Plexus (PLXS) 10-Q 2 Aug 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 29, 2024	Jul. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
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		27,226,184
Entity Central Index Key	0000785786
Current Fiscal Year End Date	--09-28
Document Fiscal Year Focus	2024
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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 960,751	$ 1,021,610	$ 2,910,258	$ 3,186,358
Cost of sales	866,336	927,964	2,639,640	2,888,520
Gross profit	94,415	93,646	270,618	297,838
Selling and administrative expenses	45,950	42,348	136,487	132,257
Restructuring and other charges, net	9,219	23,094	20,257	23,094
Operating income	39,246	28,204	113,874	142,487
Other income (expense):
Interest expense	(7,389)	(8,231)	(23,299)	(23,412)
Interest income	1,015	598	2,640	2,291
Miscellaneous, net	(2,568)	(3,194)	(9,097)	(6,750)
Income before income taxes	30,304	17,377	84,118	114,616
Income tax expense	5,164	1,578	13,524	15,783
Net income	$ 25,140	$ 15,799	$ 70,594	$ 98,833
Earnings per share:
Basic (in dollars per share)	$ 0.92	$ 0.57	$ 2.57	$ 3.58
Diluted (in dollars per share)	$ 0.91	$ 0.56	$ 2.53	$ 3.51
Weighted average shares outstanding:
Basic (in shares)	27,364	27,561	27,463	27,619
Diluted (in shares)	27,765	27,992	27,918	28,169
Other comprehensive (loss) income:
Derivative instrument and other fair value adjustments	$ (5,397)	$ (6,630)	$ 1,391	$ 4,733
Foreign currency translation adjustments	(1,637)	2,357	7,207	19,286
Other comprehensive (loss) income	(7,034)	(4,273)	8,598	24,019
Total comprehensive income	$ 18,106	$ 11,526	$ 79,192	$ 122,852

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 269,868	$ 256,233
Restricted cash	22	421
Accounts receivable, net of allowances of $1,876 and $1,914, respectively	643,786	661,542
Contract assets	115,982	142,297
Inventories	1,434,297	1,562,037
Prepaid expenses and other	76,895	49,693
Total current assets	2,540,850	2,672,223
Property, plant and equipment, net	489,856	492,036
Operating lease right-of-use assets	58,867	69,363
Deferred income taxes	55,119	62,590
Other assets	26,183	24,960
Total non-current assets	630,025	648,949
Total assets	3,170,875	3,321,172
Current liabilities:
Current portion of long-term debt and finance lease obligations	258,175	240,205
Accounts payable	592,644	646,610
Advanced payments from customers	736,206	760,351
Accrued salaries and wages	74,602	94,099
Other accrued liabilities	63,080	71,402
Total current liabilities	1,724,707	1,812,667
Long-term debt and finance lease obligations, net of current portion	90,715	190,853
Accrued income taxes payable	17,198	31,382
Long-term operating lease liabilities	31,923	38,552
Deferred income taxes	4,293	4,350
Other liabilities	35,679	28,986
Total non-current liabilities	179,808	294,123
Total liabilities	1,904,515	2,106,790
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, 54,487 and 54,297 shares issued, respectively, and 27,285 and 27,466 shares outstanding, respectively	545	543
Additional paid-in capital	670,199	661,270
Common stock held in treasury, at cost, 27,202 and 26,831 shares, respectively	(1,170,574)	(1,134,429)
Retained earnings	1,781,922	1,711,328
Accumulated other comprehensive loss	(15,732)	(24,330)
Total shareholders’ equity	1,266,360	1,214,382
Total liabilities and shareholders’ equity	$ 3,170,875	$ 3,321,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,876	$ 1,914
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)	54,487,000	54,297,000
Common stock, shares outstanding (in shares)	27,285,000	27,466,000
Treasury stock, shares (in shares)	27,202,000	26,831,000

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. 01, 2022		27,679,000
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)		210,000
Treasury shares purchased (in shares)		(391,000)
End of period (in shares) at Jul. 01, 2023		27,498,000
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		2
Share-based compensation expense			15,539
Exercise of stock options and vesting of other share-based awards, including tax withholding			(12,331)
Treasury shares purchased				(37,431)
Net income	98,833				98,833
Other comprehensive (loss) income	24,019					24,019
End of period at Jul. 01, 2023	1,184,362	$ 543	655,675	(1,130,914)	1,671,067	(12,009)
Beginning of period (in shares) at Apr. 01, 2023		27,647,000
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)		1,000
Treasury shares purchased (in shares)		(150,000)
End of period (in shares) at Jul. 01, 2023		27,498,000
Beginning of period at Apr. 01, 2023	1,182,382	$ 543	651,667	(1,117,360)	1,655,268	(7,736)
Exercise of stock options and vesting of other share-based awards		0
Share-based compensation expense			4,057
Exercise of stock options and vesting of other share-based awards, including tax withholding			(49)
Treasury shares purchased				(13,554)
Net income	15,799				15,799
Other comprehensive (loss) income	(4,273)					(4,273)
End of period at Jul. 01, 2023	$ 1,184,362	$ 543	655,675	(1,130,914)	1,671,067	(12,009)
Beginning of period (in shares) at Sep. 30, 2023	27,466,000	27,466,000
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)		190,000
Treasury shares purchased (in shares)		(371,000)
End of period (in shares) at Jun. 29, 2024	27,285,000	27,285,000
Beginning of period at Sep. 30, 2023	$ 1,214,382	$ 543	661,270	(1,134,429)	1,711,328	(24,330)
Exercise of stock options and vesting of other share-based awards		2
Share-based compensation expense			19,759
Exercise of stock options and vesting of other share-based awards, including tax withholding			(10,830)
Treasury shares purchased				(36,145)
Net income	70,594				70,594
Other comprehensive (loss) income	8,598					8,598
End of period at Jun. 29, 2024	$ 1,266,360	$ 545	670,199	(1,170,574)	1,781,922	(15,732)
Beginning of period (in shares) at Mar. 30, 2024		27,470,000
Stock issued during period, stock options exercised and vesting of other stock awards (in shares)		0
Treasury shares purchased (in shares)		(185,000)
End of period (in shares) at Jun. 29, 2024	27,285,000	27,285,000
Beginning of period at Mar. 30, 2024	$ 1,259,762	$ 545	663,130	(1,151,997)	1,756,782	(8,698)
Exercise of stock options and vesting of other share-based awards		0
Share-based compensation expense			7,074
Exercise of stock options and vesting of other share-based awards, including tax withholding			(5)
Treasury shares purchased				(18,577)
Net income	25,140				25,140
Other comprehensive (loss) income	(7,034)					(7,034)
End of period at Jun. 29, 2024	$ 1,266,360	$ 545	$ 670,199	$ (1,170,574)	$ 1,781,922	$ (15,732)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities
Net income	$ 70,594	$ 98,833
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	58,249	51,366
Share-based compensation expense and related charges	19,759	15,539
Asset impairment charges	4,736	0
Deferred income tax expense (benefit)	7,450	(881)
Other, net	2,230	955
Changes in operating assets and liabilities, excluding impacts of currency:
Accounts receivable	19,020	38,933
Contract assets	26,049	6,218
Inventories	131,519	(25,356)
Other current and non-current assets	(30,984)	(2,408)
Accrued income taxes payable	(16,054)	(11,711)
Accounts payable	(39,217)	(115,600)
Advanced payments from customers	(25,297)	14,145
Other current and non-current liabilities	(11,683)	5,952
Cash flows provided by operating activities	216,371	75,985
Cash flows from investing activities
Payments for property, plant and equipment	(68,874)	(79,794)
Other, net	129	2,082
Cash flows used in investing activities	(68,745)	(77,712)
Cash flows from financing activities
Borrowings under debt agreements	452,000	573,000
Payments on debt and finance lease obligations	(539,332)	(545,649)
Repurchases of common stock	(36,145)	(37,431)
Proceeds from exercise of stock options	210	8
Payments related to tax withholding for share-based compensation	(11,038)	(12,337)
Cash flows used in financing activities	(134,305)	(22,409)
Effect of exchange rate changes on cash and cash equivalents	(85)	2,220
Net increase (decrease) in cash and cash equivalents and restricted cash	13,236	(21,916)
Cash and cash equivalents and restricted cash:
Beginning of period	256,654	275,470
End of period	$ 269,890	$ 253,554

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 29, 2024
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 June 29, 2024 and September 30, 2023, the results of operations and shareholders' equity for the three and nine months ended June 29, 2024 and July 1, 2023, 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 2023 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. Reclassification: Certain prior year amounts in the consolidated financial statements and notes thereto have been reclassified related to advanced payments from customers to conform to the current year's presentation. Recently Adopted Accounting Pronouncements: In September 2022, the FASB issued ASU 2022-04 Supplier Finance Programs (Subtopic 405-50), which requires enhanced disclosures about supplier finance programs. The Company adopted this guidance during the first quarter of fiscal 2024 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280), which requires enhanced disclosures for segment reporting. The guidance is effective for the Company beginning in the first quarter of fiscal 2025. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In March 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. The SEC stayed its climate disclosure rules to facilitate the orderly judicial resolution of pending legal challenges. We are currently evaluating the impacts that the SEC's rule will have on our financial statement disclosures. 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	9 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of June 29, 2024 and September 30, 2023 consisted of the following (in thousands): June 29, September 30, Raw materials $ 1,292,175 $ 1,409,638 Work-in-process 57,252 66,340 Finished goods 84,870 86,059 Total inventories $ 1,434,297 $ 1,562,037 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 advanced payments from customers on the accompanying Condensed Consolidated Balance Sheets as of June 29, 2024 and September 30, 2023 w as $579.4 million a

Debt, Finance Lease and Other F

Debt, Finance Lease and Other Financing Obligations	9 Months Ended
	Jun. 29, 2024
Debt and Lease Obligation [Abstract]
Debt, Finance Lease and Other Financing Obligations	Debt, Finance Lease and Other Financing Obligations Debt and finance lease obligations as of June 29, 2024 and September 30, 2023 consisted of the following (in thousands): June 29, September 30, 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 150,000 233,000 Finance lease and other financing obligations 49,802 49,233 Unamortized deferred financing fees (912) (1,175) Total obligations 348,890 431,058 Less: current portion (258,175) (240,205) Long-term debt, finance lease and other financing obligations, net of current portion $ 90,715 $ 190,853 As of June 29, 2024, the Company was in compliance with covenants for all debt agreements. During the nine months ended June 29, 2024, the highest daily borrowing under the Company's 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility") was $376.0 million; the average daily borrowings were $292.1 million. During the nine months ended July 1, 2023, the highest daily borrowing was $412.0 million; the average daily balance was $341.9 million. The fair value of the Company’s debt, excluding finance lease and other financing obligations, wa s $294.8 million and $374.3 million as of June 29, 2024 and September 30, 2023, respectively. The carrying value of the Company's debt, excluding finance lease and other financing obligations, was $300.0 million and $383.0 million as of June 29, 2024 and September 30, 2023, 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
	Jun. 29, 2024
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 $3.6 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 certain jurisdictions in the AMER and APAC segments on a rolling basis. The Company had cash flow hedges outstanding with a notional value of $239.8 million as of June 29, 2024, and a notional value of $215.4 million as of September 30, 2023. 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 $3.6 million liability as of June 29, 2024 and a $5.0 million liability as of September 30, 2023. The Company had additional forward currency exchange contracts outstanding as of June 29, 2024, with a notional value of $142.3 million; there were $145.5 million of such contracts outstanding as of September 30, 2023. 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 less than $0.1 million asset as of June 29, 2024 and a $1.3 million liability as of September 30, 2023. The tables below presents information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities June 29, September 30, June 29, September 30, 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 $ 183 $ 2,610 Other accrued liabilities $ 3,772 $ 7,590 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities June 29, September 30, June 29, September 30, 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 $ 590 $ 1,337 Other accrued liabilities $ 567 $ 2,669 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 Recognized in OCL on Derivatives June 29, 2024 July 1, 2023 Foreign currency forward contracts $ (5,731) $ (5,523) 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts Cost of sales $ (313) $ 1,047 Foreign currency forward contracts Selling and administrative expenses (21) 60 Derivatives not designated as hedging instruments Location of Loss Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income June 29, 2024 July 1, 2023 Foreign currency forward contracts Miscellaneous, net $ (385) $ (574) 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts $ (2,939) $ 4,201 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts Cost of sales $ (4,093) $ (569) Foreign currency forward contracts Selling and administrative expenses (237) 37 Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income June 29, 2024 July 1, 2023 Foreign currency forward contracts Miscellaneous, net $ 1,286 $ (511) 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 the Company’s derivatives as of June 29, 2024 and September 30, 2023 by input level: Fair Value Measurements Using Input Levels Liability (in thousands) Fiscal period ended June 29, 2024 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 3,566 $ — $ 3,566 Fiscal period ended September 30, 2023 Derivatives Foreign currency forward contracts $ — $ 6,312 $ — $ 6,312 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
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for the three and nine months ended June 29, 2024 was $5.2 million and $13.5 million compared to $1.6 million and $15.8 million for the three and nine months ended July 1, 2023. The effective tax rates for the three and nine months ended June 29, 2024 were 17.0% and 16.1%, respectively, compared to the effective tax rates of 9.1% and 13.8% for the three and nine months ended July 1, 2023. The increase for the three months ended June 29, 2024 compared to the three months ended July 1, 2023 is primarily due to a decrease in discrete tax benefits of $2.0 million. The decrease for the nine months ended June 29, 2024 compared to the nine months ended July 1, 2023 is primarily due to a decrease in discrete tax benefits of $2.3 million. The amount of unrecognized tax benefits recorded for uncertain tax positions increased by $2.4 million for the three months ended June 29, 2024. The Company recognizes accrued interest and penalties on uncertain tax positions as a component of income tax expense. The amount of interest and penalties recorded for the three and nine months ended June 29, 2024 was $0.3 million and $0.5 million, respectively. 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 June 29, 2024, the Company continued to record a full valuation allowance against its net deferred tax assets in certain jurisdictions within the EMEA and APAC segments 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
	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and nine months ended June 29, 2024 and July 1, 2023 (in thousands, except per share amounts): Three Months Ended Nine Months Ended June 29, 2024 July 1, June 29, 2024 July 1, Net income $ 25,140 $ 15,799 $ 70,594 $ 98,833 Basic weighted average common shares outstanding 27,364 27,561 27,463 27,619 Dilutive effect of share-based awards and options outstanding 401 431 455 550 Diluted weighted average shares outstanding 27,765 27,992 27,918 28,169 Earnings per share: Basic $ 0.92 $ 0.57 $ 2.57 $ 3.58 Diluted $ 0.91 $ 0.56 $ 2.53 $ 3.51 For the three and nine months ended June 29, 2024 and July 1, 2023, 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 awards. See also Note 12, "Shareholders' Equity," for information regarding the Company's share repurchase plans.

Leases

Leases	9 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Leases	Leases The components of lease expense for the three and nine months ended June 29, 2024 and July 1, 2023 indicated were as follows (in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Finance lease expense: Amortization of right-of-use assets $ 1,535 $ 1,668 $ 4,559 $ 5,234 Interest on lease liabilities 1,287 1,302 3,984 3,834 Operating lease expense 2,550 2,696 7,820 8,038 Other lease expense 1,945 2,345 5,172 5,941 Total $ 7,317 $ 8,011 $ 21,535 $ 23,047 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 June 29, September 30, ASSETS Finance lease assets Property, plant and equipment, net $ 37,472 $ 37,391 Operating lease assets Operating lease right-of-use assets 58,867 69,363 Total lease assets $ 96,339 $ 106,754 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 5,742 $ 4,034 Operating lease liabilities Other accrued liabilities 7,990 8,363 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 39,354 39,271 Operating lease liabilities Long-term operating lease liabilities 31,923 38,552 Total lease liabilities $ 85,009 $ 90,220 As of June 29, 2024, we had a lease signed but not yet commenced totaling payments of $14.6 million. This lease commenced in July 2024, with a lease term of 60 years, and an operating lease right-of-use asset was recorded at that time.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Jun. 29, 2024
Compensation Related Costs [Abstract]
Share-Based Compensation	Share-Based Compensation At the 2024 Annual Meeting of Shareholders held on February 14, 2024, the Company's shareholders approved the Plexus Corp. 2024 Omnibus Incentive Plan (the "2024 Plan"). The 2024 Plan is a stock and cash-based incentive plan, and includes provisions by which the Company may grant executive officers, employees and directors stock options, stock appreciation rights ("SARs"), restricted stock (including restricted stock units ("RSUs")), performance stock awards (including performance stock units ("PSUs")), other stock awards and cash incentive awards. Similar awards were offered under its predecessor, the Plexus Corp. 2016 Omnibus Incentive Plan (the "2016 Plan"), which is no longer being used for grants of new awards; however, outstanding awards granted under the 2016 Plan and its predecessor continue until vesting, exercise, forfeiture or expiration. The Company recognized $7.2 million and $19.6 million of compensation expense associated with share-based awards for the three and nine months ended June 29, 2024, respectively, and $3.9 million and $15.6 million for the three and nine months ended July 1, 2023, respectively.

Litigation

Litigation	9 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation The Company is party to lawsuits in the ordinary course of business. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. Management does not believe that any such 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. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures.

Reportable Segments

Reportable Segments	9 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Reportable Segments	Reportable Segments Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker 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. A segment’s operating income includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring and other charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole. Information about the Company’s three reportable segments for the three and nine months ended June 29, 2024 and July 1, 2023 is as follows (in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Net sales: AMER $ 332,491 $ 371,358 $ 987,970 $ 1,168,826 APAC 521,645 572,150 1,595,121 1,801,324 EMEA 136,831 104,385 413,531 295,552 Elimination of inter-segment sales (30,216) (26,283) (86,364) (79,344) $ 960,751 $ 1,021,610 $ 2,910,258 $ 3,186,358 Operating income: AMER $ 12,804 $ 15,927 $ 26,531 $ 59,109 APAC 69,298 69,836 207,930 217,970 EMEA 5,559 783 11,067 2,023 Corporate and other costs (48,415) (58,342) (131,654) (136,615) 39,246 28,204 113,874 142,487 Other income (expense): Interest expense (7,389) (8,231) (23,299) (23,412) Interest income 1,015 598 2,640 2,291 Miscellaneous, net (2,568) (3,194) (9,097) (6,750) Income before income taxes $ 30,304 $ 17,377 $ 84,118 $ 114,616 June 29, September 30, Total assets: AMER $ 992,873 $ 1,124,555 APAC 1,576,402 1,696,795 EMEA 489,948 462,199 Corporate and eliminations 111,652 37,623 $ 3,170,875 $ 3,321,172

Guarantees

Guarantees	9 Months Ended
	Jun. 29, 2024
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 an estimate of costs that may be incurred under its limited warranty at the time product revenue is recognized and establishes additional reserves for specifically identified product issues. These costs primarily include labor and materials, as necessary, associated with repair or replacement and are included in the Company's accompanying Condensed Consolidated Balance Sheets in "other accrued liabilities." The primary factors that affect the Company’s warranty liability include the value and the number of shipped units and historical and anticipated rates of warranty claims. As these factors are impacted by actual experience and future expectations, the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Below is a table summarizing the activity related to the Company’s limited warranty liability for the nine months ended June 29, 2024 and July 1, 2023 (in thousands): Nine Months Ended June 29, July 1, Reserve balance, beginning of period $ 5,821 $ 6,925 Accruals for warranties issued during the period 1,885 2,027 Settlements (in cash or in kind) during the period (1,186) (3,467) Reserve balance, end of period $ 6,520 $ 5,485

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Jun. 29, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity 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 completed in February 2024. During the nine months ended June 29, 2024, the Company repurchased 59,277 shares under this program for $5.7 million at an average price of $95.59 per share. During the three months ended July 1, 2023, the Company repurchased 149,783 shares under this program for $13.5 million at an average price of $90.49 per share. During the nine months ended July 1, 2023, the Company repurchased 391,145 shares under this program for $37.4 million at an average price of $95.70 per share. On January 16, 2024, the Company announced a share repurchase program authorized by the Board of Directors under which the Company is authorized to repurchase up to $50.0 million of its common stock (the "2024 Program"). The 2024 Program became effective upon completion of the 2023 Program, which occurred in February 2024, and has no expiration. During the three months ended June 29, 2024, the Company repurchased 184,581 shares under this program for $18.6 million at an average price of $100.64 per share. During the nine months ended June 29, 2024, the Company repurchased 311,431 shares under this program for $30.5 million at an average price of $97.87 per share. As of June 29, 2024, $19.5 million of authority remained under the 2024 Program. All shares repurchased under the aforementioned programs were recorded as treasury stock.

Trade Accounts Receivable Sale

Trade Accounts Receivable Sale Programs	9 Months Ended
	Jun. 29, 2024
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 $70.0 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. 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, 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 June 29, 2024 and July 1, 2023 were not material. The Company sold $201.4 million and $205.3 million of trade accounts receivable under these programs, or their predecessors, during the three months ended June 29, 2024 and July 1, 2023, respectively, in exchange for cash proceeds of $199.0 million and $202.9 million, respectively. The Company sold $638.8 million and $616.6 million of trade accounts receivable under these programs, or their predecessors, during the nine months ended June 29, 2024 and July 1, 2023, respectively, in exchange for cash proceeds of $631.1 million and $609.4 million, respectively. As of June 29, 2024

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Jun. 29, 2024
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 toward 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 toward 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 fiscal years indicated disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended June 29, 2024 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 168,686 $ 155,906 $ 55,417 $ 380,009 Industrial 73,015 270,101 59,997 403,113 Aerospace/Defense 86,155 71,024 20,450 177,629 External revenue 327,856 497,031 135,864 960,751 Inter-segment sales 4,635 24,614 967 30,216 Segment revenue $ 332,491 $ 521,645 $ 136,831 $ 990,967 Three Months Ended July 1, 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 205,496 $ 193,740 $ 51,764 $ 451,000 Industrial 97,527 300,258 29,928 427,713 Aerospace/Defense 63,409 57,785 21,703 142,897 External revenue 366,432 551,783 103,395 1,021,610 Inter-segment sales 4,926 20,367 990 26,283 Segment revenue $ 371,358 $ 572,150 $ 104,385 $ 1,047,893 Nine Months Ended June 29, 2024 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 497,109 $ 477,643 $ 164,601 $ 1,139,353 Industrial 227,923 850,353 177,680 1,255,956 Aerospace/Defense 253,553 194,072 67,324 514,949 External revenue 978,585 1,522,068 409,605 2,910,258 Inter-segment sales 9,385 73,053 3,926 86,364 Segment revenue $ 987,970 $ 1,595,121 $ 413,531 $ 2,996,622 Nine Months Ended July 1, 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 649,122 $ 623,472 $ 153,643 $ 1,426,237 Industrial 299,240 963,682 76,154 1,339,076 Aerospace/Defense 208,162 150,884 61,999 421,045 External revenue 1,156,524 1,738,038 291,796 3,186,358 Inter-segment sales 12,302 63,286 3,756 79,344 Segment revenue $ 1,168,826 $ 1,801,324 $ 295,552 $ 3,265,702 For the three and nine months ended June 29, 2024, approximately 83% of the Company's revenue was recognized as products and services transferred over time. For the three and nine months ended July 1, 2023, approximately 83% and 81%, respectively, of the Company's revenue was recognized as products and services 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 June 29, 2024 and July 1, 2023 (in thousands): Nine Months Ended June 29, July 1, Contract assets, beginning of period $ 142,297 $ 138,540 Revenue recognized during the period 2,419,196 2,589,181 Amounts collected or invoiced during the period (2,445,511) (2,594,726) Contract assets, end of period $ 115,982 $ 132,995 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 advanced payments from customers on Condensed Consolidated Balance Sheets. As of June 29, 2024 and September 30, 2023, the balance of advance payments from customers attributable to deferred revenue was $146.2 million and $158.7 million, respectively. The advance payment is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the company from the other party failing to adequately complete some or all of its obligations under the contract. Deferred revenue is recognized into revenue when all revenue recognition criteria are met. For performance obligations satisfied over time, recognition will occur as work progresses; otherwise deferred revenue will be recognized based upon shipping terms.

Restructuring and Non-Recurring

Restructuring and Non-Recurring Charges	9 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Non-recurring Charges	Restructuring and Non-recurring Charges Restructuring and non-recurring charges are recorded within restructuring and other charges on the Condensed Consolidated Statements of Comprehensive Income. Restructuring liabilities are primarily recorded within other accrued liabilities on the Condensed Consolidated Balance Sheets. For the three months ended June 29, 2024, the Company incurred restructuring and others charges of $9.2 million which consisted of severance from the reduction of the Company's workforce and associated site closure costs in the Company's AMER region. For the nine months ended June 29, 2024 , the Company incurred restructuring and other charges of $20.3 million, which consisted of the previously mentioned site closure costs in the AMER region, as well as severance from the reduction of the Company's workforce and closure costs associated with a site in the Company's EMEA region. These costs were offset by insurance proceeds received associated with an arbitration decision regarding a contractual matter that occurred in the Company's EMEA region in fiscal 2023. For the three and nine months ended July 1, 2023, the Company incurred restructuring and other charges of $8.9 million, which consisted of severance from the reduction of the Company's workforce and a lease agreement termination. Additionally, the Company incurred a one-time, non-recurring charge of $14.2 million relating to an arbitration decision in Norway regarding a contractual matter. The company no longer provides services for this customer. The Company recognized a tax benefit of $1.0 million and $2.1 million, respectively, related to restructuring and other charges for the three and nine months ended June 29, 2024. The Company recognized a tax benefit of $1.8 million related to restructuring and other charges for the three and nine months ended July 1, 2023 . The Company's restructuring accrual activity for the nine months ended June 29, 2024 and the three and nine months ended July 1, 2023 is included in the tables below (in thousands): Termination and Severance Costs Fixed Asset and Operating ROU Asset Impairment Arbitration Recovery Total Accrual balance, as of December 30, 2023 $ — $ — $ — $ — Restructuring and other charges 9,865 3,423 (2,250) 11,038 Amounts utilized (3,858) (1,767) 2,250 (3,375) Accrual balance, as of March 30, 2024 $ 6,007 $ 1,656 $ — $ 7,663 Restructuring and other charges 4,265 4,954 — 9,219 Amounts utilized (5,795) (4,887) — (10,682) Accrual balance, as of June 29, 2024 $ 4,477 $ 1,723 $ — $ 6,200 Termination and Severance Costs Arbitration Charge Total Accrual balance, as of April 1, 2023 $ — $ — $ — Restructuring and other charges 8,865 14,229 23,094 Amounts utilized (5,332) (14,753) (20,085) Accrual balance, as of July 1, 2023 $ 3,533 $ (524) $ 3,009

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jun. 29, 2024
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 June 29, 2024 and September 30, 2023, the results of operations and shareholders' equity for the three and nine months ended June 29, 2024 and July 1, 2023, 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 2023 Annual Report on Form 10-K.
Reclassification	Reclassification:
Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements: In September 2022, the FASB issued ASU 2022-04 Supplier Finance Programs (Subtopic 405-50), which requires enhanced disclosures about supplier finance programs. The Company adopted this guidance during the first quarter of fiscal 2024 with no material impact to the Company's Consolidated Financial Statements; however, the impact of the new standard on future periods will depend on the facts and circumstances of future transactions. Recently Issued Accounting Pronouncements Not Yet Adopted: In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280), which requires enhanced disclosures for segment reporting. The guidance is effective for the Company beginning in the first quarter of fiscal 2025. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740), which requires enhanced disclosures for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal 2026. Early adoption is permitted. We are currently evaluating the impact that the updated standard will have on our financial statement disclosures. In March 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. The SEC stayed its climate disclosure rules to facilitate the orderly judicial resolution of pending legal challenges. We are currently evaluating the impacts that the SEC's rule will have on our financial statement disclosures. 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)	9 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of June 29, 2024 and September 30, 2023 consisted of the following (in thousands): June 29, September 30, Raw materials $ 1,292,175 $ 1,409,638 Work-in-process 57,252 66,340 Finished goods 84,870 86,059 Total inventories $ 1,434,297 $ 1,562,037

Debt, Finance Lease and Other_2

Debt, Finance Lease and Other Financing Obligations (Tables)	9 Months Ended
	Jun. 29, 2024
Debt and Lease Obligation [Abstract]
Schedule of Debt, Finance Lease and Other Financing Obligations	Debt and finance lease obligations as of June 29, 2024 and September 30, 2023 consisted of the following (in thousands): June 29, September 30, 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 150,000 233,000 Finance lease and other financing obligations 49,802 49,233 Unamortized deferred financing fees (912) (1,175) Total obligations 348,890 431,058 Less: current portion (258,175) (240,205) Long-term debt, finance lease and other financing obligations, net of current portion $ 90,715 $ 190,853

Derivatives and Fair Value Me_2

Derivatives and Fair Value Measurements (Tables)	9 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Instruments	The tables below presents information regarding the fair values of derivative instruments and the effects of derivative instruments on the Company’s Condensed Consolidated Financial Statements: Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities June 29, September 30, June 29, September 30, 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 $ 183 $ 2,610 Other accrued liabilities $ 3,772 $ 7,590 Fair Values of Derivative Instruments (in thousands) Derivative Assets Derivative Liabilities June 29, September 30, June 29, September 30, 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 $ 590 $ 1,337 Other accrued liabilities $ 567 $ 2,669
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 Recognized in OCL on Derivatives June 29, 2024 July 1, 2023 Foreign currency forward contracts $ (5,731) $ (5,523) 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts $ (2,939) $ 4,201
Schedule of Derivative Impact on Gain (Loss) 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts Cost of sales $ (313) $ 1,047 Foreign currency forward contracts Selling and administrative expenses (21) 60 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 June 29, 2024 July 1, 2023 Foreign currency forward contracts Cost of sales $ (4,093) $ (569) Foreign currency forward contracts Selling and administrative expenses (237) 37
Schedule of Amount of Gain (Loss) on Derivatives Recognized in Income	Derivatives not designated as hedging instruments Location of Loss Recognized on Derivatives in Income Amount of Loss on Derivatives Recognized in Income June 29, 2024 July 1, 2023 Foreign currency forward contracts Miscellaneous, net $ (385) $ (574) Derivatives not designated as hedging instruments Location of Gain (Loss) Recognized on Derivatives in Income Amount of Gain (Loss) on Derivatives Recognized in Income June 29, 2024 July 1, 2023 Foreign currency forward contracts Miscellaneous, net $ 1,286 $ (511)
Schedule of Derivatives Fair Value Measurements Using Input Levels	The following table lists the fair values of the Company’s derivatives as of June 29, 2024 and September 30, 2023 by input level: Fair Value Measurements Using Input Levels Liability (in thousands) Fiscal period ended June 29, 2024 Level 1 Level 2 Level 3 Total Derivatives Foreign currency forward contracts $ — $ 3,566 $ — $ 3,566 Fiscal period ended September 30, 2023 Derivatives Foreign currency forward contracts $ — $ 6,312 $ — $ 6,312

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Reconciliation of Amounts Utilized in Computation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for the three and nine months ended June 29, 2024 and July 1, 2023 (in thousands, except per share amounts): Three Months Ended Nine Months Ended June 29, 2024 July 1, June 29, 2024 July 1, Net income $ 25,140 $ 15,799 $ 70,594 $ 98,833 Basic weighted average common shares outstanding 27,364 27,561 27,463 27,619 Dilutive effect of share-based awards and options outstanding 401 431 455 550 Diluted weighted average shares outstanding 27,765 27,992 27,918 28,169 Earnings per share: Basic $ 0.92 $ 0.57 $ 2.57 $ 3.58 Diluted $ 0.91 $ 0.56 $ 2.53 $ 3.51

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jun. 29, 2024
Leases [Abstract]
Schedule of Lease Expense and Other Information	The components of lease expense for the three and nine months ended June 29, 2024 and July 1, 2023 indicated were as follows (in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Finance lease expense: Amortization of right-of-use assets $ 1,535 $ 1,668 $ 4,559 $ 5,234 Interest on lease liabilities 1,287 1,302 3,984 3,834 Operating lease expense 2,550 2,696 7,820 8,038 Other lease expense 1,945 2,345 5,172 5,941 Total $ 7,317 $ 8,011 $ 21,535 $ 23,047
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 June 29, September 30, ASSETS Finance lease assets Property, plant and equipment, net $ 37,472 $ 37,391 Operating lease assets Operating lease right-of-use assets 58,867 69,363 Total lease assets $ 96,339 $ 106,754 LIABILITIES AND SHAREHOLDERS' EQUITY Current Finance lease liabilities Current portion of long-term debt and finance lease obligations $ 5,742 $ 4,034 Operating lease liabilities Other accrued liabilities 7,990 8,363 Non-current Finance lease liabilities Long-term debt and finance lease obligations, net of current portion 39,354 39,271 Operating lease liabilities Long-term operating lease liabilities 31,923 38,552 Total lease liabilities $ 85,009 $ 90,220 As of June 29, 2024, we had a lease signed but not yet commenced totaling payments of $14.6 million. This lease commenced in July 2024, with a lease term of 60 years, and an operating lease right-of-use asset was recorded at that time.

Reportable Segments (Tables)

Reportable Segments (Tables)	9 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segments Information	Information about the Company’s three reportable segments for the three and nine months ended June 29, 2024 and July 1, 2023 is as follows (in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Net sales: AMER $ 332,491 $ 371,358 $ 987,970 $ 1,168,826 APAC 521,645 572,150 1,595,121 1,801,324 EMEA 136,831 104,385 413,531 295,552 Elimination of inter-segment sales (30,216) (26,283) (86,364) (79,344) $ 960,751 $ 1,021,610 $ 2,910,258 $ 3,186,358 Operating income: AMER $ 12,804 $ 15,927 $ 26,531 $ 59,109 APAC 69,298 69,836 207,930 217,970 EMEA 5,559 783 11,067 2,023 Corporate and other costs (48,415) (58,342) (131,654) (136,615) 39,246 28,204 113,874 142,487 Other income (expense): Interest expense (7,389) (8,231) (23,299) (23,412) Interest income 1,015 598 2,640 2,291 Miscellaneous, net (2,568) (3,194) (9,097) (6,750) Income before income taxes $ 30,304 $ 17,377 $ 84,118 $ 114,616 June 29, September 30, Total assets: AMER $ 992,873 $ 1,124,555 APAC 1,576,402 1,696,795 EMEA 489,948 462,199 Corporate and eliminations 111,652 37,623 $ 3,170,875 $ 3,321,172

Guarantees (Tables)

Guarantees (Tables)	9 Months Ended
	Jun. 29, 2024
Guarantees [Abstract]
Schedule of Activity Related to Limited Warranty Liability	Below is a table summarizing the activity related to the Company’s limited warranty liability for the nine months ended June 29, 2024 and July 1, 2023 (in thousands): Nine Months Ended June 29, July 1, Reserve balance, beginning of period $ 5,821 $ 6,925 Accruals for warranties issued during the period 1,885 2,027 Settlements (in cash or in kind) during the period (1,186) (3,467) Reserve balance, end of period $ 6,520 $ 5,485

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The table below includes the Company’s revenue for the fiscal years indicated disaggregated by geographic reportable segment and market sector (in thousands): Three Months Ended June 29, 2024 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 168,686 $ 155,906 $ 55,417 $ 380,009 Industrial 73,015 270,101 59,997 403,113 Aerospace/Defense 86,155 71,024 20,450 177,629 External revenue 327,856 497,031 135,864 960,751 Inter-segment sales 4,635 24,614 967 30,216 Segment revenue $ 332,491 $ 521,645 $ 136,831 $ 990,967 Three Months Ended July 1, 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 205,496 $ 193,740 $ 51,764 $ 451,000 Industrial 97,527 300,258 29,928 427,713 Aerospace/Defense 63,409 57,785 21,703 142,897 External revenue 366,432 551,783 103,395 1,021,610 Inter-segment sales 4,926 20,367 990 26,283 Segment revenue $ 371,358 $ 572,150 $ 104,385 $ 1,047,893 Nine Months Ended June 29, 2024 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 497,109 $ 477,643 $ 164,601 $ 1,139,353 Industrial 227,923 850,353 177,680 1,255,956 Aerospace/Defense 253,553 194,072 67,324 514,949 External revenue 978,585 1,522,068 409,605 2,910,258 Inter-segment sales 9,385 73,053 3,926 86,364 Segment revenue $ 987,970 $ 1,595,121 $ 413,531 $ 2,996,622 Nine Months Ended July 1, 2023 Reportable Segment: AMER APAC EMEA Total Market Sector: Healthcare/Life Sciences $ 649,122 $ 623,472 $ 153,643 $ 1,426,237 Industrial 299,240 963,682 76,154 1,339,076 Aerospace/Defense 208,162 150,884 61,999 421,045 External revenue 1,156,524 1,738,038 291,796 3,186,358 Inter-segment sales 12,302 63,286 3,756 79,344 Segment revenue $ 1,168,826 $ 1,801,324 $ 295,552 $ 3,265,702
Schedule of Contract Assets	The following table summarizes the activity in the Company's contract assets during the nine months ended June 29, 2024 and July 1, 2023 (in thousands): Nine Months Ended June 29, July 1, Contract assets, beginning of period $ 142,297 $ 138,540 Revenue recognized during the period 2,419,196 2,589,181 Amounts collected or invoiced during the period (2,445,511) (2,594,726) Contract assets, end of period $ 115,982 $ 132,995

Restructuring and Non-Recurri_2

Restructuring and Non-Recurring Charges (Tables)	9 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Accrual Activity	The Company's restructuring accrual activity for the nine months ended June 29, 2024 and the three and nine months ended July 1, 2023 is included in the tables below (in thousands): Termination and Severance Costs Fixed Asset and Operating ROU Asset Impairment Arbitration Recovery Total Accrual balance, as of December 30, 2023 $ — $ — $ — $ — Restructuring and other charges 9,865 3,423 (2,250) 11,038 Amounts utilized (3,858) (1,767) 2,250 (3,375) Accrual balance, as of March 30, 2024 $ 6,007 $ 1,656 $ — $ 7,663 Restructuring and other charges 4,265 4,954 — 9,219 Amounts utilized (5,795) (4,887) — (10,682) Accrual balance, as of June 29, 2024 $ 4,477 $ 1,723 $ — $ 6,200 Termination and Severance Costs Arbitration Charge Total Accrual balance, as of April 1, 2023 $ — $ — $ — Restructuring and other charges 8,865 14,229 23,094 Amounts utilized (5,332) (14,753) (20,085) Accrual balance, as of July 1, 2023 $ 3,533 $ (524) $ 3,009

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,292,175	$ 1,409,638
Work-in-process	57,252	66,340
Finished goods	84,870	86,059
Total inventories	$ 1,434,297	$ 1,562,037

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 30, 2023
Inventory [Line Items]
Advanced payments from customers	$ 736,206	$ 760,351
Inventory
Inventory [Line Items]
Advanced payments from customers	$ 579,400	$ 590,200

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	Jun. 29, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 383,000
Finance lease and other financing obligations	49,802	49,233
Unamortized deferred financing fees	(912)	(1,175)
Total obligations	348,890	431,058
Current portion of long-term debt and finance lease obligations	(258,175)	(240,205)
Long-term debt, finance lease and other financing obligations, net of current portion	90,715	190,853
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	$ 150,000	$ 233,000

Debt, Finance Lease and Other_4

Debt, Finance Lease and Other Financing Obligations- Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Fair value of debt	$ 294,800		$ 374,300
Long-term debt, gross	$ 300,000		$ 383,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, term	5 years
Highest daily borrowings	$ 376,000	$ 412,000
Average daily borrowings	$ 292,100	$ 341,900

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	Jun. 29, 2024	Sep. 30, 2023
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	$ 100
Fair value of derivative liability		$ 1,300
Prepaid expenses and other | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	183	2,610
Prepaid expenses and other | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative asset	590	1,337
Other accrued liabilities | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	3,772	7,590
Other accrued liabilities | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair value of derivative liability	$ 567	$ 2,669

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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Foreign Exchange Forward [Member] | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCL on Derivatives	$ (5,731)	$ (5,523)	$ (2,939)	$ 4,201

Derivatives and Fair Value Me_5

Derivatives and Fair Value Measurements - Schedule of Derivative Impact on Gain (Loss) 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		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (313)	$ 1,047	$ (4,093)	$ (569)
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	Cost of sales	Cost of sales
Selling and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) Gain Reclassified from Accumulated OCL into Income	$ (21)	$ 60	$ (237)	$ 37
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	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		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Derivatives not designated as hedging instruments | Miscellaneous, net | Foreign Exchange Forward [Member]
Derivative [Line Items]
Amount of Gain (Loss) on Derivatives Recognized in Income	$ (385)	$ (574)	$ 1,286	$ (511)

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	Jun. 29, 2024	Sep. 30, 2023
Derivative Liability	$ 3,566	$ 6,312
Level 1
Derivative Liability	0	0
Level 2
Derivative Liability	3,566	6,312
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
	Jun. 29, 2024	Sep. 30, 2023
Estimated unrealized gains (losses), net of tax, expected to be reclassified in the next 12 months	$ (3,600)
Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships | Foreign Exchange Forward [Member]
Notional amount of forward exchange contracts	239,800	$ 215,400
Fair value of derivative liability	3,600	5,000
Derivatives not designated as hedging instruments | Foreign Exchange Forward [Member]
Notional amount of forward exchange contracts	142,300	145,500
Fair value of derivative asset	$ 100
Fair value of derivative liability		$ 1,300

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,164	$ 1,578	$ 13,524	$ 15,783
Effective Income Tax Rate Reconciliation, Percent	17%	9.10%	16.10%	13.80%
Other Tax Expense (Benefit)	$ (2,000)		$ (2,300)
Unrecognized Tax Benefits, Period Increase (Decrease)	2,400
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 300		$ 500

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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Net income	$ 25,140	$ 15,799	$ 70,594	$ 98,833
Basic weighted average common shares outstanding (in shares)	27,364	27,561	27,463	27,619
Dilutive effect of share-based awards and options outstanding (in shares)	401	431	455	550
Diluted weighted average shares outstanding (in shares)	27,765	27,992	27,918	28,169
Earnings per share:
Basic (in dollars per share)	$ 0.92	$ 0.57	$ 2.57	$ 3.58
Diluted (in dollars per share)	$ 0.91	$ 0.56	$ 2.53	$ 3.51

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	100	100	100	100

Leases - Schedule of Lease Expe

Leases - Schedule of Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 1,535	$ 1,668	$ 4,559	$ 5,234
Interest on lease liabilities	1,287	1,302	3,984	3,834
Operating lease expense	2,550	2,696	7,820	8,038
Other lease expense	1,945	2,345	5,172	5,941
Total lease expense	$ 7,317	$ 8,011	$ 21,535	$ 23,047

Leases - Schedule of Lease Asse

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Sep. 30, 2023
Assets and Liabilities, Leases [Abstract]
Finance lease right-of-use assets	$ 37,472	$ 37,391
Operating lease right-of-use assets	58,867	69,363
Total lease Assets	96,339	106,754
Current finance lease liabilities	$ 5,742	$ 4,034
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	$ 7,990	$ 8,363
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Long-term finance lease liabilities	$ 39,354	$ 39,271
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	$ 31,923	$ 38,552
Total lease liabilities	$ 85,009	$ 90,220

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid	$ 14,600
Lessee, Operating Lease, Term of Contract	60 years

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Compensation Related Costs [Abstract]
Share-based Compensation Expense	$ 7,200	$ 3,900	$ 19,600	$ 15,600

Reportable Segments - Schedule

Reportable Segments - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Net sales	$ 960,751	$ 1,021,610	$ 2,910,258	$ 3,186,358
Operating income:	39,246	28,204	113,874	142,487
Total assets	3,170,875		3,170,875		$ 3,321,172
Other income (expense):
Interest expense	(7,389)	(8,231)	(23,299)	(23,412)
Interest income	1,015	598	2,640	2,291
Miscellaneous, net	(2,568)	(3,194)	(9,097)	(6,750)
Income before income taxes	30,304	17,377	84,118	114,616
Elimination of inter-segment sales
Net sales	(30,216)	(26,283)	(86,364)	(79,344)
Corporate and other costs
Operating income:	(48,415)	(58,342)	(131,654)	(136,615)
Corporate and eliminations
Total assets	111,652		111,652		37,623
AMER | Operating Segments
Net sales	332,491	371,358	987,970	1,168,826
Operating income:	12,804	15,927	26,531	59,109
Total assets	992,873		992,873		1,124,555
APAC | Operating Segments
Net sales	521,645	572,150	1,595,121	1,801,324
Operating income:	69,298	69,836	207,930	217,970
Total assets	1,576,402		1,576,402		1,696,795
EMEA | Operating Segments
Net sales	136,831	104,385	413,531	295,552
Operating income:	5,559	$ 783	11,067	$ 2,023
Total assets	$ 489,948		$ 489,948		$ 462,199

Reportable Segments - Narrative

Reportable Segments - Narrative (Details)	9 Months Ended
	Jun. 29, 2024 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
	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Limited warranty liability, beginning balance	$ 5,821	$ 6,925
Accruals for warranties issued during the period	1,885	2,027
Settlements (in cash or in kind) during the period	(1,186)	(3,467)
Limited warranty liability, ending balance	$ 6,520	$ 5,485

Guarantees - Narrative (Details

Guarantees - Narrative (Details)	9 Months Ended
	Jun. 29, 2024
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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Jan. 16, 2024	Aug. 18, 2022
2023 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount						$ 50,000
Amount repurchased (in shares)		149,783	59,277	391,145
Amount repurchased		$ 13,500	$ 5,700	$ 37,400
Average repurchase price (in dollars per share)		$ 90.49	$ 95.59	$ 95.70
2024 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount					$ 50,000
Amount repurchased (in shares)	184,581		311,431
Amount repurchased	$ 18,600		$ 30,500
Average repurchase price (in dollars per share)	$ 100.64		$ 97.87
Remaining authorized repurchase amount	$ 19,500		$ 19,500

Trade Accounts Receivable Sal_2

Trade Accounts Receivable Sale Programs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Amount Received From Trade Accounts Receivable Sold To Third Party [Line Items]
Trade accounts receivable sold	$ 201,400	$ 205,300	$ 638,800	$ 616,600
Cash proceeds received from accounts receivable sold	199,000	$ 202,900	631,100	$ 609,400
Trade accounts receivable sold, not yet collected	210,700		210,700		$ 220,500
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	$ 70,000		$ 70,000

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
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 990,967	$ 1,047,893	$ 2,996,622	$ 3,265,702
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	960,751	1,021,610	2,910,258	3,186,358
Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	30,216	26,283	86,364	79,344
Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	380,009	451,000	1,139,353	1,426,237
Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	403,113	427,713	1,255,956	1,339,076
Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	177,629	142,897	514,949	421,045
AMER
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	332,491	371,358	987,970	1,168,826
AMER | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	327,856	366,432	978,585	1,156,524
AMER | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	4,635	4,926	9,385	12,302
AMER | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	168,686	205,496	497,109	649,122
AMER | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	73,015	97,527	227,923	299,240
AMER | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	86,155	63,409	253,553	208,162
APAC
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	521,645	572,150	1,595,121	1,801,324
APAC | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	497,031	551,783	1,522,068	1,738,038
APAC | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	24,614	20,367	73,053	63,286
APAC | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	155,906	193,740	477,643	623,472
APAC | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	270,101	300,258	850,353	963,682
APAC | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	71,024	57,785	194,072	150,884
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	136,831	104,385	413,531	295,552
EMEA | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	135,864	103,395	409,605	291,796
EMEA | Elimination of inter-segment sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	967	990	3,926	3,756
EMEA | Healthcare/Life Sciences | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	55,417	51,764	164,601	153,643
EMEA | Industrial | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	59,997	29,928	177,680	76,154
EMEA | Aerospace/Defense | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 20,450	$ 21,703	$ 67,324	$ 61,999

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 115,982	$ 132,995	$ 142,297	$ 138,540
Revenue recognized	2,419,196	2,589,181
Amounts collected or invoiced	$ (2,445,511)	$ (2,594,726)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Deferred Revenue	$ 146,200		$ 146,200		$ 158,700
Transferred over Time
Disaggregation of Revenue [Line Items]
Percentage of Revenue	83%	83%	83%	81%

Restructuring and Non-Recurri_3

Restructuring and Non-Recurring Charges - Schedule of Restructuring Accrual Activity (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023	Apr. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 6,200	$ 7,663	$ 3,009	$ 6,200	$ 3,009	$ 0	$ 0
Restructuring and other charges, net	9,219	11,038	23,094	20,257	23,094
Amounts Utilized	(10,682)	(3,375)	(20,085)
Termination and Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4,477	6,007	3,533	4,477	3,533	0	0
Restructuring and other charges, net	4,265	9,865	8,865		8,900
Amounts Utilized	(5,795)	(3,858)	(5,332)
Fixed Asset and Operating ROU Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,723	1,656		1,723		0
Restructuring and other charges, net	4,954	3,423
Amounts Utilized	(4,887)	(1,767)
Arbitration Recovery
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0	0		$ 0		$ 0
Restructuring and other charges, net	0	(2,250)
Amounts Utilized	$ 0	$ 2,250
Arbitration Charge
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve							$ 0
Restructuring and other charges, net			14,229		14,200
Amounts Utilized			(14,753)
Insurance Settlements Receivable			$ (524)		$ (524)

Restructuring and Non-Recurri_4

Restructuring and Non-Recurring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net	$ 9,219	$ 11,038	$ 23,094	$ 20,257	$ 23,094
Other Tax Expense (Benefit)	(2,000)			(2,300)
Termination and Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net	4,265	$ 9,865	8,865		8,900
Arbitration Charge
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges, net			14,229		14,200
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Other Tax Expense (Benefit)	$ (1,000)		$ (1,800)	$ (2,100)	$ (1,800)