Plexus (PLXS) 10-Q 6 May 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Apr. 02, 2022	May 03, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Annual Report	true
Document Period End Date	Apr. 2, 2022
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		27,723,237
Entity Central Index Key	0000785786
Current Fiscal Year End Date	--10-01
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Income Statement [Abstract]
Net sales	$ 888,723	$ 880,885	$ 1,706,179	$ 1,711,240
Cost of sales	812,213	789,883	1,559,673	1,540,961
Gross profit	76,510	91,002	146,506	170,279
Selling and administrative expenses	40,673	38,286	78,175	70,697
Restructuring and impairment charges	0	2,029	2,021	2,029
Operating income	35,837	50,687	66,310	97,553
Other income (expense):
Interest expense	(3,345)	(3,818)	(6,391)	(7,904)
Interest income	262	390	533	764
Miscellaneous, net	(1,446)	(825)	(2,369)	(2,343)
Income before income taxes	31,308	46,434	58,083	88,070
Income tax expense	4,439	4,671	7,791	10,108
Net income	$ 26,869	$ 41,763	$ 50,292	$ 77,962
Earnings per share:
Basic (in dollars per share)	$ 0.96	$ 1.45	$ 1.80	$ 2.71
Diluted (in dollars per share)	$ 0.95	$ 1.42	$ 1.76	$ 2.65
Weighted average shares outstanding:
Basic (in shares)	27,987	28,736	28,002	28,799
Diluted (in shares)	28,427	29,310	28,566	29,409
Other comprehensive (loss) income:
Derivative instrument and other fair value adjustments	$ 436	$ (4,556)	$ 1,708	$ (501)
Foreign currency translation adjustments	(4,328)	(3,404)	(5,906)	5,296
Other comprehensive (loss) income	(3,892)	(7,960)	(4,198)	4,795
Total comprehensive income	$ 22,977	$ 33,803	$ 46,094	$ 82,757

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Current assets:
Cash and cash equivalents	$ 307,964	$ 270,172
Restricted cash	912	341
Accounts receivable, net of allowances of $1,758 and $1,188, respectively	571,085	519,684
Contract assets	116,087	115,283
Inventories, net	1,374,285	972,312
Prepaid expenses and other	64,640	53,094
Total current assets	2,434,973	1,930,886
Property, plant and equipment, net	425,874	395,094
Operating lease right-of-use assets	67,062	72,087
Deferred income taxes	27,271	27,385
Other assets	34,868	36,441
Total non-current assets	555,075	531,007
Total assets	2,990,048	2,461,893
Current liabilities:
Current portion of long-term debt and finance lease obligations	222,393	66,313
Accounts payable	767,536	634,969
Customer deposits	364,572	204,985
Accrued salaries and wages	62,010	75,394
Other accrued liabilities	242,626	147,042
Total current liabilities	1,659,137	1,128,703
Long-term debt and finance lease obligations, net of current portion	186,069	187,033
Long-term accrued income taxes payable	42,330	47,974
Long-term operating lease liabilities	34,347	37,970
Deferred income taxes payable	5,295	5,677
Other liabilities	22,279	26,304
Total non-current liabilities	290,320	304,958
Total liabilities	1,949,457	1,433,661
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value, 5,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 200,000 shares authorized, 54,077 and 53,849 shares issued, respectively, and 27,859 and 28,047 shares outstanding, respectively	541	538
Additional paid-in capital	641,175	639,778
Common stock held in treasury, at cost, 26,218 and 25,802 shares, respectively	(1,078,226)	(1,043,091)
Retained earnings	1,484,283	1,433,991
Accumulated other comprehensive loss	(7,182)	(2,984)
Total shareholders’ equity	1,040,591	1,028,232
Total liabilities and shareholders’ equity	$ 2,990,048	$ 2,461,893

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,758	$ 1,188
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)	54,077,000	53,849,000
Common stock, shares outstanding (in shares)	27,859,000	28,047,000
Treasury stock, shares (in shares)	26,218,000	25,802,000

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
Beginning of period (in shares) at Oct. 03, 2020		29,002,000
Exercise of stock options and vesting of other share-based awards		313,000
Treasury shares purchased (in shares)		(656,000)
End of period (in shares) at Apr. 03, 2021		28,659,000
Beginning of period at Oct. 03, 2020	$ 977,480	$ 535	$ 621,564	$ (934,639)	$ 1,295,079	$ (5,059)
Exercise of stock options and vesting of other share-based awards		3
Share-based compensation expense			11,822
Exercise of stock options and vesting of other share-based awards, including tax withholding			(6,210)
Treasury shares purchased				(51,900)
Net income	77,962				77,962
Other comprehensive (loss) income	4,795					4,795
End of period at Apr. 03, 2021	1,013,952	$ 538	627,176	(986,539)	1,373,041	(264)
Beginning of period (in shares) at Jan. 02, 2021		28,766,000
Exercise of stock options and vesting of other share-based awards		242,000
Treasury shares purchased (in shares)		(349,000)
End of period (in shares) at Apr. 03, 2021		28,659,000
Beginning of period at Jan. 02, 2021	1,006,959	$ 536	624,859	(957,410)	1,331,278	7,696
Exercise of stock options and vesting of other share-based awards		2
Share-based compensation expense			6,473
Exercise of stock options and vesting of other share-based awards, including tax withholding			(4,156)
Treasury shares purchased				(29,129)
Net income	41,763				41,763
Other comprehensive (loss) income	(7,960)					(7,960)
End of period at Apr. 03, 2021	$ 1,013,952	$ 538	627,176	(986,539)	1,373,041	(264)
Beginning of period (in shares) at Oct. 02, 2021	28,047,000	28,047,000
Exercise of stock options and vesting of other share-based awards		228,000
Treasury shares purchased (in shares)		(416,000)
End of period (in shares) at Apr. 02, 2022	27,859,000	27,859,000
Beginning of period at Oct. 02, 2021	$ 1,028,232	$ 538	639,778	(1,043,091)	1,433,991	(2,984)
Exercise of stock options and vesting of other share-based awards		3
Share-based compensation expense			12,178
Exercise of stock options and vesting of other share-based awards, including tax withholding			(10,781)
Treasury shares purchased				(35,135)
Net income	50,292				50,292
Other comprehensive (loss) income	(4,198)					(4,198)
End of period at Apr. 02, 2022	$ 1,040,591	$ 541	641,175	(1,078,226)	1,484,283	(7,182)
Beginning of period (in shares) at Jan. 01, 2022		27,997,000
Exercise of stock options and vesting of other share-based awards		168,000
Treasury shares purchased (in shares)		(306,000)
End of period (in shares) at Apr. 02, 2022	27,859,000	27,859,000
Beginning of period at Jan. 01, 2022	$ 1,044,095	$ 539	642,654	(1,053,222)	1,457,414	(3,290)
Exercise of stock options and vesting of other share-based awards		2
Share-based compensation expense			5,908
Exercise of stock options and vesting of other share-based awards, including tax withholding			(7,387)
Treasury shares purchased				(25,004)
Net income	26,869				26,869
Other comprehensive (loss) income	(3,892)					(3,892)
End of period at Apr. 02, 2022	$ 1,040,591	$ 541	$ 641,175	$ (1,078,226)	$ 1,484,283	$ (7,182)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Cash flows from operating activities
Net income	$ 50,292	$ 77,962
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	30,936	30,671
Deferred income taxes	113	1,454
Share-based compensation expense and related charges	12,437	11,822
Provision for allowance for doubtful accounts	0	(2,405)
Other, net	820	1,060
Changes in operating assets and liabilities, excluding impacts of acquisition:
Accounts receivable	(54,099)	(21,955)
Contract assets	(335)	(2,439)
Inventories	(405,648)	(4,689)
Other current and non-current assets	(10,591)	(10,860)
Accrued income taxes payable	(6,836)	(15,720)
Accounts payable	138,343	16,317
Customer deposits	160,218	14,284
Other current and non-current liabilities	79,697	(6,643)
Cash flows (used in) provided by operating activities	(4,653)	88,859
Cash flows from investing activities
Payments for property, plant and equipment	(64,181)	(23,149)
Other, net	(77)	1
Cash flows used in investing activities	(64,258)	(23,148)
Cash flows from financing activities
Borrowings under debt agreements	377,000	151,967
Payments on debt and finance lease obligations	(223,282)	(254,396)
Repurchases of common stock	(35,135)	(51,900)
Proceeds from exercise of stock options	307	3,303
Payments related to tax withholding for share-based compensation	(11,089)	(9,510)
Cash flows provided by (used in) financing activities	107,801	(160,536)
Effect of exchange rate changes on cash and cash equivalents	(527)	1,443
Net increase (decrease) in cash and cash equivalents and restricted cash	38,363	(93,382)
Cash and cash equivalents and restricted cash:
Beginning of period	270,513	387,894
End of period	$ 308,876	$ 294,512

Basis of Presentation

Basis of Presentation	6 Months Ended
	Apr. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Basis of Presentation: The accompanying Condensed Consolidated Financial Statements included herein have been prepared by Plexus Corp. and its subsidiaries (together “Plexus” or the “Company”) without audit and pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments, which include normal recurring adjustments necessary for the fair statement of the condensed consolidated financial position of the Company as of April 2, 2022 and October 2, 2021, the results of operations and shareholders' equity for the three and six months ended April 2, 2022 and April 3, 2021, and the cash flows for the same six month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and notes thereto. The full extent to which the COVID-19 outbreak will impact the Company's business and operating results will depend on future developments that are highly uncertain and cannot be accurately predicted. The Company has considered information available as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision of the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. Recently Issued Accounting Pronouncements Not Yet Adopted: The Company believes that no recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.

Inventories

Inventories	6 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of April 2, 2022 and October 2, 2021 consisted of the following (in thousands): April 2, October 2, Raw materials $ 1,223,498 $ 860,538 Work-in-process 73,252 48,356 Finished goods 77,535 63,418 Total inventories, net $ 1,374,285 $ 972,312 In certain circumstances, per contractual terms, customer deposits are received by the Company to offset 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 April 2, 2022 and October 2, 2021 were $351.7 million a

Debt, Finance Lease Obligations

Debt, Finance Lease Obligations and Other Financing	6 Months Ended
	Apr. 02, 2022
Debt and Lease Obligation [Abstract]
Debt, Finance Lease Obligations and Other Financing	Debt, Finance Lease Obligations and Other Financing Debt and finance lease obligations as of April 2, 2022 and October 2, 2021, consisted of the following (in thousands): April 2, October 2, 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 revolving commitment 212,000 55,000 Finance lease and other financing obligations 47,251 49,279 Unamortized deferred financing fees (789) (933) Total obligations 408,462 253,346 Less: current portion (222,393) (66,313) Long-term debt and finance lease obligations, net of current portion $ 186,069 $ 187,033 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 April 2, 2022, 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 by entering into a new 5-year senior unsecured revolving 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 six months ended April 2, 2022, the highest daily borrowing was $294.0 million; the average daily borrowings were $168.7 million. The Company borrowed $377.0 million and repaid $220.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during the six months ended April 2, 2022. As of April 2, 2022, the Company was in compliance with all financial covenants relating to the Credit Facility, 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 revolving commitment based on the Company's leverage ratio; the fee was 0.15% as of April 2, 2022. The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $360.3 million and $217.1 million as of April 2, 2022 and October 2, 2021, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $362.0 million and $205.0 million as of April 2, 2022 and October 2, 2021, respectively. If measured at fair value in the financial stateme nts, the Company's debt would be classified as Level 2 in the fair value hierarchy. Refer to Note 4, "Derivatives and Fair Value Measurements," for further information regarding the Company's fair value calculations and classifications.

Derivatives and Fair Value Meas

Derivatives and Fair Value Measurements	6 Months Ended
	Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value Measurements	Derivatives and Fair Value Measurements All derivatives are recognized in the accompanying Condensed Consolidated Balance Sheets at their estimated fair value. The Company uses derivatives to manage 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 Bala nce Sheets until earnings are affected by the variability of the cash flows. In the next twelve months, the Company estimates t hat $0.7 million of unrealized gains, net of tax, related to cash flow hedges will be reclassified from other comprehensive (loss) income into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income. 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 $137.8 million as of April 2, 2022, and a notional value of $107.4 million as of October 2, 2021. 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 $0.7 million asset as of April 2, 2022, and a $1.0 million liability as of October 2, 2021. The Company had additional forward currency exchange contracts outstanding as of April 2, 2022, with a notional value of $43.3 million; there were $38.6 million such contracts outstanding as of October 2, 2021. 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" in the Condensed Consolidated Statements of Comprehensive Income. The total fair value of these derivatives was a $0.8 million liability as of April 2, 2022, and a $0.2 million liability as of October 2, 2021. The tables below present information regarding the fair values of derivative instruments (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 2, October 2, April 2, October 2, Derivatives designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 726 $ 76 Other accrued liabilities $ 61 $ 1,119 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 2, October 2, April 2, October 2, Derivatives not designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 112 $ 133 Other accrued liabilities $ 911 $ 356 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives April 2, 2022 April 3, 2021 Foreign currency forward contracts $ 317 $ (2,748) Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Cost of sales $ (109) $ 1,643 Foreign currency forward contracts Selling and administrative expenses $ (10) $ 165 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (782) $ (233) The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Amount of Gain Recognized in OCL on Derivatives April 2, 2022 April 3, 2021 Foreign currency forward contracts $ 787 $ 1,411 Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Cost of sales $ (852) $ 1,741 Foreign currency forward contracts Selling and administrative expenses $ (69) $ 171 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (825) $ 297 Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following table lists the fair values of assets of the Company’s derivatives as of April 2, 2022 and October 2, 2021, by input level: Fair Value Measurements Using Input Levels Liability (in thousands) April 2, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ (134) $ — $ (134) October 2, 2021 Derivatives Foreign currency forward contracts $ — $ (1,266) $ — $ (1,266) 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.

Income Taxes

Income Taxes	6 Months Ended
	Apr. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for the three and six months ended April 2, 2022 was $4.4 million and $7.8 million, respectively, compared to $4.7 million and $10.1 million for the three and six months ended April 3, 2021, respectively. The effective tax rates for the three and six months ended April 2, 2022 were 14.2% and 13.4%, respectively, compared to the effective tax rates of 10.1% and 11.5% for the three and six months ended April 3, 2021, respectively. The increases were due to increases in discrete tax expenses of $1.2 million and $0.7 million for the three and six months ended April 2, 2022, respectively, as compared to the three and six months ended April 3, 2021, as well as a change in the geographic distribution of pre-tax book income. The increases in discrete tax expenses were primarily due to a $0.9 million discrete tax benefit during the three and six months ended April 3, 2021, related to the release of a full valuation allowance for a jurisdiction within the EMEA segment related to a settlement of an income tax audit. The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $0.6 million for the three months ended April 2, 2022. The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three and six months ended April 2, 2022 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 a foreign jurisdiction but a 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 April 2, 2022, 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	6 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and six months ended April 2, 2022 and April 3, 2021 (in thousands, except per share amounts): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Net income $ 26,869 $ 41,763 $ 50,292 $ 77,962 Basic weighted average common shares outstanding 27,987 28,736 28,002 28,799 Dilutive effect of share-based awards and options outstanding 440 574 564 610 Diluted weighted average shares outstanding 28,427 29,310 28,566 29,409 Earnings per share: Basic $ 0.96 $ 1.45 $ 1.80 $ 2.71 Diluted $ 0.95 $ 1.42 $ 1.76 $ 2.65 For the three and six months ended April 2, 2022 and April 3, 2021, share-based awards for less than 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	6 Months Ended
	Apr. 02, 2022
Leases [Abstract]
Leases	Leases The components of lease expense for the three and six months ended April 2, 2022 and April 3, 2021 were as follows (in thousands): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Finance lease expense: Amortization of right-of-use assets $ 1,667 $ 2,135 $ 3,360 $ 3,151 Interest on lease liabilities 1,229 1,237 2,451 2,440 Operating lease expense 2,838 2,697 5,695 5,449 Other lease expense 1,443 1,266 2,847 2,519 Total $ 7,177 $ 7,335 $ 14,353 $ 13,559 Based on the nature of the right-of-use ("ROU") asset, amortization of finance lease ROU 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 (in thousands): Financial Statement Line Item April 2, October 2, ASSETS Finance lease assets Property, plant and equipment, net $ 37,361 $ 38,657 Operating lease assets Operating lease right-of-use assets 67,062 72,087 Total lease assets $ 104,423 $ 110,744 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,309 $ 4,616 Operating lease liabilities Other accrued liabilities 9,266 9,877 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,637 36,919 Operating lease liabilities Long-term operating lease liabilities 34,347 37,970 Total lease liabilities $ 84,559 $ 89,382

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Apr. 02, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company recognized $6.1 million and $12.4 million of compensation expense associated with share-based awards for the three and six months ended April 2, 2022, respectively, and $6.5 million and $11.8 million for the three and six months ended April 3, 2021, respectively. Performance stock units ("PSUs") are payable in shares of the Company's common stock and have a performance period of three years. For PSUs, 50% 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 for grants issued in fiscal 2020 and prior and the S&P 400 Index for grants issued in fiscal 2021 and beyond. Both are a market condition. The remaining 50% of PSUs vest based upon a three-point annual average of the Company's absolute economic return, a performance condition, with grants made in fiscal 2021 and beyond being subject to an individual year minimum and maximum absolute economic return. The vesting and payout of awards will range between 0% and 200% of the shares granted based upon metrics during a performance period for PSUs based on economic return and PSUs based on TSR compared to the Russell 3000 Index. For PSUs based on TSR compared to the S&P 400 Index, the vesting and payout of awards will range between 0% and 150% of shares granted. Payout at target, 100% of the shares granted, will occur if the TSR of Plexus stock is at the 50th percentile of companies in the Russell 3000 Index or S&P 400 Index during the performance period and if a 2.5% average economic return is achieved over the performance period of three years. 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. The Company recognizes share-based compensation expense over the share-based awards' vesting period.

Litigation

Litigation	6 Months Ended
	Apr. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation	LitigationThe 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	6 Months Ended
	Apr. 02, 2022
Segment Reporting [Abstract]
Reportable Segments	Reportable SegmentsReportable 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 and six months ended April 2, 2022 and April 3, 2021 is as follows (in thousands): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Net sales: AMER $ 311,205 $ 364,697 $ 588,551 $ 692,264 APAC 533,885 458,872 1,025,557 910,174 EMEA 73,702 83,322 146,565 162,045 Elimination of inter-segment sales (30,069) (26,006) (54,494) (53,243) $ 888,723 $ 880,885 $ 1,706,179 $ 1,711,240 Operating income (loss): AMER $ 7,769 $ 26,203 $ 9,559 $ 42,685 APAC 60,860 58,112 121,548 119,654 EMEA 490 (1,618) 1,446 (2,606) Corporate and other costs (33,282) (32,010) (66,243) (62,180) $ 35,837 $ 50,687 $ 66,310 $ 97,553 Other income (expense): Interest expense $ (3,345) $ (3,818) $ (6,391) $ (7,904) Interest income 262 390 533 764 Miscellaneous, net (1,446) (825) (2,369) (2,343) Income before income taxes $ 31,308 $ 46,434 $ 58,083 $ 88,070 April 2, October 2, Total assets: AMER $ 962,320 $ 789,385 APAC 1,626,518 1,283,124 EMEA 295,353 275,122 Corporate and eliminations 105,857 114,262 $ 2,990,048 $ 2,461,893

Guarantees

Guarantees	6 Months Ended
	Apr. 02, 2022
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 cause other than the Company. The Company provides for an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "other 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 six months ended April 2, 2022 and April 3, 2021 (in thousands): Six Months Ended April 2, April 3, Reserve balance, beginning of period $ 6,645 $ 6,386 Accruals for warranties issued during the period 1,885 967 Settlements (in cash or in kind) during the period (1,193) (1,747) Reserve balance, end of period $ 7,337 $ 5,606

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Apr. 02, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity On August 20, 2019, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase $50.0 million of its common stock (the "2019 Program"). During the six months ended April 3, 2021, the Company completed the 2019 Program by repurchasing 73,560 shares under this program for $5.3 million at an average price of $72.44 per share. On August 13, 2020, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2021 Program"). On November 18, 2020, the Board of Directors approved an additional $50.0 million in share repurchase authority under the existing 2021 Program such that there then existed a total of $100.0 million in share repurchase authority under the program. The 2021 Program commenced upon completion of the 2019 Program. During the three months ended April 3, 2021, the Company repurchased 349,297 shares under this program for $29.1 million at an average price of $83.39 per share. During the six months ended April 3, 2021, the Company repurchased 582,808 shares under this program for $46.6 million at an average price of $79.91 per share. On August 11, 2021, the Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to $50.0 million of its common stock (the "2022 Program"). The 2022 Program commenced upon completion of the 2021 Program. The 2022 Program has no expiration. During the three months ended April 2, 2022, the Company repurchased 305,707 shares under this program for $25.0 million at an average price of $81.79 per share. During the six months ended April 2, 2022, the Company repurchased 416,147 shares under this program for $35.2 million at an average price of $84.43 per share. As of April 2, 2022, $11.7 million of authority remained under the 2022 Program. All shares repurchased under the aforementioned programs were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	6 Months Ended
	Apr. 02, 2022
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"), HSBC Bank (China) Company Limited, Xiamen branch (the "HSBC RPA") and other unaffiliated financial institutions, under which the Company may elect to sell receivables; at a discount. All facilities are uncommitted facilities. The maximum facility amount under the MUFG R PA as of April 2, 2022 is $340.0 million. The maximum facility amount under the HSBC RPA as of April 2, 2022 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 previously discussed. 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 continues servicing receivables sold and performing all accounts receivable administrative functions, and in exchange receives a servicing fee, under both the MUFG RPA and HSBC RPA. Servicing fees related to trade accounts receivable programs recognized during the three and six months ended April 2, 2022 and April 3, 2021 were not material. The Company sold $202.2 million and $195.6 million of trade accounts receivable under these programs, or their predecessors, during the three months ended April 2, 2022 and April 3, 2021 , respectively, in exchange for cash proceeds of $201.5 million and $195.1 million, respectively. The Company sold $350.2 million and $394.0 million of trade accounts receivable under these programs, or their predecessors, during the six months ended April 2, 2022 and April 3, 2021 , respectively, in exchange for cash proceeds of $349.0 million and $392.9 million, respectively. As of April 2, 2022 and October 2, 2021

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Apr. 02, 2022
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 and six months ended April 2, 2022 and April 3, 2021 and disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended April 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 98,267 $ 302,326 $ 14,061 $ 414,654 Healthcare/Life Sciences 143,855 165,099 44,294 353,248 Aerospace/Defense 67,213 38,923 14,685 120,821 External revenue 309,335 506,348 73,040 888,723 Inter-segment sales 1,870 27,537 662 30,069 Segment revenue $ 311,205 $ 533,885 $ 73,702 $ 918,792 Three Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 131,341 $ 255,537 $ 20,040 $ 406,918 Healthcare/Life Sciences 155,027 149,863 44,877 349,767 Aerospace/Defense 75,188 31,320 17,692 124,200 External revenue 361,556 436,720 82,609 880,885 Inter-segment sales 3,141 22,152 713 26,006 Segment revenue $ 364,697 $ 458,872 $ 83,322 $ 906,891 Six Months Ended April 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 181,512 $ 567,601 $ 29,368 $ 778,481 Healthcare/Life Sciences 279,817 334,336 83,560 697,713 Aerospace/Defense 122,963 74,666 32,356 229,985 External revenue 584,292 976,603 145,284 1,706,179 Inter-segment sales 4,259 48,954 1,281 54,494 Segment revenue $ 588,551 $ 1,025,557 $ 146,565 $ 1,760,673 Six Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 253,367 $ 493,785 $ 37,808 $ 784,960 Healthcare/Life Sciences 281,466 303,909 83,705 669,080 Aerospace/Defense 152,168 65,579 39,453 257,200 External revenue 687,001 863,273 160,966 1,711,240 Inter-segment sales 5,263 46,901 1,079 53,243 Segment revenue $ 692,264 $ 910,174 $ 162,045 $ 1,764,483 For the three and six months ended April 2, 2022, approximately 85% and 86% of the Company's revenue, respectively, was recognized as the performance obligations for products and services were transferred over time. For the three and six months ended April 3, 2021, approximately 92% and 91% of the Company's revenue, respectively, was recognized as the performance obligations for products and services were transferred over time. 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 during the six months ended April 2, 2022 and April 3, 2021 (in thousands): Six Months Ended April 2, April 3, Contract assets, beginning of period $ 115,283 $ 113,946 Revenue recognized during the period 1,460,802 1,559,878 Amounts collected or invoiced during the period (1,459,998) (1,557,384) Contract assets, end of period $ 116,087 $ 116,440 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 on the Condensed Consolidated Balance Sheets. As of April 2, 2022 and October 2, 2021 the balance of advance payments from customers that

Restructuring and Impairment Ch

Restructuring and Impairment Charges	6 Months Ended
	Apr. 02, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Impairment Charges	Restructuring and Impairment Charges Restructuring and impairment charges are recorded within restructuring and impairment charges on the Condensed Consolidated Statements of Comprehensive Income. Restructuring liabilities are recorded within other accrued liabilities on the Condensed Consolidated Balance Sheets. For the three months ended April 2, 2022, the Company did not incur any restructuring and impairment charges. For the six months ended April 2, 2022, the Company recorded $2.0 million of restructuring and charges primarily due to employee severance costs associated with a facility transition in the Company's APAC segment. For the three and six months ended April 3, 2021, the Company incurred restructuring and impairment charges of $2.0 million, which consisted of severance from the reduction of the Company's workforce primarily in the EMEA region. The Company recognized a tax benefit of $0.2 million related to restructuring and impairment charges for the six months ended April 2, 2022 and $0.2 million related to restructuring charges in the three and six months ended April 3, 2021. The Company's restructuring accrual activity for the three and six months ended April 2, 2022 and three months ended April 3, 2021 is included in the table below (in thousands): Fixed Asset and Operating ROU Asset Impairment Employee Termination and Severance Costs Total Accrual balance, as of October 2, 2021 $ — $ 71 $ 71 Restructuring and impairment costs 255 1,766 2,021 Amounts utilized (255) (75) (330) Accrual balance, as of January 1, 2022 $ — $ 1,762 $ 1,762 Restructuring and impairment costs — — — Amounts utilized — (100) (100) Accrual balance, as of April 2, 2022 $ — $ 1,662 $ 1,662 Fixed Asset and Operating ROU Asset Impairment Employee Termination and Severance Costs Total Accrual balance, as of January 2, 2021 $ — $ 22 $ 22 Restructuring and impairment costs — 2,029 2,029 Amounts utilized — (440) (440) Accrual balance, as of April 3, 2021 $ — $ 1,611 $ 1,611 There was no material restructuring activity for the three months ended January 2, 2021.

Basis of Presentation_2

Basis of Presentation	6 Months Ended
	Apr. 02, 2022
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 condensed consolidated financial position of the Company as of April 2, 2022 and October 2, 2021, the results of operations and shareholders' equity for the three and six months ended April 2, 2022 and April 3, 2021, and the cash flows for the same six month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2021 Annual Report on Form 10-K.
Recently Adopted Accounting Pronouncements & Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted: The Company believes that no 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)	6 Months Ended
	Apr. 02, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of April 2, 2022 and October 2, 2021 consisted of the following (in thousands): April 2, October 2, Raw materials $ 1,223,498 $ 860,538 Work-in-process 73,252 48,356 Finished goods 77,535 63,418 Total inventories, net $ 1,374,285 $ 972,312

Debt, Finance Lease Obligatio_2

Debt, Finance Lease Obligations and Other Financing (Tables)	6 Months Ended
	Apr. 02, 2022
Debt and Lease Obligation [Abstract]
Schedule of Debt, Finance Lease Obligations and Other Financing	Debt and finance lease obligations as of April 2, 2022 and October 2, 2021, consisted of the following (in thousands): April 2, October 2, 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 revolving commitment 212,000 55,000 Finance lease and other financing obligations 47,251 49,279 Unamortized deferred financing fees (789) (933) Total obligations 408,462 253,346 Less: current portion (222,393) (66,313) Long-term debt and finance lease obligations, net of current portion $ 186,069 $ 187,033

Derivatives and Fair Value Me_2

Derivatives and Fair Value Measurements (Tables)	6 Months Ended
	Apr. 02, 2022
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 (as defined in Note 1, "Description of Business and Significant Accounting Policies") and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 2, October 2, April 2, October 2, Derivatives designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 726 $ 76 Other accrued liabilities $ 61 $ 1,119 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities April 2, October 2, April 2, October 2, Derivatives not designated as hedging instruments Balance sheet Fair Value Fair Value Balance sheet Fair Value Fair Value Foreign currency forward contracts Prepaid expenses and other $ 112 $ 133 Other accrued liabilities $ 911 $ 356
Schedule of Derivative Impact on Accumulated Other Comprehensive (Loss) Income	The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in OCL on Derivatives April 2, 2022 April 3, 2021 Foreign currency forward contracts $ 317 $ (2,748) The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Amount of Gain Recognized in OCL on Derivatives April 2, 2022 April 3, 2021 Foreign currency forward contracts $ 787 $ 1,411
Schedule of Derivative Impact on (Loss) Gain Recognized in Income	Derivative Impact on Gain (Loss) Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Cost of sales $ (109) $ 1,643 Foreign currency forward contracts Selling and administrative expenses $ (10) $ 165 Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Six Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Cost of sales $ (852) $ 1,741 Foreign currency forward contracts Selling and administrative expenses $ (69) $ 171
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income	Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (782) $ (233) Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income April 2, 2022 April 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (825) $ 297
Schedule of Derivatives Fair Value Measurements Using Input Levels	The following table lists the fair values of assets of the Company’s derivatives as of April 2, 2022 and October 2, 2021, by input level: Fair Value Measurements Using Input Levels Liability (in thousands) April 2, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ (134) $ — $ (134) October 2, 2021 Derivatives Foreign currency forward contracts $ — $ (1,266) $ — $ (1,266)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Apr. 02, 2022
Earnings Per Share [Abstract]
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and six months ended April 2, 2022 and April 3, 2021 (in thousands, except per share amounts): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Net income $ 26,869 $ 41,763 $ 50,292 $ 77,962 Basic weighted average common shares outstanding 27,987 28,736 28,002 28,799 Dilutive effect of share-based awards and options outstanding 440 574 564 610 Diluted weighted average shares outstanding 28,427 29,310 28,566 29,409 Earnings per share: Basic $ 0.96 $ 1.45 $ 1.80 $ 2.71 Diluted $ 0.95 $ 1.42 $ 1.76 $ 2.65

Leases (Tables)

Leases (Tables)	6 Months Ended
	Apr. 02, 2022
Leases [Abstract]
Schedule of Lease Expense and Other Information	The components of lease expense for the three and six months ended April 2, 2022 and April 3, 2021 were as follows (in thousands): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Finance lease expense: Amortization of right-of-use assets $ 1,667 $ 2,135 $ 3,360 $ 3,151 Interest on lease liabilities 1,229 1,237 2,451 2,440 Operating lease expense 2,838 2,697 5,695 5,449 Other lease expense 1,443 1,266 2,847 2,519 Total $ 7,177 $ 7,335 $ 14,353 $ 13,559
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 (in thousands): Financial Statement Line Item April 2, October 2, ASSETS Finance lease assets Property, plant and equipment, net $ 37,361 $ 38,657 Operating lease assets Operating lease right-of-use assets 67,062 72,087 Total lease assets $ 104,423 $ 110,744 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,309 $ 4,616 Operating lease liabilities Other accrued liabilities 9,266 9,877 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,637 36,919 Operating lease liabilities Long-term operating lease liabilities 34,347 37,970 Total lease liabilities $ 84,559 $ 89,382

Reportable Segments (Tables)

Reportable Segments (Tables)	6 Months Ended
	Apr. 02, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information about the Company’s three reportable segments for the three and six months ended April 2, 2022 and April 3, 2021 is as follows (in thousands): Three Months Ended Six Months Ended April 2, April 3, April 2, April 3, Net sales: AMER $ 311,205 $ 364,697 $ 588,551 $ 692,264 APAC 533,885 458,872 1,025,557 910,174 EMEA 73,702 83,322 146,565 162,045 Elimination of inter-segment sales (30,069) (26,006) (54,494) (53,243) $ 888,723 $ 880,885 $ 1,706,179 $ 1,711,240 Operating income (loss): AMER $ 7,769 $ 26,203 $ 9,559 $ 42,685 APAC 60,860 58,112 121,548 119,654 EMEA 490 (1,618) 1,446 (2,606) Corporate and other costs (33,282) (32,010) (66,243) (62,180) $ 35,837 $ 50,687 $ 66,310 $ 97,553 Other income (expense): Interest expense $ (3,345) $ (3,818) $ (6,391) $ (7,904) Interest income 262 390 533 764 Miscellaneous, net (1,446) (825) (2,369) (2,343) Income before income taxes $ 31,308 $ 46,434 $ 58,083 $ 88,070 April 2, October 2, Total assets: AMER $ 962,320 $ 789,385 APAC 1,626,518 1,283,124 EMEA 295,353 275,122 Corporate and eliminations 105,857 114,262 $ 2,990,048 $ 2,461,893

Guarantees (Tables)

Guarantees (Tables)	6 Months Ended
	Apr. 02, 2022
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 six months ended April 2, 2022 and April 3, 2021 (in thousands): Six Months Ended April 2, April 3, Reserve balance, beginning of period $ 6,645 $ 6,386 Accruals for warranties issued during the period 1,885 967 Settlements (in cash or in kind) during the period (1,193) (1,747) Reserve balance, end of period $ 7,337 $ 5,606

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Apr. 02, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below includes the Company’s revenue for the three and six months ended April 2, 2022 and April 3, 2021 and disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended April 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 98,267 $ 302,326 $ 14,061 $ 414,654 Healthcare/Life Sciences 143,855 165,099 44,294 353,248 Aerospace/Defense 67,213 38,923 14,685 120,821 External revenue 309,335 506,348 73,040 888,723 Inter-segment sales 1,870 27,537 662 30,069 Segment revenue $ 311,205 $ 533,885 $ 73,702 $ 918,792 Three Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 131,341 $ 255,537 $ 20,040 $ 406,918 Healthcare/Life Sciences 155,027 149,863 44,877 349,767 Aerospace/Defense 75,188 31,320 17,692 124,200 External revenue 361,556 436,720 82,609 880,885 Inter-segment sales 3,141 22,152 713 26,006 Segment revenue $ 364,697 $ 458,872 $ 83,322 $ 906,891 Six Months Ended April 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 181,512 $ 567,601 $ 29,368 $ 778,481 Healthcare/Life Sciences 279,817 334,336 83,560 697,713 Aerospace/Defense 122,963 74,666 32,356 229,985 External revenue 584,292 976,603 145,284 1,706,179 Inter-segment sales 4,259 48,954 1,281 54,494 Segment revenue $ 588,551 $ 1,025,557 $ 146,565 $ 1,760,673 Six Months Ended April 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 253,367 $ 493,785 $ 37,808 $ 784,960 Healthcare/Life Sciences 281,466 303,909 83,705 669,080 Aerospace/Defense 152,168 65,579 39,453 257,200 External revenue 687,001 863,273 160,966 1,711,240 Inter-segment sales 5,263 46,901 1,079 53,243 Segment revenue $ 692,264 $ 910,174 $ 162,045 $ 1,764,483
Schedule of Contract Assets	The following table summarizes the activity in the Company's contract assets during the six months ended April 2, 2022 and April 3, 2021 (in thousands): Six Months Ended April 2, April 3, Contract assets, beginning of period $ 115,283 $ 113,946 Revenue recognized during the period 1,460,802 1,559,878 Amounts collected or invoiced during the period (1,459,998) (1,557,384) Contract assets, end of period $ 116,087 $ 116,440

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	6 Months Ended
	Apr. 02, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accrual Activity	The Company's restructuring accrual activity for the three and six months ended April 2, 2022 and three months ended April 3, 2021 is included in the table below (in thousands): Fixed Asset and Operating ROU Asset Impairment Employee Termination and Severance Costs Total Accrual balance, as of October 2, 2021 $ — $ 71 $ 71 Restructuring and impairment costs 255 1,766 2,021 Amounts utilized (255) (75) (330) Accrual balance, as of January 1, 2022 $ — $ 1,762 $ 1,762 Restructuring and impairment costs — — — Amounts utilized — (100) (100) Accrual balance, as of April 2, 2022 $ — $ 1,662 $ 1,662 Fixed Asset and Operating ROU Asset Impairment Employee Termination and Severance Costs Total Accrual balance, as of January 2, 2021 $ — $ 22 $ 22 Restructuring and impairment costs — 2,029 2,029 Amounts utilized — (440) (440) Accrual balance, as of April 3, 2021 $ — $ 1,611 $ 1,611

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,223,498	$ 860,538
Work-in-process	73,252	48,356
Finished goods	77,535	63,418
Total inventories, net	$ 1,374,285	$ 972,312

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Inventory [Line Items]
Customer deposits	$ 364,572	$ 204,985
Inventory
Inventory [Line Items]
Customer deposits	$ 351,700	$ 200,600

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	Apr. 02, 2022	Oct. 02, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 362,000	$ 205,000
Finance lease and other financing obligations	47,251	49,279
Unamortized deferred financing fees	(789)	(933)
Total obligations	408,462	253,346
Current portion of long-term debt and finance lease obligations	(222,393)	(66,313)
Long-term debt and finance lease obligations, net of current portion	186,069	187,033
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
Interest Rate, Senior Notes	4.05%	4.05%
Senior Notes | 4.22% Senior Notes, due June 15, 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000	$ 50,000
Interest Rate, Senior Notes	4.22%	4.22%
Line of Credit | Borrowings under the revolving commitment
Debt Instrument [Line Items]
Long-term debt, gross	$ 212,000	$ 55,000

Debt, Finance Lease Obligatio_4

Debt, Finance Lease Obligations and Other Financing - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021	May 14, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 362,000		$ 205,000
Amount borrowed	377,000	$ 151,967
Fair value of debt	$ 360,300		217,100
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, term	5 years
Highest daily borrowings	$ 294,000
Average daily borrowings	168,700
Amount borrowed	377,000
Amount repaid	220,000
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
Interest Rate, Senior Notes	4.05%		4.05%
Senior Notes | 4.22% Senior Notes, due June 15, 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000		$ 50,000
Interest Rate, Senior Notes	4.22%		4.22%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 212,000		$ 55,000
Maximum commitment	350,000			$ 300,000
Amount credit facility may be further increased	$ 600,000
Annual commitment fee	0.15%

Derivatives and Fair Value Me_3

Derivatives and Fair Value Measurements - Schedule of Fair Values of Derivative Instruments (Details) - Foreign currency forward contracts - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 800	$ 200
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	726	76
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	112	133
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	61	1,119
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 911	$ 356

Derivatives and Fair Value Me_4

Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Foreign currency forward contracts | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCL on Derivatives	$ 317	$ (2,748)	$ 787	$ 1,411

Derivatives and Fair Value Me_5

Derivatives and Fair Value Measurements - Schedule of Derivative Impact on (Loss) Gain Recognized in Income (Details) - Derivatives designated as hedging instruments - Derivatives in cash flow hedging relationships - Foreign currency forward contracts - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (109)	$ 1,643	$ (852)	$ 1,741
Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (10)	$ 165	$ (69)	$ 171

Derivatives and Fair Value Me_6

Derivatives and Fair Value Measurements - Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign currency forward contracts
Derivative [Line Items]
Amount of Loss on Derivatives Recognized in Income	$ (782)	$ (233)	$ (825)	$ 297

Derivatives and Fair Value Me_7

Derivatives and Fair Value Measurements - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Foreign currency forward contracts - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Derivative Liability	$ 134	$ 1,266
Level 1
Derivative Liability	0	0
Level 2
Derivative Liability	134	1,266
Level 3
Derivative Liability	$ 0	$ 0

Derivatives and Fair Value Me_8

Derivatives and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Oct. 02, 2021
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months	$ 700
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign currency forward contracts
Notional amount of forward exchange contracts	137,800	$ 107,400
Fair value of derivative asset	700
Fair value of derivative liability		1,000
Derivatives not designated as hedging instruments | Foreign currency forward contracts
Notional amount of forward exchange contracts	43,300	38,600
Fair value of derivative liability	$ 800	$ 200

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Income Tax Examination [Line Items]
Income tax expense	$ 4,439	$ 4,671	$ 7,791	$ 10,108
Effective Income Tax Rate Reconciliation, Percent	14.20%	10.10%	13.40%	11.50%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 600
Special Tax Items
Income Tax Examination [Line Items]
Other Tax Expense (Benefit)	$ 1,200	$ (900)	$ 700	$ (900)

Earnings Per Share - Reconcilia

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		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Earnings Per Share [Abstract]
Net income	$ 26,869	$ 41,763	$ 50,292	$ 77,962
Basic weighted average common shares outstanding (in shares)	27,987	28,736	28,002	28,799
Dilutive effect of share-based awards and options outstanding (in shares)	440	574	564	610
Diluted weighted average shares outstanding (in shares)	28,427	29,310	28,566	29,409
Earnings per share:
Basic (in dollars per share)	$ 0.96	$ 1.45	$ 1.80	$ 2.71
Diluted (in dollars per share)	$ 0.95	$ 1.42	$ 1.76	$ 2.65

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	0.1	0.1	0.1	0.1

Leases Schedule of Lease Expens

Leases Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 1,667	$ 2,135	$ 3,360	$ 3,151
Interest on lease liabilities	1,229	1,237	2,451	2,440
Operating lease expense	2,838	2,697	5,695	5,449
Other lease expense	1,443	1,266	2,847	2,519
Total lease expense	$ 7,177	$ 7,335	$ 14,353	$ 13,559

Leases Schedule of Lease Assets

Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 02, 2022	Oct. 02, 2021
Assets and Liabilities, Leases [Abstract]
Finance lease right-of-use assets	$ 37,361	$ 38,657
Operating lease right-of-use assets	67,062	72,087
Total lease Assets	104,423	110,744
Current finance lease liabilities	$ 4,309	$ 4,616
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt and finance lease obligations	Current portion of long-term debt and finance lease obligations
Current operating lease liabilities	$ 9,266	$ 9,877
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Long-term finance lease liabilities	$ 36,637	$ 36,919
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt and finance lease obligations, net of current portion	Long-term debt and finance lease obligations, net of current portion
Long-term operating lease liabilities	$ 34,347	$ 37,970
Total lease liabilities	$ 84,559	$ 89,382

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 6,100	$ 6,500	$ 12,400	$ 11,800
PSUs | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Payout, Average Economic Return Threshold, Percent			2.50%
PSUs | 2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
PSUs | 2016 Omnibus Incentive Plan | Vest Based on Market Condition - Relative TSR of Common Stock Compared to Companies in Russell 3000 Index or S&P 400 Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Total Shareholder Return Threshold, Percent			50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout, Percent of Shares Granted			100.00%
PSUs | 2016 Omnibus Incentive Plan | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award			three
Minimum | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	0		0
Minimum | PSUs | Russell 3000 | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0.00%
Minimum | PSUs | S&P 400 | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0.00%
Maximum | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be issued (in shares)	500,000		500,000
Maximum | PSUs | Russell 3000 | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			200.00%
Maximum | PSUs | S&P 400 | Vest Based on Performance Condition - Three-Point Annual Average of Absolute Economic Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			150.00%

Reportable Segments - Schedule

Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Net sales	$ 888,723	$ 880,885	$ 1,706,179	$ 1,711,240
Operating Income (Loss)	35,837	50,687	66,310	97,553
Total assets	2,990,048		2,990,048		$ 2,461,893
Other income (expense):
Interest Expense	(3,345)	(3,818)	(6,391)	(7,904)
Investment Income, Interest	262	390	533	764
Other Nonoperating Income (Expense)	(1,446)	(825)	(2,369)	(2,343)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	31,308	46,434	58,083	88,070
Elimination of inter-segment sales
Net sales	(30,069)	(26,006)	(54,494)	(53,243)
Corporate and other costs
Operating Income (Loss)	(33,282)	(32,010)	(66,243)	(62,180)
Corporate and eliminations
Total assets	105,857		105,857		114,262
AMER | Operating Segments
Net sales	311,205	364,697	588,551	692,264
Operating Income (Loss)	7,769	26,203	9,559	42,685
Total assets	962,320		962,320		789,385
APAC | Operating Segments
Net sales	533,885	458,872	1,025,557	910,174
Operating Income (Loss)	60,860	58,112	121,548	119,654
Total assets	1,626,518		1,626,518		1,283,124
EMEA | Operating Segments
Net sales	73,702	83,322	146,565	162,045
Operating Income (Loss)	490	$ (1,618)	1,446	$ (2,606)
Total assets	$ 295,353		$ 295,353		$ 275,122

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	6 Months Ended
	Apr. 02, 2022segment
Segment Reporting [Abstract]
Number of reportable segments	3

Guarantees - Schedule of Activi

Guarantees - Schedule of Activity Related to Limited Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 6,645	$ 6,386
Accruals for warranties issued during the period	1,885	967
Settlements (in cash or in kind) during the period	(1,193)	(1,747)
Limited warranty liability, ending balance	$ 7,337	$ 5,606

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	6 Months Ended
	Apr. 02, 2022
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 - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Aug. 11, 2021	Nov. 18, 2020	Aug. 13, 2020	Aug. 20, 2019
2019 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount								$ 50,000
Amount repurchased (in shares)				73,560
Amount repurchased				$ 5,300
Average repurchase price (in dollars per share)				$ 72.44
2021 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount						$ 100,000	$ 50,000
Amount repurchased (in shares)		349,297		582,808
Amount repurchased		$ 29,100		$ 46,600
Average repurchase price (in dollars per share)		$ 83.39		$ 79.91
Stock Repurchase Program, Additional Authorized Amount						$ 50,000
2022 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount					$ 50,000
Amount repurchased (in shares)	305,707		416,147
Amount repurchased	$ 25,000		$ 35,200
Average repurchase price (in dollars per share)	$ 81.79		$ 84.43
Remaining authorized repurchase amount	$ 11,700		$ 11,700

Trade Accounts Receivable Sal_2

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold	$ 202,200	$ 195,600	$ 350,200	$ 394,000
Cash proceeds received from accounts receivable sold	201,500	$ 195,100	349,000	$ 392,900
Trade accounts receivable sold, not yet collected	200,400		200,400		$ 176,000
MUFG RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	340,000		$ 340,000
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		$ 60,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 918,792	$ 906,891	$ 1,760,673	$ 1,764,483
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	888,723	880,885	1,706,179	1,711,240
Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	30,069	26,006	54,494	53,243
Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	414,654	406,918	778,481	784,960
Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	353,248	349,767	697,713	669,080
Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	120,821	124,200	229,985	257,200
AMER
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	311,205	364,697	588,551	692,264
AMER | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	309,335	361,556	584,292	687,001
AMER | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	1,870	3,141	4,259	5,263
AMER | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	98,267	131,341	181,512	253,367
AMER | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	143,855	155,027	279,817	281,466
AMER | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	67,213	75,188	122,963	152,168
APAC
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	533,885	458,872	1,025,557	910,174
APAC | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	506,348	436,720	976,603	863,273
APAC | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	27,537	22,152	48,954	46,901
APAC | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	302,326	255,537	567,601	493,785
APAC | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	165,099	149,863	334,336	303,909
APAC | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	38,923	31,320	74,666	65,579
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	73,702	83,322	146,565	162,045
EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	73,040	82,609	145,284	160,966
EMEA | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	662	713	1,281	1,079
EMEA | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	14,061	20,040	29,368	37,808
EMEA | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	44,294	44,877	83,560	83,705
EMEA | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 14,685	$ 17,692	$ 32,356	$ 39,453

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021	Oct. 03, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 116,087	$ 116,440	$ 115,283	$ 113,946
Revenue recognized	1,460,802	1,559,878
Amounts collected or invoiced	$ (1,459,998)	$ (1,557,384)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 02, 2022	Apr. 03, 2021	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 195,400		$ 195,400		$ 101,100
Transferred over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	85.00%	92.00%	86.00%	91.00%

Restructuring and Impairment _3

Restructuring and Impairment Charges Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Apr. 02, 2022	Jan. 01, 2022	Apr. 03, 2021	Jan. 02, 2021	Apr. 02, 2022	Apr. 03, 2021	Oct. 02, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 1,662	$ 1,762	$ 1,611	$ 22	$ 1,662	$ 1,611	$ 71
Restructuring and impairment charges	0	2,021	2,029	0	2,021	2,029
Amounts utilized	(100)	(330)	(440)
Fixed Asset and Operating ROU Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0	0	0	0	0	0	0
Restructuring and impairment charges	0	255	0
Amounts utilized	0	(255)	0
Employee Termination and Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,662	1,762	1,611	$ 22	$ 1,662	$ 1,611	$ 71
Restructuring and impairment charges	0	1,766	2,029
Amounts utilized	$ (100)	$ (75)	$ (440)

Restructuring and Impairment _4

Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Apr. 02, 2022	Jan. 01, 2022	Apr. 03, 2021	Jan. 02, 2021	Apr. 02, 2022	Apr. 03, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 0	$ 2,021	$ 2,029	$ 0	$ 2,021	$ 2,029
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Other Tax Expense (Benefit)			$ (200)		$ (200)	$ (200)