Plexus (PLXS) 10-Q 3 Feb 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2022	Jan. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		27,702,483
Entity Central Index Key	0000785786
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Income Statement [Abstract]
Net sales	$ 1,093,925	$ 817,456
Cost of sales	992,726	747,460
Gross profit	101,199	69,996
Selling and administrative expenses	43,858	37,502
Restructuring and impairment charges	0	2,021
Operating income	57,341	30,473
Other income (expense):
Interest expense	(6,894)	(3,046)
Interest income	934	271
Miscellaneous, net	(1,944)	(923)
Income before income taxes	49,437	26,775
Income tax expense	7,247	3,352
Net income	$ 42,190	$ 23,423
Earnings per share:
Basic (in dollars per share)	$ 1.53	$ 0.84
Diluted (in dollars per share)	$ 1.49	$ 0.82
Weighted average shares outstanding:
Basic (in shares)	27,639	28,018
Diluted (in shares)	28,305	28,709
Other comprehensive income (loss):
Derivative instrument and other fair value adjustments	$ 8,439	$ 1,272
Foreign currency translation adjustments	13,777	(1,578)
Other comprehensive income (loss)	22,216	(306)
Total comprehensive income	$ 64,406	$ 23,117

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Current assets:
Cash and cash equivalents	$ 247,880	$ 274,805
Restricted cash	31	665
Accounts receivable, net of allowances of $2,531 and $1,961, respectively	733,962	737,696
Contract assets	119,016	138,540
Inventories, net	1,645,011	1,602,783
Prepaid expenses and other	68,401	61,633
Total current assets	2,814,301	2,816,122
Property, plant and equipment, net	448,325	444,705
Operating lease right-of-use assets	64,069	65,134
Deferred income taxes	39,337	39,075
Other assets	29,260	28,189
Total non-current assets	580,991	577,103
Total assets	3,395,292	3,393,225
Current liabilities:
Current portion of long-term debt and finance lease obligations	329,076	273,971
Accounts payable	753,755	805,583
Customer deposits	511,037	480,486
Accrued salaries and wages	64,126	88,876
Other accrued liabilities	296,466	357,273
Total current liabilities	1,954,460	2,006,189
Long-term debt and finance lease obligations, net of current portion	187,272	187,776
Long-term accrued income taxes payable	42,019	42,019
Long-term operating lease liabilities	32,149	33,628
Deferred income taxes payable	5,616	6,327
Other liabilities	23,517	21,555
Total non-current liabilities	290,573	291,305
Total liabilities	2,245,033	2,297,494
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, 54,133 and 54,084 shares issued, respectively, and 27,612 and 27,679 shares outstanding, respectively	541	541
Additional paid-in capital	654,059	652,467
Common stock held in treasury, at cost, 26,521 and 26,405 shares, respectively	(1,104,953)	(1,093,483)
Retained earnings	1,614,424	1,572,234
Accumulated other comprehensive loss	(13,812)	(36,028)
Total shareholders’ equity	1,150,259	1,095,731
Total liabilities and shareholders’ equity	$ 3,395,292	$ 3,393,225

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 2,531	$ 1,961
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)	54,133,000	54,084,000
Common stock, shares outstanding (in shares)	27,612,000	27,679,000
Treasury stock, shares (in shares)	26,521,000	26,405,000

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. 02, 2021		28,047,000
Exercise of stock options and vesting of other share-based awards		60,000
Treasury shares purchased (in shares)		(110,000)
End of period (in shares) at Jan. 01, 2022		27,997,000
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		1
Share-based compensation expense			6,270
Exercise of stock options and vesting of other share-based awards, including tax withholding			(3,394)
Treasury shares purchased				(10,131)
Net income	23,423				23,423
Other comprehensive income (loss)	(306)					(306)
End of period at Jan. 01, 2022	$ 1,044,095	$ 539	642,654	(1,053,222)	1,457,414	(3,290)
Beginning of period (in shares) at Oct. 01, 2022	27,679,000	27,679,000
Exercise of stock options and vesting of other share-based awards		49,000
Treasury shares purchased (in shares)		(116,000)
End of period (in shares) at Dec. 31, 2022	27,612,000	27,612,000
Beginning of period at Oct. 01, 2022	$ 1,095,731	$ 541	652,467	(1,093,483)	1,572,234	(36,028)
Exercise of stock options and vesting of other share-based awards		0
Share-based compensation expense			5,683
Exercise of stock options and vesting of other share-based awards, including tax withholding			(4,091)
Treasury shares purchased				(11,470)
Net income	42,190				42,190
Other comprehensive income (loss)	22,216					22,216
End of period at Dec. 31, 2022	$ 1,150,259	$ 541	$ 654,059	$ (1,104,953)	$ 1,614,424	$ (13,812)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Cash flows from operating activities
Net income	$ 42,190	$ 23,423
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	16,290	15,489
Share-based compensation expense and related charges	5,683	6,357
Other, net	502	602
Changes in operating assets and liabilities, excluding impacts of currency:
Accounts receivable	10,506	(70,159)
Contract assets	19,745	9,904
Inventories	(31,409)	(214,416)
Other current and non-current assets	(7,270)	(9,436)
Accrued income taxes payable	(2,655)	1,121
Accounts payable	(52,702)	76,222
Customer deposits	27,170	60,743
Other current and non-current liabilities	(76,844)	11,171
Cash flows used in operating activities	(48,794)	(88,979)
Cash flows from investing activities
Payments for property, plant and equipment	(23,085)	(33,246)
Other, net	1,503	(124)
Cash flows used in investing activities	(21,582)	(33,370)
Cash flows from financing activities
Borrowings under debt agreements	197,000	181,134
Payments on debt and finance lease obligations	(142,001)	(97,565)
Repurchases of common stock	(11,470)	(10,131)
Proceeds from exercise of stock options	0	307
Payments related to tax withholding for share-based compensation	(4,091)	(3,702)
Cash flows provided by financing activities	39,438	70,043
Effect of exchange rate changes on cash and cash equivalents	3,379	184
Net decrease in cash and cash equivalents and restricted cash	(27,559)	(52,122)
Cash and cash equivalents and restricted cash:
Beginning of period	275,470	270,513
End of period	$ 247,911	$ 218,391

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 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 consolidated financial position of the Company as of December 31, 2022 and October 1, 2022, the results of operations and shareholders' equity for the three months ended December 31, 2022 and January 1, 2022, and the cash flows for the same three month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2022 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 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: In September 2022, the FASB issued ASU 2022-04, which requires enhanced disclosures about supplier finance programs. The guidance is effective for the Company beginning in the first quarter of fiscal 2024. Early adoption is permitted. The Company is currently in the process of assessing the impacts of the guidance. The Company does not believe that any other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.

Inventories

Inventories	3 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of December 31, 2022 and October 1, 2022 consisted of the following (in thousands): December 31, 2022 October 1, 2022 Raw materials $ 1,468,942 $ 1,433,353 Work-in-process 81,822 81,207 Finished goods 94,247 88,223 Total inventories, net $ 1,645,011 $ 1,602,783 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 December 31, 2022 and October 1, 2022 w as $483.1 million a

Debt, Finance Lease and Other F

Debt, Finance Lease and Other Financing Obligations	3 Months Ended
	Dec. 31, 2022
Debt and Lease Obligation [Abstract]
Debt, Finance Lease and Other Financing Obligations	Debt, Finance Lease and Other Financing Obligations Debt, finance lease and other financing obligations as of December 31, 2022 and October 1, 2022 consisted of the following (in thousands): December 31, 2022 October 1, 2022 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 Credit Facility 320,000 263,000 Finance lease and other financing obligations 47,786 50,269 Unamortized deferred financing fees (1,438) (1,522) Total obligations 516,348 461,747 Less: current portion (329,076) (273,971) Long-term debt, finance lease and other financing obligations, net of current portion $ 187,272 $ 187,776 As of December 31, 2022, the Company was in compliance with covenants for all debt agreements. During the three months ended December 31, 2022, the highest daily borrowing under the Company's 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility") was $394.0 million; the average daily borrowings were $320.9 million. The fair value of the Company’s debt, excluding finance lease and other financing obligations, was $461.5 million and $401.6 million as of December 31, 2022 and October 1, 2022, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $470.0 million and $413.0 million as of December 31, 2022 and October 1, 2022, 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	3 Months Ended
	Dec. 31, 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 $2.4 million of unrealized gains, net of tax, related to cash flow hedges will be reclassified from other comprehensive income (loss) into earnings. Changes in the fair value of the non-designated derivatives related to recognized foreign currency denominated assets and liabilities are recorded in "Miscellaneous, net" in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company enters into forward currency exchange contracts for its operations in certain jurisdictions in the AMER and APAC segments on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $148.7 million as of December 31, 2022, and a notional value of $143.2 million as of October 1, 2022. 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 $2.4 million asset as of December 31, 2022, and a $6.0 million liability as of October 1, 2022. The Company had additional forward currency exchange contracts outstanding as of December 31, 2022, with a notional value of $113.5 million; there were $60.1 million such contracts outstanding as of October 1, 2022. 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 $1.0 million asset as of December 31, 2022, and a $0.3 million asset as of October 1, 2022. 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 December 31, October 1, December 31, October 1, 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 $ 2,451 $ 715 Other accrued liabilities $ 44 $ 6,747 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities December 31, October 1, December 31, October 1, 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 $ 2,487 $ 1,555 Other accrued liabilities $ 1,486 $ 1,249 The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Gain Recognized in OCL on Derivatives December 31, 2022 January 1, 2022 Foreign currency forward contracts $ 6,150 $ 470 Derivative Impact on Loss Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of Loss Reclassified from Accumulated OCL into Income Amount of Loss Reclassified from Accumulated OCL into Income December 31, 2022 January 1, 2022 Foreign currency forward contracts Cost of sales $ (2,132) $ (743) Foreign currency forward contracts Selling and administrative expenses $ (157) $ (59) Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income December 31, 2022 January 1, 2022 Foreign currency forward contracts Miscellaneous, net $ 747 $ (43) 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 December 31, 2022 and October 1, 2022, by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) Fiscal period ended December 31, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 3,408 $ — $ 3,408 Fiscal period ended October 1, 2022 Derivatives Foreign currency forward contracts $ — $ (5,726) $ — $ (5,726) 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	3 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for the three months ended December 31, 2022 was $7.2 million compared to $3.4 million for the three months ended January 1, 2022. The effective tax rates for the three months ended December 31, 2022 and January 1, 2022 were 14.7% and 12.5%, respectively. The effective tax rate for the three months ended December 31, 2022 increased from the effective tax rate for the three months ended January 1, 2022 primarily due to a change in the geographic distribution of pre-tax book income. The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $0.9 million for the three months ended December 31, 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 months ended December 31, 2022 was not material. One or more uncertain tax positions may be settled within the next 12 months. Settlement of these matters is not expected to have a material effect on the Company's consolidated results of operations, financial position and cash flows. The Company is not currently under examination by taxing authorities in the U.S. The Company is under audit in a foreign jurisdiction but a settlement is not expected to have a material impact. The Company maintains valuation allowances when it is more likely than not that all or a portion of a net deferred tax asset will not be realized. During the three months ended December 31, 2022, the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA segment and a partial valuation against its net deferred tax assets in certain jurisdictions within the AMER segment, as it was more likely than not that these assets would not be fully realized based primarily on historical performance. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions going forward until it determines it is more likely than not that the deferred tax assets will be realized.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 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 months ended December 31, 2022 and January 1, 2022 (in thousands, except per share amounts): Three Months Ended December 31, 2022 January 1, 2022 Net income $ 42,190 $ 23,423 Basic weighted average common shares outstanding 27,639 28,018 Dilutive effect of share-based awards and options outstanding 666 691 Diluted weighted average shares outstanding 28,305 28,709 Earnings per share: Basic $ 1.53 $ 0.84 Diluted $ 1.49 $ 0.82 For the three months ended December 31, 2022 and January 1, 2022, there were no antidilutive awards. See also Note 12, "Shareholders' Equity," for information regarding the Company's share repurchase plans.

Leases

Leases	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The components of lease expense for the three months ended December 31, 2022 and January 1, 2022 indicated were as follows (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Finance lease expense: Amortization of right-of-use assets $ 1,614 $ 1,693 Interest on lease liabilities 1,272 1,222 Operating lease expense 2,606 2,857 Other lease expense 1,766 1,404 Total $ 7,258 $ 7,176 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 December 31, 2022 October 1, 2022 ASSETS Finance lease assets Property, plant and equipment, net $ 38,025 $ 40,063 Operating lease assets Operating lease right-of-use assets 64,069 65,134 Total lease assets $ 102,094 $ 105,197 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,406 $ 5,087 Operating lease liabilities Other accrued liabilities 8,878 7,948 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 38,583 39,257 Operating lease liabilities Long-term operating lease liabilities 32,149 33,628 Total lease liabilities $ 84,016 $ 85,920

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Dec. 31, 2022
Compensation Related Costs [Abstract]
Share-Based Compensation	Share-Based CompensationThe Company recognized $5.8 million and $6.3 million of compensation expense associated with share-based awards for the three months ended December 31, 2022 and January 1, 2022, respectively.

Litigation

Litigation	3 Months Ended
	Dec. 31, 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	3 Months Ended
	Dec. 31, 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 three months ended December 31, 2022 and January 1, 2022 is as follows (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Net sales: AMER $ 389,662 $ 277,346 APAC 641,904 491,672 EMEA 89,373 72,863 Elimination of inter-segment sales (27,014) (24,425) $ 1,093,925 $ 817,456 Operating income (loss): AMER $ 17,415 $ 1,790 APAC 78,406 60,688 EMEA (639) 956 Corporate and other costs (37,841) (32,961) 57,341 30,473 Other income (expense): Interest expense (6,894) (3,046) Interest income 934 271 Miscellaneous, net (1,944) (923) Income before income taxes $ 49,437 $ 26,775 December 31, October 1, Total assets: AMER $ 1,171,188 $ 1,150,605 APAC 1,809,364 1,807,542 EMEA 339,382 302,901 Corporate and eliminations 75,358 132,177 $ 3,395,292 $ 3,393,225

Guarantees

Guarantees	3 Months Ended
	Dec. 31, 2022
Guarantees and Product Warranties [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 three months ended December 31, 2022 and January 1, 2022 (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Reserve balance, beginning of period $ 6,925 $ 6,645 Accruals for warranties issued during the period 727 1,258 Settlements (in cash or in kind) during the period (1,131) (741) Reserve balance, end of period $ 6,521 $ 7,162

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity On August 11, 2021, the Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to $50.0 million of its common stock (the "2022 Program"). The 2022 Program commenced upon completion of the 2021 Program and was completed in fiscal 2022. During the three months ended January 1, 2022 , the Company repurchased 110,440 shares under this program for $10.2 million at an average price of $91.74 per share. On August 18, 2022, 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 "2023 Program"). The 2023 Program became effective immediately and has no expiration. During the three months ended December 31, 2022, the Company repurchased 115,723 shares under this program for $11.5 million at an average price of $99.12 per share. As of December 31, 2022, $35.0 million of authority remained under the 2023 Program. All shares repurchased under the aforementioned programs were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	3 Months Ended
	Dec. 31, 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 is $340.0 million. The maximum facility amount under the HSBC RPA 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 months ended December 31, 2022 and January 1, 2022 were not material. The Company sold $185.6 million and $148.0 million of trade accounts receivable under these programs, or their predecessors, during three months ended December 31, 2022 and January 1, 2022, respectively, in exchange for cash proceeds of $183.6 million and $147.5 million, respectively. As of December 31, 2022 and January 1, 2022 , $196.8 million and $151.0 million,

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Revenue is recognized over time for arrangements with customers for which: (i) the Company's performance does not create an asset with an alternative use to the Company, and (ii) the Company has an enforceable right to payment, including reasonable profit margin, for performance completed to date. Revenue recognized over time is estimated based on costs incurred to date plus a reasonable profit margin. If either of the two conditions noted above are not met to recognize revenue over time, revenue is recognized following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying arrangement. The Company recognizes revenue when a contract exists and when, or as, it satisfies a performance obligation by transferring control of a product or service to a customer. Contracts are accounted for when they have approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company generally enters into a master services arrangement that establishes the framework under which business will be conducted. These arrangements represent the master terms and conditions of the Company's services that apply to individual orders, but they do not commit the customer to work with, or to continue to work with, the Company nor do they obligate the customer to any specific volume or pricing of purchases. Moreover, these terms can be amended in appropriate situations. Customer purchase orders are received for specific quantities with predominantly fixed pricing and delivery requirements. Thus, for the majority of our contracts, there is no guarantee of any revenue to the Company until a customer submits a purchase order. As a result, the Company generally considers its arrangement with a customer to be the combination of the master services arrangement and the purchase order. Most of the Company's arrangements with customers create a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct. The Company’s performance obligations are satisfied over time as work progresses or at a point in time. A performance obligation is satisfied over time if the Company has an enforceable right to payment, including a reasonable profit margin. Determining if an enforceable right to payment includes a reasonable profit margin requires judgment and is assessed on a contract by contract basis. Generally, there are no subjective customer acceptance requirements or further obligations related to goods or services provided; if such requirements or obligations exist, then a sale is recognized at the time when such requirements are completed and such obligations are fulfilled. The Company does not allow for a general right of return. Net sales include amounts billed to customers for shipping and handling and out-of-pocket expenses. The corresponding shipping and handling costs and out-of-pocket expenses are included in cost of sales. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from net sales. Contract Costs For contracts requiring over time revenue recognition, the selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses a cost-based input measurement of progress because it best depicts the transfer of assets to the customer, which occurs as costs are incurred during the manufacturing process or as services are rendered. Under the cost-based measure of progress, the extent of progress towards completion is measured based on the costs incurred to date. There were no other costs to obtain or fulfill customer contracts. Disaggregated Revenue The table below includes the Company’s revenue for the three months ended December 31, 2022 and January 1, 2022 indicated disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended December 31, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 103,027 $ 350,584 $ 18,471 $ 472,082 Healthcare/Life Sciences 215,381 223,290 49,196 487,867 Aerospace/Defense 68,022 45,654 20,300 133,976 External revenue 386,430 619,528 87,967 1,093,925 Inter-segment sales 3,232 22,376 1,406 27,014 Segment revenue $ 389,662 $ 641,904 $ 89,373 $ 1,120,939 Three Months Ended January 1, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 83,245 $ 265,275 $ 15,307 $ 363,827 Healthcare/Life Sciences 135,962 169,237 39,266 344,465 Aerospace/Defense 55,750 35,743 17,671 109,164 External revenue 274,957 470,255 72,244 817,456 Inter-segment sales 2,389 21,417 619 24,425 Segment revenue $ 277,346 $ 491,672 $ 72,863 $ 841,881 For each of the three months ended December 31, 2022 and January 1, 2022, approximately 81% and 87% of the Company's revenue, respectively, was recognized as 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 three months ended December 31, 2022 and January 1, 2022 (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Contract assets, beginning of period $ 138,540 $ 115,283 Revenue recognized during the period 884,099 709,723 Amounts collected or invoiced during the period (903,623) (719,556) Contract assets, end of period $ 119,016 $ 105,450 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 Condensed

Restructuring and Impairment Ch

Restructuring and Impairment Charges	3 Months Ended
	Dec. 31, 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. During the first quarter of fiscal 2023, the Company did not incur any restructuring and impairment charges. During the first quarter of fiscal 2022, the Company recorded $2.0 million of restructuring and impairment charges primarily due to employee severance costs associated with a facility transition in the Company's APAC segment. The Company recognized a tax benefit of $0.2 million related to restructuring and impairment charges for the three months ended January 1, 2022. The Company's restructuring accrual activity for the three months ended January 1, 2022 is included in the tables 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

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 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 consolidated financial position of the Company as of December 31, 2022 and October 1, 2022, the results of operations and shareholders' equity for the three months ended December 31, 2022 and January 1, 2022, and the cash flows for the same three month periods. The Company’s fiscal year ends on the Saturday closest to September 30. The Company uses a “4-4-5” weekly accounting system for the interim periods in each quarter. Each quarter, therefore, ends on a Saturday at the end of the 4-4-5 period. Periodically, an additional week must be added to the fiscal year to re-align with the Saturday closest to September 30. All fiscal quarters presented herein included 13 weeks. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted pursuant to the SEC’s rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these Condensed Consolidated Financial Statements be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K.
Recently Adopted Accounting Pronouncements & Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted: In September 2022, the FASB issued ASU 2022-04, which requires enhanced disclosures about supplier finance programs. The guidance is effective for the Company beginning in the first quarter of fiscal 2024. Early adoption is permitted. The Company is currently in the process of assessing the impacts of the guidance. The Company does not believe that any other recently issued accounting standards will have a material impact on its Consolidated Financial Statements, or apply to its operations.
Fair Value of Financial Instruments	Fair Value Measurements: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (or exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses quoted market prices when available or discounted cash flows to calculate fair value. The accounting guidance establishes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The input levels are: Level 1: Quoted (observable) market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of December 31, 2022 and October 1, 2022 consisted of the following (in thousands): December 31, 2022 October 1, 2022 Raw materials $ 1,468,942 $ 1,433,353 Work-in-process 81,822 81,207 Finished goods 94,247 88,223 Total inventories, net $ 1,645,011 $ 1,602,783

Debt, Finance Lease and Other_2

Debt, Finance Lease and Other Financing Obligations (Tables)	3 Months Ended
	Dec. 31, 2022
Debt and Lease Obligation [Abstract]
Schedule of Debt, Finance Lease and Other Financing Obligations	Debt, finance lease and other financing obligations as of December 31, 2022 and October 1, 2022 consisted of the following (in thousands): December 31, 2022 October 1, 2022 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 Credit Facility 320,000 263,000 Finance lease and other financing obligations 47,786 50,269 Unamortized deferred financing fees (1,438) (1,522) Total obligations 516,348 461,747 Less: current portion (329,076) (273,971) Long-term debt, finance lease and other financing obligations, net of current portion $ 187,272 $ 187,776

Derivatives and Fair Value Me_2

Derivatives and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 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 December 31, October 1, December 31, October 1, 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 $ 2,451 $ 715 Other accrued liabilities $ 44 $ 6,747 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities December 31, October 1, December 31, October 1, 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 $ 2,487 $ 1,555 Other accrued liabilities $ 1,486 $ 1,249
Schedule of Derivative Impact on Accumulated Other Comprehensive (Loss) Income	The Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss ("OCL") (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Amount of Gain Recognized in OCL on Derivatives December 31, 2022 January 1, 2022 Foreign currency forward contracts $ 6,150 $ 470
Schedule of Derivative Impact on (Loss) Gain Recognized in Income	Derivative Impact on Loss Recognized in Condensed Consolidated Statements of Comprehensive Income (in thousands) for the Three Months Ended Derivatives in cash flow hedging relationships Classification of Loss Reclassified from Accumulated OCL into Income Amount of Loss Reclassified from Accumulated OCL into Income December 31, 2022 January 1, 2022 Foreign currency forward contracts Cost of sales $ (2,132) $ (743) Foreign currency forward contracts Selling and administrative expenses $ (157) $ (59)
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income	Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income December 31, 2022 January 1, 2022 Foreign currency forward contracts Miscellaneous, net $ 747 $ (43)
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 December 31, 2022 and October 1, 2022, by input level: Fair Value Measurements Using Input Levels Asset/(Liability) (in thousands) Fiscal period ended December 31, 2022 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 3,408 $ — $ 3,408 Fiscal period ended October 1, 2022 Derivatives Foreign currency forward contracts $ — $ (5,726) $ — $ (5,726)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 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 months ended December 31, 2022 and January 1, 2022 (in thousands, except per share amounts): Three Months Ended December 31, 2022 January 1, 2022 Net income $ 42,190 $ 23,423 Basic weighted average common shares outstanding 27,639 28,018 Dilutive effect of share-based awards and options outstanding 666 691 Diluted weighted average shares outstanding 28,305 28,709 Earnings per share: Basic $ 1.53 $ 0.84 Diluted $ 1.49 $ 0.82

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Lease Expense and Other Information	The components of lease expense for the three months ended December 31, 2022 and January 1, 2022 indicated were as follows (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Finance lease expense: Amortization of right-of-use assets $ 1,614 $ 1,693 Interest on lease liabilities 1,272 1,222 Operating lease expense 2,606 2,857 Other lease expense 1,766 1,404 Total $ 7,258 $ 7,176
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 December 31, 2022 October 1, 2022 ASSETS Finance lease assets Property, plant and equipment, net $ 38,025 $ 40,063 Operating lease assets Operating lease right-of-use assets 64,069 65,134 Total lease assets $ 102,094 $ 105,197 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 4,406 $ 5,087 Operating lease liabilities Other accrued liabilities 8,878 7,948 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 38,583 39,257 Operating lease liabilities Long-term operating lease liabilities 32,149 33,628 Total lease liabilities $ 84,016 $ 85,920

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information about the Company’s three reportable segments for three months ended December 31, 2022 and January 1, 2022 is as follows (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Net sales: AMER $ 389,662 $ 277,346 APAC 641,904 491,672 EMEA 89,373 72,863 Elimination of inter-segment sales (27,014) (24,425) $ 1,093,925 $ 817,456 Operating income (loss): AMER $ 17,415 $ 1,790 APAC 78,406 60,688 EMEA (639) 956 Corporate and other costs (37,841) (32,961) 57,341 30,473 Other income (expense): Interest expense (6,894) (3,046) Interest income 934 271 Miscellaneous, net (1,944) (923) Income before income taxes $ 49,437 $ 26,775 December 31, October 1, Total assets: AMER $ 1,171,188 $ 1,150,605 APAC 1,809,364 1,807,542 EMEA 339,382 302,901 Corporate and eliminations 75,358 132,177 $ 3,395,292 $ 3,393,225

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
	Dec. 31, 2022
Guarantees and Product Warranties [Abstract]
Schedule of Activity Related to Limited Warranty Liability	Below is a table summarizing the activity related to the Company’s limited warranty liability for the three months ended December 31, 2022 and January 1, 2022 (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Reserve balance, beginning of period $ 6,925 $ 6,645 Accruals for warranties issued during the period 727 1,258 Settlements (in cash or in kind) during the period (1,131) (741) Reserve balance, end of period $ 6,521 $ 7,162

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below includes the Company’s revenue for the three months ended December 31, 2022 and January 1, 2022 indicated disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended December 31, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 103,027 $ 350,584 $ 18,471 $ 472,082 Healthcare/Life Sciences 215,381 223,290 49,196 487,867 Aerospace/Defense 68,022 45,654 20,300 133,976 External revenue 386,430 619,528 87,967 1,093,925 Inter-segment sales 3,232 22,376 1,406 27,014 Segment revenue $ 389,662 $ 641,904 $ 89,373 $ 1,120,939 Three Months Ended January 1, 2022 Reportable Segment: AMER APAC EMEA Total Market Sector: Industrial $ 83,245 $ 265,275 $ 15,307 $ 363,827 Healthcare/Life Sciences 135,962 169,237 39,266 344,465 Aerospace/Defense 55,750 35,743 17,671 109,164 External revenue 274,957 470,255 72,244 817,456 Inter-segment sales 2,389 21,417 619 24,425 Segment revenue $ 277,346 $ 491,672 $ 72,863 $ 841,881
Schedule of Contract Assets	The following table summarizes the activity in the Company's contract assets during the three months ended December 31, 2022 and January 1, 2022 (in thousands): Three Months Ended December 31, 2022 January 1, 2022 Contract assets, beginning of period $ 138,540 $ 115,283 Revenue recognized during the period 884,099 709,723 Amounts collected or invoiced during the period (903,623) (719,556) Contract assets, end of period $ 119,016 $ 105,450

Restructuring and Impairment _2

Restructuring and Impairment Charges (Tables)	3 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accrual Activity	The Company's restructuring accrual activity for the three months ended January 1, 2022 is included in the tables 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

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,468,942	$ 1,433,353
Work-in-process	81,822	81,207
Finished goods	94,247	88,223
Total inventories, net	$ 1,645,011	$ 1,602,783

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Inventory [Line Items]
Customer deposits	$ 511,037	$ 480,486
Inventory
Inventory [Line Items]
Customer deposits	$ 483,100	$ 463,200

Debt, Finance Lease and Other_3

Debt, Finance Lease and Other Financing Obligations - Schedule of Debt, Finance Lease and Other Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 470,000	$ 413,000
Finance lease and other financing obligations	47,786	50,269
Unamortized deferred financing fees	(1,438)	(1,522)
Total obligations	516,348	461,747
Current portion of long-term debt and finance lease obligations	(329,076)	(273,971)
Long-term debt, finance lease and other financing obligations, net of current portion	187,272	187,776
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 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 320,000	$ 263,000

Debt, Finance Lease and Other_4

Debt, Finance Lease and Other Financing Obligations - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Oct. 01, 2022
Debt Instrument [Line Items]
Fair value of debt	$ 461,500	$ 401,600
Long-term debt, gross	470,000	$ 413,000
Revolving Credit Facility
Debt Instrument [Line Items]
Highest daily borrowings	394,000
Average daily borrowings	$ 320,900
Credit facility, term	5 years

Derivatives and Fair Value Me_3

Derivatives and Fair Value Measurements - Schedule of Fair Values of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	$ 1,000	$ 300
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	2,451	715
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	2,487	1,555
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	44	6,747
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 1,486	$ 1,249

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
	Dec. 31, 2022	Jan. 01, 2022
Foreign Exchange Forward [Member] | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Recognized in OCL on Derivatives	$ 6,150	$ 470

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 Exchange Forward [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCL into Income	$ (2,132)	$ (743)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales	Cost of sales
Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from Accumulated OCL into Income	$ (157)	$ (59)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling and administrative expenses	Selling and administrative expenses

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
	Dec. 31, 2022	Jan. 01, 2022
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign Exchange Forward [Member]
Derivative [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Income	$ 747	$ (43)

Derivatives and Fair Value Me_7

Derivatives and Fair Value Measurements - Schedule of Fair Value Measurements Using Input Levels (Details) - Recurring - Foreign Exchange Forward [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Derivative Asset	$ 3,408
Derivative Liability		$ 5,726
Derivative Asset (Liability), Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Level 1
Derivative Asset	$ 0
Derivative Liability		$ 0
Level 2
Derivative Asset	3,408
Derivative Liability		5,726
Level 3
Derivative Asset	$ 0
Derivative Liability		$ 0

Derivatives and Fair Value Me_8

Derivatives and Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Oct. 01, 2022
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months	$ 2,400
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign Exchange Forward [Member]
Notional amount of forward exchange contracts	148,700	$ 143,200
Fair value of derivative asset	2,400
Fair value of derivative liability		6,000
Derivatives not designated as hedging instruments | Foreign Exchange Forward [Member]
Notional amount of forward exchange contracts	113,500	60,100
Fair value of derivative asset	$ 1,000	$ 300

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 7,247	$ 3,352
Effective Income Tax Rate Reconciliation, Percent	14.70%	12.50%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 900

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Earnings Per Share [Abstract]
Net income	$ 42,190	$ 23,423
Basic weighted average common shares outstanding (in shares)	27,639	28,018
Dilutive effect of share-based awards and options outstanding (in shares)	666	691
Diluted weighted average shares outstanding (in shares)	28,305	28,709
Earnings per share:
Basic (in dollars per share)	$ 1.53	$ 0.84
Diluted (in dollars per share)	$ 1.49	$ 0.82

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	0	0

Leases Schedule of Lease Expens

Leases Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Amortization of right-of-use assets	$ 1,614	$ 1,693
Interest on lease liabilities	1,272	1,222
Operating lease expense	2,606	2,857
Other lease expense	1,766	1,404
Total lease expense	$ 7,258	$ 7,176

Leases Schedule of Lease Assets

Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 01, 2022
Assets and Liabilities, Leases [Abstract]
Finance lease right-of-use assets	$ 38,025	$ 40,063
Operating lease right-of-use assets	64,069	65,134
Total lease Assets	102,094	105,197
Current finance lease liabilities	$ 4,406	$ 5,087
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	$ 8,878	$ 7,948
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Long-term finance lease liabilities	$ 38,583	$ 39,257
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	$ 32,149	$ 33,628
Total lease liabilities	$ 84,016	$ 85,920

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Compensation Related Costs [Abstract]
Share-based compensation expense	$ 5.8	$ 6.3

Reportable Segments - Schedule

Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Oct. 01, 2022
Net sales	$ 1,093,925	$ 817,456
Operating income (loss):	57,341	30,473
Total assets	3,395,292		$ 3,393,225
Other income (expense):
Interest expense	(6,894)	(3,046)
Interest income	934	271
Miscellaneous, net	(1,944)	(923)
Income before income taxes	49,437	26,775
Elimination of inter-segment sales
Net sales	(27,014)	(24,425)
Corporate and other costs
Operating income (loss):	(37,841)	(32,961)
Corporate and eliminations
Total assets	75,358		132,177
AMER | Operating Segments
Net sales	389,662	277,346
Operating income (loss):	17,415	1,790
Total assets	1,171,188		1,150,605
APAC | Operating Segments
Net sales	641,904	491,672
Operating income (loss):	78,406	60,688
Total assets	1,809,364		1,807,542
EMEA | Operating Segments
Net sales	89,373	72,863
Operating income (loss):	(639)	$ 956
Total assets	$ 339,382		$ 302,901

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	3 Months Ended
	Dec. 31, 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	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 6,925	$ 6,645
Accruals for warranties issued during the period	727	1,258
Settlements (in cash or in kind) during the period	(1,131)	(741)
Limited warranty liability, ending balance	$ 6,521	$ 7,162

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	3 Months Ended
	Dec. 31, 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
	Dec. 31, 2022	Jan. 01, 2022	Aug. 18, 2022	Aug. 11, 2021
2022 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount				$ 50,000
Amount repurchased (in shares)		110,440
Amount repurchased		$ 10,200
Average repurchase price (in dollars per share)		$ 91.74
2023 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount			$ 50,000
Amount repurchased (in shares)	115,723
Amount repurchased	$ 11,500
Average repurchase price (in dollars per share)	$ 99.12
Remaining authorized repurchase amount	$ 35,000

Trade Accounts Receivable Sal_2

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold	$ 185,600	$ 148,000
Cash proceeds	183,600	147,500
Trade accounts receivable sold, not yet collected	196,800	$ 151,000
MUFG RPA
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Maximum facility amount	$ 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

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 1,120,939	$ 841,881
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	1,093,925	817,456
Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	27,014	24,425
Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	472,082	363,827
Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	487,867	344,465
Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	133,976	109,164
AMER
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	389,662	277,346
AMER | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	386,430	274,957
AMER | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	3,232	2,389
AMER | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	103,027	83,245
AMER | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	215,381	135,962
AMER | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	68,022	55,750
APAC
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	641,904	491,672
APAC | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	619,528	470,255
APAC | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	22,376	21,417
APAC | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	350,584	265,275
APAC | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	223,290	169,237
APAC | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	45,654	35,743
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	89,373	72,863
EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	87,967	72,244
EMEA | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	1,406	619
EMEA | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	18,471	15,307
EMEA | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	49,196	39,266
EMEA | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 20,300	$ 17,671

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Oct. 01, 2022	Oct. 02, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 119,016	$ 105,450	$ 138,540	$ 115,283
Revenue recognized	884,099	709,723
Amounts collected or invoiced	$ (903,623)	$ (719,556)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 247,100		$ 298,800
Transferred over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	81%	87%

Restructuring and Impairment _3

Restructuring and Impairment Charges Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Oct. 02, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve		$ 1,762	$ 71
Restructuring and impairment charges	$ 0	2,021
Amounts utilized		(330)
Fixed Asset and Operating ROU Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve		0	0
Restructuring and impairment charges		255
Amounts utilized		(255)
Employee Termination and Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve		1,762	$ 71
Restructuring and impairment charges		1,766
Amounts utilized		$ (75)

Restructuring and Impairment _4

Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 0	$ 2,021
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Other Tax Expense (Benefit)		$ (200)