Plexus (PLXS) 10-Q 2 Feb 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 30, 2017	Jan. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	PLEXUS CORP
Entity Central Index Key	785,786
Current Fiscal Year End Date	--09-29
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,689,319

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net sales	$ 677,294	$ 635,019
Cost of sales	613,771	570,663
Gross profit	63,523	64,356
Selling and administrative expenses	31,966	30,453
Operating income	31,557	33,903
Other income (expense):
Interest expense	(3,725)	(3,274)
Interest income	1,555	1,071
Miscellaneous	(346)	(674)
Income before income taxes	29,041	31,026
Income tax expense	127,534	2,847
Net (loss) income	$ (98,493)	$ 28,179
(Loss) earnings per share:
Basic (in dollars per share)	$ (2.93)	$ 0.84
Diluted (in dollars per share)	$ (2.93)	$ 0.82
Weighted average shares outstanding:
Basic (in shares)	33,567	33,534
Diluted (in shares)	33,567	34,544
Other comprehensive income (loss):
Derivative instrument fair value adjustment	$ 1,539	$ (5,403)
Foreign currency translation adjustments	2,142	(11,359)
Other comprehensive income (loss)	3,681	(16,762)
Total comprehensive (loss) income	$ (94,812)	$ 11,417

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 506,694	$ 568,860
Restricted cash	8,157	394
Accounts receivable, net of allowances of $1,049 and $980, respectively	334,776	365,513
Inventories	669,894	654,642
Prepaid expenses and other	31,362	28,046
Total current assets	1,550,883	1,617,455
Property, plant and equipment, net	318,358	314,665
Deferred income tax assets	5,302	5,292
Other	41,664	38,770
Total non-current assets	365,324	358,727
Total assets	1,916,207	1,976,182
Current liabilities:
Current portion of long-term debt and capital lease obligations	179,881	286,934
Accounts payable	420,984	413,999
Customer deposits	102,823	107,837
Accrued salaries and wages	52,483	49,376
Other accrued liabilities	61,006	49,445
Total current liabilities	817,177	907,591
Long-term debt and capital lease obligations, net of current portion	26,047	26,173
Long-term accrued income taxes payable	99,897	0
Deferred income tax liabilities	21,906	0
Other liabilities	17,331	16,479
Total non-current liabilities	165,181	42,652
Total liabilities	982,358	950,243
Commitments and contingencies
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, 52,231 and 51,934 shares issued, respectively, and 33,607 and 33,464 shares outstanding, respectively	522	519
Additional paid-in capital	567,562	555,297
Common stock held in treasury, at cost, 18,624 and 18,470 shares, respectively	(583,651)	(574,104)
Retained earnings	950,713	1,049,206
Accumulated other comprehensive loss	(1,297)	(4,979)
Total shareholders’ equity	933,849	1,025,939
Total liabilities and shareholders’ equity	$ 1,916,207	$ 1,976,182

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,049	$ 980
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	52,231,000	51,934,000
Common stock, shares outstanding (in shares)	33,607,000	33,464,000
Treasury stock, shares (in shares)	18,624,000	18,470,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Cash flows from operating activities
Net (loss) income	$ (98,493)	$ 28,179
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation	11,702	11,449
Amortization of deferred financing fees	78	77
Gain on sale of property, plant and equipment, net	(124)	(111)
Deferred income taxes	21,906	0
Share-based compensation expense	3,896	3,625
Changes in operating assets and liabilities:
Accounts receivable	31,461	68,537
Inventories	(14,016)	(5,570)
Other current and noncurrent assets	(4,453)	(4,808)
Accrued income taxes payable	106,156	394
Accounts payable	8,756	(18,635)
Customer deposits	(5,195)	(417)
Other current and noncurrent liabilities	7,432	(3,269)
Cash flows provided by operating activities	69,106	79,451
Cash flows from investing activities
Payments for property, plant and equipment	(16,702)	(6,950)
Proceeds from sales of property, plant and equipment	173	124
Cash flows used in investing activities	(16,529)	(6,826)
Cash flows from financing activities
Borrowings under credit facility and other short-term borrowings	216,314	73,597
Payments on debt and capital lease obligations	(324,192)	(73,475)
Repurchases of common stock	(9,547)	(7,061)
Proceeds from exercise of stock options	8,513	5,124
Payments related to tax withholding for share-based compensation	(141)	(2,360)
Cash flows used in financing activities	(109,053)	(4,175)
Effect of exchange rate changes on cash and cash equivalents	2,073	(3,567)
Net (decrease) increase in cash and cash equivalents and restricted cash	(54,403)	64,883
Cash and cash equivalents and restricted cash:
Beginning of period	569,254	432,964
End of period	$ 514,851	$ 497,847

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). 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 December 30, 2017 and September 30, 2017 , and the results of operations for the three months ended December 30, 2017 and December 31, 2016 , and the cash flows for the same three month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation. Recently Issued Accounting Pronouncements Not Yet Adopted: In August 2017, the Financial Accounting Standards Board (the "FASB") issued ASU 2017-12 related to the accounting for hedging activities. The pronouncement expands and refines hedge accounting, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020 and early adoption is permitted. The Company is finalizing its assessment of the impact of the guidance, but does not believe it will have a material impact on the Company's Condensed Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16 related to the income tax consequences of intra-entity transfers of assets other than inventory. The new standard eliminates the exception for an intra-entity transfer of an asset other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019 and early adoption is permitted. This guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently assessing the impact this new standard may have on its Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 related to the classification of certain cash receipts and cash payments, which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new standard addresses certain issues where diversity in practice was identified. It also amends existing guidance, which is principles based and often requires judgment to determine the appropriate classification of cash flows as operating, investing or financing activities and clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019. Early adoption is permitted. The Company is currently assessing the impact this new standard may have on its Condensed Consolidated Statements of Cash Flows. In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize most leases on their balance sheets but record expenses on their income statements in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Condensed Consolidated Financial Statements and the timing of adoption. In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services ("Topic 606"). Topic 606 also requires disclosures enabling users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and is effective for the Company beginning in the first quarter of fiscal year 2019. The Company developed a comprehensive project plan that includes a global cross-functional team of representatives to conduct an assessment of Topic 606 and its potential impacts on the Company. The project plan includes analyzing the standard’s impact on the Company’s various revenue streams, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from applying the requirements of the new standard to its contracts. The Company is in the process of identifying and implementing appropriate changes to its current accounting policies, business processes, systems and controls to support revenue recognition and disclosures under Topic 606. The Company has determined that the new standard will result in a change to the timing of revenue recognition for a significant portion of the Company's revenue, whereby revenue will be recognized "over time," as products are produced, as opposed to at a "point in time" upon physical delivery. The new standard could have a material impact on the Company's consolidated financial statements upon initial adoption, primarily as the Company recognizes an increase in contract assets for unbilled receivables with a corresponding reduction in finished goods and work-in-process inventory. The Company presently expects to adopt Topic 606 at the beginning of fiscal 2019 using the modified retrospective approach. The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.

Inventories

Inventories	3 Months Ended
	Dec. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of December 30, 2017 and September 30, 2017 consisted of the following (in thousands): December 30, 2017 September 30, 2017 Raw materials $ 501,323 $ 477,921 Work-in-process 85,634 86,367 Finished goods 82,937 90,354 Total inventories $ 669,894 $ 654,642 In certain circumstances, 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 December 30, 2017 and September 30, 2017 was $102.1 million and $106.2 million , respectively.

Debt, Capital Lease Obligations

Debt, Capital Lease Obligations and Other Financing	3 Months Ended
	Dec. 30, 2017
Debt and Capital Lease Obligations [Abstract]
Debt, Capital Lease Obligations and Other Financing	Debt, Capital Lease Obligations and Other Financing Debt, capital lease and other obligations as of December 30, 2017 and September 30, 2017 , consisted of the following (in thousands): December 30, 2017 September 30, 2017 5.20% Senior notes, due June 15, 2018 $ 175,000 $ 175,000 Borrowings under the credit facility — 108,000 Capital lease and other financing obligations 31,644 30,901 Unamortized deferred financing fees (716 ) (794 ) Total obligations 205,928 313,107 Less: current portion (179,881 ) (286,934 ) Long-term debt and capital lease obligations, net of current portion $ 26,047 $ 26,173 The Company has outstanding 5.20% Senior Notes, due on June 15, 2018 (the "Notes"). As of December 30, 2017 and September 30, 2017 , $175.0 million was outstanding. The related Note Purchase Agreement contains certain financial covenants, which include a maximum total leverage ratio, a minimum interest coverage ratio and a minimum net worth test, all as defined in the agreement. As of December 30, 2017 , the Company was in compliance with all such covenants relating to the Notes and the Note Purchase Agreement. The Company also has a senior unsecured revolving credit facility (the "Credit Facility"), with a $300.0 million maximum commitment that expires on July 5, 2021 . The Credit Facility may be further increased to $500.0 million , generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the three months ended December 30, 2017 , the highest daily borrowing was $193.0 million ; the average daily borrowings were $134.2 million and the Company borrowed $215.5 million and repaid $323.5 million of revolving borrowings under the Credit Facility. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the Note Purchase Agreement discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was assessed at an annual rate of 0.175% , payable quarterly, as of December 30, 2017 . The fair value of the Company’s debt, excluding capital leases, was $175.2 million and $284.5 million as of December 30, 2017 and September 30, 2017 , respectively. The carrying value of the Company's debt, excluding capital leases, was $175.0 million and $283.0 million as of December 30, 2017 and September 30, 2017 , respectively. If measured at fair value in the financial statements, the Company's debt would be classified as Level 2 in the fair value hierarchy. Refer to Note 4, "Derivatives," for further information regarding the Company's fair value calculations and classifications.

Derivatives

Derivatives	3 Months Ended
	Dec. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Derivatives: All derivatives are recognized in the accompanying Condensed Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage the variability of foreign currency obligations. The Company has cash flow hedges related to variable rate debt and forecasted foreign currency obligations, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes. U.S. GAAP, requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. Accordingly, the Company designates some foreign currency exchange contracts as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in "Accumulated other comprehensive loss" in the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $3.6 million of unrealized gains , net of tax, related to cash flow hedges will be reclassified from other comprehensive income (loss) into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous other income (expense)" in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company enters into forward currency exchange contracts for its Malaysian operations on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $68.4 million as of December 30, 2017 and $67.0 million as of September 30, 2017 . These forward currency contracts fix the exchange rates for the settlement of future foreign currency obligations that have yet to be realized. The total fair value of the forward currency exchange contracts was a $3.6 million asset as of December 30, 2017 and a $2.0 million asset as of September 30, 2017 . The Company had additional forward currency exchange contracts outstanding as of December 30, 2017 , with a notional value of $17.8 million ; there were $10.6 million such contracts outstanding as of September 30, 2017 . The Company did not designate these derivative instruments as hedging instruments. In accordance with U.S. GAAP, the net settlement amount (fair value) related to these contracts is recorded on the Condensed Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of "Miscellaneous other income (expense)." The total fair value of these derivatives was a $0.3 million liability as of December 30, 2017 , and a $0.1 million liability as of September 30, 2017 . The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives December 30, September 30, December 30, September 30, Derivatives designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward currency forward contracts Prepaid expenses and other $ 3,642 $ 2,024 Other accrued liabilities $ — $ — Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives December 30, September 30, December 30, September 30, Derivatives not designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward currency forward contracts Prepaid expenses and other $ 28 $ 35 Other accrued liabilities $ 351 $ 118 Derivative Impact on Accumulated Other Comprehensive Loss ("OCL") for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) ("OCI") on Derivatives (Effective Portion) December 30, 2017 December 31, 2016 Interest rate swaps $ — $ (11 ) Forward currency forward contracts $ 2,714 $ (5,218 ) Derivative Impact on Gain (Loss) Recognized in Income for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Classification of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) December 30, 2017 December 31, 2016 Interest rate swaps Interest expense $ — $ (107 ) Forward currency forward contracts Selling and administrative expenses $ 105 $ 21 Forward currency forward contracts Cost of sales $ 991 $ 181 Treasury Rate Locks Interest expense $ 79 $ 79 Derivatives Not Designated as Hedging Instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income December 30, 2017 December 31, 2016 Forward currency forward contracts Miscellaneous other income (expense) $ (535 ) $ 75 There were no gains or losses recognized in income for derivatives related to ineffective portions and amounts excluded from effectiveness testing for the three months ended December 30, 2017 and December 31, 2016 . Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following table lists the fair values of assets (liabilities) of the Company’s derivatives as of December 30, 2017 and September 30, 2017 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) In thousands of dollars December 30, 2017 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 3,319 $ — $ 3,319 September 30, 2017 Derivatives Forward currency forward contracts $ — $ 1,941 $ — $ 1,941 The fair value of interest rate swaps and foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. 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	3 Months Ended
	Dec. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the U.S. Tax Cuts & Jobs Act was enacted ("Tax Reform"). Due to the complexities in implementing Tax Reform, the SEC issued Staff Accounting Bulletin 118, which allows the Company to record a provisional tax expense when uncertainty or other factors may impact the final outcome. In accordance with U.S. GAAP, which requires the Company to recognize the effects of Tax Reform in the period of enactment, $124.5 million of tax expense was recorded during the three months ended December 30, 2017 due to Tax Reform. The $124.5 million includes $101.8 million of U.S. federal and state taxes on the deemed repatriation of undistributed foreign earnings, which are payable over an eight year period beginning in fiscal 2019, and $22.7 million of foreign withholding taxes due to a change in the Company's permanently reinvested assertion on certain foreign earnings that are payable upon repatriation to the U.S. The Company believes this is a reasonable estimate of tax expense related to Tax Reform using all analyses, interpretations and guidance available at this time. The Company continues to assess the impact of Tax Reform, and the final impact may differ from this estimate, perhaps materially, due to, among other things, changes in interpretations, assumptions, and/or guidance that may be issued in the near future or actions the Company may take as a result. Of the $124.5 million of income tax expense, $99.9 million is recorded in "Long-term accrued income taxes payable," $21.9 million is recorded in "Deferred income tax liabilities" and $2.7 million is recorded in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. Income tax expense for the three months ended December 30, 2017 was $127.5 million , which included $124.5 million due to the impact of Tax Reform. Income tax expense for the three months ended December 31, 2016 was $2.8 million . The effective tax rates for the three months ended December 30, 2017 and December 31, 2016 were 439.2% and 9.2% , respectively. The effective tax rate for the three months ended December 30, 2017 increased from the effective tax rate for the three months ended December 31, 2016 , due to a 428.8 percentage point impact related to Tax Reform and an overall decrease in pretax earnings and decreased earnings in jurisdictions where the Company maintains valuation allowances. There were no material additions to the amount of unrecognized tax benefits recorded for uncertain tax positions as of December 30, 2017 , as compared to September 30, 2017 . The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three months ended December 30, 2017 and December 31, 2016 were not material. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S. or any foreign jurisdictions in which the Company operates. The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three months ended December 30, 2017, 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 was more likely than not that these assets would not be fully realized based primarily on historical performance. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until it determines it is more likely than not that the deferred tax assets will be realized.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 30, 2017
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 months ended December 30, 2017 and December 31, 2016 (in thousands, except per share amounts): Three Months Ended December 30, 2017 December 31, 2016 Net (loss) income $ (98,493 ) $ 28,179 Basic weighted average common shares outstanding 33,567 33,534 Dilutive effect of share-based awards outstanding — 1,010 Diluted weighted average shares outstanding 33,567 34,544 (Loss) earnings per share: Basic $ (2.93 ) $ 0.84 Diluted $ (2.93 ) $ 0.82 For the three months ended December 30, 2017 , there were no antidilutive shares, but the total number of potentially dilutive share-based awards was 1.1 million . However, these awards were not included in the computation of diluted loss per share, as doing so would have decreased the loss per share. For the three months ended December 31, 2016 , share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Dec. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company recognized $3.9 million and $3.6 million of compensation expense associated with share-based awards for the three months ended December 30, 2017 and December 31, 2016 , respectively. The Company uses the Black-Scholes valuation model to determine the fair value of stock options and stock-settled stock appreciation rights ("SARs"). The Company uses its stock price on grant date as the fair value assigned to restricted stock units ("RSUs"). Performance stock units ("PSUs") are payable in shares of the Company's common stock. Beginning for fiscal 2017 grants, PSUs vest based on the relative total shareholder return ("TSR") of the Company's common stock as compared to the companies in the Russell 3000 index, a market condition, and the Company's economic return performance during the three year performance period, a performance condition. The Company uses the Monte Carlo valuation model to determine the fair value of PSUs at the date of grant for PSUs that vest based on the relative TSR of the Company's common stock. The Company uses its stock price on grant date as the fair value assigned to PSUs that vest based on the Company's economic return performance. The PSUs granted in fiscal 2016 and prior years vest based solely on the relative TSR 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 0.4 million and is dependent upon the Company's TSR and economic return performance over the applicable performance periods. The Company recognizes share-based compensation expense over the share-based awards' vesting period.

Litigation

Litigation	3 Months Ended
	Dec. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation The Company is party to lawsuits in the ordinary course of business. Although the outcome of these legal matters cannot be predicted with certainty, management does not expect that these proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Reportable Segments

Reportable Segments	3 Months Ended
	Dec. 30, 2017
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments The Company uses an internal management reporting system, which provides important financial data to the chief operating decision maker 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 other charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for the three months ended December 30, 2017 and December 31, 2016 , respectively, is as follows (in thousands): Three Months Ended December 30, 2017 December 31, 2016 Net sales: AMER $ 299,043 $ 314,651 APAC 346,123 309,969 EMEA 63,832 39,449 Elimination of inter-segment sales (31,704 ) (29,050 ) $ 677,294 $ 635,019 Operating income (loss): AMER $ 10,523 $ 14,797 APAC 50,532 48,240 EMEA (1,121 ) (2,235 ) Corporate and other costs (28,377 ) (26,899 ) $ 31,557 $ 33,903 Other income (expense): Interest expense (3,725 ) (3,274 ) Interest income 1,555 1,071 Miscellaneous (346 ) (674 ) Income before income taxes $ 29,041 $ 31,026 December 30, September 30, Total assets: AMER $ 567,275 $ 595,851 APAC 1,127,066 1,163,111 EMEA 175,569 172,830 Corporate and eliminations 46,297 44,390 $ 1,916,207 $ 1,976,182

Guarantees

Guarantees	3 Months Ended
	Dec. 30, 2017
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, customer design defects or damage caused by any party other than the Company. The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "Other accrued liabilities." The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Below is a table summarizing the activity related to the Company’s limited warranty liability for the three months ended December 30, 2017 and December 31, 2016 (in thousands): Three Months Ended December 30, 2017 December 31, 2016 Reserve balance, beginning of period $ 4,756 $ 6,109 Accruals for warranties issued during the period 1,017 — Settlements (in cash or in kind) during the period (1,352 ) (1,252 ) Reserve balance, end of period $ 4,421 $ 4,857

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Dec. 30, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity On June 6, 2016, the Board of Directors approved a multi-year stock repurchase program under which the Company is authorized to repurchase up to $150.0 million of its common stock beginning in fiscal 2017. During the three months ended December 30, 2017 , the Company repurchased 158,466 shares for approximately $9.5 million , at an average price of $60.25 per share. During the three months ended December 31, 2016 , the Company repurchased 144,729 shares for approximately $7.1 million , at an average price of $48.79 per share. All shares repurchased under the aforementioned program were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	3 Months Ended
	Dec. 30, 2017
Receivables [Abstract]
Trade Accounts Receivable Sale Programs	Trade Accounts Receivable Sale Programs The Company has Master Accounts Receivable Purchase Agreements with The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (the "BTMU RPA") and HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") under which the Company may elect to sell receivables, at a discount, on an ongoing basis. As of December 30, 2017 , the maximum facility amounts of these uncommitted facilities were $160.0 million and $60.0 million , respectively. The BTMU RPA is subject to expiration on October 3, 2018, but will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the BTMU RPA discussed above. The Company sold receivables under a former trade accounts receivable sale program that expired during the first fiscal quarter of 2017. Transfers of receivables under the programs are accounted for as sales and, accordingly, receivables sold under the programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. Proceeds from the transfer reflect the face value of the receivables less a discount. The sale discount is recorded within "Miscellaneous other income (expense)" in the Condensed Consolidated Statements of Comprehensive Income in the period of the sale. The Company sold $162.4 million and $77.8 million of trade accounts receivable under these programs during the three months ended December 30, 2017 and December 31, 2016 , respectively, in exchange for cash proceeds of $161.5 million and $77.4 million , respectively.

Basis of Presentation (Policie

Basis of Presentation (Policies)	3 Months Ended
	Dec. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). 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 December 30, 2017 and September 30, 2017 , and the results of operations for the three months ended December 30, 2017 and December 31, 2016 , and the cash flows for the same three month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted: In August 2017, the Financial Accounting Standards Board (the "FASB") issued ASU 2017-12 related to the accounting for hedging activities. The pronouncement expands and refines hedge accounting, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020 and early adoption is permitted. The Company is finalizing its assessment of the impact of the guidance, but does not believe it will have a material impact on the Company's Condensed Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16 related to the income tax consequences of intra-entity transfers of assets other than inventory. The new standard eliminates the exception for an intra-entity transfer of an asset other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019 and early adoption is permitted. This guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently assessing the impact this new standard may have on its Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 related to the classification of certain cash receipts and cash payments, which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The new standard addresses certain issues where diversity in practice was identified. It also amends existing guidance, which is principles based and often requires judgment to determine the appropriate classification of cash flows as operating, investing or financing activities and clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019. Early adoption is permitted. The Company is currently assessing the impact this new standard may have on its Condensed Consolidated Statements of Cash Flows. In February 2016, the FASB issued ASU 2016-02, which requires lessees to recognize most leases on their balance sheets but record expenses on their income statements in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Condensed Consolidated Financial Statements and the timing of adoption. In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services ("Topic 606"). Topic 606 also requires disclosures enabling users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and is effective for the Company beginning in the first quarter of fiscal year 2019. The Company developed a comprehensive project plan that includes a global cross-functional team of representatives to conduct an assessment of Topic 606 and its potential impacts on the Company. The project plan includes analyzing the standard’s impact on the Company’s various revenue streams, comparing its historical accounting policies and practices to the requirements of the new standard, and identifying potential differences from applying the requirements of the new standard to its contracts. The Company is in the process of identifying and implementing appropriate changes to its current accounting policies, business processes, systems and controls to support revenue recognition and disclosures under Topic 606. The Company has determined that the new standard will result in a change to the timing of revenue recognition for a significant portion of the Company's revenue, whereby revenue will be recognized "over time," as products are produced, as opposed to at a "point in time" upon physical delivery. The new standard could have a material impact on the Company's consolidated financial statements upon initial adoption, primarily as the Company recognizes an increase in contract assets for unbilled receivables with a corresponding reduction in finished goods and work-in-process inventory. The Company presently expects to adopt Topic 606 at the beginning of fiscal 2019 using the modified retrospective approach. The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.
Fair Value Measurements	Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of December 30, 2017 and September 30, 2017 consisted of the following (in thousands): December 30, 2017 September 30, 2017 Raw materials $ 501,323 $ 477,921 Work-in-process 85,634 86,367 Finished goods 82,937 90,354 Total inventories $ 669,894 $ 654,642

Debt, Capital Lease Obligatio20

Debt, Capital Lease Obligations and Other Financing (Tables)	3 Months Ended
	Dec. 30, 2017
Debt and Capital Lease Obligations [Abstract]
Schedule of Debt and Capital Lease Obligations	Debt, capital lease and other obligations as of December 30, 2017 and September 30, 2017 , consisted of the following (in thousands): December 30, 2017 September 30, 2017 5.20% Senior notes, due June 15, 2018 $ 175,000 $ 175,000 Borrowings under the credit facility — 108,000 Capital lease and other financing obligations 31,644 30,901 Unamortized deferred financing fees (716 ) (794 ) Total obligations 205,928 313,107 Less: current portion (179,881 ) (286,934 ) Long-term debt and capital lease obligations, net of current portion $ 26,047 $ 26,173

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Dec. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Instruments	The tables below present information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives December 30, September 30, December 30, September 30, Derivatives designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward currency forward contracts Prepaid expenses and other $ 3,642 $ 2,024 Other accrued liabilities $ — $ — Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives December 30, September 30, December 30, September 30, Derivatives not designated as hedging instruments Balance Sheet Classification Fair Value Fair Value Balance Sheet Classification Fair Value Fair Value Forward currency forward contracts Prepaid expenses and other $ 28 $ 35 Other accrued liabilities $ 351 $ 118
Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss)	Derivative Impact on Accumulated Other Comprehensive Loss ("OCL") for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) ("OCI") on Derivatives (Effective Portion) December 30, 2017 December 31, 2016 Interest rate swaps $ — $ (11 ) Forward currency forward contracts $ 2,714 $ (5,218 )
Schedule of Derivative Impact on Gain (Loss) Recognized in Income	Derivative Impact on Gain (Loss) Recognized in Income for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Classification of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) December 30, 2017 December 31, 2016 Interest rate swaps Interest expense $ — $ (107 ) Forward currency forward contracts Selling and administrative expenses $ 105 $ 21 Forward currency forward contracts Cost of sales $ 991 $ 181 Treasury Rate Locks Interest expense $ 79 $ 79
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income	Derivatives Not Designated as Hedging Instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income December 30, 2017 December 31, 2016 Forward currency forward contracts Miscellaneous other income (expense) $ (535 ) $ 75
Schedule of Derivatives Fair Value Measurements Using Input Levels	The following table lists the fair values of assets (liabilities) of the Company’s derivatives as of December 30, 2017 and September 30, 2017 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) In thousands of dollars December 30, 2017 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 3,319 $ — $ 3,319 September 30, 2017 Derivatives Forward currency forward contracts $ — $ 1,941 $ — $ 1,941

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three months ended December 30, 2017 and December 31, 2016 (in thousands, except per share amounts): Three Months Ended December 30, 2017 December 31, 2016 Net (loss) income $ (98,493 ) $ 28,179 Basic weighted average common shares outstanding 33,567 33,534 Dilutive effect of share-based awards outstanding — 1,010 Diluted weighted average shares outstanding 33,567 34,544 (Loss) earnings per share: Basic $ (2.93 ) $ 0.84 Diluted $ (2.93 ) $ 0.82

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Dec. 30, 2017
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Three Months Ended December 30, 2017 December 31, 2016 Net sales: AMER $ 299,043 $ 314,651 APAC 346,123 309,969 EMEA 63,832 39,449 Elimination of inter-segment sales (31,704 ) (29,050 ) $ 677,294 $ 635,019 Operating income (loss): AMER $ 10,523 $ 14,797 APAC 50,532 48,240 EMEA (1,121 ) (2,235 ) Corporate and other costs (28,377 ) (26,899 ) $ 31,557 $ 33,903 Other income (expense): Interest expense (3,725 ) (3,274 ) Interest income 1,555 1,071 Miscellaneous (346 ) (674 ) Income before income taxes $ 29,041 $ 31,026 December 30, September 30, Total assets: AMER $ 567,275 $ 595,851 APAC 1,127,066 1,163,111 EMEA 175,569 172,830 Corporate and eliminations 46,297 44,390 $ 1,916,207 $ 1,976,182

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
	Dec. 30, 2017
Guarantees [Abstract]
Schedule of Activity Related to Limited Warranty Liability	Below is a table summarizing the activity related to the Company’s limited warranty liability for the three months ended December 30, 2017 and December 31, 2016 (in thousands): Three Months Ended December 30, 2017 December 31, 2016 Reserve balance, beginning of period $ 4,756 $ 6,109 Accruals for warranties issued during the period 1,017 — Settlements (in cash or in kind) during the period (1,352 ) (1,252 ) Reserve balance, end of period $ 4,421 $ 4,857

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 501,323	$ 477,921
Work-in-process	85,634	86,367
Finished goods	82,937	90,354
Total inventories	$ 669,894	$ 654,642

Inventories - Narrative (Detai

Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Inventory [Line Items]
Customer deposits	$ 102,823	$ 107,837
Inventory
Inventory [Line Items]
Customer deposits	$ 102,100	$ 106,200

Debt, Capital Lease Obligatio27

Debt, Capital Lease Obligations and Other Financing - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 175,000	$ 283,000
Capital lease and other financing obligations	31,644	30,901
Unamortized deferred financing fees	(716)	(794)
Total obligations	205,928	313,107
Less: current portion	(179,881)	(286,934)
Long-term debt and capital lease obligations, net of current portion	26,047	26,173
Senior Notes | 5.20% Senior notes, due June 15, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 175,000	$ 175,000
Interest rate	5.20%	5.20%
Line of Credit | 5.20% Senior notes, due June 15, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 108,000

Debt, Capital Lease Obligatio28

Debt, Capital Lease Obligations and Other Financing - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Sep. 30, 2017
Debt Instrument [Line Items]
Amount of debt outstanding	$ 175,000,000		$ 283,000,000
Amount borrowed	216,314,000	$ 73,597,000
Long-term Debt, Fair Value	175,200,000		284,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum commitment	300,000,000
Amount credit facility may be further increased	500,000,000
Highest daily borrowings	193,000,000
Average daily borrowings	$ 134,200,000
Annual commitment fee	0.175%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Amount of debt outstanding	$ 0		$ 108,000,000
Amount borrowed	215,500,000
Amount repaid	$ 323,500,000
5.20% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.20%		5.20%
Amount of debt outstanding	$ 175,000,000		$ 175,000,000

Derivatives - Narrative (Detai

Derivatives - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Sep. 30, 2017
Estimated unrealized gains, net of tax, expected to be reclassified in next 12 months	$ 3,600,000
Gains (losses) recognized in income for derivatives related to ineffective portions and amounts excluded from effectiveness testing	0	$ 0
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Forward currency forward contracts
Notional amount of forward exchange contracts	68,400,000		$ 67,000,000
Fair value of derivative asset	3,600,000		2,000,000
Derivatives not designated as hedging instruments | Forward currency forward contracts
Notional amount of forward exchange contracts	17,800,000		10,600,000
Fair value of derivative liability	$ 300,000		$ 100,000

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivative Instruments (Details) - Forward currency forward contracts - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 300	$ 100
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	3,642	2,024
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	28	35
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	0
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 351	$ 118

Derivatives - Schedule of the

Derivatives - Schedule of the Effect of Derivative Instruments on the Statements of Operations (Details) - Derivatives designated as hedging instruments - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives (Effective Portion)	$ 0	$ (11)
Forward currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives (Effective Portion)	$ 2,714	$ (5,218)

Derivatives - Gain (Loss) Reco

Derivatives - Gain (Loss) Recognized in Income from Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 0	$ (107)
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Forward currency forward contracts | Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	105	21
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Forward currency forward contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	991	181
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Treasury Rate Locks | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	79	79
Derivatives not designated as hedging instruments | Forward currency forward contracts | Miscellaneous other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain on Derivatives Recognized in Income	$ (535)	$ 75

Derivatives - Schedule of Fa33

Derivatives - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Forward currency forward contracts - USD ($) $ in Thousands	Dec. 30, 2017	Sep. 30, 2017
Derivative asset	$ 3,319	$ 1,941
Level 1
Derivative asset	0	0
Level 2
Derivative asset	3,319	1,941
Level 3
Derivative asset	$ 0	$ 0

Income Taxes - Narrative (Deta

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	$ 124,500
Transition Tax for Accumulated Foreign Earnings	101,800
Deferred Tax Liabilities, Undistributed Foreign Earnings	22,700
Income tax expense	$ 127,534	$ 2,847
Effective income tax rate	439.20%	9.20%
Tax Reform Effective Income Tax Rate Reconciliation, Percent	428.80%
Long-term accrued income taxes payable
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	$ 99,900
Deferred income tax liabilities
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	21,900
Other accrued liabilities
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	$ 2,700

Earnings Per Share - Reconcili

Earnings Per Share - Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net (loss) income	$ (98,493)	$ 28,179
Basic weighted average common shares outstanding (in shares)	33,567	33,534
Dilutive effect of share-based awards outstanding (in shares)	0	1,010
Diluted weighted average shares outstanding (in shares)	33,567	34,544
(Loss) earnings per share:
Basic (in dollars per share)	$ (2.93)	$ 0.84
Diluted (in dollars per share)	$ (2.93)	$ 0.82

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	1,100,000
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	0	100,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 3,900	$ 3,600
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	0
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	400,000

Reportable Segments - Reportab

Reportable Segments - Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Sep. 30, 2017
Net sales	$ 677,294	$ 635,019
Operating income (loss)	31,557	33,903
Interest expense	(3,725)	(3,274)
Interest income	1,555	1,071
Miscellaneous	(346)	(674)
Income before income taxes	29,041	31,026
Total assets	1,916,207		$ 1,976,182
Elimination of inter-segment sales
Net sales	(31,704)	(29,050)
Corporate
Operating income (loss)	(28,377)	(26,899)
Corporate and eliminations
Total assets	46,297		44,390
AMER | Operating Segments
Net sales	299,043	314,651
Operating income (loss)	10,523	14,797
Total assets	567,275		595,851
APAC | Operating Segments
Net sales	346,123	309,969
Operating income (loss)	50,532	48,240
Total assets	1,127,066		1,163,111
EMEA | Operating Segments
Net sales	63,832	39,449
Operating income (loss)	(1,121)	$ (2,235)
Total assets	$ 175,569		$ 172,830

Reportable Segments - Narrativ

Reportable Segments - Narrative (Details)	3 Months Ended
	Dec. 30, 2017segment
Segment Reporting [Abstract]
Number of reportable segments	3

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	3 Months Ended
	Dec. 30, 2017
Minimum
Product Warranty Liability [Line Items]
Product warranty specification period	12 months
Maximum
Product Warranty Liability [Line Items]
Product warranty specification period	24 months

Guarantees - Schedule of Activ

Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 4,756	$ 6,109
Accruals for warranties issued during the period	1,017	0
Settlements (in cash or in kind) during the period	(1,352)	(1,252)
Limited warranty liability, ending balance	$ 4,421	$ 4,857

Shareholders' Equity - Narrati

Shareholders' Equity - Narrative (Details) - 2017 Stock Repurchase Program - USD ($)	3 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Jun. 06, 2016
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount			$ 150,000,000
Amount repurchased (in shares)	158,466	144,729
Amount repurchased	$ 9,500,000	$ 7,100,000
Average repurchase price (in dollars per share)	$ 60.25	$ 48.79

Trade Accounts Receivable Sal43

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($)	Oct. 19, 2017	Mar. 17, 2017	Dec. 30, 2017	Dec. 31, 2016
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold			$ 162,400,000	$ 77,800,000
Cash proceeds			$ 161,500,000	$ 77,400,000
BTMU RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	$ 160,000,000
Minimum prior notice required to cancel automatic extension			10 days
HSBC RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount		$ 60,000,000