Plexus (PLXS) 10-Q 3 Aug 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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		32,234,478

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Income Statement [Abstract]
Net sales	$ 726,385	$ 618,832	$ 2,102,330	$ 1,858,200
Cost of sales	658,564	557,647	1,918,034	1,668,859
Gross profit	67,821	61,185	184,296	189,341
Selling and administrative expenses	35,375	31,716	102,978	93,398
Operating income	32,446	29,469	81,318	95,943
Other income (expense):
Interest expense	(2,910)	(3,294)	(10,182)	(9,830)
Interest income	1,068	1,299	4,049	3,555
Miscellaneous	(1,052)	(103)	(1,875)	1,147
Income before income taxes	29,552	27,371	73,310	90,815
Income tax expense	3,051	1,792	133,012	7,762
Net income (loss)	$ 26,501	$ 25,579	$ (59,702)	$ 83,053
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.81	$ 0.76	$ (1.79)	$ 2.47
Diluted (in dollars per share)	$ 0.79	$ 0.74	$ (1.79)	$ 2.40
Weighted average shares outstanding:
Basic (in shares)	32,796	33,669	33,300	33,636
Diluted (in shares)	33,651	34,568	33,300	34,585
Other comprehensive (loss) income:
Derivative instrument fair value adjustment	$ (5,023)	$ 2,991	$ (2,255)	$ 747
Foreign currency translation adjustments	(7,965)	6,367	(1,050)	(2,379)
Other comprehensive (loss) income	(12,988)	9,358	(3,305)	(1,632)
Total comprehensive income (loss)	$ 13,513	$ 34,937	$ (63,007)	$ 81,421

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 332,723	$ 568,860
Restricted cash	828	394
Accounts receivable, net of allowances of $822 and $980, respectively	379,136	365,513
Inventories	755,809	654,642
Prepaid expenses and other	31,221	28,046
Total current assets	1,499,717	1,617,455
Property, plant and equipment, net	334,528	314,665
Deferred income tax assets	5,432	5,292
Other	54,952	38,770
Total non-current assets	394,912	358,727
Total assets	1,894,629	1,976,182
Current liabilities:
Current portion of long-term debt and capital lease obligations	6,365	286,934
Accounts payable	473,374	413,999
Customer deposits	101,679	107,837
Accrued salaries and wages	57,576	49,376
Other accrued liabilities	70,278	49,445
Total current liabilities	709,272	907,591
Long-term debt and capital lease obligations, net of current portion	180,204	26,173
Long-term accrued income taxes payable	91,905	0
Deferred income tax liabilities	15,178	0
Other liabilities	15,710	16,479
Total non-current liabilities	302,997	42,652
Total liabilities	1,012,269	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, 52,451 and 51,934 shares issued, respectively, and 32,361 and 33,464 shares outstanding, respectively	525	519
Additional paid-in capital	572,559	555,297
Common stock held in treasury, at cost, 20,090 and 18,470 shares, respectively	(671,944)	(574,104)
Retained earnings	989,504	1,049,206
Accumulated other comprehensive loss	(8,284)	(4,979)
Total shareholders’ equity	882,360	1,025,939
Total liabilities and shareholders’ equity	$ 1,894,629	$ 1,976,182

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 822	$ 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)	52,451,000	51,934,000
Common stock, shares outstanding (in shares)	32,361,000	33,464,000
Treasury stock, shares (in shares)	20,090,000	18,470,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities
Net (loss) income	$ (59,702)	$ 83,053
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation	35,761	33,785
Deferred income taxes	23,106	86
Share-based compensation expense	13,206	12,485
Other, net	(117)	209
Changes in operating assets and liabilities:
Accounts receivable	(14,723)	98,404
Inventories	(102,320)	(87,824)
Other current and noncurrent assets	(21,124)	(10,731)
Accrued income taxes payable	98,552	1,105
Accounts payable	63,743	(6,414)
Customer deposits	(6,128)	(3,370)
Other current and noncurrent liabilities	11,216	1,135
Cash flows provided by operating activities	41,470	121,923
Cash flows from investing activities
Payments for property, plant and equipment	(52,077)	(24,443)
Proceeds from sales of property, plant and equipment	426	436
Cash flows used in investing activities	(51,651)	(24,007)
Cash flows from financing activities
Borrowings under debt agreements	673,052	166,087
Payments toward debt and capital lease obligations	(806,910)	(156,877)
Debt issuance costs	(729)	0
Repurchases of common stock	(97,840)	(23,856)
Proceeds from exercise of stock options	9,523	10,601
Payments related to tax withholding for share-based compensation	(5,461)	(6,141)
Cash flows used in financing activities	(228,365)	(10,186)
Effect of exchange rate changes on cash and cash equivalents	2,843	(735)
Net (decrease) increase in cash and cash equivalents and restricted cash	(235,703)	86,995
Cash and cash equivalents and restricted cash:
Beginning of period	569,254	432,964
End of period	$ 333,551	$ 519,959

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of June 30, 2018 and September 30, 2017 , and the results of operations for the three and nine months ended June 30, 2018 and July 1, 2017 , and the cash flows for the same nine 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 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 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 is expected to 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 expects to adopt Topic 606 at the beginning of fiscal year 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	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of June 30, 2018 and September 30, 2017 consisted of the following (in thousands): June 30, September 30, Raw materials $ 575,293 $ 477,921 Work-in-process 96,290 86,367 Finished goods 84,226 90,354 Total inventories $ 755,809 $ 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 June 30, 2018 and September 30, 2017 was $99.4 million and $106.2 million , respectively.

Debt, Capital Lease Obligations

Debt, Capital Lease Obligations and Other Financing	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and September 30, 2017 , consisted of the following (in thousands): June 30, September 30, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ — 4.22% Senior Notes, due June 15, 2028 50,000 — 5.20% Senior Notes, due June 15, 2018 — 175,000 Borrowings under the credit facility — 108,000 Capital lease and other financing obligations 37,882 30,901 Unamortized deferred financing fees (1,313 ) (794 ) Total obligations 186,569 313,107 Less: current portion (6,365 ) (286,934 ) Long-term debt and capital lease obligations, net of current portion $ 180,204 $ 26,173 On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025 , and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. Such covenants are generally similar to those in the Note Purchase Agreement related to the 2011 Notes (as defined below). The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the 2018 Notes is payable semiannually. At June 30, 2018 , the Company was in compliance with the covenants under the 2018 NPA. In connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its 5.20% Senior Notes (the "2011 Notes"). 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 nine months ended June 30, 2018 , the highest daily borrowing was $208.0 million ; the average daily borrowings were $72.4 million and the Company borrowed an aggregate of $521.5 million and repaid a total of $629.5 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 Agreements 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 June 30, 2018 . The fair value of the Company’s debt, excluding capital leases, was $150.6 million and $284.5 million as of June 30, 2018 and September 30, 2017 , respectively. The carrying value of the Company's debt, excluding capital leases, was $150.0 million and $283.0 million as of June 30, 2018 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	9 Months Ended
	Jun. 30, 2018
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 forecasted foreign currency obligations and, in the prior year, variable rate debt, 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. 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 $0.1 million of unrealized losses , net of tax, related to cash flow hedges will be reclassified from other comprehensive (loss) income into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous other income (expense)" in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). The Company enters into forward currency exchange contracts for its operations in Malaysia and Mexico on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $73.8 million as of June 30, 2018 , 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 less than $0.1 million liability as of June 30, 2018 and a $2.0 million asset as of September 30, 2017 . The Company had additional forward currency exchange contracts outstanding as of June 30, 2018 , with a notional value of $24.9 million ; there were $10.6 million of 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. The change in fair value is recorded as an element of "Miscellaneous other income (expense)" within the Condensed Consolidated Statements of Comprehensive Income (Loss). The total fair value of these derivatives was a $0.3 million asset as of June 30, 2018 , 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 June 30, September 30, June 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 $ 172 $ 2,024 Other accrued liabilities $ 177 $ — Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives June 30, September 30, June 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 $ 408 $ 35 Other accrued liabilities $ 143 $ 118 Derivative Impact on Accumulated Other Comprehensive (Loss) Income ("OCL") for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Gain Recognized in Other Comprehensive (Loss) Income ("OCL") on Derivatives (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts $ (2,856 ) $ 1,921 Interest rate swaps $ — $ (11 ) 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 OCL into Income (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts Cost of sales $ 1,894 $ (968 ) Forward currency forward contracts Selling and administrative expenses 207 (102 ) Treasury Rate Locks Interest expense 66 80 Interest rate swaps Interest expense — (7 ) Interest rate swaps Income tax expense $ — $ (84 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income June 30, 2018 July 1, 2017 Forward currency forward contracts Miscellaneous other income (expense) $ 717 $ (286 ) Derivative Impact on Accumulated Other Comprehensive Loss ("OCL") for the Nine Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCL on Derivatives (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts $ 3,483 $ (2,122 ) Interest rate swaps $ — $ (10 ) Derivative Impact on Gain (Loss) Recognized in Income for the Nine 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 OCL into Income (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts Cost of sales $ 4,976 $ (2,630 ) Forward currency forward contracts Selling and administrative expenses 536 (274 ) Treasury Rate Locks Interest expense 226 251 Interest rate swaps Interest expense — (142 ) Interest rate swaps Income tax expense $ — $ (84 ) Derivatives Not Designated as Hedging Instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income June 30, 2018 July 1, 2017 Forward currency forward contracts Miscellaneous other income (expense) $ (234 ) $ 1,575 There were no gains or losses recognized in income for derivatives related to ineffective portions and amounts excluded from effectiveness testing for the three or nine months ended June 30, 2018 and July 1, 2017 , respectively. 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 June 30, 2018 and September 30, 2017 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) In thousands of dollars June 30, 2018 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 260 $ — $ 260 September 30, 2017 Derivatives Forward currency forward contracts $ — $ 1,941 $ — $ 1,941 The fair value of foreign currency forward contracts is determined using a market approach, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currency and interest rate forward curves.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2018
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. The $124.5 million included $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 continues to believe 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. For the three months ended June 30, 2018 , there have been no changes in interpretations, assumptions and/or guidance that require an adjustment to the provisional tax expense the Company recorded during the three months ended December 30, 2017. As of June 30, 2018 , the Company reported outstanding liabilities of $116.4 million for Tax Reform, of which $91.9 million is recorded in "Long-term accrued income taxes payable", $14.6 million is recorded in "Deferred income tax liabilities" and $9.9 million is recorded in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheet. The total outstanding liabilities are lower than the Tax Reform expense of $124.5 million for the three months ended December 30, 2017, due to withholding taxes paid on dividends and the related foreign exchange impact during the three months ended March 31, 2018 and June 30, 2018 , which are recorded in "Miscellaneous other income (expense)" in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). Income tax expense for the three and nine months ended June 30, 2018 was $3.1 million and $133.0 million , respectively. For the nine months ended June 30, 2018 , the tax expense of $133.0 million includes $124.5 million recorded during the three months ended December 30, 2017 due to the impact of Tax Reform. Income tax expense for the three and nine months ended July 1, 2017 was $1.8 million and $7.8 million , respectively. The effective tax rates for the three and nine months ended June 30, 2018 were 10.3% and 181.4% , respectively, compared to the effective tax rates of 6.5% and 8.5% for the three and nine months ended July 1, 2017 , respectively. The effective tax rate for the three months ended June 30, 2018 increased from the effective tax rate for the three months ended July 1, 2017 , primarily due to a $1.5 million benefit related to incremental deductible expenses in the Asia-Pacific ("APAC") segment recorded in the three months ended July 1, 2017 and a decrease in pre-tax earnings in jurisdictions where the Company maintains a valuation allowance. The effective tax rate for the nine months ended June 30, 2018 increased from the effective tax rate for the nine months ended July 1, 2017 , primarily due to the impact of Tax Reform and a decrease in pre-tax earnings in jurisdictions where the Company maintains a valuation allowance. There were no material additions to the amount of unrecognized tax benefits recorded for uncertain tax positions as of June 30, 2018 , 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 and nine months ended June 30, 2018 was not material. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S. 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 June 30, 2018 , the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the Americas ("AMER") and Europe, Middle East, and Africa ("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	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and July 1, 2017 (in thousands, except per share amounts): Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, Net income (loss) $ 26,501 $ 25,579 $ (59,702 ) $ 83,053 Basic weighted average common shares outstanding 32,796 33,669 33,300 33,636 Dilutive effect of share-based awards outstanding 855 899 — 949 Diluted weighted average shares outstanding 33,651 34,568 33,300 34,585 Earnings (loss) per share: Basic $ 0.81 $ 0.76 $ (1.79 ) $ 2.47 Diluted $ 0.79 $ 0.74 $ (1.79 ) $ 2.40 For the three and nine months ended June 30, 2018 , share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive. For the nine months ended June 30, 2018 , the total number of potentially dilutive share-based awards was 0.9 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 and nine months ended July 1, 2017 , share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive. See also Note 11, "Shareholders' Equity," for information regarding the Company's share repurchase plans.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company recognized $4.8 million and $ 13.2 million of compensation expense associated with the share-based awards for the three and nine months ended June 30, 2018 , respectively, and $4.5 million and $12.5 million for the three and nine months ended July 1, 2017 , 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	9 Months Ended
	Jun. 30, 2018
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	9 Months Ended
	Jun. 30, 2018
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, such as the one-time employee bonus. 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 June 30, 2018 and July 1, 2017 , respectively, is as follows (in thousands): Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, Net sales: AMER $ 298,375 $ 265,173 $ 899,253 $ 851,888 APAC 383,785 325,986 1,080,283 945,713 EMEA 74,331 53,126 212,105 137,550 Elimination of inter-segment sales (30,106 ) (25,453 ) (89,311 ) (76,951 ) $ 726,385 $ 618,832 $ 2,102,330 $ 1,858,200 Operating income (loss): AMER $ 6,799 $ 7,392 $ 28,025 $ 30,418 APAC 55,274 49,811 154,977 148,535 EMEA 1,837 (768 ) 1,105 (4,224 ) Corporate and other costs (31,464 ) (26,966 ) (102,789 ) (78,786 ) $ 32,446 $ 29,469 $ 81,318 $ 95,943 Other income (expense): Interest expense (2,910 ) (3,294 ) (10,182 ) (9,830 ) Interest income 1,068 1,299 4,049 3,555 Miscellaneous (1,052 ) (103 ) (1,875 ) 1,147 Income before income taxes $ 29,552 $ 27,371 $ 73,310 $ 90,815 June 30, September 30, Total assets: AMER $ 586,716 $ 595,851 APAC 952,274 1,163,111 EMEA 190,106 172,830 Corporate and eliminations 165,533 44,390 $ 1,894,629 $ 1,976,182

Guarantees

Guarantees	9 Months Ended
	Jun. 30, 2018
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 nine months ended June 30, 2018 and July 1, 2017 (in thousands): Nine Months Ended June 30, July 1, Reserve balance, beginning of period $ 4,756 $ 6,109 Accruals for warranties issued during the period 3,660 890 Settlements (in cash or in kind) during the period (2,136 ) (2,074 ) Reserve balance, end of period $ 6,280 $ 4,925

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jun. 30, 2018
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 (the "2016 Share Repurchase Plan"). During the three months ended June 30, 2018 , the Company repurchased 947,685 shares for approximately $56.7 million , at an average price of $59.81 per share. During the nine months ended June 30, 2018 , the company repurchased 1,619,094 shares for approximately $97.8 million at an average price of $60.43 per share. During the three months ended July 1, 2017 , the Company repurchased 189,891 shares for approximately $10.0 million , at an average price of $52.40 per share. During the nine months ended July 1, 2017 , the company repurchased 457,702 shares for approximately $23.9 million at an average price of $52.12 per share. All of the purchases under the 2016 Share Repurchase Plan were recorded as treasury stock. As of June 30, 2018, $18.0 million of authority remained under the 2016 Share Repurchase Plan. On February 14, 2018, the Board of Directors approved a new stock repurchase plan under which the Company is authorized to repurchase $200.0 million of its common stock commencing upon completion of the 2016 Share Repurchase Plan (the "2018 Share Repurchase Plan"). No purchases have yet been made under the 2018 Share Repurchase Plan.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	9 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Trade Accounts Receivable Sale Programs	Trade Accounts Receivable Sale Programs The Company has Master Accounts Receivable Purchase Agreements with MUFG Bank, New York Branch, formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the "MUFG RPA"), and HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA"), under which the Company may elect to sell receivables, at a discount, on an ongoing basis. The MUFG RPA was amended on May 4, 2018, to, among other changes, increase the maximum facility amounts from $160.0 million to $210.0 million . The maximum facility amount under the HSBC RPA as of June 30, 2018 is $60.0 million . The MUFG 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 MUFG RPA discussed above. The Company previously sold receivables under a former trade accounts receivable sale program that expired during the first fiscal quarter of 2017. 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 (Loss) in the period of the sale. The Company sold $199.1 million and $115.3 million of trade accounts receivable under these programs during the three months ended June 30, 2018 and July 1, 2017 , respectively, in exchange for cash proceeds of $197.8 million and $114.6 million , respectively. The Company sold $497.4 million and $284.6 million of trade accounts receivable during the nine months ended June 30, 2018 and July 1, 2017 , respectively, in exchange for cash proceeds of $494.4 million and $283.1 million , respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On July 27, 2018, subsequent to the end of the fiscal third quarter of 2018, the Company purchased the assets of one of the business lines of Cascade Controls, Inc. ("Cascade"), a new product introduction company in Portland, Oregon, for $12.5 million in cash, subject to certain customary post-closing adjustments. Plexus acquired substantially all of the inventory, equipment and other assets of the business line, hired a majority of its employees and sub-leased one of Cascade's facilities. This transaction will be accounted for as a business combination.

Basis of Presentation (Policie

Basis of Presentation (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the consolidated financial position of the Company as of June 30, 2018 and September 30, 2017 , and the results of operations for the three and nine months ended June 30, 2018 and July 1, 2017 , and the cash flows for the same nine 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 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 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 is expected to 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 expects to adopt Topic 606 at the beginning of fiscal year 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)	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of June 30, 2018 and September 30, 2017 consisted of the following (in thousands): June 30, September 30, Raw materials $ 575,293 $ 477,921 Work-in-process 96,290 86,367 Finished goods 84,226 90,354 Total inventories $ 755,809 $ 654,642

Debt, Capital Lease Obligatio21

Debt, Capital Lease Obligations and Other Financing (Tables)	9 Months Ended
	Jun. 30, 2018
Debt and Capital Lease Obligations [Abstract]
Schedule of Debt and Capital Lease Obligations	Debt, capital lease and other obligations as of June 30, 2018 and September 30, 2017 , consisted of the following (in thousands): June 30, September 30, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ — 4.22% Senior Notes, due June 15, 2028 50,000 — 5.20% Senior Notes, due June 15, 2018 — 175,000 Borrowings under the credit facility — 108,000 Capital lease and other financing obligations 37,882 30,901 Unamortized deferred financing fees (1,313 ) (794 ) Total obligations 186,569 313,107 Less: current portion (6,365 ) (286,934 ) Long-term debt and capital lease obligations, net of current portion $ 180,204 $ 26,173

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Jun. 30, 2018
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 June 30, September 30, June 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 $ 172 $ 2,024 Other accrued liabilities $ 177 $ — Fair Values of Derivative Instruments In thousands of dollars Asset Derivatives Liability Derivatives June 30, September 30, June 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 $ 408 $ 35 Other accrued liabilities $ 143 $ 118
Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss)	Derivative Impact on Accumulated Other Comprehensive Loss ("OCL") for the Nine Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCL on Derivatives (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts $ 3,483 $ (2,122 ) Interest rate swaps $ — $ (10 ) Derivative Impact on Accumulated Other Comprehensive (Loss) Income ("OCL") for the Three Months Ended In thousands of dollars Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Gain Recognized in Other Comprehensive (Loss) Income ("OCL") on Derivatives (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts $ (2,856 ) $ 1,921 Interest rate swaps $ — $ (11 )
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 OCL into Income (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts Cost of sales $ 1,894 $ (968 ) Forward currency forward contracts Selling and administrative expenses 207 (102 ) Treasury Rate Locks Interest expense 66 80 Interest rate swaps Interest expense — (7 ) Interest rate swaps Income tax expense $ — $ (84 ) Derivative Impact on Gain (Loss) Recognized in Income for the Nine 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 OCL into Income (Effective Portion) June 30, 2018 July 1, 2017 Forward currency forward contracts Cost of sales $ 4,976 $ (2,630 ) Forward currency forward contracts Selling and administrative expenses 536 (274 ) Treasury Rate Locks Interest expense 226 251 Interest rate swaps Interest expense — (142 ) Interest rate swaps Income tax expense $ — $ (84 )
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 June 30, 2018 July 1, 2017 Forward currency forward contracts Miscellaneous other income (expense) $ (234 ) $ 1,575 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income June 30, 2018 July 1, 2017 Forward currency forward contracts Miscellaneous other income (expense) $ 717 $ (286 )
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 June 30, 2018 and September 30, 2017 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) In thousands of dollars June 30, 2018 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 260 $ — $ 260 September 30, 2017 Derivatives Forward currency forward contracts $ — $ 1,941 $ — $ 1,941

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and nine months ended June 30, 2018 and July 1, 2017 (in thousands, except per share amounts): Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, Net income (loss) $ 26,501 $ 25,579 $ (59,702 ) $ 83,053 Basic weighted average common shares outstanding 32,796 33,669 33,300 33,636 Dilutive effect of share-based awards outstanding 855 899 — 949 Diluted weighted average shares outstanding 33,651 34,568 33,300 34,585 Earnings (loss) per share: Basic $ 0.81 $ 0.76 $ (1.79 ) $ 2.47 Diluted $ 0.79 $ 0.74 $ (1.79 ) $ 2.40

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Three Months Ended Nine Months Ended June 30, July 1, June 30, July 1, Net sales: AMER $ 298,375 $ 265,173 $ 899,253 $ 851,888 APAC 383,785 325,986 1,080,283 945,713 EMEA 74,331 53,126 212,105 137,550 Elimination of inter-segment sales (30,106 ) (25,453 ) (89,311 ) (76,951 ) $ 726,385 $ 618,832 $ 2,102,330 $ 1,858,200 Operating income (loss): AMER $ 6,799 $ 7,392 $ 28,025 $ 30,418 APAC 55,274 49,811 154,977 148,535 EMEA 1,837 (768 ) 1,105 (4,224 ) Corporate and other costs (31,464 ) (26,966 ) (102,789 ) (78,786 ) $ 32,446 $ 29,469 $ 81,318 $ 95,943 Other income (expense): Interest expense (2,910 ) (3,294 ) (10,182 ) (9,830 ) Interest income 1,068 1,299 4,049 3,555 Miscellaneous (1,052 ) (103 ) (1,875 ) 1,147 Income before income taxes $ 29,552 $ 27,371 $ 73,310 $ 90,815 June 30, September 30, Total assets: AMER $ 586,716 $ 595,851 APAC 952,274 1,163,111 EMEA 190,106 172,830 Corporate and eliminations 165,533 44,390 $ 1,894,629 $ 1,976,182

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Jun. 30, 2018
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 nine months ended June 30, 2018 and July 1, 2017 (in thousands): Nine Months Ended June 30, July 1, Reserve balance, beginning of period $ 4,756 $ 6,109 Accruals for warranties issued during the period 3,660 890 Settlements (in cash or in kind) during the period (2,136 ) (2,074 ) Reserve balance, end of period $ 6,280 $ 4,925

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 575,293	$ 477,921
Work-in-process	96,290	86,367
Finished goods	84,226	90,354
Total inventories	$ 755,809	$ 654,642

Inventories - Narrative (Detai

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Inventory [Line Items]
Customer deposits	$ 101,679	$ 107,837
Inventory
Inventory [Line Items]
Customer deposits	$ 99,400	$ 106,200

Debt, Capital Lease Obligatio28

Debt, Capital Lease Obligations and Other Financing - Schedule of Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000	$ 283,000
Capital lease and other financing obligations	37,882	30,901
Unamortized deferred financing fees	(1,313)	(794)
Total obligations	186,569	313,107
Less: current portion	(6,365)	(286,934)
Long-term debt and capital lease obligations, net of current portion	180,204	26,173
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	150,000
Senior Notes | 4.05% Senior Notes, due June 15, 2025
Debt Instrument [Line Items]
Long-term debt, gross	100,000
Senior Notes | 4.22% Senior Notes, due June 15, 2028
Debt Instrument [Line Items]
Long-term debt, gross	50,000
Senior Notes | 5.20% Senior Notes, due June 15, 2018
Debt Instrument [Line Items]
Long-term debt, gross		175,000
Line of Credit | Borrowings under the credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 108,000

Debt, Capital Lease Obligatio29

Debt, Capital Lease Obligations and Other Financing - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 15, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Amount of debt outstanding	$ 150,000,000	$ 150,000,000		$ 283,000,000
Debt, Fair Value	150,600,000	150,600,000		284,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum commitment	300,000,000	300,000,000
Amount credit facility may be further increased	$ 500,000,000	500,000,000
Highest daily borrowings		208,000,000
Average daily borrowings		72,400,000
Annual commitment fee	0.175%
Senior Notes
Debt Instrument [Line Items]
Amount of debt outstanding	$ 150,000,000	150,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Amount of debt outstanding	0	0		108,000,000
Amount borrowed		521,500,000
Amount repaid		629,500,000
4.05% Senior Notes, due June 15, 2025 | Senior Notes
Debt Instrument [Line Items]
Amount of debt outstanding	$ 100,000,000	$ 100,000,000
Interest rate	4.05%	4.05%
4.22% Senior Notes, due June 15, 2028 | Senior Notes
Debt Instrument [Line Items]
Amount of debt outstanding	$ 50,000,000	$ 50,000,000
Interest rate	4.22%	4.22%
5.20% Senior Notes, due June 15, 2018 | Senior Notes
Debt Instrument [Line Items]
Amount of debt outstanding				$ 175,000,000
Interest rate			5.20%	5.20%
Repayments of Debt	$ 175,000,000

Derivatives - Narrative (Detai

Derivatives - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Sep. 30, 2017
Estimated unrealized gains (losses), net of tax, expected to be reclassified in next 12 months			$ (100,000)
Gains (losses) recognized in income for derivatives related to ineffective portions and amounts excluded from effectiveness testing	$ 0	$ 0	0	$ 0
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Forward currency forward contracts
Notional amount of forward exchange contracts	73,800,000		73,800,000		$ 67,000,000
Fair value of derivative asset					2,000,000
Fair value of derivative liability	100,000		100,000
Derivatives not designated as hedging instruments | Forward currency forward contracts
Notional amount of forward exchange contracts	24,900,000		24,900,000		10,600,000
Fair value of derivative asset	$ 300,000		$ 300,000
Fair value of derivative liability					$ 100,000

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivative Instruments (Details) - Forward currency forward contracts - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 300
Liability Derivatives		$ 100
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	172	2,024
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	408	35
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives	177	0
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 143	$ 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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Forward currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Other Comprehensive (Loss) Income (OCL) on Derivatives (Effective Portion)	$ (2,856)	$ 1,921	$ 3,483	$ (2,122)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Recognized in Other Comprehensive (Loss) Income (OCL) on Derivatives (Effective Portion)	$ 0	$ (11)	$ 0	$ (10)

Derivatives - Gain (Loss) Reco

Derivatives - Gain (Loss) Recognized in Income from Derivatives (Details) - Derivatives designated as hedging instruments - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Forward currency forward contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)	$ 1,894	$ (968)	$ 4,976	$ (2,630)
Forward currency forward contracts | Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)	207	(102)	536	(274)
Treasury Rate Locks | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)	66	80	226	251
Interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)	0	(7)	0	(142)
Interest rate swaps | Income tax expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCL into Income (Effective Portion)	$ 0	$ (84)	$ 0	$ (84)

Derivatives - Gain (Loss) on D

Derivatives - Gain (Loss) on Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Derivatives not designated as hedging instruments | Forward currency forward contracts | Miscellaneous other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 717	$ (286)	$ (234)	$ 1,575

Derivatives - Schedule of Fa35

Derivatives - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Forward currency forward contracts - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Derivative asset	$ 260	$ 1,941
Level 1
Derivative asset	0	0
Level 2
Derivative asset	260	1,941
Level 3
Derivative asset	$ 0	$ 0

Income Taxes - Narrative (Deta

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
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
Liabilities due to U.S. Tax Reform	$ 116,400			$ 116,400
Income tax expense	$ 3,051		$ 1,792	$ 133,012	$ 7,762
Effective income tax rate	10.30%		6.50%	181.40%	8.50%
Other Tax Expense (Benefit)			$ 1,500
Long-term accrued income taxes payable
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	$ 91,900
Deferred income tax liabilities
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	14,600
Other accrued liabilities
Tax Cuts and Jobs Act of 2017 [Line Items]
Tax Reform Income Tax Expense	$ 9,900

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		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Earnings Per Share [Abstract]
Net income (loss)	$ 26,501	$ 25,579	$ (59,702)	$ 83,053
Basic weighted average common shares outstanding (in shares)	32,796	33,669	33,300	33,636
Dilutive effect of share-based awards outstanding (in shares)	855	899	0	949
Diluted weighted average shares outstanding (in shares)	33,651	34,568	33,300	34,585
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.81	$ 0.76	$ (1.79)	$ 2.47
Diluted (in dollars per share)	$ 0.79	$ 0.74	$ (1.79)	$ 2.40

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)			0.9
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)	0.1	0.1	0.1	0.1

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 4,800	$ 4,500	$ 13,200	$ 12,500
Performance Shares [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	0		0
Performance Shares [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	400,000		400,000

Reportable Segments - Reportab

Reportable Segments - Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Sep. 30, 2017
Net sales	$ 726,385	$ 618,832	$ 2,102,330	$ 1,858,200
Operating income (loss)	32,446	29,469	81,318	95,943
Interest expense	(2,910)	(3,294)	(10,182)	(9,830)
Interest income	1,068	1,299	4,049	3,555
Miscellaneous	(1,052)	(103)	(1,875)	1,147
Income before income taxes	29,552	27,371	73,310	90,815
Total assets	1,894,629		1,894,629		$ 1,976,182
Elimination of inter-segment sales
Net sales	(30,106)	(25,453)	(89,311)	(76,951)
Corporate
Operating income (loss)	(31,464)	(26,966)	(102,789)	(78,786)
Corporate and eliminations
Total assets	165,533		165,533		44,390
AMER | Operating Segments
Net sales	298,375	265,173	899,253	851,888
Operating income (loss)	6,799	7,392	28,025	30,418
Total assets	586,716		586,716		595,851
APAC | Operating Segments
Net sales	383,785	325,986	1,080,283	945,713
Operating income (loss)	55,274	49,811	154,977	148,535
Total assets	952,274		952,274		1,163,111
EMEA | Operating Segments
Net sales	74,331	53,126	212,105	137,550
Operating income (loss)	1,837	$ (768)	1,105	$ (4,224)
Total assets	$ 190,106		$ 190,106		$ 172,830

Reportable Segments - Narrativ

Reportable Segments - Narrative (Details)	9 Months Ended
	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	3

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	9 Months Ended
	Jun. 30, 2018
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	9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 4,756	$ 6,109
Accruals for warranties issued during the period	3,660	890
Settlements (in cash or in kind) during the period	(2,136)	(2,074)
Limited warranty liability, ending balance	$ 6,280	$ 4,925

Shareholders' Equity - Narrati

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Feb. 14, 2018	Jun. 06, 2016
2016 Stock Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount						$ 150
Amount repurchased (in shares)	947,685	189,891	1,619,094	457,702
Amount repurchased	$ 56.7	$ 10	$ 97.8	$ 23.9
Average repurchase price (in dollars per share)	$ 59.81	$ 52.40	$ 60.43	$ 52.12
Remaining Authorized Repurchase Amount	$ 18		$ 18
2018 Stock Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount					$ 200

Trade Accounts Receivable Sal45

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands	May 04, 2018	Oct. 19, 2017	Mar. 17, 2017	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade Accounts Receivables Sold				$ 199,100	$ 115,300	$ 497,400	$ 284,600
Cash Proceeds Received from Trade Accounts Receivable Sold				$ 197,800	$ 114,600	$ 494,400	$ 283,100
MUFG RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	$ 210,000	$ 160,000
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

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jul. 27, 2018USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash paid for business acquisition	$ 12.5