Plexus (PLXS) 10-Q 7 Feb 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 04, 2020	Feb. 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 4, 2020
Document Transition Report	false
Entity File Number	001-14423
Entity Registrant Name	PLEXUS CORP.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1344447
Entity Address, Address Line One	One Plexus Way
Entity Address, City or Town	Neenah
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54957
City Area Code	920
Local Phone Number	969-6000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLXS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,355,176
Entity Central Index Key	0000785786
Current Fiscal Year End Date	--10-03
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Income Statement [Abstract]
Net sales	$ 852,409	$ 765,544
Cost of sales	773,219	693,161
Gross profit	79,190	72,383
Selling and administrative expenses	39,256	35,432
Operating income	39,934	36,951
Other income (expense):
Interest expense	(4,132)	(2,249)
Interest income	645	525
Miscellaneous, net	(2,173)	(1,112)
Income before income taxes	34,274	34,115
Income tax expense	3,268	11,889
Net income	$ 31,006	$ 22,226
Earnings per share:
Basic (in dollars per share)	$ 1.06	$ 0.71
Diluted (in dollars per share)	$ 1.03	$ 0.69
Weighted average shares outstanding:
Basic (in shares)	29,147	31,403
Diluted (in shares)	30,065	32,286
Other comprehensive income (loss) :
Derivative instrument fair value adjustment	$ 2,223	$ 378
Foreign currency translation adjustments	5,204	(1,871)
Other comprehensive income (loss)	7,427	(1,493)
Total comprehensive income	$ 38,433	$ 20,733

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Current assets:
Cash and cash equivalents	$ 252,914	$ 223,761
Restricted cash	2,208	2,493
Accounts receivable, net of allowances of $1,194 and $1,537, respectively	461,705	488,284
Contract assets	107,040	90,841
Inventories, net	735,803	700,938
Prepaid expenses and other	33,719	31,974
Total current assets	1,593,389	1,538,291
Property, plant and equipment, net	387,509	384,224
Operating lease right-of-use assets	79,318	0
Deferred income taxes	14,127	13,654
Other assets	35,761	64,714
Total non-current assets	516,715	462,592
Total assets	2,110,104	2,000,883
Current liabilities:
Current portion of long-term debt and finance lease obligations	67,847	100,702
Accounts payable	515,484	444,944
Customer deposits	137,014	139,841
Accrued salaries and wages	52,527	73,555
Other accrued liabilities	116,979	106,461
Total current liabilities	889,851	865,503
Long-term debt and finance lease obligations, net of current portion	186,827	187,278
Long-term accrued income taxes payable	59,572	59,572
Long-term operating lease liabilities	41,764	0
Deferred income taxes payable	6,463	5,305
Other liabilities	17,255	17,649
Total non-current liabilities	311,881	269,804
Total liabilities	1,201,732	1,135,307
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, 53,226 and 52,917 shares issued, respectively, and 29,222 and 29,004 shares outstanding, respectively	532	529
Additional paid-in capital	609,168	597,401
Common stock held in treasury, at cost, 24,004 and 23,913 shares, respectively	(899,577)	(893,247)
Retained earnings	1,208,606	1,178,677
Accumulated other comprehensive loss	(10,357)	(17,784)
Total shareholders’ equity	908,372	865,576
Total liabilities and shareholders’ equity	$ 2,110,104	$ 2,000,883

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,194	$ 1,537
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)	53,226,000	52,917,000
Common stock, shares outstanding (in shares)	29,222,000	29,004,000
Treasury stock, shares (in shares)	24,004,000	23,913,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands		Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Accumulated other comprehensive (loss) income
Cumulative effect adjustment for adoption of new accounting pronouncement	[1]					$ 7,815
Beginning of period (in shares) at Sep. 29, 2018			31,838,000
Exercise of stock options and vesting of other stock awards (in shares)			24,000
Treasury shares purchased (in shares)			(870,000)
End of period (in shares) at Dec. 29, 2018			30,992,000
Beginning of period at Sep. 29, 2018		$ 921,143	$ 526	$ 581,488	$ (711,138)	1,062,246	$ (11,979)
Exercise of stock options and vesting of other stock awards			0
Stock-based compensation expense				4,753
Exercise of stock options and vesting of other stock awards, including tax benefits				770
Treasury shares purchased					(50,051)
Net income		22,226				22,226
Other comprehensive income (loss)		(1,493)					(1,493)
End of period at Dec. 29, 2018		$ 905,163	$ 526	587,011	(761,189)	1,092,287	(13,472)
Cumulative effect adjustment for adoption of new accounting pronouncement	[1]					(1,077)
Beginning of period (in shares) at Sep. 28, 2019		29,004,000	29,004,000
Exercise of stock options and vesting of other stock awards (in shares)			309,000
Treasury shares purchased (in shares)			(91,000)
End of period (in shares) at Jan. 04, 2020		29,222,000	29,222,000
Beginning of period at Sep. 28, 2019		$ 865,576	$ 529	597,401	(893,247)	1,178,677	(17,784)
Exercise of stock options and vesting of other stock awards			3
Stock-based compensation expense				5,046
Exercise of stock options and vesting of other stock awards, including tax benefits				6,721
Treasury shares purchased					(6,330)
Net income		31,006				31,006
Other comprehensive income (loss)		7,427					7,427
End of period at Jan. 04, 2020		$ 908,372	$ 532	$ 609,168	$ (899,577)	$ 1,208,606	$ (10,357)
[1]	See Note 1, "Basis of Presentation," for a discussion of recently adopted accounting pronouncements.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Cash flows from operating activities
Net income	$ 31,006	$ 22,226
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	13,965	12,574
Deferred income taxes	1,666	943
Share-based compensation expense	5,046	4,753
Other, net	57	51
Changes in operating assets and liabilities, excluding impacts of acquisition:
Accounts receivable	28,746	(34,240)
Contract assets	(15,864)	(6,339)
Inventories	(31,626)	(74,344)
Other current and noncurrent assets	(2,829)	(2,221)
Accrued income taxes payable	(2,898)	10,811
Accounts payable	64,965	7,928
Customer deposits	(3,382)	22,050
Other current and noncurrent liabilities	(14,140)	2,467
Cash flows provided by (used in) operating activities	74,712	(33,341)
Cash flows from investing activities
Payments for property, plant and equipment	(13,675)	(24,903)
Proceeds from sales of property, plant and equipment	283	49
Business acquisition	0	1,180
Cash flows used in investing activities	(13,392)	(23,674)
Cash flows from financing activities
Borrowings under debt agreements	157,020	231,500
Payments on debt and finance lease obligations	190,470	229,469
Repurchases of common stock	(6,330)	(50,051)
Proceeds from exercise of stock options	9,850	796
Payments related to tax withholding for share-based compensation	(3,126)	(26)
Cash flows used in financing activities	(33,056)	(47,250)
Effect of exchange rate changes on cash and cash equivalents	604	(548)
Net increase (decrease) in cash and cash equivalents and restricted cash	28,868	(104,813)
Cash and cash equivalents and restricted cash:
Beginning of period	226,254	297,686
End of period	$ 255,122	$ 192,873

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jan. 04, 2020
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 January 4, 2020 and September 28, 2019 , the results of operations and shareholders' equity for the three months ended January 4, 2020 and December 29, 2018 , 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. Fiscal 2020 includes 53 weeks; therefore, the first quarter of fiscal 2020 included 14 weeks while all other 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 2019 Annual Report on Form 10-K. Recently Adopted Accounting Pronouncements: 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"). On September 30, 2018, the Company adopted and applied Topic 606 to all contracts using the modified retrospective method of adoption. Upon adoption, the Company recognized an increase to its fiscal 2019 beginning Retained earnings balance of $7.8 million . In February 2016, the FASB issued ASU 2016-02 (“Topic 842”), which is intended to improve financial reporting of lease transactions by requiring lessees to recognize most leases as a right-of-use (“ROU”) asset and lease liability on their balance sheets for the rights and obligations created by leases, 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. ASU 2016-02 also requires disclosures regarding the amount, timing and judgments related to accounting for an entity’s leases and related cash flows. On September 29, 2019, the Company adopted Topic 842 using the modified retrospective method of adoption, which allows financial information for comparative periods prior to adoption not to be updated. The Company recognized right-of-use assets and operating lease liabilities on its Consolidated Balance Sheets, but the standard did not have a material impact on its Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. ASC 842 provides optional practical expedients to assist with transition to the new standard. Management elected the package of practical expedients offered, which allows entities to not reassess: (i) whether any contracts prior to the adoption date are or contain leases, (ii) lease classification, and (iii) whether capitalized initial direct costs continue to meet the definition of initial direct costs under the new guidance. For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and nonlease components. Refer to Note 7, "Leases," for further information. In August 2017, 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. The Company adopted this guidance during the first quarter of fiscal 2020 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: In June 2016, the FASB issued ASU 2016-13, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and required consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Consolidated Financial Statements. The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.

Inventories

Inventories	3 Months Ended
	Jan. 04, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of January 4, 2020 and September 28, 2019 consisted of the following (in thousands): January 4, September 28, Raw materials $ 599,624 $ 577,545 Work-in-process 51,732 49,315 Finished goods 84,447 74,078 Total inventories, net $ 735,803 $ 700,938 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 January 4, 2020 and September 28, 2019 was $134.0 million and $136.5 million

Debt, Finance Lease Obligations

Debt, Finance Lease Obligations and Other Financing	3 Months Ended
	Jan. 04, 2020
Debt Disclosure [Abstract]
Debt, Finance Lease Obligations and Other Financing	Debt, Finance Lease Obligations and Other Financing Debt, finance lease obligations and other financing as of January 4, 2020 and September 28, 2019 consisted of the following (in thousands): January 4, September 28, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ 100,000 4.22% Senior Notes, due June 15, 2028 50,000 50,000 Borrowings under the credit facility 62,000 95,000 Finance lease and other financing obligations 44,114 44,492 Unamortized deferred financing fees (1,440 ) (1,512 ) Total obligations 254,674 287,980 Less: current portion (67,847 ) (100,702 ) Long-term debt and finance lease obligations, net of current portion $ 186,827 $ 187,278 On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the 2018 Notes is payable semiannually. As of January 4, 2020 , the Company was in compliance with the covenants under the 2018 NPA. On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the "Prior Credit Facility") by entering into a new 5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024 . The maximum commitment under the Credit Facility may be further increased to $600.0 million , generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the three months ended January 4, 2020 , the highest daily borrowing was $164.5 million ; the average daily borrowings were $128.1 million . The Company borrowed $156.5 million and repaid $189.5 million of revolving borrowings under the Credit Facility during the three months ended January 4, 2020 . As of January 4, 2020 , the Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of January 4, 2020 . The fair value of the Company’s debt, excluding finance leases, was $219.4 million and $252.3 million as of January 4, 2020 and September 28, 2019 , respectively. The carrying value of the Company's debt, excluding finance leases, was $212.0 million and $245.0 million as of January 4, 2020 and September 28, 2019 , 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
	Jan. 04, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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, in addition to non-designated hedges to manage foreign currency exposures associated with certain foreign currency denominated assets and liabilities. The Company does not enter into derivatives for speculative purposes. The Company designates some foreign currency exchange contracts as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives that qualify as cash flow hedges are recorded in "Accumulated other comprehensive loss" in the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates that $1.6 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, net" 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 $79.8 million as of January 4, 2020 , and $80.0 million as of September 28, 2019 . 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 $1.6 million asset as of January 4, 2020 , and a $0.6 million liability as of September 28, 2019 . The Company had additional forward currency exchange contracts outstanding as of January 4, 2020 , with a notional value of $17.2 million ; there were $34.4 million such contracts outstanding as of September 28, 2019 . The Company did not designate these derivative instruments as hedging instruments. The net settlement amount (fair value) related to these contracts is recorded on the Condensed Consolidated Balance Sheets as either a current or long-term asset or liability, depending on the term, and as an element of "Miscellaneous, net." The total fair value of these derivatives was a $0.1 million asset as of January 4, 2020 , and a $0.9 million asset as of September 28, 2019 . 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) Derivative Assets Derivative Liabilities January 4, September 28, January 4, September 28, 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 $ 1,581 $ 156 Other accrued liabilities $ — $ 798 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities January 4, September 28, January 4, September 28, 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 $ 81 $ 912 Other accrued liabilities $ 72 $ 54 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) ("OCL") (in thousands) for the Three Months Ended Derivatives in Cash Flow Hedging Relationships Amount of Income (Loss) Recognized in OCL on Derivatives January 4, 2020 December 29, 2018 Forward currency forward contracts $ 2,185 $ (388 ) Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in Cash Flow Hedging Relationships Classification of Loss Reclassified from Accumulated OCL into Income Amount of Loss Reclassified from Accumulated OCL into Income January 4, 2020 December 29, 2018 Forward currency forward contracts Cost of sales $ (27 ) $ (684 ) Forward currency forward contracts Selling and administrative expenses $ (11 ) $ (82 ) Derivatives Not Designated as Hedging Instruments Location of Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income January 4, 2020 December 29, 2018 Forward currency forward contracts Miscellaneous, net $ (410 ) $ 787 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 liabilities of the Company’s derivatives as of January 4, 2020 and September 28, 2019 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) January 4, 2020 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 1,590 $ — $ 1,590 September 28, 2019 Derivatives Forward currency forward contracts $ — $ 216 $ — $ 216 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	3 Months Ended
	Jan. 04, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for the three months ended January 4, 2020 was $3.3 million compared to $11.9 million for the three months ended December 29, 2018 . The effective tax rates for the three months ended January 4, 2020 and December 29, 2018 were 9.5% and 34.9% , respectively. The effective tax rate for the three months ended January 4, 2020 decreased from the effective tax rate for the three months ended December 29, 2018 , primarily due to the additional impact of the U.S. Tax Cuts & Jobs Act of $7.0 million recorded during the three months ended December 29, 2018. The Company also recorded a $1.9 million benefit related to guidance issued by the U.S. Department of the Treasury regarding foreign tax credits partially offset by $1.1 million of special tax items during the three months ended January 4, 2020. There were no material additions to the amount of unrecognized tax benefits recorded for uncertain tax positions as of January 4, 2020. 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 January 4, 2020 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. The Company is under audit in various foreign jurisdictions but settlement is not expected to have a material impact. 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 January 4, 2020 , the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA segment and a partial valuation against its net deferred tax assets in certain jurisdictions within the AMER segment, 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
	Jan. 04, 2020
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 January 4, 2020 and December 29, 2018 (in thousands, except per share amounts): Three Months Ended January 4, December 29, Net income $ 31,006 $ 22,226 Basic weighted average common shares outstanding 29,147 31,403 Dilutive effect of share-based awards and options outstanding 918 883 Diluted weighted average shares outstanding 30,065 32,286 Earnings per share: Basic $ 1.06 $ 0.71 Diluted $ 1.03 $ 0.69 For the three months ended January 4, 2020 there were no antidilutive awards. For the three months ended December 29, 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. See also Note 12, "Shareholders' Equity," for information regarding the Company's share repurchase plans.

Leases

Leases	3 Months Ended
	Jan. 04, 2020
Leases [Abstract]
Leases	Leases The Company’s lease portfolio includes both real estate and non-real estate type leases which are accounted for as either finance or operating leases. Real estate leases generally include office, warehouse and manufacturing facilities and non-real estate leases generally include office equipment and vehicles. The Company determines if a contract is or contains a lease at inception. The Company’s leases have remaining lease terms of less than 1 year to 41 years. Renewal options that are deemed reasonably certain are included as part of the lease term for purposes of calculating the right-of-use (“ROU”) assets and lease liability. Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. The Company elected the practical expedient to not separate lease and nonlease components, as such non-lease components are included in the calculation of the ROU asset and lease liability and included in the lease expense over the term of the lease. The Company uses a discount rate to calculate the ROU asset and lease liability. When the implicit rate is known or provided in the lease documents, the Company is required to use this rate. In cases in which the implicit rate is not known, the Company uses an estimated incremental borrowing rate. Operating lease ROU assets and lease liabilities are recorded on the date the Company takes possession of the leased assets with expense recognized on a straight-line basis over the lease term. Leases with an estimated total term of 12 months or less are not recorded on the balance sheet and the lease expense is recognized on a straight-line basis over the lease term. Generally, the Company's lease agreements do not contain material residual value guarantees or material restrictive covenants. Upon adoption of ASU 2016-02, the Company recorded $45.5 million of right-of-use assets and lease liabilities, related to its existing operating lease portfolio. The Company also reclassified amounts previously held on the balance sheet to right-of-use assets and lease liabilities upon adoption due to existing arrangements subject to the new standard, including $30.2 million of prepaid leases in other non-current assets. The accounting for the Company’s finance leases remained substantially unchanged. In addition, the company recognized a $1.1 million reduction to retained earnings as a result of two existing build-to-suit arrangements for the facilities in Guadalajara, Mexico that were reassessed to be finance leases under the new standard. The adoption of this new standard did not have a material impact on the Condensed Consolidated Statements of Cash Flows or Condensed Consolidated Statements of Comprehensive Income. As a result of the adoption, the following adjustments were made to the opening balances of the Company's Condensed Consolidated Balance Sheets (in thousands): September 28, 2019 Impacts due to adoption of Topic 842 September 29, 2019 ASSETS Prepaid expenses and other $ 31,974 $ (170 ) $ 31,804 Operating right-of-use assets — 75,790 75,790 Property, plant and equipment, net 384,224 (1,833 ) 382,391 Deferred income taxes 13,654 432 14,086 Other non-current assets 64,714 (30,193 ) 34,521 LIABILITIES AND SHAREHOLDERS' EQUITY Other accrued liabilities $ 106,461 $ 7,939 $ 114,400 Long-term debt and finance lease obligations, net of current portion 187,278 (207 ) 187,071 Long-term operating lease liabilities — 37,371 37,371 Retained earnings 1,178,677 (1,077 ) 1,177,600 The components of lease expense for three months ended January 4, 2020 were as follows (in thousands): Three Months Ended January 4, 2020 Finance lease expense: Amortization of right-of-use assets $ 1,194 Interest on lease liabilities 1,291 Operating lease expense 3,181 Other lease expense 120 Total $ 5,786 Based on the nature of the ROU asset, amortization of finance right-of-use assets, operating lease expense and other lease expense are recorded within either cost of goods sold or selling and administrative expenses and interest on finance lease liabilities is recorded within interest expense on the Condensed Consolidated Statements of Comprehensive Income. Other lease expense includes lease expense for leases with an estimated total term of twelve months or less and variable lease expense related to variations in lease payments as a result of a change in factors or circumstances occurring after the lease possession date. The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets was (in thousands): Financial Statement Line Item January 4, 2020 ASSETS Finance lease assets Property, plant and equipment, net $ 37,281 Operating lease assets Right-of-use operating lease assets 79,318 Total lease assets $ 116,599 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 2,718 Operating lease liabilities Other accrued liabilities 9,102 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,946 Operating lease liabilities Long-term operating lease liabilities 41,764 Total lease liabilities $ 90,530 Other information related to the Company’s leases was as follows: Three Months Ended January 4, 2020 Weighted-average remaining lease term (in years) Finance leases 13.3 Operating leases 17.9 Weighted-average discount rate Finance leases 17.7 % Operating leases 3.0 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash flows used in finance leases $ 1,124 Operating cash flows used in operating leases 3,179 Finance cash flows used in finance leases 719 ROU assets obtained in exchange for lease liabilities (in thousands) Operating leases $ 7,503 Finance leases 274 Future minimum lease payments required under finance and operating leases as of January 4, 2020 , were as follows (in thousands): Operating leases Finance leases Remaining 2020 $ 7,979 $ 5,572 2021 8,789 6,555 2022 8,006 6,064 2023 7,575 5,305 2024 5,979 4,988 2025 and thereafter 20,500 98,729 Total minimum lease payments 58,828 127,213 Less: imputed interest (7,962 ) (87,549 ) Present value of lease liabilities $ 50,866 $ 39,664 As of January 4, 2020 , the Company’s future operating leases that have not yet commenced are immaterial. Future minimum lease payments required under long-term operating and capital leases as of September 28, 2019 , were as follows (in thousands): Operating leases Capital leases 2020 $ 10,395 $ 6,734 2021 6,554 3,490 2022 5,584 2,884 2023 5,153 1,652 2024 3,713 958 Thereafter 9,426 34,143 Total $ 40,825 $ 49,861

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Jan. 04, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	The Company recognized $5.0 million and $4.8 million of compensation expense associated with share-based awards for the three months ended January 4, 2020 and December 29, 2018 , respectively. The Company uses the Black-Scholes valuation model to determine the fair value of stock options and stock-settled 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 number of shares that may be issued pursuant to PSUs ranges from zero to 0.5 million and is dependent upon the Company's TSR and economic return performance over the applicable performance periods.

Litigation

Litigation	3 Months Ended
	Jan. 04, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation The Company is party to lawsuits in the ordinary course of business. Management does not believe that these proceedings, individually or in the aggregate, will have a material positive or adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Reportable Segments

Reportable Segments	3 Months Ended
	Jan. 04, 2020
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (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 costs 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 January 4, 2020 and December 29, 2018 , respectively, is as follows (in thousands): Three Months Ended January 4, December 29, Net sales: AMER $ 353,476 $ 353,867 APAC 451,142 378,112 EMEA 84,477 72,298 Elimination of inter-segment sales (36,686 ) (38,733 ) $ 852,409 $ 765,544 Operating income (loss): AMER $ 12,297 $ 14,450 APAC 62,378 51,811 EMEA (314 ) 996 Corporate and other costs (34,427 ) (30,306 ) $ 39,934 $ 36,951 Other income (expense): Interest expense $ (4,132 ) $ (2,249 ) Interest income 645 525 Miscellaneous, net (2,173 ) (1,112 ) Income before income taxes $ 34,274 $ 34,115 January 4, September 28, Total assets: AMER $ 789,067 $ 751,990 APAC 993,354 958,744 EMEA 232,581 209,541 Corporate and eliminations 95,102 80,608 $ 2,110,104 $ 2,000,883

Guarantees

Guarantees	3 Months Ended
	Jan. 04, 2020
Guarantees [Abstract]
Guarantees	Guarantees The Company offers certain indemnifications under its customer manufacturing agreements. In the normal course of business, the Company may from time to time be obligated to indemnify its customers or its customers’ customers against damages or liabilities arising out of the Company’s negligence, misconduct, breach of contract, or infringement of third-party intellectual property rights. Certain agreements have extended broader indemnification, and while most agreements have contractual limits, some do not. However, the Company generally does not provide for such indemnities and seeks indemnification from its customers for damages or liabilities arising out of the Company’s adherence to customers’ specifications or designs or use of materials furnished, or directed to be used, by its customers. The Company does not believe its obligations under such indemnities are material. In the normal course of business, the Company also provides its customers a limited warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranty generally provides that products will be free from defects in the Company’s workmanship and meet mutually agreed-upon specifications for periods generally ranging from 12 months to 24 months. The Company’s obligation is generally limited to correcting, at its expense, any defect by repairing or replacing such defective product. The Company’s warranty generally excludes defects resulting from faulty customer-supplied components, design defects or damage caused by any party or caused other than by the Company. The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "other current accrued liabilities." The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company 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 January 4, 2020 and December 29, 2018 (in thousands): Three Months Ended January 4, December 29, Reserve balance, beginning of period $ 6,276 $ 6,646 Accruals for warranties issued during the period 364 1,900 Settlements (in cash or in kind) during the period (776 ) (1,255 ) Reserve balance, end of period $ 5,864 $ 7,291

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Jan. 04, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity On August 20, 2019, the Board of Directors approved a new stock repurchase plan under which the Company is authorized to repurchase $50.0 million of its common stock (the "2019 Program"). The 2019 Program commenced upon completion of the 2018 Program, as defined below. During the three months ended January 4, 2020 , the Company repurchased 90,667 shares under the 2019 Program program for $6.3 million at an average price of $69.82 per share. As of January 4, 2020 , $40.4 million of authority remained under the 2019 Program. On February 14, 2018, the Board of Directors approved a stock repurchase plan under which the Company was authorized to repurchase $200.0 million of its common stock (the "2018 Program"). During the three months ended December 29, 2018 , the Company repurchased 869,949 shares under the 2018 Program program for $50.1 million , at an average price of $57.53 per share. The 2018 Program was completed during the fiscal fourth quarter of 2019, when all share repurchase authority under it was exhausted. All shares repurchased under the aforementioned programs were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	3 Months Ended
	Jan. 04, 2020
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. These facilities are uncommitted facilities. The MUFG RPA was amended on December 23, 2019 to increase the maximum facility amount from $280.0 million to $340.0 million . The maximum facility amount under the HSBC RPA as of January 4, 2020 is $60.0 million . The MUFG RPA will be automatically extended each year unless any party gives no less than 10 days prior notice that the agreement should not be extended. The terms of the HSBC RPA are generally consistent with the terms of the MUFG RPA discussed above. 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, net" in the Condensed Consolidated Statements of Comprehensive Income in the period of the sale. The Company sold $227.8 million and $232.5 million of trade accounts receivable under these programs during the three months ended January 4, 2020 and December 29, 2018 , respectively, in exchange for cash proceeds of $226.6 million and $231.2 million

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Jan. 04, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Significant Judgments Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement. The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations. Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct. The Company’s performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract by contract basis. Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled. The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales. Contract Costs For contracts requiring over time revenue recognition, the selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress towards completion is measured based on the costs incurred to date. There were no other costs to obtain or fulfill customer contracts. Disaggregated Revenue The table below includes the Company’s revenue for the three months ended January 4, 2020 and December 29, 2018 , respectively, disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended January 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 124,196 $ 149,725 $ 38,366 $ 312,287 Industrial/Commercial 91,921 199,346 18,733 310,000 Aerospace/Defense 105,489 43,249 23,384 172,122 Communications 27,966 28,691 1,343 58,000 External revenue 349,572 421,011 81,826 852,409 Inter-segment sales 3,904 30,131 2,651 36,686 Segment revenue $ 353,476 $ 451,142 $ 84,477 $ 889,095 Three Months Ended December 29, 2018 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 115,765 $ 152,106 $ 32,707 $ 300,578 Industrial/Commercial 83,718 116,271 19,153 219,142 Aerospace/Defense 62,373 42,094 17,998 122,465 Communications 90,464 30,975 1,920 123,359 External revenue 352,320 341,446 71,778 765,544 Inter-segment sales 1,547 36,666 520 38,733 Segment revenue $ 353,867 $ 378,112 $ 72,298 $ 804,277 For the three months ended January 4, 2020 and December 29, 2018 , approximately 91% and 89% , respectively, of the Company's revenue was recognized as products and services were transferred over time, respectively. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets, and deferred revenue on the Company’s accompanying Condensed Consolidated Balance Sheets. Contract Assets : For performance obligations satisfied at a point in time, billing occurs subsequent to revenue recognition, at which point the customer has been billed and the resulting asset is recorded within accounts receivable. For performance obligations satisfied over time as work progresses, the Company has an unconditional right to payment, which results in the recognition of contract assets. The following table summarizes the activity in the Company's contract assets for the three months ended January 4, 2020 and December 29, 2018 (in thousands): Three Months Ended January 4, December 29, Contract assets, beginning of period $ 90,841 $ — Cumulative effect adjustment at September 29, 2018 — 76,417 Revenue recognized during the period 772,708 681,712 Amounts collected or invoiced during the period (756,509 ) (675,354 ) Contract assets, end of period $ 107,040 $ 82,775 Deferred Revenue : Deferred revenue is recorded when consideration is received from a customer prior to transferring goods or services to the customer under the terms of the contract, which is included in other accrued liabilities. As of January 4, 2020 and September 28, 2019 the balance of prepayments from customers that remained in Other accrued liabilities was $74.8 million and $67.9 million

Acquisition

Acquisition	3 Months Ended
	Jan. 04, 2020
Acquisition [Abstract]
Acquisition	Acquisition On July 27, 2018, the Company purchased the assets of one of the business lines of Cascade Controls, Inc., a new product introduction company in Portland, Oregon, for $12.4 million in cash, subject to certain customary post-closing adjustments. In the three months ended December 29, 2018, the Company received a $1.2 million purchase price adjustment as a result of a post-closing adjustment.

Subsequent Event

Subsequent Event	3 Months Ended
	Jan. 04, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 22, 2020, the Company announced the decision to close a leased facility within the AMER segment, and transition the service offerings to another Company-owned facility in the region to provide synergies and cost advantages of a campus environment. We are assessing the impacts of the announcement on our Condensed Consolidated Financial Statements.

Basis of Presentation (Policie

Basis of Presentation (Policies)	3 Months Ended
	Jan. 04, 2020
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 January 4, 2020 and September 28, 2019 , the results of operations and shareholders' equity for the three months ended January 4, 2020 and December 29, 2018 , 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. Fiscal 2020 includes 53 weeks; therefore, the first quarter of fiscal 2020 included 14 weeks while all other 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 2019 Annual Report on Form 10-K.
Recently Adopted Accounting Pronouncements & Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements: 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"). On September 30, 2018, the Company adopted and applied Topic 606 to all contracts using the modified retrospective method of adoption. Upon adoption, the Company recognized an increase to its fiscal 2019 beginning Retained earnings balance of $7.8 million . In February 2016, the FASB issued ASU 2016-02 (“Topic 842”), which is intended to improve financial reporting of lease transactions by requiring lessees to recognize most leases as a right-of-use (“ROU”) asset and lease liability on their balance sheets for the rights and obligations created by leases, 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. ASU 2016-02 also requires disclosures regarding the amount, timing and judgments related to accounting for an entity’s leases and related cash flows. On September 29, 2019, the Company adopted Topic 842 using the modified retrospective method of adoption, which allows financial information for comparative periods prior to adoption not to be updated. The Company recognized right-of-use assets and operating lease liabilities on its Consolidated Balance Sheets, but the standard did not have a material impact on its Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. ASC 842 provides optional practical expedients to assist with transition to the new standard. Management elected the package of practical expedients offered, which allows entities to not reassess: (i) whether any contracts prior to the adoption date are or contain leases, (ii) lease classification, and (iii) whether capitalized initial direct costs continue to meet the definition of initial direct costs under the new guidance. For all new and modified leases after adoption, management elected the short-term lease recognition exemption for all of the Company’s leases that qualify, in addition to the practical expedient to not separate lease and nonlease components. Refer to Note 7, "Leases," for further information. In August 2017, 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. The Company adopted this guidance during the first quarter of fiscal 2020 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: In June 2016, the FASB issued ASU 2016-13, which replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and required consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted. The Company is currently in the process of assessing the impact of the adoption of the new standard on its Consolidated Financial Statements. The Company believes that no other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.
Fair Value of Financial Instruments	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
	Jan. 04, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of January 4, 2020 and September 28, 2019 consisted of the following (in thousands): January 4, September 28, Raw materials $ 599,624 $ 577,545 Work-in-process 51,732 49,315 Finished goods 84,447 74,078 Total inventories, net $ 735,803 $ 700,938

Debt, Finance Lease Obligatio_2

Debt, Finance Lease Obligations and Other Financing (Tables)	3 Months Ended
	Jan. 04, 2020
Debt Disclosure [Abstract]
Schedule of Debt, Finance Lease Obligations and Other Financing	Debt, finance lease obligations and other financing as of January 4, 2020 and September 28, 2019 consisted of the following (in thousands): January 4, September 28, 4.05% Senior Notes, due June 15, 2025 $ 100,000 $ 100,000 4.22% Senior Notes, due June 15, 2028 50,000 50,000 Borrowings under the credit facility 62,000 95,000 Finance lease and other financing obligations 44,114 44,492 Unamortized deferred financing fees (1,440 ) (1,512 ) Total obligations 254,674 287,980 Less: current portion (67,847 ) (100,702 ) Long-term debt and finance lease obligations, net of current portion $ 186,827 $ 187,278

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Jan. 04, 2020
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) Derivative Assets Derivative Liabilities January 4, September 28, January 4, September 28, 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 $ 1,581 $ 156 Other accrued liabilities $ — $ 798 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities January 4, September 28, January 4, September 28, 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 $ 81 $ 912 Other accrued liabilities $ 72 $ 54
Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss)	The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) ("OCL") (in thousands) for the Three Months Ended Derivatives in Cash Flow Hedging Relationships Amount of Income (Loss) Recognized in OCL on Derivatives January 4, 2020 December 29, 2018 Forward currency forward contracts $ 2,185 $ (388 )
Schedule of Derivative Impact on (Loss) Gain Recognized in Income	Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in Cash Flow Hedging Relationships Classification of Loss Reclassified from Accumulated OCL into Income Amount of Loss Reclassified from Accumulated OCL into Income January 4, 2020 December 29, 2018 Forward currency forward contracts Cost of sales $ (27 ) $ (684 ) Forward currency forward contracts Selling and administrative expenses $ (11 ) $ (82 )
Schedule of Amount of (Loss) Gain on Derivatives Recognized in Income	Derivatives Not Designated as Hedging Instruments Location of Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income January 4, 2020 December 29, 2018 Forward currency forward contracts Miscellaneous, net $ (410 ) $ 787
Schedule of Derivatives Fair Value Measurements Using Input Levels	The following table lists the fair values of liabilities of the Company’s derivatives as of January 4, 2020 and September 28, 2019 , by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) January 4, 2020 Level 1 Level 2 Level 3 Total Derivatives Forward currency forward contracts $ — $ 1,590 $ — $ 1,590 September 28, 2019 Derivatives Forward currency forward contracts $ — $ 216 $ — $ 216

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jan. 04, 2020
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 January 4, 2020 and December 29, 2018 (in thousands, except per share amounts): Three Months Ended January 4, December 29, Net income $ 31,006 $ 22,226 Basic weighted average common shares outstanding 29,147 31,403 Dilutive effect of share-based awards and options outstanding 918 883 Diluted weighted average shares outstanding 30,065 32,286 Earnings per share: Basic $ 1.06 $ 0.71 Diluted $ 1.03 $ 0.69

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jan. 04, 2020
Leases [Abstract]
Schedule of Impacts of Adoption of New Accounting Pronouncements	As a result of the adoption, the following adjustments were made to the opening balances of the Company's Condensed Consolidated Balance Sheets (in thousands): September 28, 2019 Impacts due to adoption of Topic 842 September 29, 2019 ASSETS Prepaid expenses and other $ 31,974 $ (170 ) $ 31,804 Operating right-of-use assets — 75,790 75,790 Property, plant and equipment, net 384,224 (1,833 ) 382,391 Deferred income taxes 13,654 432 14,086 Other non-current assets 64,714 (30,193 ) 34,521 LIABILITIES AND SHAREHOLDERS' EQUITY Other accrued liabilities $ 106,461 $ 7,939 $ 114,400 Long-term debt and finance lease obligations, net of current portion 187,278 (207 ) 187,071 Long-term operating lease liabilities — 37,371 37,371 Retained earnings 1,178,677 (1,077 ) 1,177,600
Schedule of Lease Expense and Other Information	The components of lease expense for three months ended January 4, 2020 were as follows (in thousands): Three Months Ended January 4, 2020 Finance lease expense: Amortization of right-of-use assets $ 1,194 Interest on lease liabilities 1,291 Operating lease expense 3,181 Other lease expense 120 Total $ 5,786 Other information related to the Company’s leases was as follows: Three Months Ended January 4, 2020 Weighted-average remaining lease term (in years) Finance leases 13.3 Operating leases 17.9 Weighted-average discount rate Finance leases 17.7 % Operating leases 3.0 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) Operating cash flows used in finance leases $ 1,124 Operating cash flows used in operating leases 3,179 Finance cash flows used in finance leases 719 ROU assets obtained in exchange for lease liabilities (in thousands) Operating leases $ 7,503 Finance leases 274
Schedule of Lease Assets and Liabilities	The following tables sets forth the amount of lease assets and lease liabilities included in the Company’s Condensed Consolidated Balance Sheets was (in thousands): Financial Statement Line Item January 4, 2020 ASSETS Finance lease assets Property, plant and equipment, net $ 37,281 Operating lease assets Right-of-use operating lease assets 79,318 Total lease assets $ 116,599 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 2,718 Operating lease liabilities Other accrued liabilities 9,102 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,946 Operating lease liabilities Long-term operating lease liabilities 41,764 Total lease liabilities $ 90,530
Schedule of Future Minimum Lease Payments	Future minimum lease payments required under finance and operating leases as of January 4, 2020 , were as follows (in thousands): Operating leases Finance leases Remaining 2020 $ 7,979 $ 5,572 2021 8,789 6,555 2022 8,006 6,064 2023 7,575 5,305 2024 5,979 4,988 2025 and thereafter 20,500 98,729 Total minimum lease payments 58,828 127,213 Less: imputed interest (7,962 ) (87,549 ) Present value of lease liabilities $ 50,866 $ 39,664
Schedule of Future Minimum Lease Payments (Prior to Adoption)	Future minimum lease payments required under long-term operating and capital leases as of September 28, 2019 , were as follows (in thousands): Operating leases Capital leases 2020 $ 10,395 $ 6,734 2021 6,554 3,490 2022 5,584 2,884 2023 5,153 1,652 2024 3,713 958 Thereafter 9,426 34,143 Total $ 40,825 $ 49,861

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Jan. 04, 2020
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information about the Company’s three reportable segments for the three months ended January 4, 2020 and December 29, 2018 , respectively, is as follows (in thousands): Three Months Ended January 4, December 29, Net sales: AMER $ 353,476 $ 353,867 APAC 451,142 378,112 EMEA 84,477 72,298 Elimination of inter-segment sales (36,686 ) (38,733 ) $ 852,409 $ 765,544 Operating income (loss): AMER $ 12,297 $ 14,450 APAC 62,378 51,811 EMEA (314 ) 996 Corporate and other costs (34,427 ) (30,306 ) $ 39,934 $ 36,951 Other income (expense): Interest expense $ (4,132 ) $ (2,249 ) Interest income 645 525 Miscellaneous, net (2,173 ) (1,112 ) Income before income taxes $ 34,274 $ 34,115 January 4, September 28, Total assets: AMER $ 789,067 $ 751,990 APAC 993,354 958,744 EMEA 232,581 209,541 Corporate and eliminations 95,102 80,608 $ 2,110,104 $ 2,000,883

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
	Jan. 04, 2020
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 January 4, 2020 and December 29, 2018 (in thousands): Three Months Ended January 4, December 29, Reserve balance, beginning of period $ 6,276 $ 6,646 Accruals for warranties issued during the period 364 1,900 Settlements (in cash or in kind) during the period (776 ) (1,255 ) Reserve balance, end of period $ 5,864 $ 7,291

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Jan. 04, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below includes the Company’s revenue for the three months ended January 4, 2020 and December 29, 2018 , respectively, disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended January 4, 2020 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 124,196 $ 149,725 $ 38,366 $ 312,287 Industrial/Commercial 91,921 199,346 18,733 310,000 Aerospace/Defense 105,489 43,249 23,384 172,122 Communications 27,966 28,691 1,343 58,000 External revenue 349,572 421,011 81,826 852,409 Inter-segment sales 3,904 30,131 2,651 36,686 Segment revenue $ 353,476 $ 451,142 $ 84,477 $ 889,095 Three Months Ended December 29, 2018 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 115,765 $ 152,106 $ 32,707 $ 300,578 Industrial/Commercial 83,718 116,271 19,153 219,142 Aerospace/Defense 62,373 42,094 17,998 122,465 Communications 90,464 30,975 1,920 123,359 External revenue 352,320 341,446 71,778 765,544 Inter-segment sales 1,547 36,666 520 38,733 Segment revenue $ 353,867 $ 378,112 $ 72,298 $ 804,277
Schedule of Contract Assets	The following table summarizes the activity in the Company's contract assets for the three months ended January 4, 2020 and December 29, 2018 (in thousands): Three Months Ended January 4, December 29, Contract assets, beginning of period $ 90,841 $ — Cumulative effect adjustment at September 29, 2018 — 76,417 Revenue recognized during the period 772,708 681,712 Amounts collected or invoiced during the period (756,509 ) (675,354 ) Contract assets, end of period $ 107,040 $ 82,775

Basis of Presentation Narrative

Basis of Presentation Narrative (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 29, 2019	Sep. 28, 2019	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	$ 1,208,606	$ 1,177,600	$ 1,178,677
Adjustments due to the adoption of ASU 2014-09 | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings				$ 7,800

Inventories - Schedule of Inve

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 599,624	$ 577,545
Work-in-process	51,732	49,315
Finished goods	84,447	74,078
Total inventories, net	$ 735,803	$ 700,938

Inventories - Narrative (Detai

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Inventory [Line Items]
Customer deposits	$ 137,014	$ 139,841
Inventory
Inventory [Line Items]
Customer deposits	$ 134,000	$ 136,500

Debt, Finance Lease Obligatio_3

Debt, Finance Lease Obligations and Other Financing - Schedule of Debt, Finance Lease Obligations and Other Financing (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 29, 2019	Sep. 28, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 212,000		$ 245,000
Finance lease and other financing obligations	44,114		44,492
Unamortized deferred financing fees	(1,440)		(1,512)
Total obligations	254,674		287,980
Current portion of long-term debt and finance lease obligations	(67,847)		(100,702)
Long-term debt and finance lease obligations, net of current portion	186,827	$ 187,071	187,278
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	150,000		150,000
Senior Notes | 4.05% Senior Notes, due June 15, 2025
Debt Instrument [Line Items]
Long-term Debt, Gross	100,000		100,000
Senior Notes | 4.22% Senior Notes, due June 15, 2028
Debt Instrument [Line Items]
Long-term Debt, Gross	50,000		50,000
Line of Credit | Borrowings under the credit facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 62,000		$ 95,000

Debt, Finance Lease Obligatio_4

Debt, Finance Lease Obligations and Other Financing - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Sep. 28, 2019	May 14, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 212,000,000		$ 245,000,000
Amount borrowed	157,020,000	$ 231,500,000
Debt, Fair Value	$ 219,400,000		252,300,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, term	5 years
Maximum commitment	$ 350,000,000			$ 300,000,000
Amount credit facility may be further increased	600,000,000
Highest daily borrowings	164,500,000
Average daily borrowings	$ 128,100,000
Annual commitment fee	0.125%
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 150,000,000		150,000,000
Senior Notes | 4.05% Senior Notes, due June 15, 2025
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 100,000,000		$ 100,000,000
Interest Rate	4.05%		4.05%
Senior Notes | 4.22% Senior Notes, due June 15, 2028
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 50,000,000		$ 50,000,000
Interest Rate	4.22%		4.22%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 62,000,000		$ 95,000,000
Amount borrowed	156,500,000
Amount repaid	$ 189,500,000

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivative Instruments (Details) - Forward currency forward contracts - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Derivatives designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 1,581	$ 156
Derivatives designated as hedging instruments | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	798
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	100	900
Derivatives not designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative Assets	81	912
Derivatives not designated as hedging instruments | Other accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 72	$ 54

Derivatives - Schedule of Deri

Derivatives - Schedule of Derivative Impact on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Forward currency forward contracts | Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in OCL on Derivatives	$ 2,185	$ (388)

Derivatives - Schedule of De_2

Derivatives - Schedule of Derivative Impact on (Loss) Gain Recognized in Income (Details) - Derivatives designated as hedging instruments - Derivatives in Cash Flow Hedging Relationships - Forward currency forward contracts - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCL into Income	$ (27)	$ (684)
Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCL into Income	$ (11)	$ (82)

Derivatives - Schedule of Amou

Derivatives - Schedule of Amount of (Loss) Gain on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Derivatives not designated as hedging instruments | Forward currency forward contracts | Miscellaneous, net
Derivative [Line Items]
Amount of (Loss) Gain on Derivatives Recognized in Income	$ (410)	$ 787

Derivatives - Schedule of Fa_2

Derivatives - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Forward currency forward contracts - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 28, 2019
Derivative asset	$ 1,590	$ 216
Level 1
Derivative asset	0	0
Level 2
Derivative asset	1,590	216
Level 3
Derivative asset	$ 0	$ 0

Derivatives - Narrative (Detai

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 04, 2020	Sep. 28, 2019
Estimated unrealized gains, net of tax, expected to be reclassified in next 12 months	$ 1.6
Derivatives designated as hedging instruments | Derivatives in Cash Flow Hedging Relationships | Forward currency forward contracts
Notional amount of forward exchange contracts	79.8	$ 80
Fair value of derivative liability		0.6
Fair value of derivative asset	1.6
Derivatives not designated as hedging instruments | Forward currency forward contracts
Notional amount of forward exchange contracts	17.2	34.4
Fair value of derivative asset	$ 0.1	$ 0.9

Income Taxes - Narrative (Deta

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,268	$ 11,889
Effective Income Tax Rate Reconciliation, Percent	9.50%	34.90%
Tax Cuts & Jobs Act of 2017, Income tax expense (benefit)	$ (1,900)	$ 7,000
Other Tax Expense (Benefit)	$ 1,100

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
	Jan. 04, 2020	Dec. 29, 2018
Earnings Per Share [Abstract]
Net income	$ 31,006	$ 22,226
Basic weighted average common shares outstanding (in shares)	29,147	31,403
Dilutive effect of share-based awards and options outstanding (in shares)	918	883
Diluted weighted average shares outstanding (in shares)	30,065	32,286
Earnings per share:
Basic (in dollars per share)	$ 1.06	$ 0.71
Diluted (in dollars per share)	$ 1.03	$ 0.69

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	0	0.1

Leases Schedule of Impacts of A

Leases Schedule of Impacts of Adoption of New Accounting Pronouncement (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 29, 2019	Sep. 28, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepaid expenses and other	$ 33,719	$ 31,804	$ 31,974
Operating lease right-of-use assets	79,318	75,790	0
Property, plant and equipment, net	387,509	382,391	384,224
Deferred income taxes	14,127	14,086	13,654
Other assets	35,761	34,521	64,714
Other accrued liabilities	116,979	114,400	106,461
Long-term debt and finance lease obligations, net of current portion	186,827	187,071	187,278
Long-term operating lease liabilities	41,764	37,371	0
Retained earnings	$ 1,208,606	1,177,600	$ 1,178,677
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepaid expenses and other		(170)
Operating lease right-of-use assets		75,790
Property, plant and equipment, net		(1,833)
Deferred income taxes		432
Other assets		(30,193)
Other accrued liabilities		7,939
Long-term debt and finance lease obligations, net of current portion		(207)
Long-term operating lease liabilities		37,371
Retained earnings		$ (1,077)

Leases Schedule of Lease Expens

Leases Schedule of Lease Expense and Other Information (Details) $ in Thousands	3 Months Ended
	Jan. 04, 2020USD ($)
Leases [Abstract]
Amortization of right-of-use assets	$ 1,194
Interest on lease liabilities	1,291
Operating lease expense	3,181
Other lease expense	120
Total lease expense	$ 5,786
Weighted average remaining lease term, Finance Lease	13 years 3 months 18 days
Weighted average remaining lease term, Operating Lease	17 years 10 months 24 days
Weighted average discount rate, Finance Lease	17.70%
Weighted average discount rate, Operating Lease	3.00%
Operating cash flows used in finance leases	$ 1,124
Operating cash flows used in operating leases	3,179
Finance cash flows used in finance leases	719
Right-of-use asset obtained in exchange for operating lease liability	7,503
Right-of-use asset obtained in exchange for finance lease liability	$ 274

Leases Schedule of Lease Assets

Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 04, 2020	Sep. 29, 2019	Sep. 28, 2019
Assets and Liabilities, Leases [Abstract]
Finance lease right-of-use asset	$ 37,281
Operating lease right-of-use assets	79,318	$ 75,790	$ 0
Total lease assets	116,599
Current finance lease liabilitlies	2,718
Current operating lease liabilities	9,102
Long-term finance lease liabilities	36,946
Long-term operating lease liabilities	41,764	$ 37,371	$ 0
Total lease liabilities	$ 90,530

Leases Schedule of Future Minim

Leases Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jan. 04, 2020USD ($)
Finance Lease Liabilities, Payments, Due [Abstract]
Remaining 2020	$ 5,572
2021	6,555
2022	6,064
2023	5,305
2024	4,988
2025 and thereafter	98,729
Total minimum lease payments	127,213
Less: imputed interest	(87,549)
Present value of lease liabilities	39,664
Operating Lease Liabilities, Payments Due [Abstract]
Remaining 2020	7,979
2021	8,789
2022	8,006
2023	7,575
2024	5,979
2025 and thereafter	20,500
Total minimum lease payments	58,828
Less: imputed interest	(7,962)
Present value of lease liabilities	$ 50,866

Leases Schedule of Future Min_2

Leases Schedule of Future Minimum Lease Payments (Prior to Adoption) (Details) $ in Thousands	Sep. 28, 2019USD ($)
Other Commitments [Abstract]
Operating Leases, 2020	$ 10,395
Operating Leases, 2021	6,554
Operating Leases, 2022	5,584
Operating Leases, 2023	5,153
Operating Leases, 2024	3,713
Operating Leases, Thereafter	9,426
Operating Leases, Total	40,825
Capital Leases, 2020	6,734
Capital Leases, 2021	3,490
Capital Leases, 2022	2,884
Capital Leases, 2023	1,652
Capital Leases, 2024	958
Capital Leases, Thereafter	34,143
Capital Leases, Total	$ 49,861

Leases Narrative (Details)

Leases Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Sep. 29, 2019	Sep. 28, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 79,318	$ 75,790	$ 0
Present value of lease liabilities	50,866
Other assets	35,761	34,521	64,714
Retained earnings	$ 1,208,606	1,177,600	$ 1,178,677
Minimum
Lessee, Lease, Description [Line Items]
Lease Term of Contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease Term of Contract	41 years
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		75,790
Present value of lease liabilities		45,500
Other assets		(30,193)
Retained earnings		(1,077)
Before [Domain] | Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 45,500

Share-Based Compensation - Nar

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 5	$ 4.8
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)	500,000

Reportable Segments - Schedule

Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Sep. 28, 2019
Net sales	$ 852,409	$ 765,544
Operating income (loss):	39,934	36,951
Interest expense	(4,132)	(2,249)
Interest income	645	525
Miscellaneous, net	(2,173)	(1,112)
Income before income taxes	34,274	34,115
Total assets	2,110,104		$ 2,000,883
Elimination of inter-segment sales
Net sales	(36,686)	(38,733)
Corporate
Operating income (loss):	(34,427)	(30,306)
Corporate and eliminations
Total assets	95,102		80,608
AMER | Operating Segments
Net sales	353,476	353,867
Operating income (loss):	12,297	14,450
Total assets	789,067		751,990
APAC | Operating Segments
Net sales	451,142	378,112
Operating income (loss):	62,378	51,811
Total assets	993,354		958,744
EMEA | Operating Segments
Net sales	84,477	72,298
Operating income (loss):	(314)	$ 996
Total assets	$ 232,581		$ 209,541

Reportable Segments - Narrativ

Reportable Segments - Narrative (Details)	3 Months Ended
	Jan. 04, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

Guarantees - Schedule of Activ

Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 6,276	$ 6,646
Accruals for warranties issued during the period	364	1,900
Settlements (in cash or in kind) during the period	(776)	(1,255)
Limited warranty liability, ending balance	$ 5,864	$ 7,291

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	3 Months Ended
	Jan. 04, 2020
Minimum
Product Warranty Liability [Line Items]
Product warranty specification period	12 months
Maximum
Product Warranty Liability [Line Items]
Product warranty specification period	24 months

Shareholders' Equity - Narrati

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Aug. 20, 2019	Feb. 14, 2018
2019 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount			$ 50,000,000
Amount repurchased (in shares)	90,667
Amount repurchased	$ 6,300,000
Average repurchase price (in dollars per share)	$ 69.82
Remaining authorized repurchase amount	$ 40,400,000
2018 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount				$ 200,000,000
Amount repurchased (in shares)		869,949
Amount repurchased		$ 50,100,000
Average repurchase price (in dollars per share)		$ 57.53

Trade Accounts Receivable Sal_2

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 04, 2020	Dec. 23, 2019	Dec. 29, 2018
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold	$ 227,800,000		$ 232,500,000
Cash proceeds received from trade accounts receivable sold	226,600,000		$ 231,200,000
MUFG RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	$ 340,000,000	$ 280,000,000
Minimum prior notice required to cancel automatic extension	10 days
HSBC RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	$ 60,000,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 889,095	$ 804,277
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	852,409	765,544
Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	36,686	38,733
Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	312,287	300,578
Industrial/Commercial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	310,000	219,142
Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	172,122	122,465
Communications | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	58,000	123,359
AMER
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	353,476	353,867
AMER | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	349,572	352,320
AMER | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	3,904	1,547
AMER | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	124,196	115,765
AMER | Industrial/Commercial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	91,921	83,718
AMER | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	105,489	62,373
AMER | Communications | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	27,966	90,464
APAC
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	451,142	378,112
APAC | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	421,011	341,446
APAC | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	30,131	36,666
APAC | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	149,725	152,106
APAC | Industrial/Commercial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	199,346	116,271
APAC | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	43,249	42,094
APAC | Communications | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	28,691	30,975
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	84,477	72,298
EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	81,826	71,778
EMEA | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	2,651	520
EMEA | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	38,366	32,707
EMEA | Industrial/Commercial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	18,733	19,153
EMEA | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	23,384	17,998
EMEA | Communications | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 1,343	$ 1,920

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Sep. 28, 2019	Sep. 30, 2018	Sep. 29, 2018
Change in Contract with Customer Asset [Line Items]
Contract assets	$ 107,040	$ 82,775	$ 90,841		$ 0
Revenue recognized	772,708	681,712
Amounts collected or invoiced	$ (756,509)	$ (675,354)
ASU 2014-09 | Adjustments due to the adoption of ASU 2014-09
Change in Contract with Customer Asset [Line Items]
Contract assets				$ 76,417

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 74.8		$ 67.9
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	91.00%	89.00%

Acquisition Narrative (Details)

Acquisition Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 04, 2020	Dec. 29, 2018	Sep. 29, 2018
Acquisition [Abstract]
Payments to Acquire Businesses, Net of Cash Acquired			$ 12,400
Business acquisition	$ 0	$ 1,180