease obligations and other financing, net of current portion	259,284	262,046
Deferred income taxes	5,189	5,191
Other liabilities	12,379	13,341
Total non-current liabilities	276,852	280,578
Liabilities	857,176	827,893
Shareholders' equity:
Preferred stock, $.01 par value, 5,000 shares authorized, none issued or outstanding	0	0
Common stock, $.01 par value, 200,000 shares authorized, 50,549 and 49,962 shares issued, respectively, and 33,690 and 33,653 shares outstanding, respectively	505	500
Additional paid-in capital	494,790	475,634
Common stock held in treasury, at cost, 16,859 and 16,309 shares, respectively	(502,488)	(479,968)
Retained earnings	836,852	766,385
Accumulated other comprehensive income	5,404	18,582
Total shareholders’ equity	835,063	781,133
Liabilities and Equity	$ 1,692,239	$ 1,609,026

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 894	$ 1,188
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	50,549,000	49,962,000
Common stock, shares outstanding	33,690,000	33,653,000
Treasury stock, shares	16,859,000	16,309,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014
Cash flows from operating activities
Net income	$ 70,467	$ 60,763
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation	36,502	35,407
Amortization of intangibles	0	603
Loss on sale of property, plant and equipment	33	168
Deferred income tax net expense (benefit)	107	(123)
Stock-based compensation expense	10,590	9,232
Asset Impairment Charges	0	3,160
Changes in operating assets and liabilities, excluding effects of acquisitions
Accounts receivable	(28,444)	(23,071)
Inventories	(65,637)	(112,851)
Other current and noncurrent assets	(4,017)	(3,881)
Accounts payable	19,146	107,425
Customer deposits	20,216	(19,510)
Other current and noncurrent liabilities	(3,393)	356
Cash flows provided by operating activities	55,570	57,678
Cash flows from investing activities
Payments for property, plant and equipment	(26,898)	(58,289)
Proceeds from sale of property, plant and equipment	261	2,686
Cash flows used in investing activities	(26,637)	(55,603)
Cash flows from financing activities
Borrowings under debt agreements	344,000	208,000
Payments on debt and capital lease obligations	(347,856)	(211,277)
Repurchases of common stock	(22,520)	(22,283)
Proceeds from exercise of stock options	11,333	14,121
Payments Related to Tax Withholding for Share-based Compensation	(2,762)	(1,567)
Cash flows used in financing activities	(17,805)	(13,006)
Effect of exchange rate changes on cash and cash equivalents	(2,889)	(620)
Net increase (decrease) in cash and cash equivalents	8,239	(11,551)
Cash and cash equivalents:
Beginning of period	346,591	341,865
End of period	$ 354,830	$ 330,314

Basis Of Presentation And Accou

Basis Of Presentation And Accounting Policies	9 Months Ended
	Jul. 04, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation And Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). In the opinion of the Company, the accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of July 4, 2015 and September 27, 2014, and the results of operations for the three and nine months ended July 4, 2015 and June 28, 2014 , and the cash flows for the same nine month periods. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The Company’s reportable segments consist of the “Americas” (“AMER”), “Asia-Pacific” (“APAC”) and “Europe, Middle East and Africa” (“EMEA”). Refer to Note 10, "Reportable Segments," for further details on reportable segments. Certain prior period amounts have been reclassified to conform to the current period presentation. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Fair Value of Financial Instruments The Company holds financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable, debt, derivatives, and capital lease obligations. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and capital lease obligations as reported in the Condensed Consolidated Financial Statements approximate fair value. Derivatives are recorded at fair value. Accounts receivable are reflected at net realizable value based on anticipated losses due to potentially uncollectible balances. Anticipated losses are based on management’s analysis of historical losses and changes in customers’ credit status. The fair value of the Company’s long-term debt was $250.5 million and $247.5 million as of July 4, 2015 and September 27, 2014 , respectively. The carrying value of the Company’s long-term debt was $250.0 million as of both July 4, 2015 and September 27, 2014 . The Company uses quoted market prices when available or discounted cash flows to calculate the fair value of its debt. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy described below. Refer to Note 5, "Derivatives and Fair Value Measurements," for further details on derivatives. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

Inventories

Inventories	9 Months Ended
	Jul. 04, 2015
Inventory, Net [Abstract]
Inventories	Inventories Inventories as of July 4, 2015 and September 27, 2014 consisted of (in thousands): July 4, September 27, Raw materials $ 411,245 $ 371,641 Work-in-process 96,269 76,531 Finished goods 80,939 77,798 Total inventories $ 588,453 $ 525,970 Per contractual terms, customer deposits are received by the Company to offset obsolete and excess inventory risks. The total amount of customer deposits related to inventory and included within current liabilities on the accompanying Condensed Consolidated Balance Sheets as of July 4, 2015 and September 27, 2014 was $59.9 million and $51.0 million , respectively.

Property, Plant And Equipment

Property, Plant And Equipment	9 Months Ended
	Jul. 04, 2015
Property, Plant and Equipment, Net [Abstract]
Property, Plant And Equipment	Property, Plant and Equipment Property, plant and equipment as of July 4, 2015 and September 27, 2014 consisted of (in thousands): July 4, September 27, Land, buildings and improvements $ 279,148 $ 283,569 Machinery and equipment 330,611 331,981 Computer hardware and software 102,593 95,780 Construction in progress 13,179 9,694 Total property, plant and equipment 725,531 721,024 Less: accumulated depreciation 402,710 386,098 Property, plant and equipment — net $ 322,821 $ 334,926

Debt

Debt	9 Months Ended
	Jul. 04, 2015
Debt Instruments [Abstract]
Debt	Debt, Capital Lease Obligations and Other Financing Debt, capital lease obligations and other financing amounts outstanding at July 4, 2015 and September 27, 2014 are summarized below (in thousands): July 4, September 27, 5.20% Senior Notes, due June 15, 2018 $ 175,000 $ 175,000 Borrowings under revolving credit facility, due May 15, 2019 75,000 75,000 Capital lease obligations 5,455 8,414 Other financing obligation 8,110 8,000 Total debt, capital lease obligations, and other financing 263,565 266,414 Less current portion of debt, capital lease obligations, and other financing 4,281 4,368 Total debt, capital lease obligations, and other financing, less current portion $ 259,284 $ 262,046 The Company has a $235.0 million five-year senior unsecured revolving credit facility (the “Credit Facility”), which expires on May 15, 2019. The Credit Facility may potentially be increased by $100.0 million to $335.0 million generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the nine months ended July 4, 2015 , the Company borrowed and then repaid $344.0 million of revolving borrowings under the Credit Facility. During the quarter ended July 4, 2015, the highest daily borrowing was $150.0 million and the average borrowing was $130.9 million . Borrowings under the Credit Facility, at the Company's option, bear interest at a defined base rate or the LIBOR rate plus, in each case, an applicable margin based upon the Company's leverage ratio as defined in the Credit Agreement. Rates would increase upon negative changes in specified Company financial metrics and would decrease to no less than LIBOR plus 1.00% or base rate plus 0.00% upon reduction in the current total leverage ratio. As of July 4, 2015 , the Company had a borrowing rate of LIBOR plus 1.13% . As of July 4, 2015 , all outstanding debt under the Credit Facility is effectively at a fixed interest rate as a result of the interest rate swap contract discussed in Note 5, "Derivatives and Fair Value Measurements." The Company is required to pay a commitment fee based on the company's leverage ratio for the unused portion of the revolving credit facility. The fee is paid quarterly based on the prior quarter weighted average available revolving commitment. This rate was 0.2% as of July 4, 2015. The Company also has outstanding 5.20% Senior Notes, due on June 15, 2018 (the “Notes”); $175.0 million principal of the Notes was outstanding as of both July 4, 2015 and September 27, 2014 . The Notes and borrowings under the Credit Facility are carried at the principal amount outstanding. Other financing obligations of $8.1 million and $8.0 million for the periods ended July 4, 2015 and September 27, 2014, respectively, relate to a non-cash financing transaction for the Company's facility in Guadalajara, Mexico.

Derivatives And Fair Value Meas

Derivatives And Fair Value Measurements	9 Months Ended
	Jul. 04, 2015
Derivatives And Fair Value Measurements [Abstract]
Derivatives And Fair Value Measurements	Derivatives and Fair Value Measurements All derivatives are recognized in the accompanying Condensed Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage foreign currency exchange risk and interest rates. The Company has cash flow hedges related to variable rate debt and forecasted foreign currency obligations, in addition to fair value hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in “Accumulated other comprehensive income” in the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months the Company estimates that $3.8 million of unrealized losses, net of tax, related to foreign exchange contracts and interest rate swaps will be reclassified from other comprehensive income into earnings. Changes in the fair value of the derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Other income (expense)" in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company enters into forward currency exchange contracts on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $60.0 million as of July 4, 2015 and a notional value of $64.6 million as of September 27, 2014 . These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the cash flow hedges was a $3.5 million liability as of July 4, 2015 and a $0.8 million asset as of September 27, 2014 . The Company had additional forward currency exchange contracts outstanding with a notional value of $4.8 million as of July 4, 2015 and a notional value of $37.9 million as of September 27, 2014. The Company has not designated these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Condensed Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of other income (expense). The total fair value of these derivatives was less than $0.1 million asset as of July 4, 2015 and a $1.5 million asset as of September 27, 2014 . In 2013, the Company entered into a $75.0 million notional amount interest rate swap contract which expires on May 5, 2017, related to $75.0 million of borrowings outstanding under its Credit Facility. This interest rate swap pays the Company variable interest at the one month LIBOR rate, and the Company pays the counterparty a fixed interest rate. The fixed interest rate for the contract is 0.875% . Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Facility, the interest rate contract was determined to be effective, and thus qualifies as a cash flow hedge. As such, any changes in the fair value of the interest rate swap are recorded in “Accumulated other comprehensive income” on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. The total fair value of the interest rate swap contract was a $0.3 million liability as of July 4, 2015 and a $0.2 million asset as of September 27, 2014 . The notional amount of the Company’s interest rate swap was $75.0 million as of both July 4, 2015 and September 27, 2014 . The tables below present information regarding the fair values of derivative instruments (as defined in Note 1, "Basis of Presentation and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives July 4, September 27, July 4, September 27, Derivatives designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Interest rate swaps Prepaid expenses and other $ — $ 182 Current liabilities – other $ 289 $ — Forward contracts Prepaid expenses and other $ — $ 812 Current liabilities – other $ 3,486 $ — Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives July 4, September 27, July 4, September 27, Derivatives not designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward contracts Prepaid expenses and other $ 37 $ 1,512 Current liabilities – other $ — $ — The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivative (Effective Portion) Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Classification of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) July 4, June 28, July 4, June 28, July 4, June 28, Interest rate swaps $ (3 ) $ (448 ) Interest expense $ (134 ) $ (138 ) Other income (expense) $ — $ — Forward contracts $ (866 ) $ 1,632 Selling and administrative expenses $ (1,753 ) $ (193 ) Other income (expense) $ — $ — Treasury rate locks $ — $ — Interest income $ 77 $ 80 Other income (expense) $ — $ — Income tax expense $ — $ — Income tax benefit $ — $ (75 ) Income tax expense $ — $ — The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income for the Nine Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivative (Effective Portion) Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Classification of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) July 4, June 28, July 4, June 28, July 4, June 28, Interest rate swaps $ (876 ) $ (556 ) Interest expense $ (404 ) $ (403 ) Other income (expense) $ — $ — Forward contracts $ (7,044 ) $ 1,532 Selling and administrative expenses $ (2,743 ) $ (1,233 ) Other income (expense) $ — $ — Treasury rate locks $ — $ — Interest income $ 244 $ 240 Other income (expense) $ — $ — Income tax expense $ — $ — Income tax benefit $ — $ (1 ) Income tax expense $ — $ — The following table lists the fair values of assets (liabilities) of the Company’s derivatives as of July 4, 2015 and September 27, 2014 , by input level as defined in Note 1 (in thousands): Level 1 Level 2 Level 3 Total July 4, 2015 Interest rate swaps $ — $ (289 ) $ — $ (289 ) Foreign currency forward contracts $ — $ (3,449 ) $ — $ (3,449 ) September 27, 2014 Interest rate swaps $ — $ 182 $ — $ 182 Foreign currency forward contracts $ — $ 2,324 $ — $ 2,324 The fair value of interest rate swaps and foreign currency forward contracts is determined using a market approach that includes obtaining directly or indirectly observable values from third parties active in the relevant markets. The primary input in the fair value of the interest rate swaps is the relevant LIBOR forward curve. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency and interest rate forward curves.

Income Taxes

Income Taxes	9 Months Ended
	Jul. 04, 2015
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes Income tax expense for the three and nine months ended July 4, 2015 was $2.9 million and $9.1 million , respectively. The effective tax rates for the three and nine months ended July 4, 2015 were 10.8 percent and 11.4 percent , respectively, as compared to 9.6 percent and 5.5 percent for the three and nine months ended June 28, 2014 , respectively. The change in the effective tax rate for the three months ended July 4, 2015 as compared to the three months ended June 28, 2014 , was primarily due to an increase in earnings in tax-paying jurisdictions and decreased earnings in jurisdictions where the Company maintains valuation allowances due to historical tax losses. The increase in the effective tax rate for the nine months ended July 4, 2015 compared with the effective tax rate for the nine months ended June 28, 2014 was primarily the result of a net $3.8 million discrete tax benefit that occurred in the second quarter of fiscal 2014, largely related to the completion of U.S. federal and state audits. Without the discrete tax benefit, the effective tax rate for the nine months ended June 28, 2014 would have been 11.3 percent . The Company’s effective tax rate will fluctuate with the geographic distribution of its worldwide earnings. There were no material additions to the amount of unrecognized tax benefits recorded for uncertain tax positions as of July 4, 2015 as compared to September 27, 2014. The Company recognizes accrued interest and penalties related to the remaining uncertain tax positions in income tax expense. The amount of interest and penalties recorded for both the three and nine months ended July 4, 2015 was not material. It is reasonably possible that a number of uncertain tax positions related to federal and state tax positions may be settled within the next 12 months. The Company is not currently under examination by taxing authorities in the U.S. or any foreign jurisdictions in which the Company has significant operations. The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three and nine months ended July 4, 2015 , the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the AMER and EMEA segments, as it is more likely than not that these assets will not be fully realized based primarily on historical performance. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until the need for a valuation allowance is eliminated. The need for a valuation allowance will be eliminated when the Company determines it is more likely than not that the deferred tax assets will be realized.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jul. 04, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and nine months ended July 4, 2015 and June 28, 2014 (in thousands, except per share amounts): Three Months Ended Nine Months Ended July 4, June 28, July 4, June 28, Basic and Diluted Earnings Per Share : Net income $ 23,794 $ 24,584 $ 70,467 $ 60,763 Basic weighted average common shares outstanding 33,653 33,837 33,617 33,810 Dilutive effect of share-based awards outstanding 801 833 783 876 Diluted weighted average shares outstanding 34,454 34,670 34,400 34,686 Earnings per share: Basic $ 0.71 $ 0.73 $ 2.10 $ 1.80 Diluted $ 0.69 $ 0.71 $ 2.05 $ 1.75 For the three and nine months ended July 4, 2015 , stock awards for approximately 0.3 million and 0.6 million shares, respectively, were not included in the computation of diluted earnings per share because the options' and stock-settled stock-appreciation rights' ("SARs") exercise prices were greater than the average market price of the Company's common shares and, therefore, their effect would be anti-dilutive. For the three and nine months ended June 28, 2014 , stock awards for approximately 0.5 million and 0.6 million shares, respectively, were not included in the computation of diluted earnings per share because the options' and stock-settled SARs' exercise prices were greater than the average market price of the Company's common shares and, therefore, their effect would be anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jul. 04, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognized $3.5 million and $10.6 million of compensation expense associated with stock-based awards for the three and nine months ended July 4, 2015 , respectively, and $3.3 million and $9.2 million for the three and nine months ended June 28, 2014 , respectively The Company uses the Black-Scholes valuation model to determine the fair value of stock options and stock-settled SARs. The Company uses the fair value at the date of grant to value restricted stock units ("RSUs"). The Company uses the Monte Carlo valuation model to determine the fair value of performance stock units ("PSUs") at the date of grant. The PSUs are payable in shares and vest based on the relative total shareholder return of the Company's common stock as compared to companies in the Russell 3000 Index during a three year performance period. The number of shares that may be issued pursuant to PSUs ranges from zero to 0.1 million . The Company recognizes stock-based compensation expense over the stock-based awards' vesting period.

Litigation

Litigation	9 Months Ended
	Jul. 04, 2015
Litigation [Abstract]
Litigation [Text Block]	Litigation The Company is party to lawsuits in the ordinary course of business. Management does not believe that these proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Business Segments

Business Segments	9 Months Ended
	Jul. 04, 2015
Segment Reporting [Abstract]
Business Segments	Reportable Segments Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring and impairment charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for the three and nine months ended July 4, 2015 and June 28, 2014 , respectively, follows (in thousands): Three Months Ended Nine Months Ended July 4, June 28, July 4, June 28, Net sales: AMER $ 365,860 $ 324,544 $ 1,029,876 $ 868,824 APAC 313,900 295,625 966,433 831,358 EMEA 33,885 27,563 97,737 86,617 Elimination of inter-segment sales (44,060 ) (27,227 ) (108,486 ) (74,773 ) $ 669,585 $ 620,505 $ 1,985,560 $ 1,712,026 Operating income (loss): AMER $ 20,369 $ 21,806 $ 55,506 $ 53,730 APAC 37,082 35,890 119,852 102,143 EMEA (2,511 ) (3,594 ) (8,136 ) (7,506 ) Corporate expenses and other costs (26,309 ) (25,904 ) (80,357 ) (79,408 ) $ 28,631 $ 28,198 $ 86,865 $ 68,959 Other income (expense): Interest expense $ (3,280 ) $ (3,055 ) $ (10,440 ) $ (8,952 ) Interest income 866 770 2,552 2,092 Miscellaneous 471 1,271 549 2,182 Income before income taxes $ 26,688 $ 27,184 $ 79,526 $ 64,281 July 4, September 27, Total assets: AMER $ 561,455 $ 521,259 APAC 978,892 881,426 EMEA 119,972 135,841 Corporate and eliminations 31,920 70,500 $ 1,692,239 $ 1,609,026

Guarantees

Guarantees	9 Months Ended
	Jul. 04, 2015
Guarantees [Abstract]
Guarantees	Guarantees The Company offers certain indemnifications under its customer manufacturing agreements. In the normal course of business, the Company may from time to time be obligated to indemnify its customers or its customers’ customers against damages or liabilities arising out of the Company’s negligence, misconduct, breach of contract, or infringement of third party intellectual property rights. Certain agreements have extended broader indemnification, and while most agreements have contractual limits, some do not. However, the Company generally does not provide for such indemnities and seeks indemnification from its customers for damages or liabilities arising out of the Company’s adherence to customers’ specifications or designs or use of materials furnished, or directed to be used, by its customers. The Company does not believe its obligations under such indemnities are material. In the normal course of business, the Company also provides its customers a limited warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects in the Company’s workmanship and meet mutually agreed-upon specifications for periods generally ranging from 12 months to 24 months. If a product fails to comply with the Company’s limited warranty, the Company’s obligation is generally limited to correcting, at its expense, any defect by repairing or replacing such defective product. The Company’s warranty generally excludes defects resulting from faulty customer-supplied components, design defects or damage caused by any party or cause other than the Company. The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in other current accrued liabilities. The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company regularly assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Below is a table summarizing the activity related to the Company’s limited warranty liability for fiscal 2014 and for the nine months ended July 4, 2015 (in thousands): Limited warranty liability, as of September 28, 2013 $ 5,942 Accruals for warranties issued during the period 4,331 Settlements (in cash or in kind) during the period (3,470 ) Limited warranty liability, as of September 27, 2014 6,803 Accruals for warranties issued during the period 1,414 Settlements (in cash or in kind) during the period (2,468 ) Limited warranty liability, as of July 4, 2015 $ 5,749

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jul. 04, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity On August 13, 2014, the Board of Directors approved a stock repurchase program under which the Company is authorized to repurchase up to $30.0 million of its common stock in fiscal 2015. During the three months ended July 4, 2015 , the Company repurchased 169,774 shares for approximately $7.5 million , at an average price of $44.40 per share. During the nine months ended July 4, 2015 , the Company repurchased 549,656 shares for approximately $22.5 million , at an average price of $40.97 per share. These shares were recorded as treasury stock. On August 19, 2013, the Board of Directors approved a stock repurchase program under which the Company was authorized to repurchase up to $30.0 million of its common stock in fiscal 2014. During the three months ended June 28, 2014 , the Company repurchased 186,051 shares for approximately $7.7 million , at an average price of $41.52 per share. During the nine months ended June 28, 2014 , the Company repurchased 545,052 shares for approximately $22.3 million , at an average price of $40.88 per share. These shares were recorded as treasury stock. In addition, as of June 28, 2014 , the Company had a commitment of approximately $0.4 million to purchase 8,678 shares, which were purchased before June 28, 2014 , but settled after the end of the third quarter of fiscal 2014.

Restructuring Costs Restructuri

Restructuring Costs Restructuring Costs	9 Months Ended
	Jul. 04, 2015
Restructuring Costs [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	Restructuring Costs The Company did not incur any restructuring and impairment charges for the three months ended July 4, 2015 . Restructuring costs for the nine months ended July 4, 2015, related to the relocation of manufacturing operations from Juarez, Mexico to Guadalajara, Mexico. These charges are recorded within restructuring and impairment charges on the Condensed Consolidated Statements of Comprehensive Income. Restructuring liabilities are recorded within other accrued liabilities on the Condensed Consolidated Balance Sheets. For the nine months ended July 4, 2015, the Company incurred restructuring costs of $1.7 million , which consisted of the following: • $1.6 million of moving and transition costs resulting from the relocation of manufacturing operations from Juarez to Guadalajara; and • $0.1 million of employee termination and severance costs related to the Company's former workforce in Juarez. The Company did not recognize an income tax benefit for these restructuring costs due to tax losses in the jurisdiction where the restructuring costs occurred. The Company's restructuring accrual activity for the nine months ended July 4, 2015 is included in the table below (in thousands): Employee Lease Termination Obligations and Severance and Other Costs Exit Costs Total Accrued balance, September 27, 2014 $ 142 $ — $ 142 Restructuring costs 144 1,547 1,691 Amounts utilized (286 ) (1,547 ) (1,833 ) Accrued balance, July 4, 2015 $ — $ — $ —

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jul. 04, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued an amendment that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Under the new guidance, the recognition and measurement of debt issuance costs is not affected. This guidance is effective for annual periods beginning on or after December 15, 2015. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In May 2014, the FASB issued amended guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. This may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In July 2015 the FASB approved a one-year deferral of the standard. The new standard will become effective retrospectively for the Company for the fiscal first quarter of 2019, with early adoption permitted, but not before the original effective date (fiscal first quarter of 2018). The Company is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements. In April 2014, the FASB issued final guidance that changes the criteria for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The revised guidance defines a discontinued operation as (1) a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity's operations and financial results or (2) an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition. The guidance does not change the presentation requirements for discontinued operations in the statement where net income is presented but does require the reclassification of assets and liabilities of a discontinued operation in the statement of financial position for all prior periods presented. The guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and for all businesses that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in previously issued financial statements. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.

Basis Of Presentation And Acc20

Basis Of Presentation And Accounting Policies (Policy)	9 Months Ended
	Jul. 04, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). In the opinion of the Company, the accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of July 4, 2015 and September 27, 2014, and the results of operations for the three and nine months ended July 4, 2015 and June 28, 2014 , and the cash flows for the same nine month periods. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The Company’s reportable segments consist of the “Americas” (“AMER”), “Asia-Pacific” (“APAC”) and “Europe, Middle East and Africa” (“EMEA”). Refer to Note 10, "Reportable Segments," for further details on reportable segments. Certain prior period amounts have been reclassified to conform to the current period presentation.
Cash And Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments and are classified as Level 1 in the fair value hierarchy described below.
Fair Value Of Financial Instruments	Fair Value of Financial Instruments The Company holds financial instruments consisting of cash and cash equivalents, accounts receivable, accounts payable, debt, derivatives, and capital lease obligations. The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and capital lease obligations as reported in the Condensed Consolidated Financial Statements approximate fair value. Derivatives are recorded at fair value. Accounts receivable are reflected at net realizable value based on anticipated losses due to potentially uncollectible balances. Anticipated losses are based on management’s analysis of historical losses and changes in customers’ credit status. The fair value of the Company’s long-term debt was $250.5 million and $247.5 million as of July 4, 2015 and September 27, 2014 , respectively. The carrying value of the Company’s long-term debt was $250.0 million as of both July 4, 2015 and September 27, 2014 . The Company uses quoted market prices when available or discounted cash flows to calculate the fair value of its debt. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy described below. Refer to Note 5, "Derivatives and Fair Value Measurements," for further details on derivatives. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jul. 04, 2015
Inventory, Net [Abstract]
Schedule Of Inventories	Inventories as of July 4, 2015 and September 27, 2014 consisted of (in thousands): July 4, September 27, Raw materials $ 411,245 $ 371,641 Work-in-process 96,269 76,531 Finished goods 80,939 77,798 Total inventories $ 588,453 $ 525,970

Property, Plant And Equipment (

Property, Plant And Equipment (Tables)	9 Months Ended
	Jul. 04, 2015
Property, Plant and Equipment, Net [Abstract]
Schedule Of Property, Plant And Equipment	Property, plant and equipment as of July 4, 2015 and September 27, 2014 consisted of (in thousands): July 4, September 27, Land, buildings and improvements $ 279,148 $ 283,569 Machinery and equipment 330,611 331,981 Computer hardware and software 102,593 95,780 Construction in progress 13,179 9,694 Total property, plant and equipment 725,531 721,024 Less: accumulated depreciation 402,710 386,098 Property, plant and equipment — net $ 322,821 $ 334,926

Debt, Capital Lease Obligations

Debt, Capital Lease Obligations and Other Financing Debt (Tables)	9 Months Ended
	Jul. 04, 2015
Debt Disclosure [Abstract]
Schedule Of Debt And Capital Lease Obligations [Table Text Block]	Debt, capital lease obligations and other financing amounts outstanding at July 4, 2015 and September 27, 2014 are summarized below (in thousands): July 4, September 27, 5.20% Senior Notes, due June 15, 2018 $ 175,000 $ 175,000 Borrowings under revolving credit facility, due May 15, 2019 75,000 75,000 Capital lease obligations 5,455 8,414 Other financing obligation 8,110 8,000 Total debt, capital lease obligations, and other financing 263,565 266,414 Less current portion of debt, capital lease obligations, and other financing 4,281 4,368 Total debt, capital lease obligations, and other financing, less current portion $ 259,284 $ 262,046

Derivatives And Fair Value Me24

Derivatives And Fair Value Measurements (Tables)	9 Months Ended
	Jul. 04, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Schedule Of Fair Values Of Derivative Instruments	Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives July 4, September 27, July 4, September 27, Derivatives designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Interest rate swaps Prepaid expenses and other $ — $ 182 Current liabilities – other $ 289 $ — Forward contracts Prepaid expenses and other $ — $ 812 Current liabilities – other $ 3,486 $ —
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives July 4, September 27, July 4, September 27, Derivatives not designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward contracts Prepaid expenses and other $ 37 $ 1,512 Current liabilities – other $ — $ —
Schedule Of The Effect Of Derivative Instruments On The Condensed Statements Of Operations	The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivative (Effective Portion) Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Classification of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) July 4, June 28, July 4, June 28, July 4, June 28, Interest rate swaps $ (3 ) $ (448 ) Interest expense $ (134 ) $ (138 ) Other income (expense) $ — $ — Forward contracts $ (866 ) $ 1,632 Selling and administrative expenses $ (1,753 ) $ (193 ) Other income (expense) $ — $ — Treasury rate locks $ — $ — Interest income $ 77 $ 80 Other income (expense) $ — $ — Income tax expense $ — $ — Income tax benefit $ — $ (75 ) Income tax expense $ — $ — The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income for the Nine Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivative (Effective Portion) Classification of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Classification of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) July 4, June 28, July 4, June 28, July 4, June 28, Interest rate swaps $ (876 ) $ (556 ) Interest expense $ (404 ) $ (403 ) Other income (expense) $ — $ — Forward contracts $ (7,044 ) $ 1,532 Selling and administrative expenses $ (2,743 ) $ (1,233 ) Other income (expense) $ — $ — Treasury rate locks $ — $ — Interest income $ 244 $ 240 Other income (expense) $ — $ — Income tax expense $ — $ — Income tax benefit $ — $ (1 ) Income tax expense $ — $ —
Schedule Of Fair Value Measurements Using Input Levels Asset/(Liability)	The following table lists the fair values of assets (liabilities) of the Company’s derivatives as of July 4, 2015 and September 27, 2014 , by input level as defined in Note 1 (in thousands): Level 1 Level 2 Level 3 Total July 4, 2015 Interest rate swaps $ — $ (289 ) $ — $ (289 ) Foreign currency forward contracts $ — $ (3,449 ) $ — $ (3,449 ) September 27, 2014 Interest rate swaps $ — $ 182 $ — $ 182 Foreign currency forward contracts $ — $ 2,324 $ — $ 2,324

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 04, 2015
Earnings Per Share [Abstract]
Schedule Of Reconciliation Of Amounts Utilized In Computation Of Basic And Diluted Earnings Per Share	The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and nine months ended July 4, 2015 and June 28, 2014 (in thousands, except per share amounts): Three Months Ended Nine Months Ended July 4, June 28, July 4, June 28, Basic and Diluted Earnings Per Share : Net income $ 23,794 $ 24,584 $ 70,467 $ 60,763 Basic weighted average common shares outstanding 33,653 33,837 33,617 33,810 Dilutive effect of share-based awards outstanding 801 833 783 876 Diluted weighted average shares outstanding 34,454 34,670 34,400 34,686 Earnings per share: Basic $ 0.71 $ 0.73 $ 2.10 $ 1.80 Diluted $ 0.69 $ 0.71 $ 2.05 $ 1.75

Business Segments(Tables)

Business Segments(Tables)	9 Months Ended
	Jul. 04, 2015
Segment Reporting [Abstract]
Schedule Of Financial Information About Company's Reportable Segments	Information about the Company’s three reportable segments for the three and nine months ended July 4, 2015 and June 28, 2014 , respectively, follows (in thousands): Three Months Ended Nine Months Ended July 4, June 28, July 4, June 28, Net sales: AMER $ 365,860 $ 324,544 $ 1,029,876 $ 868,824 APAC 313,900 295,625 966,433 831,358 EMEA 33,885 27,563 97,737 86,617 Elimination of inter-segment sales (44,060 ) (27,227 ) (108,486 ) (74,773 ) $ 669,585 $ 620,505 $ 1,985,560 $ 1,712,026 Operating income (loss): AMER $ 20,369 $ 21,806 $ 55,506 $ 53,730 APAC 37,082 35,890 119,852 102,143 EMEA (2,511 ) (3,594 ) (8,136 ) (7,506 ) Corporate expenses and other costs (26,309 ) (25,904 ) (80,357 ) (79,408 ) $ 28,631 $ 28,198 $ 86,865 $ 68,959 Other income (expense): Interest expense $ (3,280 ) $ (3,055 ) $ (10,440 ) $ (8,952 ) Interest income 866 770 2,552 2,092 Miscellaneous 471 1,271 549 2,182 Income before income taxes $ 26,688 $ 27,184 $ 79,526 $ 64,281 July 4, September 27, Total assets: AMER $ 561,455 $ 521,259 APAC 978,892 881,426 EMEA 119,972 135,841 Corporate and eliminations 31,920 70,500 $ 1,692,239 $ 1,609,026

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Jul. 04, 2015
Guarantees [Abstract]
Schedule Of Limited Warranty Liability	Below is a table summarizing the activity related to the Company’s limited warranty liability for fiscal 2014 and for the nine months ended July 4, 2015 (in thousands): Limited warranty liability, as of September 28, 2013 $ 5,942 Accruals for warranties issued during the period 4,331 Settlements (in cash or in kind) during the period (3,470 ) Limited warranty liability, as of September 27, 2014 6,803 Accruals for warranties issued during the period 1,414 Settlements (in cash or in kind) during the period (2,468 ) Limited warranty liability, as of July 4, 2015 $ 5,749

Restructuring Costs Restructu28

Restructuring Costs Restructuring Costs (Tables)	9 Months Ended
	Jul. 04, 2015
Restructuring Costs [Abstract]
Restructuring and Related Costs [Table Text Block]	The Company's restructuring accrual activity for the nine months ended July 4, 2015 is included in the table below (in thousands): Employee Lease Termination Obligations and Severance and Other Costs Exit Costs Total Accrued balance, September 27, 2014 $ 142 $ — $ 142 Restructuring costs 144 1,547 1,691 Amounts utilized (286 ) (1,547 ) (1,833 ) Accrued balance, July 4, 2015 $ — $ — $ —

Basis Of Presentation And Acc29

Basis Of Presentation And Accounting Policies (Details) - USD ($) $ in Millions	Jul. 04, 2015	Sep. 27, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fair value of long-term debt	$ 250.5	$ 247.5
Long-term Debt	$ 250	$ 250

Inventories (Schedule Of Invent

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Inventory, Net [Abstract]
Raw materials	$ 411,245	$ 371,641
Work-in-process	96,269	76,531
Finished goods	80,939	77,798
Inventory, net	588,453	525,970
Customer deposits related to inventory	$ 59,900	$ 51,000

Property, Plant And Equipment31

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Property, Plant and Equipment, Net [Abstract]
Land, buildings and improvements	$ 279,148	$ 283,569
Machinery and equipment	330,611	331,981
Computer hardware and software	102,593	95,780
Construction in progress	13,179	9,694
Property, plant and equipment, gross	725,531	721,024
Less: accumulated depreciation	402,710	386,098
Property, plant and equipment, net	$ 322,821	$ 334,926

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 04, 2015	Jul. 04, 2015	Sep. 27, 2014	May. 15, 2014
Debt Instrument [Line Items]
Capital Lease Obligations	$ 5,455	$ 5,455	$ 8,414
Capital Lease Obligations, Noncurrent	8,110	8,110	8,000
Debt and Capital Lease Obligations	263,565	263,565	266,414
Current portion of long-term debt and capital lease obligations	4,281	4,281	4,368
Long-term Debt, Excluding Current Maturities	259,284	259,284	262,046
Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes, principal outstanding	$ 175,000	$ 175,000	175,000
Debt Instrument, Interest Rate, Stated Percentage	5.20%	5.20%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility outstanding at end of period	$ 75,000	$ 75,000	$ 75,000
Current borrowing capacity				$ 235,000
Maximum borrowing capacity				335,000
Borrowings under debt agreements		$ 344,000
Line of Credit Facility, Average Outstanding Amount	$ 130,900
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate Terms	0
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	1.00%
Debt Instrument, Interest Rate During Period	1.13%
Increase Option [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 100,000
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
LineOfCreditFacilityHighestDailyBorrowing	$ 150,000

Derivatives And Fair Value Me33

Derivatives And Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 04, 2015	Sep. 27, 2014
Derivatives And Fair Value Measurements [Line Items]
Cash flow hedge loss to be reclassified within twelve months	$ 3,800
Fixed interest rate	0.875%
Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Notional Amount	$ 4,800	$ 37,900
Interest Rate Swaps [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Notional Amount	75,000	75,000
Revolving Credit Facility [Member]
Derivatives And Fair Value Measurements [Line Items]
Credit facility outstanding at end of period	75,000	75,000
MALAYSIA | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Notional Amount	60,000	64,600
Derivatives Designated As Hedging Instruments [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	3,486
Foreign Currency Cash Flow Hedge Asset at Fair Value		800
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
Derivatives And Fair Value Measurements [Line Items]
Interest Rate Cash Flow Hedge Liability at Fair Value	289
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		(182)
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 100	$ 1,500

Derivatives And Fair Value Me34

Derivatives And Fair Value Measurements (Schedule Of Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member]
Derivatives And Fair Value Measurements [Line Items]
Interest Rate Cash Flow Hedge Asset at Fair Value		$ 182
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 289
Derivatives Designated As Hedging Instruments [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Cash Flow Hedge Liability at Fair Value	3,486
Foreign Currency Cash Flow Hedge Asset at Fair Value		800
Derivatives Designated As Hedging Instruments [Member] | Prepaid Expenses and Other Current Assets [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	0	812
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities - Other [Member] | Interest Rate Swaps [Member]
Derivatives And Fair Value Measurements [Line Items]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		0
Derivatives Designated As Hedging Instruments [Member] | Current Liabilities - Other [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure		0
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	100	1,500
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	37	1,512
Not Designated as Hedging Instrument [Member] | Current Liabilities - Other [Member] | Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ 0	$ 0

Derivatives And Fair Value Me35

Derivatives And Fair Value Measurements (Schedule Of The Effect Of Derivative Instruments On The Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative (Effective Portion)	$ 0	$ 0	$ 0	$ 0
Interest Rate Swap [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative (Effective Portion)	(3)	(448)	(876)	(556)
Foreign Exchange Forward [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative (Effective Portion)	(866)	1,632	(7,044)	1,532
Treasury Rate Locks [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative (Effective Portion)	0	0	0	0
Income Tax (Benefit) Expense [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Interest Expense [Member] | Interest Rate Swap [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	134	138	404	403
Other Income [Member] | Interest Rate Swap [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Other Income [Member] | Foreign Exchange Forward [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
Other Income [Member] | Treasury Rate Locks [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	0	0	0
General and Administrative Expense [Member] | Foreign Exchange Forward [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	1,753	193	2,743	1,233
Interest Income [Member] | Treasury Rate Locks [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (77)	(80)	$ (244)	(240)
Income Tax (Benefit) Expense [Member]
Derivatives And Fair Value Measurements [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		$ (75)		$ (1)

Derivatives And Fair Value Me36

Derivatives And Fair Value Measurements (Schedule Of Fair Value Measurements Using Input Levels Asset/(Liability)) (Details) - USD ($) $ in Thousands	Jul. 04, 2015	Sep. 27, 2014
Interest Rate Swaps [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	$ (289)	$ 182
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	0
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	(289)	182
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	0
Foreign Currency Forward Contracts [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	(3,449)	2,324
Foreign Currency Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	0
Foreign Currency Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	(3,449)	$ 2,324
Foreign Currency Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives And Fair Value Measurements [Line Items]
Derivative, Fair Value, Net	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Mar. 29, 2014	Jul. 04, 2015	Jun. 28, 2014
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income tax expense	$ 2,894	$ 2,600		$ 9,059	$ 3,518
Effective tax rates	10.80%	9.60%		11.40%	5.50%
Deferred Income Tax Expense (Benefit)			$ 3,800
Adjust Effective Income Tax Rate Continuing Operations					11.30%

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Reconciliation Of Amounts Utilized In Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Earnings Per Share [Line Items]
Net income	$ 23,794	$ 24,584	$ 70,467	$ 60,763
Basic weighted average common shares outstanding	33,653	33,837	33,617	33,810
Dilutive effect of share-based awards outstanding	801	833	783	876
Diluted weighted average shares outstanding	34,454	34,670	34,400	34,686
Earnings per share, Basic	$ 0.71	$ 0.73	$ 2.10	$ 1.80
Earnings per share, Diluted	$ 0.69	$ 0.71	$ 2.05	$ 1.75
Stock Options [Member]
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share	300	500	600	600

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Allocated Share-based Compensation Expense	$ 3.5	$ 3.3	$ 10.6	$ 9.2
Minimum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Potential performanc shares issued			0
Maximum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Potential performanc shares issued			100,000

Business Segments (Schedule Of

Business Segments (Schedule Of Financial Information About Company's Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014	Sep. 27, 2014
Segment Reporting Information [Line Items]
Net sales	$ 669,585	$ 620,505	$ 1,985,560	$ 1,712,026
Operating income (loss)	28,631	28,198	86,865	68,959
Interest expense	(3,280)	(3,055)	(10,440)	(8,952)
Interest income	866	770	2,552	2,092
Miscellaneous	471	1,271	549	2,182
Income before income taxes	26,688	27,184	79,526	64,281
Total assets	1,692,239		1,692,239		$ 1,609,026
AMER [Member]
Segment Reporting Information [Line Items]
Net sales	365,860	324,544	1,029,876	868,824
Operating income (loss)	20,369	21,806	55,506	53,730
Total assets	561,455		561,455		521,259
APAC [Member]
Segment Reporting Information [Line Items]
Net sales	313,900	295,625	966,433	831,358
Operating income (loss)	37,082	35,890	119,852	102,143
Total assets	978,892		978,892		881,426
EMEA [Member]
Segment Reporting Information [Line Items]
Net sales	33,885	27,563	97,737	86,617
Operating income (loss)	(2,511)	(3,594)	(8,136)	(7,506)
Total assets	119,972		119,972		135,841
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Net sales	(44,060)	(27,227)	(108,486)	(74,773)
Corporate [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(26,309)	$ (25,904)	(80,357)	$ (79,408)
Total assets	$ 31,920		$ 31,920		$ 70,500

Guarantees (Details)

Guarantees (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Jul. 04, 2015USD ($)mo	Sep. 27, 2014USD ($)
Product Warranty [Line Items]
Limited warranty liability, beginning balance	$ 6,803	$ 5,942
Accruals for warranties issued during the period	1,414	4,331
Settlements (in cash or in kind) during the period	(2,468)	(3,470)
Limited warranty liability, ending balance	$ 5,749	$ 6,803
Minimum [Member]
Product Warranty [Line Items]
Products warranty specifications period, months | mo	12
Maximum [Member]
Product Warranty [Line Items]
Products warranty specifications period, months | mo	24

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014	Aug. 13, 2014	Aug. 19, 2013
Stockholders' Equity Note [Abstract]
Stock Repurchase Program, Authorized Amount					$ 30,000	$ 30,000
Stock Repurchased During Period, Shares	169,774	186,051	549,656	545,052
Repurchases of common stock	$ (7,500)	$ (7,700)	$ (22,520)	$ (22,283)
Average price of repurchased shares	$ 44.40	$ 41.52	$ 40.97	$ 40.88
Committed Payments for Repurchase of Common Stock		$ 400
Shares of Common Stock Committed to Purchase		8,678

Restructuring Costs Restructu43

Restructuring Costs Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 03, 2015	Jul. 04, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 142	$ 142
Restructuring Charges	1,691	1,691
Restructuring Reserve, Accrual Adjustment		(1,833)
Restructuring Reserve		0
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	142	142
Restructuring Charges	144
Restructuring Reserve, Accrual Adjustment		(286)
Restructuring Reserve		0
Lease Obligations and Other Exit Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0	0
Restructuring Charges	$ 1,547	1,600
Restructuring Reserve, Accrual Adjustment		(1,547)
Restructuring Reserve		$ 0