Plexus (PLXS) 10-Q 5 Aug 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 02, 2022	Aug. 02, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 02, 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		27,712,174
Entity Central Index Key	0000785786
Current Fiscal Year End Date	--10-01
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Statement [Abstract]
Net sales	$ 981,341	$ 814,387	$ 2,687,520	$ 2,525,627
Cost of sales	887,723	740,337	2,447,396	2,281,298
Gross profit	93,618	74,050	240,124	244,329
Selling and administrative expenses	44,057	36,439	122,232	107,136
Restructuring and impairment charges	0	1,238	2,021	3,267
Operating income	49,561	36,373	115,871	133,926
Other income (expense):
Interest expense	(3,923)	(3,190)	(10,314)	(11,094)
Interest income	318	308	851	1,072
Miscellaneous, net	(2,678)	(579)	(5,047)	(2,922)
Income before income taxes	43,278	32,912	101,361	120,982
Income tax expense	5,784	5,303	13,575	15,411
Net income	$ 37,494	$ 27,609	$ 87,786	$ 105,571
Earnings per share:
Basic (in dollars per share)	$ 1.35	$ 0.97	$ 3.14	$ 3.68
Diluted (in dollars per share)	$ 1.33	$ 0.95	$ 3.09	$ 3.60
Weighted average shares outstanding:
Basic (in shares)	27,738	28,529	27,913	28,708
Diluted (in shares)	28,179	29,068	28,452	29,298
Other comprehensive (loss) income:
Derivative instrument and other fair value adjustments	$ (3,239)	$ (1,218)	$ (1,531)	$ (1,719)
Foreign currency translation adjustments	(10,873)	1,434	(16,779)	6,730
Other comprehensive (loss) income	(14,112)	216	(18,310)	5,011
Total comprehensive income	$ 23,382	$ 27,825	$ 69,476	$ 110,582

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Current assets:
Cash and cash equivalents	$ 276,608	$ 270,172
Restricted cash	1,222	341
Accounts receivable, net of allowances of $2,499 and $1,188, respectively	613,510	519,684
Contract assets	128,050	115,283
Inventories, net	1,561,264	972,312
Prepaid expenses and other	73,771	53,094
Total current assets	2,654,425	1,930,886
Property, plant and equipment, net	429,990	395,094
Operating lease right-of-use assets	64,293	72,087
Deferred income taxes	26,919	27,385
Other assets	28,836	36,441
Total non-current assets	550,038	531,007
Total assets	3,204,463	2,461,893
Current liabilities:
Current portion of long-term debt and finance lease obligations	250,012	66,313
Accounts payable	853,203	634,969
Customer deposits	390,779	204,985
Accrued salaries and wages	68,386	75,394
Other accrued liabilities	298,363	147,042
Total current liabilities	1,860,743	1,128,703
Long-term debt and finance lease obligations, net of current portion	184,707	187,033
Long-term accrued income taxes payable	42,167	47,974
Long-term operating lease liabilities	32,270	37,970
Deferred income taxes payable	6,289	5,677
Other liabilities	20,097	26,304
Total non-current liabilities	285,530	304,958
Total liabilities	2,146,273	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, 54,079 and 53,849 shares issued, respectively, and 27,712 and 28,047 shares outstanding, respectively	541	538
Additional paid-in capital	647,169	639,778
Common stock held in treasury, at cost, 26,367 and 25,802 shares, respectively	(1,090,003)	(1,043,091)
Retained earnings	1,521,777	1,433,991
Accumulated other comprehensive loss	(21,294)	(2,984)
Total shareholders’ equity	1,058,190	1,028,232
Total liabilities and shareholders’ equity	$ 3,204,463	$ 2,461,893

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,499	$ 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)	54,079,000	53,849,000
Common stock, shares outstanding (in shares)	27,712,000	28,047,000
Treasury stock, shares (in shares)	26,367,000	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
Beginning of period (in shares) at Oct. 03, 2020		29,002,000
Exercise of stock options and vesting of other share-based awards		323,000
Treasury shares purchased (in shares)		(948,000)
End of period (in shares) at Jul. 03, 2021		28,377,000
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			17,682
Exercise of stock options and vesting of other share-based awards, including tax withholding			(6,095)
Treasury shares purchased				(79,202)
Net income	105,571				105,571
Other comprehensive (loss) income	5,011					5,011
End of period at Jul. 03, 2021	1,020,450	$ 538	633,151	(1,013,841)	1,400,650	(48)
Beginning of period (in shares) at Apr. 03, 2021		28,659,000
Exercise of stock options and vesting of other share-based awards		10,000
Treasury shares purchased (in shares)		(292,000)
End of period (in shares) at Jul. 03, 2021		28,377,000
Beginning of period at Apr. 03, 2021	1,013,952	$ 538	627,176	(986,539)	1,373,041	(264)
Exercise of stock options and vesting of other share-based awards		0
Share-based compensation expense			5,860
Exercise of stock options and vesting of other share-based awards, including tax withholding			115
Treasury shares purchased				(27,302)
Net income	27,609				27,609
Other comprehensive (loss) income	216					216
End of period at Jul. 03, 2021	$ 1,020,450	$ 538	633,151	(1,013,841)	1,400,650	(48)
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		230,000
Treasury shares purchased (in shares)		(565,000)
End of period (in shares) at Jul. 02, 2022	27,712,000	27,712,000
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			18,226
Exercise of stock options and vesting of other share-based awards, including tax withholding			(10,835)
Treasury shares purchased				(46,912)
Net income	87,786				87,786
Other comprehensive (loss) income	(18,310)					(18,310)
End of period at Jul. 02, 2022	$ 1,058,190	$ 541	647,169	(1,090,003)	1,521,777	(21,294)
Beginning of period (in shares) at Apr. 02, 2022		27,859,000
Exercise of stock options and vesting of other share-based awards		2,000
Treasury shares purchased (in shares)		(149,000)
End of period (in shares) at Jul. 02, 2022	27,712,000	27,712,000
Beginning of period at Apr. 02, 2022	$ 1,040,591	$ 541	641,175	(1,078,226)	1,484,283	(7,182)
Exercise of stock options and vesting of other share-based awards		0
Share-based compensation expense			6,048
Exercise of stock options and vesting of other share-based awards, including tax withholding			(54)
Treasury shares purchased				(11,777)
Net income	37,494				37,494
Other comprehensive (loss) income	(14,112)					(14,112)
End of period at Jul. 02, 2022	$ 1,058,190	$ 541	$ 647,169	$ (1,090,003)	$ 1,521,777	$ (21,294)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Cash flows from operating activities
Net income	$ 87,786	$ 105,571
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46,842	45,785
Deferred income taxes	1,574	(1,032)
Share-based compensation expense and related charges	18,254	18,047
Provision for allowance for doubtful accounts	0	(2,405)
Other, net	1,419	1,538
Changes in operating assets and liabilities, excluding impacts of acquisition:
Accounts receivable	(100,850)	18,134
Contract assets	(12,672)	(66)
Inventories	(601,601)	(107,066)
Other current and non-current assets	(14,681)	(19,161)
Accrued income taxes payable	(6,707)	(14,533)
Accounts payable	228,509	62,315
Customer deposits	189,068	18,871
Other current and non-current liabilities	137,211	5,514
Cash flows (used in) provided by operating activities	(25,848)	131,512
Cash flows from investing activities
Payments for property, plant and equipment	(85,028)	(34,384)
Other, net	(105)	44
Cash flows used in investing activities	(85,133)	(34,340)
Cash flows from financing activities
Borrowings under debt agreements	524,000	242,687
Payments on debt and finance lease obligations	(343,207)	(336,536)
Debt issuance costs	(898)	0
Repurchases of common stock	(46,912)	(79,202)
Proceeds from exercise of stock options	307	3,555
Payments related to tax withholding for share-based compensation	(11,142)	(9,647)
Cash flows provided by (used in) financing activities	122,148	(179,143)
Effect of exchange rate changes on cash and cash equivalents	(3,850)	1,574
Net increase (decrease) in cash and cash equivalents and restricted cash	7,317	(80,397)
Cash and cash equivalents and restricted cash:
Beginning of period	270,513	387,894
End of period	$ 277,830	$ 307,497

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jul. 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 July 2, 2022 and October 2, 2021, the results of operations and shareholders' equity for the three and nine months ended July 2, 2022 and July 3, 2021, and the cash flows for the same nine month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 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 COVID-19 and current global economic conditions 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	9 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of July 2, 2022 and October 2, 2021 consisted of the following (in thousands): July 2, October 2, Raw materials $ 1,404,740 $ 860,538 Work-in-process 74,586 48,356 Finished goods 81,938 63,418 Total inventories, net $ 1,561,264 $ 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 July 2, 2022 and October 2, 2021 were $379.8 million a nd $200.6 million, respectively.

Debt, Finance Lease Obligations

Debt, Finance Lease Obligations and Other Financing	9 Months Ended
	Jul. 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 July 2, 2022 and October 2, 2021, consisted of the following (in thousands): July 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 Credit Facility 240,000 55,000 Finance lease and other financing obligations 46,328 49,279 Unamortized deferred financing fees (1,609) (933) Total obligations 434,719 253,346 Less: current portion (250,012) (66,313) Long-term debt and finance lease obligations, net of current portion $ 184,707 $ 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 July 2, 2022, the Company was in compliance with the covenants under the 2018 NPA. On June 9, 2022, the Company refinanced its then-existing senior unsecured revolving credit facility (as amended by that certain Amendment No. 1 to Credit Agreement dated April 29, 2020, the "Prior Credit Facility") by entering into a new 5-year revolving credit facility (collectively with the Prior Credit Facility, referred to as the "Credit Facility"), which expanded the maximum commitment from $350.0 million to $500.0 million and extended the maturity from May 15, 2024 to June 9, 2027. The maximum commitment under the Credit Facility may be further increased to $750.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the nine months ended July 2, 2022, the highest daily borrowing was $327.0 million; the average daily borrowings were $204.9 million. The Company borrowed $524.0 million and repaid $339.0 million of revolving borrowings under the Credit Facility during the nine months ended July 2, 2022. As of July 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 Credit Facility based on the Company's leverage ratio; the fee was 0.125% as of July 2, 2022. The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $383.5 million and $217.1 million as of July 2, 2022 and October 2, 2021, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $390.0 million and $205.0 million as of July 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	9 Months Ended
	Jul. 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 $2.6 million of unrealized losses, net of tax, related to cash flow hedges will be reclassified from other comprehensive (loss) income into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, 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 $141.4 million as of July 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 $2.6 million liability as of July 2, 2022, and a $1.0 million liability as of October 2, 2021. The Company had additional forward currency exchange contracts outstanding as of July 2, 2022, with a notional value of $52.4 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 $0.4 million liability as of July 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 July 2, October 2, July 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 $ 534 $ 76 Other accrued liabilities $ 3,108 $ 1,119 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities July 2, October 2, July 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 $ 153 $ 133 Other accrued liabilities $ 566 $ 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 (Loss) Gain Recognized in OCL on Derivatives July 2, 2022 July 3, 2021 Foreign currency forward contracts $ (3,588) $ 164 Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Cost of sales $ (322) $ 1,290 Foreign currency forward contracts Selling and administrative expenses $ (27) $ 92 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (790) $ 83 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Nine Months Ended Derivatives in cash flow hedging relationships Amount of (Loss) Gain Recognized in OCL on Derivatives July 2, 2022 July 3, 2021 Foreign currency forward contracts $ (2,801) $ 1,575 Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Nine 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 July 2, 2022 July 3, 2021 Foreign currency forward contracts Cost of sales $ (1,174) $ 3,031 Foreign currency forward contracts Selling and administrative expenses $ (96) $ 263 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (1,615) $ 380 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 July 2, 2022 and October 2, 2021, by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) July 2, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ (2,987) $ — $ (2,987) 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	9 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for the three and nine months ended July 2, 2022 was $5.8 million and $13.6 million, respectively, compared to $5.3 million and $15.4 million for the three and nine months ended July 3, 2021, respectively. The effective tax rate for the three and nine months ended July 2, 2022 was 13.4% compared to the effective tax rates of 16.1% and 12.7% for the three and nine months ended July 3, 2021, respectively. The decrease for the three months ended July 2, 2022 compared to the three months ended July 3, 2021, was due to a change in the geographic distribution of pre-tax book income, partially offset by an increase in discrete tax expenses of $1.4 million. The increase for the nine months ended July 2, 2022 compared to the nine months ended July 3, 2021, was due to a change in the geographic distribution of pre-tax book income and an increase in discrete tax expenses of $2.0 million. The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $1.5 million for the three months ended July 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 nine months ended July 2, 2022 was $0.2 million. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S or any foreign jurisdiction. 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 July 2, 2022, the Company released a full valuation allowance for a jurisdiction within the EMEA segment related to the settlement of an income tax audit. 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	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 (in thousands, except per share amounts): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Net income $ 37,494 $ 27,609 $ 87,786 $ 105,571 Basic weighted average common shares outstanding 27,738 28,529 27,913 28,708 Dilutive effect of share-based awards and options outstanding 441 539 539 590 Diluted weighted average shares outstanding 28,179 29,068 28,452 29,298 Earnings per share: Basic $ 1.35 $ 0.97 $ 3.14 $ 3.68 Diluted $ 1.33 $ 0.95 $ 3.09 $ 3.60 For the three and nine months ended July 2, 2022 there were no anti-dilutive shares. For the three and nine months ended July 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	9 Months Ended
	Jul. 02, 2022
Leases [Abstract]
Leases	Leases The components of lease expense for the three and nine months ended July 2, 2022 and July 3, 2021 were as follows (in thousands): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Finance lease expense: Amortization of right-of-use assets $ 1,606 $ 1,541 $ 4,966 $ 4,692 Interest on lease liabilities 1,262 1,229 3,713 3,669 Operating lease expense 2,912 2,697 8,607 8,146 Other lease expense 1,712 1,024 4,559 3,543 Total $ 7,492 $ 6,491 $ 21,845 $ 20,050 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 July 2, October 2, ASSETS Finance lease assets Property, plant and equipment, net $ 36,099 $ 38,657 Operating lease assets Operating lease right-of-use assets 64,293 72,087 Total lease assets $ 100,392 $ 110,744 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 3,705 $ 4,616 Operating lease liabilities Other accrued liabilities 8,640 9,877 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,173 36,919 Operating lease liabilities Long-term operating lease liabilities 32,270 37,970 Total lease liabilities $ 80,788 $ 89,382 As of July 2, 2022 we had $8.1 million of payments related to leases signed but not yet commenced. These leases will commence in the next twelve months, with lease terms between 3 and 25 years.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Jul. 02, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationThe Company recognized $6.0 million and $18.2 million of compensation expense associated with share-based awards for the three and nine months ended July 2, 2022, respectively, and $6.3 million and $18.1 million for the three and nine months ended July 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	9 Months Ended
	Jul. 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	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 is as follows (in thousands): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Net sales: AMER $ 342,572 $ 318,898 $ 931,123 $ 1,011,162 APAC 586,305 446,915 1,611,862 1,357,089 EMEA 84,177 76,519 230,742 238,564 Elimination of inter-segment sales (31,713) (27,945) (86,207) (81,188) $ 981,341 $ 814,387 $ 2,687,520 $ 2,525,627 Operating income (loss): AMER $ 16,976 $ 9,191 $ 26,535 $ 51,876 APAC 67,286 57,068 188,834 176,722 EMEA 2,597 58 4,043 (2,548) Corporate and other costs (37,298) (29,944) (103,541) (92,124) $ 49,561 $ 36,373 $ 115,871 $ 133,926 Other income (expense): Interest expense $ (3,923) $ (3,190) $ (10,314) $ (11,094) Interest income 318 308 851 1,072 Miscellaneous, net (2,678) (579) (5,047) (2,922) Income before income taxes $ 43,278 $ 32,912 $ 101,361 $ 120,982 July 2, October 2, Total assets: AMER $ 1,054,665 $ 789,385 APAC 1,763,076 1,283,124 EMEA 296,689 275,122 Corporate and eliminations 90,033 114,262 $ 3,204,463 $ 2,461,893

Guarantees

Guarantees	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 (in thousands): Nine Months Ended July 2, July 3, Reserve balance, beginning of period $ 6,645 $ 6,386 Accruals for warranties issued during the period 2,431 2,102 Settlements (in cash or in kind) during the period (2,032) (2,434) Reserve balance, end of period $ 7,044 $ 6,054

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jul. 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 nine months ended July 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 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 July 3, 2021, the Company repurchased 291,898 shares under this program for $27.3 million at an average price of $93.53 per share. During the nine months ended July 3, 2021, the Company repurchased 874,706 shares under this program for $73.9 million at an average price of $84.45 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. During the three months ended July 2, 2022, the Company repurchased 148,571 shares under this program for $11.7 million at an average price of $79.27 per share. During the nine months ended July 2, 2022, the Company repurchased 564,718 shares under this program for $46.9 million at an average price of $83.07 per share. As of July 2, 2022, the Company completed the 2022 Program, and there is no remaining authority for share repurchases. All shares repurchased under the aforementioned programs were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	9 Months Ended
	Jul. 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 July 2, 2022 is $340.0 million. The maximum facility amount under the HSBC RPA as of July 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 nine months ended July 2, 2022 and July 3, 2021 were not material. The Company sold $213.6 million and $180.6 million of trade accounts receivable under these programs, or their predecessors, during the three months ended July 2, 2022 and July 3, 2021 , respectively, in exchange for cash proceeds of $212.3 million and $180.1 million, respectively. The Company sold $563.8 million and $574.6 million of trade accounts receivable under these programs, or their predecessors, during the nine months ended July 2, 2022 and July 3, 2021 , respectively, in exchange for cash proceeds of $561.3 million and $573.0 million, respectively. As of July 2, 2022 and October 2, 2021

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 and disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended July 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 108,064 $ 328,314 $ 17,999 $ 454,377 Healthcare/Life Sciences 171,697 184,202 44,900 400,799 Aerospace/Defense 59,972 45,980 20,213 126,165 External revenue 339,733 558,496 83,112 981,341 Inter-segment sales 2,839 27,809 1,065 31,713 Segment revenue $ 342,572 $ 586,305 $ 84,177 $ 1,013,054 Three Months Ended July 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 109,672 $ 243,121 $ 19,126 $ 371,919 Healthcare/Life Sciences 143,033 144,874 36,529 324,436 Aerospace/Defense 64,038 33,614 20,380 118,032 External revenue 316,743 421,609 76,035 814,387 Inter-segment sales 2,155 25,306 484 27,945 Segment revenue $ 318,898 $ 446,915 $ 76,519 $ 842,332 Nine Months Ended July 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 289,576 $ 895,915 $ 47,367 $ 1,232,858 Healthcare/Life Sciences 451,514 518,538 128,460 1,098,512 Aerospace/Defense 182,935 120,646 52,569 356,150 External revenue 924,025 1,535,099 228,396 2,687,520 Inter-segment sales 7,098 76,763 2,346 86,207 Segment revenue $ 931,123 $ 1,611,862 $ 230,742 $ 2,773,727 Nine Months Ended July 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 363,039 $ 736,906 $ 56,934 $ 1,156,879 Healthcare/Life Sciences 424,499 448,783 120,234 993,516 Aerospace/Defense 216,206 99,193 59,833 375,232 External revenue 1,003,744 1,284,882 237,001 2,525,627 Inter-segment sales 7,418 72,207 1,563 81,188 Segment revenue $ 1,011,162 $ 1,357,089 $ 238,564 $ 2,606,815 For the three and nine months ended July 2, 2022, approximately 83% and 85% of the Company's revenue, respectively, was recognized as the performance obligations for products and services were transferred over time. For the three and nine months ended July 3, 2021, approximately 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 nine months ended July 2, 2022 and July 3, 2021 (in thousands): Nine Months Ended July 2, July 3, Contract assets, beginning of period $ 115,283 $ 113,946 Revenue recognized during the period 2,279,559 2,303,287 Amounts collected or invoiced during the period (2,266,792) (2,303,211) Contract assets, end of period $ 128,050 $ 114,022 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 July 2, 2022 and October 2, 2021, the balance of advance payments from customers that

Restructuring and Impairment Ch

Restructuring and Impairment Charges	9 Months Ended
	Jul. 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 July 2, 2022, the Company did not incur any restructuring and impairment charges. For the nine months ended July 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 months ended July 3, 2021, the Company incurred restructuring and impairment charges of $1.2 million, which consisted of severance from the reduction of the Company's workforce primarily in the AMER segment. For the nine months ended July 3, 2021, the Company incurred restructuring and impairment charges of $3.3 million, which consisted of severance from the reduction of the Company's workforce primarily in the AMER and EMEA segments. The Company recognized a tax benefit of $0.2 million related to restructuring and impairment charges for the nine months ended July 2, 2022 and $0.1 million and $0.3 million related to restructuring charges in the three and nine months ended July 3, 2021, respectively. The Company's restructuring accrual activity for the three and nine months ended July 2, 2022 and nine months ended July 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 Restructuring and impairment costs — — — Amounts utilized — (181) (181) Accrual balance, as of July 2, 2022 $ — $ 1,481 $ 1,481 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 Restructuring and impairment costs — 1,238 1,238 Amounts utilized — (1,997) (1,997) Accrual balance, as of July 3, 2021 $ — $ 852 $ 852 There was no material restructuring activity for the three months ended January 2, 2021.

Basis of Presentation_2

Basis of Presentation	9 Months Ended
	Jul. 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 July 2, 2022 and October 2, 2021, the results of operations and shareholders' equity for the three and nine months ended July 2, 2022 and July 3, 2021, and the cash flows for the same nine month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 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)	9 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of July 2, 2022 and October 2, 2021 consisted of the following (in thousands): July 2, October 2, Raw materials $ 1,404,740 $ 860,538 Work-in-process 74,586 48,356 Finished goods 81,938 63,418 Total inventories, net $ 1,561,264 $ 972,312

Debt, Finance Lease Obligatio_2

Debt, Finance Lease Obligations and Other Financing (Tables)	9 Months Ended
	Jul. 02, 2022
Debt and Lease Obligation [Abstract]
Schedule of Debt, Finance Lease Obligations and Other Financing	Debt and finance lease obligations as of July 2, 2022 and October 2, 2021, consisted of the following (in thousands): July 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 Credit Facility 240,000 55,000 Finance lease and other financing obligations 46,328 49,279 Unamortized deferred financing fees (1,609) (933) Total obligations 434,719 253,346 Less: current portion (250,012) (66,313) Long-term debt and finance lease obligations, net of current portion $ 184,707 $ 187,033

Derivatives and Fair Value Me_2

Derivatives and Fair Value Measurements (Tables)	9 Months Ended
	Jul. 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 July 2, October 2, July 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 $ 534 $ 76 Other accrued liabilities $ 3,108 $ 1,119 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities July 2, October 2, July 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 $ 153 $ 133 Other accrued liabilities $ 566 $ 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 (Loss) Gain Recognized in OCL on Derivatives July 2, 2022 July 3, 2021 Foreign currency forward contracts $ (3,588) $ 164 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Nine Months Ended Derivatives in cash flow hedging relationships Amount of (Loss) Gain Recognized in OCL on Derivatives July 2, 2022 July 3, 2021 Foreign currency forward contracts $ (2,801) $ 1,575
Schedule of Derivative Impact on (Loss) Gain Recognized in Income	Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of (Loss) Gain Reclassified from Accumulated OCL into Income Amount of (Loss) Gain Reclassified from Accumulated OCL into Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Cost of sales $ (322) $ 1,290 Foreign currency forward contracts Selling and administrative expenses $ (27) $ 92 Derivative Impact on (Loss) Gain Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Nine 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 July 2, 2022 July 3, 2021 Foreign currency forward contracts Cost of sales $ (1,174) $ 3,031 Foreign currency forward contracts Selling and administrative expenses $ (96) $ 263
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income	Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (790) $ 83 Derivatives not designated as hedging instruments Location of (Loss) Gain Recognized on Derivatives in Income Amount of (Loss) Gain on Derivatives Recognized in Income July 2, 2022 July 3, 2021 Foreign currency forward contracts Miscellaneous, net $ (1,615) $ 380
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 July 2, 2022 and October 2, 2021, by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) July 2, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ (2,987) $ — $ (2,987) October 2, 2021 Derivatives Foreign currency forward contracts $ — $ (1,266) $ — $ (1,266)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 (in thousands, except per share amounts): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Net income $ 37,494 $ 27,609 $ 87,786 $ 105,571 Basic weighted average common shares outstanding 27,738 28,529 27,913 28,708 Dilutive effect of share-based awards and options outstanding 441 539 539 590 Diluted weighted average shares outstanding 28,179 29,068 28,452 29,298 Earnings per share: Basic $ 1.35 $ 0.97 $ 3.14 $ 3.68 Diluted $ 1.33 $ 0.95 $ 3.09 $ 3.60

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jul. 02, 2022
Leases [Abstract]
Schedule of Lease Expense and Other Information	The components of lease expense for the three and nine months ended July 2, 2022 and July 3, 2021 were as follows (in thousands): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Finance lease expense: Amortization of right-of-use assets $ 1,606 $ 1,541 $ 4,966 $ 4,692 Interest on lease liabilities 1,262 1,229 3,713 3,669 Operating lease expense 2,912 2,697 8,607 8,146 Other lease expense 1,712 1,024 4,559 3,543 Total $ 7,492 $ 6,491 $ 21,845 $ 20,050
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 July 2, October 2, ASSETS Finance lease assets Property, plant and equipment, net $ 36,099 $ 38,657 Operating lease assets Operating lease right-of-use assets 64,293 72,087 Total lease assets $ 100,392 $ 110,744 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 3,705 $ 4,616 Operating lease liabilities Other accrued liabilities 8,640 9,877 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 36,173 36,919 Operating lease liabilities Long-term operating lease liabilities 32,270 37,970 Total lease liabilities $ 80,788 $ 89,382

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information about the Company’s three reportable segments for the three and nine months ended July 2, 2022 and July 3, 2021 is as follows (in thousands): Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, Net sales: AMER $ 342,572 $ 318,898 $ 931,123 $ 1,011,162 APAC 586,305 446,915 1,611,862 1,357,089 EMEA 84,177 76,519 230,742 238,564 Elimination of inter-segment sales (31,713) (27,945) (86,207) (81,188) $ 981,341 $ 814,387 $ 2,687,520 $ 2,525,627 Operating income (loss): AMER $ 16,976 $ 9,191 $ 26,535 $ 51,876 APAC 67,286 57,068 188,834 176,722 EMEA 2,597 58 4,043 (2,548) Corporate and other costs (37,298) (29,944) (103,541) (92,124) $ 49,561 $ 36,373 $ 115,871 $ 133,926 Other income (expense): Interest expense $ (3,923) $ (3,190) $ (10,314) $ (11,094) Interest income 318 308 851 1,072 Miscellaneous, net (2,678) (579) (5,047) (2,922) Income before income taxes $ 43,278 $ 32,912 $ 101,361 $ 120,982 July 2, October 2, Total assets: AMER $ 1,054,665 $ 789,385 APAC 1,763,076 1,283,124 EMEA 296,689 275,122 Corporate and eliminations 90,033 114,262 $ 3,204,463 $ 2,461,893

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 (in thousands): Nine Months Ended July 2, July 3, Reserve balance, beginning of period $ 6,645 $ 6,386 Accruals for warranties issued during the period 2,431 2,102 Settlements (in cash or in kind) during the period (2,032) (2,434) Reserve balance, end of period $ 7,044 $ 6,054

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Jul. 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 nine months ended July 2, 2022 and July 3, 2021 and disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended July 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 108,064 $ 328,314 $ 17,999 $ 454,377 Healthcare/Life Sciences 171,697 184,202 44,900 400,799 Aerospace/Defense 59,972 45,980 20,213 126,165 External revenue 339,733 558,496 83,112 981,341 Inter-segment sales 2,839 27,809 1,065 31,713 Segment revenue $ 342,572 $ 586,305 $ 84,177 $ 1,013,054 Three Months Ended July 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 109,672 $ 243,121 $ 19,126 $ 371,919 Healthcare/Life Sciences 143,033 144,874 36,529 324,436 Aerospace/Defense 64,038 33,614 20,380 118,032 External revenue 316,743 421,609 76,035 814,387 Inter-segment sales 2,155 25,306 484 27,945 Segment revenue $ 318,898 $ 446,915 $ 76,519 $ 842,332 Nine Months Ended July 2, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 289,576 $ 895,915 $ 47,367 $ 1,232,858 Healthcare/Life Sciences 451,514 518,538 128,460 1,098,512 Aerospace/Defense 182,935 120,646 52,569 356,150 External revenue 924,025 1,535,099 228,396 2,687,520 Inter-segment sales 7,098 76,763 2,346 86,207 Segment revenue $ 931,123 $ 1,611,862 $ 230,742 $ 2,773,727 Nine Months Ended July 3, 2021 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 363,039 $ 736,906 $ 56,934 $ 1,156,879 Healthcare/Life Sciences 424,499 448,783 120,234 993,516 Aerospace/Defense 216,206 99,193 59,833 375,232 External revenue 1,003,744 1,284,882 237,001 2,525,627 Inter-segment sales 7,418 72,207 1,563 81,188 Segment revenue $ 1,011,162 $ 1,357,089 $ 238,564 $ 2,606,815
Schedule of Contract Assets	The following table summarizes the activity in the Company's contract assets during the nine months ended July 2, 2022 and July 3, 2021 (in thousands): Nine Months Ended July 2, July 3, Contract assets, beginning of period $ 115,283 $ 113,946 Revenue recognized during the period 2,279,559 2,303,287 Amounts collected or invoiced during the period (2,266,792) (2,303,211) Contract assets, end of period $ 128,050 $ 114,022

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	9 Months Ended
	Jul. 02, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accrual Activity	The Company's restructuring accrual activity for the three and nine months ended July 2, 2022 and nine months ended July 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 Restructuring and impairment costs — — — Amounts utilized — (181) (181) Accrual balance, as of July 2, 2022 $ — $ 1,481 $ 1,481 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 Restructuring and impairment costs — 1,238 1,238 Amounts utilized — (1,997) (1,997) Accrual balance, as of July 3, 2021 $ — $ 852 $ 852

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,404,740	$ 860,538
Work-in-process	74,586	48,356
Finished goods	81,938	63,418
Total inventories, net	$ 1,561,264	$ 972,312

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Inventory [Line Items]
Customer deposits	$ 390,779	$ 204,985
Inventory
Inventory [Line Items]
Customer deposits	$ 379,800	$ 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	Jul. 02, 2022	Oct. 02, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 390,000	$ 205,000
Finance lease and other financing obligations	46,328	49,279
Unamortized deferred financing fees	(1,609)	(933)
Total obligations	434,719	253,346
Current portion of long-term debt and finance lease obligations	(250,012)	(66,313)
Long-term debt and finance lease obligations, net of current portion	184,707	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 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 240,000	$ 55,000

Debt, Finance Lease Obligatio_4

Debt, Finance Lease Obligations and Other Financing - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jun. 09, 2022	Oct. 02, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 390,000			$ 205,000
Amount borrowed	524,000	$ 242,687
Fair value of debt	$ 383,500			217,100
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, term	5 years
Highest daily borrowings	$ 327,000
Average daily borrowings	204,900
Amount borrowed	524,000
Amount repaid	339,000
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	$ 240,000			$ 55,000
Maximum commitment	500,000		$ 350,000
Amount credit facility may be further increased	$ 750,000
Annual commitment fee	0.125%

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	Jul. 02, 2022	Oct. 02, 2021
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 400	$ 200
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	534	76
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	153	133
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	3,108	1,119
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 566	$ 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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 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 (Loss) Gain Recognized in OCL on Derivatives	$ (3,588)	$ 164	$ (2,801)	$ 1,575

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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (322)	$ 1,290	$ (1,174)	$ 3,031
Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (27)	$ 92	$ (96)	$ 263

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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign currency forward contracts
Derivative [Line Items]
Amount of (Loss) Gain on Derivatives Recognized in Income	$ (790)	$ 83	$ (1,615)	$ 380

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	Jul. 02, 2022	Oct. 02, 2021
Derivative Liability	$ 2,987	$ 1,266
Level 1
Derivative Liability	0	0
Level 2
Derivative Liability	2,987	1,266
Level 3
Derivative Liability	$ 0	$ 0

Derivatives and Fair Value Me_8

Derivatives and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 02, 2022	Oct. 02, 2021
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months	$ (2,600)
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign currency forward contracts
Notional amount of forward exchange contracts	141,400	$ 107,400
Fair value of derivative liability	2,600	1,000
Derivatives not designated as hedging instruments | Foreign currency forward contracts
Notional amount of forward exchange contracts	52,400	38,600
Fair value of derivative liability	$ 400	$ 200

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Tax Examination [Line Items]
Income tax expense	$ 5,784	$ 5,303	$ 13,575	$ 15,411
Effective Income Tax Rate Reconciliation, Percent	13.40%	16.10%	13.40%	12.70%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 1,500
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	200		$ 200
Special Tax Items
Income Tax Examination [Line Items]
Other Tax Expense (Benefit)	$ 1,400		$ 2,000

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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Earnings Per Share [Abstract]
Net income	$ 37,494	$ 27,609	$ 87,786	$ 105,571
Basic weighted average common shares outstanding (in shares)	27,738	28,529	27,913	28,708
Dilutive effect of share-based awards and options outstanding (in shares)	441	539	539	590
Diluted weighted average shares outstanding (in shares)	28,179	29,068	28,452	29,298
Earnings per share:
Basic (in dollars per share)	$ 1.35	$ 0.97	$ 3.14	$ 3.68
Diluted (in dollars per share)	$ 1.33	$ 0.95	$ 3.09	$ 3.60

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 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	0.1	0	0.1

Leases Schedule of Lease Expens

Leases Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 1,606	$ 1,541	$ 4,966	$ 4,692
Interest on lease liabilities	1,262	1,229	3,713	3,669
Operating lease expense	2,912	2,697	8,607	8,146
Other lease expense	1,712	1,024	4,559	3,543
Total lease expense	$ 7,492	$ 6,491	$ 21,845	$ 20,050

Leases Schedule of Lease Assets

Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Assets and Liabilities, Leases [Abstract]
Finance lease right-of-use assets	$ 36,099	$ 38,657
Operating lease right-of-use assets	64,293	72,087
Total lease Assets	100,392	110,744
Current finance lease liabilities	$ 3,705	$ 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	$ 8,640	$ 9,877
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Long-term finance lease liabilities	$ 36,173	$ 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	$ 32,270	$ 37,970
Total lease liabilities	$ 80,788	$ 89,382

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Jul. 02, 2022 USD ($)
Leases Signed But Not Yet Commenced [Line Items]
Payments for leases not yet commenced	$ 8,100
Minimum
Leases Signed But Not Yet Commenced [Line Items]
Term of contract for leases not yet commenced	3 years
Maximum
Leases Signed But Not Yet Commenced [Line Items]
Term of contract for leases not yet commenced	25 years

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 6,000	$ 6,300	$ 18,200	$ 18,100
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%
Share-based Compensation Arrangement by Share-based Payment Award, Total Shareholder Return Threshold, Percent			50%
Share-based Compensation Arrangement by Share-based Payment Award, Payout, Percent of Shares Granted			100%
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%
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%
Minimum | PSUs | S&P 400 | 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			0%
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%
Maximum | PSUs | S&P 400 | 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			150%

Reportable Segments - Schedule

Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Net sales	$ 981,341	$ 814,387	$ 2,687,520	$ 2,525,627
Operating Income (Loss)	49,561	36,373	115,871	133,926
Total assets	3,204,463		3,204,463		$ 2,461,893
Other income (expense):
Interest Expense	(3,923)	(3,190)	(10,314)	(11,094)
Investment Income, Interest	318	308	851	1,072
Other Nonoperating Income (Expense)	(2,678)	(579)	(5,047)	(2,922)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	43,278	32,912	101,361	120,982
Elimination of inter-segment sales
Net sales	(31,713)	(27,945)	(86,207)	(81,188)
Corporate and other costs
Operating Income (Loss)	(37,298)	(29,944)	(103,541)	(92,124)
Corporate and eliminations
Total assets	90,033		90,033		114,262
AMER | Operating Segments
Net sales	342,572	318,898	931,123	1,011,162
Operating Income (Loss)	16,976	9,191	26,535	51,876
Total assets	1,054,665		1,054,665		789,385
APAC | Operating Segments
Net sales	586,305	446,915	1,611,862	1,357,089
Operating Income (Loss)	67,286	57,068	188,834	176,722
Total assets	1,763,076		1,763,076		1,283,124
EMEA | Operating Segments
Net sales	84,177	76,519	230,742	238,564
Operating Income (Loss)	2,597	$ 58	4,043	$ (2,548)
Total assets	$ 296,689		$ 296,689		$ 275,122

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	9 Months Ended
	Jul. 02, 2022 segment
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	9 Months Ended
	Jul. 02, 2022	Jul. 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	2,431	2,102
Settlements (in cash or in kind) during the period	(2,032)	(2,434)
Limited warranty liability, ending balance	$ 7,044	$ 6,054

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	9 Months Ended
	Jul. 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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 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)		291,898		874,706
Amount repurchased		$ 27,300		$ 73,900
Average repurchase price (in dollars per share)		$ 93.53		$ 84.45
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)	148,571		564,718
Amount repurchased	$ 11,700		$ 46,900
Average repurchase price (in dollars per share)	$ 79.27		$ 83.07
Remaining authorized repurchase amount	$ 0		$ 0

Trade Accounts Receivable Sal_2

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold	$ 213,600	$ 180,600	$ 563,800	$ 574,600
Cash proceeds received from accounts receivable sold	212,300	$ 180,100	561,300	$ 573,000
Trade accounts receivable sold, not yet collected	216,900		216,900		$ 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		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 1,013,054	$ 842,332	$ 2,773,727	$ 2,606,815
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	981,341	814,387	2,687,520	2,525,627
Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	31,713	27,945	86,207	81,188
Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	454,377	371,919	1,232,858	1,156,879
Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	400,799	324,436	1,098,512	993,516
Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	126,165	118,032	356,150	375,232
AMER
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	342,572	318,898	931,123	1,011,162
AMER | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	339,733	316,743	924,025	1,003,744
AMER | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	2,839	2,155	7,098	7,418
AMER | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	108,064	109,672	289,576	363,039
AMER | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	171,697	143,033	451,514	424,499
AMER | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	59,972	64,038	182,935	216,206
APAC
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	586,305	446,915	1,611,862	1,357,089
APAC | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	558,496	421,609	1,535,099	1,284,882
APAC | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	27,809	25,306	76,763	72,207
APAC | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	328,314	243,121	895,915	736,906
APAC | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	184,202	144,874	518,538	448,783
APAC | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	45,980	33,614	120,646	99,193
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	84,177	76,519	230,742	238,564
EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	83,112	76,035	228,396	237,001
EMEA | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	1,065	484	2,346	1,563
EMEA | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	17,999	19,126	47,367	56,934
EMEA | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	44,900	36,529	128,460	120,234
EMEA | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 20,213	$ 20,380	$ 52,569	$ 59,833

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021	Oct. 03, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 128,050	$ 114,022	$ 115,283	$ 113,946
Revenue recognized	2,279,559	2,303,287
Amounts collected or invoiced	$ (2,266,792)	$ (2,303,211)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 251,100		$ 251,100		$ 101,100
Transferred over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	83%	91%	85%	91%

Restructuring and Impairment _3

Restructuring and Impairment Charges Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Jul. 03, 2021	Apr. 03, 2021	Jan. 02, 2021	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 1,481	$ 1,662	$ 1,762	$ 852	$ 1,611	$ 22	$ 1,481	$ 852	$ 71
Restructuring and impairment charges	0	0	2,021	1,238	2,029	0	2,021	3,267
Amounts utilized	(181)	(100)	(330)	(1,997)	(440)
Fixed Asset and Operating ROU Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0	0	0	0	0	0	0	0	0
Restructuring and impairment charges	0	0	255	0	0
Amounts utilized	0	0	(255)	0	0
Employee Termination and Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,481	1,662	1,762	852	1,611	$ 22	$ 1,481	$ 852	$ 71
Restructuring and impairment charges	0	0	1,766	1,238	2,029
Amounts utilized	$ (181)	$ (100)	$ (75)	$ (1,997)	$ (440)

Restructuring and Impairment _4

Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Jul. 03, 2021	Apr. 03, 2021	Jan. 02, 2021	Jul. 02, 2022	Jul. 03, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 0	$ 0	$ 2,021	$ 1,238	$ 2,029	$ 0	$ 2,021	$ 3,267
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Other Tax Expense (Benefit)				$ (100)			$ (200)	$ (300)