Document_and_entity_informatio
Document and entity information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Nov. 05, 2014 | Mar. 28, 2014 |
Entity Information [Line Items] | ' | ' | ' |
Document Period End Date | 27-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Registrant Name | 'SANMINA CORP | ' | ' |
Entity Central Index Key | '0000897723 | ' | ' |
Document Type | '10-K | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 82,474,561 | ' |
Entity Public Float | ' | ' | $1,407 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $466,607 | $402,875 |
Accounts receivable, net of allowances of $10,278 and $11,735 as of September 27, 2014 and September 28, 2013, respectively | 979,475 | 944,816 |
Inventories | 893,178 | 781,560 |
Prepaid expenses and other current assets | 111,714 | 75,337 |
Total current assets | 2,450,974 | 2,204,588 |
Property, plant and equipment, net | 563,016 | 540,151 |
Other | 299,099 | 251,109 |
Total assets | 3,313,089 | 2,995,848 |
Current liabilities: | ' | ' |
Accounts payable | 1,139,845 | 956,488 |
Accrued liabilities | 110,357 | 109,363 |
Accrued payroll and related benefits | 126,541 | 118,572 |
Short-term debt, including current portion of long-term debt | 157,394 | 22,301 |
Total current liabilities | 1,534,137 | 1,206,724 |
Long-term liabilities: | ' | ' |
Long-term debt | 386,681 | 562,512 |
Other | 145,516 | 135,048 |
Total long-term liabilities | 532,197 | 697,560 |
Commitments and contingencies (Note 8) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value, authorized 5,000 shares, none issued and outstanding | 0 | 0 |
Common stock, $.01 par value, authorized 166,667 shares; 95,733 and 97,658 shares issued and 82,157 and 84,153 shares outstanding as of September 27, 2014 and September 28, 2013, respectively | 822 | 842 |
Treasury stock, 13,576 and 13,505 shares as of September 27, 2014 and September 28, 2013, respectively, at cost | -216,857 | -215,658 |
Additional paid-in capital | 6,064,264 | 6,103,634 |
Accumulated other comprehensive income | 82,916 | 84,301 |
Accumulated deficit | -4,684,390 | -4,881,555 |
Total stockholders' equity | 1,246,755 | 1,091,564 |
Total liabilities and stockholders' equity | $3,313,089 | $2,995,848 |
Balance_sheet_parenthetical_Pa
Balance sheet parenthetical (Parentheticals) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable allowances | $10,278 | $11,735 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 5,000 | 5,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 166,667 | 166,667 |
Common Stock, Shares, Issued | 95,733 | 97,658 |
Common Stock, Shares, Outstanding | 82,157 | 84,153 |
Treasury Stock, Shares | 13,576 | 13,505 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales | $6,215,106 | $5,917,124 | $6,093,334 |
Cost of sales | 5,726,823 | 5,490,307 | 5,657,552 |
Gross profit | 488,283 | 426,817 | 435,782 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative | 242,288 | 238,072 | 240,863 |
Research and development | 32,495 | 25,571 | 21,899 |
Restructuring costs | 12,550 | 24,910 | 31,371 |
Amortization of intangible assets | 1,798 | 1,896 | 3,067 |
Asset impairments | 0 | 2,100 | 2,390 |
Gain on sales of long-lived assets | -530 | -23,361 | -1,298 |
Total operating expenses | 288,601 | 269,188 | 298,292 |
Operating income | 199,682 | 157,629 | 137,490 |
Interest income | 1,533 | 1,014 | 1,425 |
Interest expense | -30,804 | -41,004 | -71,744 |
Other income (expense), net | 3,106 | -12,832 | -291 |
Loss on extinguishments of debt | -11,778 | -1,401 | -16,937 |
Interest and other income (expense), net | -37,943 | -54,223 | -87,547 |
Income before income taxes | 161,739 | 103,406 | 49,943 |
Provision for (benefit from) income taxes | -35,426 | 24,055 | -130,291 |
Net income | $197,165 | $79,351 | $180,234 |
Net income per share: | ' | ' | ' |
Basic | $2.38 | $0.96 | $2.22 |
Diluted | $2.27 | $0.93 | $2.16 |
Weighted-average shares used in computing per share amounts: | ' | ' | ' |
Basic | 82,872 | 82,834 | 81,284 |
Diluted | 86,731 | 85,403 | 83,495 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Net income | $197,165 | $79,351 | $180,234 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -4,558 | -3,072 | -2,543 |
Derivative financial instruments: | ' | ' | ' |
Changes in unrealized loss | 64 | 1,008 | -2,521 |
Amount reclassified into net income | 3,686 | 20,177 | 8,995 |
Pension benefit plans: | ' | ' | ' |
Changes in unrecognized net actuarial loss and unrecognized transition cost | -1,506 | 1,257 | -12,190 |
Amortization of actuarial loss and transition cost | 929 | 1,452 | 1,000 |
Total other comprehensive income (loss) | -1,385 | 20,822 | -7,259 |
Comprehensive income | $195,780 | $100,173 | $172,975 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock And Additional Paid in Capital | Number of Common Shares | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Oct. 01, 2011 | $770,517 | $6,054,747 | ' | ($213,828) | $70,738 | ($5,141,140) |
Treasury Stock, Shares at Oct. 01, 2011 | ' | ' | ' | -13,301,000 | ' | ' |
Common Stock, Shares, Issued at Oct. 01, 2011 | ' | ' | 94,035,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuances under stock plans | ' | ' | 936,000 | ' | ' | ' |
Issuances Under Stock Plans, Value | 2,595 | 2,595 | ' | ' | ' | ' |
Stock-based compensation | 17,999 | 17,999 | ' | ' | ' | ' |
Repurchases of Treasury Stock, Shares | -35,000 | ' | ' | -35,000 | ' | ' |
Repurchases of Treasury Stock, Value | -305 | ' | ' | -305 | ' | ' |
Other comprehensive income (loss) | -7,259 | ' | ' | ' | -7,259 | ' |
Net income | 180,234 | ' | ' | ' | ' | 180,234 |
Balance at Sep. 29, 2012 | 963,781 | 6,075,341 | ' | -214,133 | 63,479 | -4,960,906 |
Common Stock, Shares, Issued at Sep. 29, 2012 | ' | ' | 94,971,000 | ' | ' | ' |
Treasury Stock, Shares at Sep. 29, 2012 | ' | ' | ' | -13,336,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuances under stock plans | ' | ' | 2,687,000 | ' | ' | ' |
Issuances Under Stock Plans, Value | 11,611 | 11,611 | ' | ' | ' | ' |
Stock-based compensation | 17,524 | 17,524 | ' | ' | ' | ' |
Repurchases of Treasury Stock, Shares | -169,000 | ' | ' | -169,000 | ' | ' |
Repurchases of Treasury Stock, Value | -1,525 | ' | ' | -1,525 | ' | ' |
Other comprehensive income (loss) | 20,822 | ' | ' | ' | 20,822 | ' |
Net income | 79,351 | ' | ' | ' | ' | 79,351 |
Balance at Sep. 28, 2013 | 1,091,564 | 6,104,476 | ' | -215,658 | 84,301 | -4,881,555 |
Common Stock, Shares, Issued at Sep. 28, 2013 | 97,658,000 | ' | 97,658,000 | ' | ' | ' |
Treasury Stock, Shares at Sep. 28, 2013 | -13,505,000 | ' | ' | -13,505,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuances under stock plans | ' | ' | 2,234,000 | ' | ' | ' |
Issuances Under Stock Plans, Value | 16,859 | 16,859 | ' | ' | ' | ' |
Stock-based compensation | 18,789 | 18,789 | ' | ' | ' | ' |
Repurchases of Treasury Stock, Shares | -71,000 | ' | ' | -71,000 | ' | ' |
Repurchases of Treasury Stock, Value | -1,199 | ' | ' | -1,199 | ' | ' |
Stock Repurchased and Retired During Period, Shares | -4,159,000 | ' | -4,159,000 | ' | ' | ' |
Stock Repurchased and Retired During Period, Value | -75,038 | -75,038 | ' | ' | ' | ' |
Other comprehensive income (loss) | -1,385 | ' | ' | ' | -1,385 | ' |
Net income | 197,165 | ' | ' | ' | ' | 197,165 |
Balance at Sep. 27, 2014 | $1,246,755 | $6,065,086 | ' | ($216,857) | $82,916 | ($4,684,390) |
Common Stock, Shares, Issued at Sep. 27, 2014 | 95,733,000 | ' | 95,733,000 | ' | ' | ' |
Treasury Stock, Shares at Sep. 27, 2014 | -13,576,000 | ' | ' | -13,576,000 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $197,165 | $79,351 | $180,234 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 97,677 | 96,021 | 99,477 |
Stock-based compensation expense | 18,789 | 17,524 | 17,999 |
Benefit from doubtful accounts, product returns and other net sales adjustments | -1,457 | -325 | -826 |
Deferred income taxes | -69,036 | -8,355 | -155,791 |
Gain on sales of assets | -1,586 | -23,559 | -1,780 |
Impairment of assets | 0 | 3,082 | 7,134 |
Loss on extinguishments of debt | 11,778 | 1,401 | 16,937 |
Loss from dedesignation of interest rate swap | 0 | 14,903 | 0 |
Other, net | -964 | 284 | -81 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Accounts receivable | -35,769 | 56,840 | 12,896 |
Inventories | -81,238 | 44,334 | 63,365 |
Prepaid expenses and other assets | -14,515 | 12,158 | 9,432 |
Accounts payable | 174,336 | 22,307 | -48,412 |
Accrued liabilities and other long-term liabilities | 12,202 | 1,923 | 14,829 |
Cash provided by operating activities | 307,382 | 317,889 | 215,413 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from long-term investments | 1,104 | 0 | 799 |
Purchases of property, plant and equipment | -69,507 | -75,950 | -78,631 |
Proceeds from sales of property, plant and equipment | 6,021 | 33,080 | 4,828 |
Cash paid in connection with business combinations | -79,508 | 0 | -5,023 |
Cash used in investing activities | -141,890 | -42,870 | -78,027 |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES: | ' | ' | ' |
Change in restricted cash | 4,380 | 5,760 | 5,100 |
Proceeds from short-term borrowings | 73,828 | 205,456 | 73,995 |
Repayments of short-term borrowings | -85,908 | -243,151 | -74,200 |
Proceeds from revolving credit facility borrowings | 568,000 | 1,054,520 | 484,000 |
Repayments of revolving credit facility borrowings | -568,000 | -1,054,520 | -484,000 |
Repayments of long-term debt | -422,338 | -257,410 | -410,843 |
Proceeds from issuance of long-term debt, net of issuance costs | 369,897 | 0 | 39,532 |
Revolving credit facility issuance costs | 0 | 0 | 2,687 |
Net proceeds from stock issuances | 16,859 | 11,611 | 2,595 |
Proceeds from terminations of interest rate swaps | 16,492 | 0 | 0 |
Repurchases of common stock | -76,237 | -1,525 | -305 |
Cash used in financing activities | -103,027 | -279,259 | -366,813 |
Effect of exchange rate changes | 1,267 | -2,503 | -1,243 |
Increase (decrease) in cash and cash equivalents | 63,732 | -6,743 | -230,670 |
Cash and cash equivalents at beginning of year | 402,875 | 409,618 | 640,288 |
Cash and cash equivalents at end of year | 466,607 | 402,875 | 409,618 |
Cash paid during the year: | ' | ' | ' |
Interest, net of capitalized interest | 31,497 | 42,184 | 67,994 |
Income taxes, net of refunds | 29,071 | 18,142 | 12,723 |
Noncash Investing and Financing Items: | ' | ' | ' |
Non-interest bearing notes payable issued in conjunction with a business combination (refer to Note 17) | $14,789 | $0 | $0 |
Note_1_Organization_of_Sanmina
Note 1 Organization of Sanmina | 12 Months Ended | |
Sep. 27, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
Organization of Sanmina | ||
Sanmina Corporation (“Sanmina,” or the “Company”) was incorporated in Delaware in 1989. The Company is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these comprehensive solutions primarily to original equipment manufacturers (OEMs) in the following industries: communications networks; computing and storage; multimedia; industrial and semiconductor capital equipment; defense and aerospace; medical; energy and clean technology and automotive. | ||
The Company's operations are managed as two businesses: | ||
1) | Integrated Manufacturing Solutions (IMS). IMS is a single operating segment consisting of printed circuit board assembly and test, final system assembly and test, and direct-order-fulfillment. | |
2) | Components, Products and Services (CPS). Components include interconnect systems (printed circuit board fabrication, backplane and cable assemblies) and mechanical systems (enclosures, precision machining and plastic injection molding); Products include memory and solid state drive products from the Company's Viking Technology division, defense and aerospace products from SCI Technology, storage products from the Company's Newisys division and optical and RF (Radio Frequency) modules; and Services include design, engineering, logistics and repair services. | |
The Company's only reportable segment is IMS, which represented 79% of total revenue in 2014. The CPS business consists of multiple operating segments which do not meet the quantitative thresholds for being presented as reportable segments. Therefore, financial information for these operating segments will be presented in a single category entitled “Components, Products and Services”. | ||
Basis of Presentation | ||
Fiscal Year. The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2014, 2013 and 2012 were each 52 weeks. All references to years relate to fiscal years unless otherwise noted. | ||
Principles of Consolidation. The consolidated financial statements include the Company's accounts and those of its subsidiaries. All intercompany balances and transactions have been eliminated. |
Note_2_Summary_of_Significant_
Note 2 Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
Summary of Significant Accounting Policies | ||||||||
Management Estimates and Uncertainties. The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements relate to allowances for accounts receivable; provisions for excess and obsolete inventories, product returns, warranties, environmental matters, and legal exposures; determining liabilities for uncertain tax positions; determining the realizability of deferred tax assets; determining fair values of tangible and intangible assets for purposes of impairment tests; determining fair values of interest rate swaps and equity awards; and determining forfeiture rates, volatility and expected life assumptions for purposes of calculating stock compensation expense. Actual results could differ materially from these estimates. | ||||||||
Financial Instruments and Concentration of Credit Risk. Financial instruments consist of cash and cash equivalents, foreign currency forward contracts, interest rate swap agreements, accounts receivable, accounts payable and debt obligations. With the exception of certain of the Company's debt obligations (refer to Note 4. Fair Value and Note 5. Derivative Financial Instruments), the fair value of these financial instruments approximates their carrying amount as of September 27, 2014 and September 28, 2013 due to the nature, or short maturity, of these instruments, or the fact that the instruments are recorded at fair value on the consolidated balance sheets. | ||||||||
Cash and Cash Equivalents. The Company considers all highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | ||||||||
Cash and cash equivalents consisted of the following: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Cash balances | $ | 466,171 | $ | 402,439 | ||||
Money market funds | 436 | 436 | ||||||
Total | $ | 466,607 | $ | 402,875 | ||||
Accounts Receivable and Other Related Allowances. The Company estimates uncollectible balances, product returns and other adjustments and had allowances of $10.3 million and $11.7 million as of September 27, 2014 and September 28, 2013, respectively, for these items. One of the Company's most significant risks is the ultimate realization of its accounts receivable. This risk is mitigated by ongoing credit evaluations of customers and frequent contact with customers, especially the most significant customers, which enable the Company to monitor changes in its customers' business operations and respond accordingly. To establish the allowance for doubtful accounts, the Company estimates credit risk associated with accounts receivable by considering the creditworthiness of its customers, past experience, specific facts and circumstances, and the overall economic climate in industries that it serves. To establish the allowance for product returns and other adjustments, the Company primarily utilizes historical data. | ||||||||
Inventories. Inventories are stated at the lower of cost (first-in, first-out method) or market. Cost includes labor, materials and manufacturing overhead. | ||||||||
Provisions are made to reduce excess and obsolete inventories to their estimated net realizable values. The ultimate realization of inventory carrying amounts is primarily affected by changes in customer demand. Inventory provisions are established based on forecasted demand, past experience with specific customers, the age and nature of the inventory, the ability to redistribute inventory to other programs or back to suppliers, and whether customers are contractually obligated and have the ability to pay for the related inventory. Certain payments received from customers for inventory held by the Company are recorded as a reduction of inventory. | ||||||||
Property, Plant and Equipment, net. Property, plant and equipment are stated at cost or, in the case of property and equipment acquired through business combinations, at fair value as of the acquisition date. Depreciation is provided on a straight-line basis over 20 to 40 years for buildings and 3 to 15 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or useful life of the asset. | ||||||||
The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An asset or asset group is considered impaired if its carrying amount exceeds the undiscounted future net cash flows the asset or asset group is expected to generate. If an asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds its fair value. An asset group is the unit of accounting, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. For asset groups for which the primary asset is a building, the Company estimates fair value based on data provided by commercial real estate brokers. For other asset groups, the Company estimates fair value based on projected discounted future net cash flows. | ||||||||
Foreign Currency Translation. For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in stockholders' equity as a component of accumulated other comprehensive income ("AOCI"). For all entities, remeasurement adjustments for non-functional currency monetary assets and liabilities are included in other income (expense), net in the accompanying consolidated statements of income. Additionally, remeasurement gains and losses arising from long-term intercompany loans denominated in a currency other than an entity's functional currency are recorded in accumulated other comprehensive income if repayment of the loan is not anticipated in the foreseeable future. | ||||||||
Derivative Instruments and Hedging Activities. The Company conducts business on a global basis in numerous currencies, which exposes the Company to movements in foreign currency exchange rates. The Company uses derivatives, such as foreign currency forward contracts and interest rate swaps, to minimize the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. | ||||||||
The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging, which requires each derivative instrument to be recorded on the consolidated balance sheets at its fair value as either an asset or a liability. If the derivative is designated as a cash flow hedge, the effective portion of changes in the fair value of the derivative is recorded in stockholders' equity as a separate component of AOCI and is recognized in earnings when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are immediately recognized in earnings. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative and of the item being hedged are recognized in earnings in the current period. | ||||||||
Derivative instruments are entered into for periods of time consistent with the related underlying exposures and are not entered into for speculative purposes. At the inception of a hedge, the Company documents all relationships between derivative instruments and related hedged items, as well as its risk-management objectives and strategies for the hedging transaction. | ||||||||
The Company's foreign currency forward contracts and interest rate swaps potentially expose the Company to credit risk to the extent the counterparties may be unable to meet the terms of the agreement. The Company minimizes such risk by seeking high quality counterparties. The Company has not incurred material losses as a result of default by counterparties. | ||||||||
Revenue Recognition. The Company derives revenue principally from sales of manufacturing services, components and other products. Other sources of revenue include order fulfillment, logistic and repair services, and sales of certain inventory, including raw materials, to customers who reschedule, amend or cancel purchase orders after the Company has procured inventory to fulfill the customers' purchase orders. The Company recognizes revenue for manufacturing services, components, products and sales of certain inventory when a persuasive arrangement between the Company and the buyer exists, usually in the form of a purchase order received from the Company's customer, the price is fixed or determinable, delivery or performance has occurred and collectability is reasonably assured. Generally, there are no formal customer acceptance requirements or further obligations related to the product or the inventory subsequent to transfer of title. | ||||||||
The Company's order fulfillment and logistics services involve warehousing and managing finished product on behalf of a customer. These services are usually provided in conjunction with manufacturing services at one of the Company's facilities. In these instances, revenue for manufacturing services is deferred until the related goods are delivered to the customer, which is upon completion of order fulfillment and logistics services. In certain instances, the Company's facility used to provide order fulfillment and logistics services is controlled by the customer pursuant to a separate arrangement. In these instances, revenue for manufacturing services is recognized upon receipt of the manufactured product at the customer-controlled location and revenue for order fulfillment and logistics services is recognized separately as the services are provided. Revenue for repair services is generally recognized upon completion of the services. | ||||||||
Provisions are made for estimated sales returns and other adjustments at the time revenue is recognized. Such provisions were not material to the consolidated financial statements for any period presented herein. The Company presents sales net of sales taxes and value-added taxes in its consolidated statements of income. Amounts billed to customers for shipping and handling are recorded as revenue and shipping and handling costs incurred by the Company are included in cost of sales. | ||||||||
Warranty Reserve. The Company establishes a warranty reserve for shipped products based on individual manufacturing contract requirements and past warranty experience. | ||||||||
Stock-Based Compensation. The Company measures compensation expense based on the estimated fair value of stock awards. | ||||||||
The Company primarily uses the Black-Scholes option pricing model to estimate the fair value of stock options. The Black-Scholes model requires the use of highly subjective and complex assumptions, including the option's expected term and the price volatility of the underlying stock. The expected term of options is based on observed historical exercise patterns and expected volatility is based on historical volatility over the expected life of the options. For restricted stock units, fair value is the fair market value of the Company's stock on the date of grant. With respect to awards with performance conditions only, compensation expense is recognized only if it is deemed probable that the performance conditions will be met. For awards with a market condition, the market condition is considered in the grant-date fair value of the award using a lattice model which utilizes multiple input variables to determine the probability of the specified market condition being achieved. For these types of awards, expense is recognized over the requisite service period regardless of whether the market condition is satisfied, provided that the requisite service period is completed. Compensation expense for all stock awards is reduced by forfeitures, which are estimated based on observed historical forfeiture patterns. | ||||||||
Income taxes. The Company estimates its income tax provision or benefit in each of the jurisdictions in which it operates, including estimating exposures and making judgments regarding the realizability of deferred tax assets. The carrying value of the Company's net deferred tax assets is based on the Company's belief that it is more likely than not that the Company will generate sufficient future taxable income in certain jurisdictions to realize these deferred tax assets. A valuation allowance has been established for deferred tax assets which do not meet the “more likely than not” criteria discussed above. | ||||||||
The Company's tax rate is highly dependent upon the geographic distribution of its worldwide income or losses, the tax regulations and tax holidays in each geographic region, the availability of tax credits and carryforwards, including net operating losses, and the effectiveness of its tax planning strategies. | ||||||||
The Company makes an assessment of whether each income tax position is “more likely than not” of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the “more likely than not” recognition threshold, the Company then assesses the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. | ||||||||
Recent Accounting Pronouncements. In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard replaces all current U.S. GAAP guidance on revenue, eliminates all industry-specific guidance and provides a unified model in determining when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance can be applied either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The new standard is effective for the Company beginning in fiscal 2018. The Company is currently evaluating the impact of adopting this new accounting standard. |
Note_3_Balance_Sheet_Items
Note 3 Balance Sheet Items | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Balance Sheet Items [Text Block] | ' | |||||||
Balance Sheet Items | ||||||||
Inventories | ||||||||
Components of inventories were as follows: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 628,860 | $ | 526,148 | ||||
Work-in-process | 102,618 | 96,482 | ||||||
Finished goods | 161,700 | 158,930 | ||||||
Total | $ | 893,178 | $ | 781,560 | ||||
Property, Plant and Equipment, net | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Machinery and equipment | $ | 1,430,057 | $ | 1,416,401 | ||||
Land and buildings | 560,990 | 564,194 | ||||||
Leasehold improvements | 55,463 | 54,519 | ||||||
Furniture and fixtures | 20,507 | 19,088 | ||||||
Construction in progress | 18,335 | 11,949 | ||||||
2,085,352 | 2,066,151 | |||||||
Less: Accumulated depreciation and amortization | (1,522,336 | ) | (1,526,000 | ) | ||||
Property, plant and equipment, net | $ | 563,016 | $ | 540,151 | ||||
Depreciation expense was $93.8 million, $94.1 million, and $96.3 million for 2014, 2013 and 2012, respectively. | ||||||||
Warranty Reserve | ||||||||
The following table presents warranty reserve activity: | ||||||||
Year Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance, beginning of the year | $ | 15,136 | $ | 14,649 | ||||
Additions to accrual | 6,403 | 9,156 | ||||||
Accrual utilized | (7,813 | ) | (8,669 | ) | ||||
Balance, end of the year | $ | 13,726 | $ | 15,136 | ||||
The warranty reserve is included in accrued liabilities on the consolidated balance sheets. |
Note_4_Fair_Value
Note 4 Fair Value | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Fair Value Option for Long-term Debt | |||||||||||||||||||||
The Company has elected not to record its long-term debt instruments at fair value, but has measured them at fair value for disclosure purposes. As of September 27, 2014, the aggregate carrying amount of the Company's long-term debt instruments approximates fair value, which was estimated based on quoted prices (Level 2 inputs). | |||||||||||||||||||||
Assets/Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The Company's primary financial assets and financial liabilities are as follows: | |||||||||||||||||||||
•Money market funds | |||||||||||||||||||||
•Time deposits | |||||||||||||||||||||
•Foreign currency forward contracts | |||||||||||||||||||||
•Interest rate swaps | |||||||||||||||||||||
Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that could be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it could transact and also considers assumptions that market participants would use when pricing an asset or liability. | |||||||||||||||||||||
Inputs to valuation techniques used to measure fair value are prioritized into three broad levels (fair value hierarchy), as follows: | |||||||||||||||||||||
Level 1: | Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2: | Inputs that reflect quoted prices, other than quoted prices included in Level 1, that are observable for the assets or liabilities, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in less active markets; or inputs that are derived principally from or corroborated by observable market data by correlation. | ||||||||||||||||||||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the measurement of the fair value of assets or liabilities. | ||||||||||||||||||||
There were no transfers between levels in the fair value hierarchy during any period presented herein. The following table presents information as of September 27, 2014 with respect to assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||
Money market funds | Time deposits | Derivatives designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts | Derivatives not designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Total | |||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance Sheet Classification: | |||||||||||||||||||||
Cash and cash equivalents | $ | 436 | $ | 11,497 | $ | — | $ | — | $ | 11,933 | |||||||||||
Prepaid expenses and other current assets | $ | — | $ | — | $ | 15 | $ | 3,204 | $ | 3,219 | |||||||||||
Other assets | $ | — | $ | — | $ | — | $ | 2,988 | $ | 2,988 | |||||||||||
Accrued liabilities (1) | $ | — | $ | — | $ | (5 | ) | $ | (3,012 | ) | $ | (3,017 | ) | ||||||||
(1) Liabilities, or credit balances, are presented as negative amounts. | |||||||||||||||||||||
The following table presents information as of September 28, 2013 with respect to assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||
Money market funds | Time deposits | Derivatives designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Derivatives not designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Total | |||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance Sheet Classification: | |||||||||||||||||||||
Cash and cash equivalents | $ | 436 | $ | 34,569 | $ | — | $ | — | $ | 35,005 | |||||||||||
Prepaid expenses and other current assets | $ | — | $ | — | $ | 28 | $ | 1,105 | $ | 1,133 | |||||||||||
Other assets | $ | — | $ | — | $ | 22,512 | $ | — | $ | 22,512 | |||||||||||
Accrued liabilities (1) | $ | — | $ | — | $ | (32 | ) | $ | (11,371 | ) | $ | (11,403 | ) | ||||||||
(1) Liabilities, or credit balances, are presented as negative amounts. | |||||||||||||||||||||
The Company sponsors deferred compensation plans for eligible employees and non-employee members of its Board of Directors that allow participants to defer payment of part or all of their compensation. The Company's results of operations are not significantly affected by these plans since changes in the fair value of the assets substantially offset changes in the fair value of the liabilities. As such, assets and liabilities associated with these plans have not been included in the above tables. Assets and liabilities associated with these plans were approximately $12.5 million and $11.0 million as of September 27, 2014 and September 28, 2013, respectively, and are recorded as other non-current assets and other long-term liabilities on the consolidated balance sheets. | |||||||||||||||||||||
The Company values derivatives using observable Level 2 market inputs at the measurement date and standard valuation techniques to convert future amounts to a single present value amount assuming that participants are motivated, but not compelled, to transact. The Company seeks high quality counterparties for all financing arrangements. For interest rate swaps, Level 2 inputs include short-term LIBOR rates, futures contracts on LIBOR between two and four years, longer term swap rates at commonly quoted intervals, and credit default swap rates for the Company and relevant counterparties. For currency contracts, Level 2 inputs include foreign currency spot and forward rates and interest rates at commonly quoted intervals. Mid-market pricing is used as a practical expedient for fair value measurements. ASC Topic 820 requires the fair value measurement of an asset or liability to reflect the nonperformance risk of the entity and the counterparty. Therefore, the counterparty's creditworthiness when in an asset position and the Company's creditworthiness when in a liability position have been considered in the fair value measurement of derivative instruments. The effect of nonperformance risk on the fair value of derivative instruments was not material as of September 27, 2014 and September 28, 2013. | |||||||||||||||||||||
Offsetting Derivative Assets and Liabilities | |||||||||||||||||||||
The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update ("ASU") No. 2011-11, "Disclosures about Offsetting Assets and Liabilities " and ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities", which require an entity to disclose information about offsetting and related arrangements to enable financial statement users to evaluate the effect or potential effect of netting arrangements, including rights of setoff associated with the entity's recognized financial assets and liabilities, on the entity's financial position. The adoption of these ASUs did not impact the Company's consolidated financial statements. | |||||||||||||||||||||
The Company has entered into master netting arrangements with each of its derivative counterparties that allows net settlement of derivatives assets and liabilities under certain conditions, such as multiple transactions with the same currency maturing on the same date. The Company presents its derivative assets and derivative liabilities on a gross basis in the consolidated balance sheets. The amount that the Company had the right to offset under these netting arrangements was not material as of September 27, 2014 and September 28, 2013. | |||||||||||||||||||||
Non-Financial Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
Assets held-for-sale, consisting of land and buildings, are measured at fair value on a nonrecurring basis since these assets are subject to fair value adjustments only when the carrying amount of such assets exceeds the fair value of such assets or such assets have been previously impaired and the fair value exceeds the carrying amount by less than the amount of the impairment that has been recognized. Level 2 inputs consist of independent third party valuations based on market comparables. The carrying value of the Company's assets held-for-sale was $11.6 million and $4.4 million as of September 27, 2014 and September 28, 2013, respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheets. Impairment charges of $2.1 million were recorded in 2013 related to properties held-for-sale. No such impairments were recorded in 2014. |
Note_5_Derivative_Financial_In
Note 5 Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||
The Company is exposed to certain risks related to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk and foreign currency exchange risk. | |||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||
Interest rate swaps are used to manage interest rate risk associated with certain borrowings under the Company's long-term debt arrangements. | |||||||||||||||||||||||||||||
Interest Rate Swaps Not Designated As Hedging Instruments | |||||||||||||||||||||||||||||
Pay Fixed Receive Variable Interest Rate Swap | |||||||||||||||||||||||||||||
The Company had interest rate swaps with an aggregate notional amount of $257 million that were entered into in 2007 to hedge LIBOR-based variable rate interest payments expected to occur through June 15, 2014. The swap agreements effectively converted variable interest rate obligations to fixed interest rate obligations and were accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging. During the first quarter of 2013, the Company determined, based on its intention of redeeming $257 million of its senior floating rates notes due in 2014 ("2014 Notes"), that it was no longer probable that LIBOR-based, variable rate interest payments would occur on $257 million of debt through June 15, 2014. Accordingly, the Company dedesignated its interest rate swaps in their entirety in the first quarter of 2013 and recorded a charge of $14.9 million in other income (expense), net, representing the portion of the value of the interest rate swaps previously recorded in accumulated other comprehensive income (AOCI) for which it was no longer probable that LIBOR-based variable rate interest payments would occur. Under the terms of the swap agreements, the Company paid the independent swap counterparties a fixed rate of approximately 5.6% and the swap counterparties paid the Company an interest rate equal to three-month LIBOR. Beginning on the date the interest rate swaps were dedesignated, changes in the fair value of the interest rate swaps were recorded to other income (expense), net, in the consolidated statement of income. Such amounts were not material for any period presented herein. The Company continued to make and receive payments under the swaps through June 15, 2014. Upon maturity of the swaps, AOCI of $3.3 million related entirely to an income tax effect of the swap was charged to income tax expense. | |||||||||||||||||||||||||||||
Pay Variable Receive Fixed Interest Rate Swap | |||||||||||||||||||||||||||||
In 2011, the Company issued $500 million of fixed-rate senior notes (the "2019 Notes") and entered into an interest rate swap with a single counterparty to hedge its exposure to changes in the fair value of the notes resulting from fluctuations in interest rates. The swap agreement, with a notional amount of $500 million, had an expiration date of May 15, 2019 and effectively converted these notes from fixed-rate debt to variable-rate debt. Pursuant to the interest rate swap, the Company paid the swap counterparty a variable rate equal to the three-month LIBOR plus a spread and received a fixed rate of 7.0% from the swap counterparty. In accordance with ASC Topic 815, the interest rate swap was initially accounted for as a fair value hedge and was exempt from periodic assessment of hedge effectiveness. Therefore, during those periods in which the interest rate swap was designated as a hedge for accounting purposes, the change in the fair value of the 2019 Notes resulting from changes in interest rates was assumed to be equal and opposite to the change in the fair value of the interest rate swap. | |||||||||||||||||||||||||||||
During 2014, the Company redeemed $400 million of its 2019 Notes and called the remaining $100 million of the 2019 Notes for redemption, which was completed early in the first quarter of 2015. Additionally, the Company terminated $400 million of the notional amount of the interest rate swap in 2014 and received $16.5 million of cash, representing the fair value of the terminated portion of the swap. The Company dedesignated the entire interest rate swap in May 2014 and discontinued hedge accounting at such time. At the time of dedesignation, the fair value hedge accounting adjustment related to the swap was $20.7 million, $16.5 million of which was credited to loss on extinguishments of debt in the consolidated statements of income and $4.2 million of which was being amortized to interest expense over the remaining term of the 2019 Notes. The change in the fair value of the interest rate swap subsequent to the date hedge accounting was discontinued was not material and was recorded in other income (expense), net in the consolidated statements of income. | |||||||||||||||||||||||||||||
As of September 27, 2014, the fair value of the interest rate swap was $3.0 million and is included in other non-current assets on the consolidated balance sheet. The swap was terminated early in the first quarter of 2015, at which time the Company received a cash payment of $3.3 million. | |||||||||||||||||||||||||||||
Foreign Currency Exchange Risk | |||||||||||||||||||||||||||||
Forward contracts on various foreign currencies are used to manage foreign currency risk associated with forecasted non-functional currency transactions and certain monetary assets and liabilities denominated in non-functional currencies. The Company's primary foreign currency cash flows are in certain Asian and European countries, Israel, Brazil and Mexico. | |||||||||||||||||||||||||||||
The Company had the following outstanding foreign currency forward contracts that were entered into to hedge foreign currency exposures: | |||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||||||
Derivatives Designated as Accounting Hedges: | |||||||||||||||||||||||||||||
Notional amount (in thousands) | $114,157 | $100,679 | |||||||||||||||||||||||||||
Number of contracts | 42 | 41 | |||||||||||||||||||||||||||
Derivatives Not Designated as Accounting Hedges: | |||||||||||||||||||||||||||||
Notional amount (in thousands) | $255,828 | $190,226 | |||||||||||||||||||||||||||
Number of contracts | 41 | 42 | |||||||||||||||||||||||||||
The Company enters into short-term foreign currency forward contracts to hedge currency exposures associated with certain monetary assets and liabilities denominated in non-functional currencies. These contracts have maturities of up to two months and are not designated as accounting hedges under ASC Topic 815. Accordingly, these contracts are marked-to-market at the end of each period with unrealized gains and losses recorded in other income (expense), net, in the consolidated statements of income. For the year ended September 27, 2014 and September 28, 2013, the Company recognized losses of $0.8 million and $4.7 million, respectively, associated with forward contracts. From an economic perspective, the objective of the Company's hedging program is for gains and losses on forward contracts to substantially offset gains and losses on the underlying hedged items. | |||||||||||||||||||||||||||||
The Company also utilizes foreign currency forward contracts to hedge certain operational (“cash flow”) exposures resulting from changes in foreign currency exchange rates. Such exposures generally result from 1) forecasted sales denominated in currencies other than those used to pay for materials and labor, 2) forecasted non-functional currency labor and overhead expenses, 3) forecasted non-functional currency operating expenses, and 4) anticipated capital expenditures denominated in a currency other than the functional currency of the entity making the expenditures. These contracts may be up to twelve months in duration and are accounted for as cash flow hedges under ASC Topic 815. | |||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive income (AOCI), an equity account, and reclassified into earnings in the period or periods during which the hedged transaction affects earnings. Gains and losses on derivative instruments representing hedge ineffectiveness are recognized in current earnings and, other than ineffectiveness of $14.9 million recognized in the first quarter of 2013 in connection with a dedesignation of interest rate swaps, were not material for any period presented herein. As of September 27, 2014, AOCI related to foreign currency forward contracts was not material. | |||||||||||||||||||||||||||||
The following table presents the effect of cash flow hedging relationships on the Company's consolidated statements of income for the years ended September 27, 2014 and September 28, 2013, respectively: | |||||||||||||||||||||||||||||
Type of Derivatives | Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 96 | Interest expense | $ | (318 | ) | $ | (6,587 | ) | Other income (expense), net | $ | — | $ | (14,903 | ) | ||||||||||||
Income tax expense | (3,315 | ) | — | — | |||||||||||||||||||||||||
Foreign currency forward contracts | 64 | 912 | Net Sales | (71 | ) | (364 | ) | ||||||||||||||||||||||
Cost of sales | 48 | 1,603 | |||||||||||||||||||||||||||
Selling, general and administrative | (30 | ) | 74 | ||||||||||||||||||||||||||
Total | $ | 64 | $ | 1,008 | $ | (3,686 | ) | $ | (5,274 | ) | $ | — | $ | (14,903 | ) | ||||||||||||||
Note_6_Financial_Instruments_a
Note 6 Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Sep. 27, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Financial Instruments and Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to credit risk consist of cash, cash equivalents, trade accounts receivable, foreign exchange forward contracts and interest rate swap agreements. The carrying value of assets such as cash, cash equivalents and accounts receivable is expected to approximate fair value due to the assets short duration. Foreign exchange forward contracts and interest rate swap agreements are recorded on the Company's balance sheets at fair value. The Company maintains the majority of its cash and cash equivalents with recognized financial institutions that follow the Company's investment policy and has not experienced any significant losses on these investments to date. One of the Company's most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by ongoing credit evaluations of, and frequent contact with, the Company's customers, especially its most significant customers, thus enabling it to monitor changes in business operations and respond accordingly. The Company generally does not require collateral for sales on credit. The Company considers these concentrations of credit risks when estimating its allowance for doubtful accounts. | |
One customer represented more than 10% of the Company's net sales in each of 2013 and 2012. No customer represented more than 10% of the Company's net sales in 2014. One customer represented 10% or more of the Company's gross accounts receivable as of September 27, 2014 and two customers each represented 10% or more of the Company's gross accounts receivable as of September 28, 2013. |
Note_7_Debt
Note 7 Debt | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Secured debt due 2015 | $ | 40,000 | $ | 40,000 | ||||
Senior notes due 2019 ("2019 Notes") | 100,000 | 500,000 | ||||||
Senior secured notes due 2019 ("Secured Notes") | 375,000 | — | ||||||
Non-interest bearing notes payable | 15,097 | — | ||||||
Fair value adjustment (1) | 3,757 | 22,512 | ||||||
Total long-term debt | $ | 533,854 | $ | 562,512 | ||||
Less : Current portion | ||||||||
2019 Notes called for redemption in fourth quarter of 2014 | 100,000 | — | ||||||
Fair value adjustment related to remaining 2019 Notes | 3,757 | — | ||||||
Secured debt due in July 2015 | 40,000 | — | ||||||
Current portion of non-interest bearing notes payable | 3,416 | — | ||||||
Long-term debt | $ | 386,681 | $ | 562,512 | ||||
(1) Represents fair value hedge accounting adjustment related to interest rate swaps. See Note 5 for discussion. | ||||||||
Secured Notes. During the third quarter of 2014, the Company entered into an indenture among the Company, certain subsidiaries of the Company, as guarantors (the “Guarantors”), and U.S. Bank National Association, as trustee and as notes collateral agent (the “Indenture”) and issued $375 million aggregate principal amount of senior secured notes due 2019. The Secured Notes mature on June 1, 2019 and bear interest at an annual rate of 4.375%, payable semi-annually in arrears in cash. In connection with issuance of the Secured Notes, the Company incurred debt issuance costs of $5.1 million which are included in other non-current assets on the consolidated balance sheets and are being amortized to interest expense over the term of the Secured Notes using the effective interest method. | ||||||||
The Secured Notes are senior secured obligations and are fully and unconditionally guaranteed (the "Guarantees"), jointly and severally, on a senior secured basis by the Guarantors. In connection with the issuance of the Secured Notes, the Company and the Guarantors entered into a Security Agreement, dated June 4, 2014, with U.S. Bank National Association, as notes collateral agent (the “Security Agreement”). The Secured Notes and the Guarantees are secured by a first-priority lien, subject to permitted liens, on certain of the Company’s and the Guarantors’ tangible and intangible assets including certain real property, equipment and intellectual property, and by a second-priority lien on certain of the Company’s and the Guarantors’ assets, including accounts receivable, inventory and stock of subsidiaries, securing the Company’s asset-backed credit facility. | ||||||||
All or any portion of the Secured Notes may be redeemed, at any time, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Secured Notes redeemed plus accrued and unpaid interest, plus a make-whole premium. In addition, prior to June 1, 2017, the Company may redeem up to 35% of the aggregate principal amount of the Secured Notes outstanding at a redemption price equal to 104.375% of the principal amount, plus accrued and unpaid interest, with the proceeds of certain equity offerings. Following a change of control, as defined in the Indenture, the Company will be required to make an offer to repurchase all of the Secured Notes at a purchase price of 101% of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase. | ||||||||
The Indenture includes certain customary covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: | ||||||||
•incur additional debt, including guarantees by its restricted subsidiaries; | ||||||||
• | make investments and other restricted payments, pay dividends on capital stock, or redeem or repurchase its capital stock or subordinated obligations; | |||||||
•create specified liens; | ||||||||
•sell assets; | ||||||||
• | create or permit restrictions on the ability of its restricted subsidiaries to pay dividends or make other distributions to the Company or other subsidiaries of the Company; | |||||||
•engage in transactions with affiliates; and | ||||||||
•consolidate or merge with or into other companies or sell all or substantially all of the Company’s assets. | ||||||||
The restrictive covenants are subject to a number of important exceptions and qualifications set forth in the Indenture. | ||||||||
The Indenture provides for specified events of default, including payment defaults, breaches of covenants, certain payment defaults at final maturity or acceleration of other indebtedness, failure to pay certain judgments, certain events of bankruptcy, insolvency and reorganization involving the Company or certain of its subsidiaries and certain instances in which a guarantee ceases to be in full force and effect. If any event of default occurs and is continuing, subject to certain exceptions, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Secured Notes, may declare all the Secured Notes to be due and payable immediately, together with any accrued and unpaid interest, if any, to the acceleration date. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization involving the Company, such amounts with respect to the Secured Notes will be due and payable immediately without any declaration or other act on the part of the trustee or the holders of the Secured Notes. | ||||||||
2019 Notes. During 2011, the Company issued $500 million aggregate principal amount of senior notes due 2019. The 2019 Notes mature on May 15, 2019 and bear interest at an annual rate of 7%, payable semi-annually in arrears in cash. | ||||||||
During 2014, the Company redeemed $400 million of its outstanding 2019 Notes at par plus a redemption premium and accrued interest and recorded a net loss on extinguishment of debt of $11.8 million, consisting of redemption premiums of $21.8 million, a write-off of unamortized debt issuance costs of $6.0 million and third party costs of $0.5 million, partially offset by a $16.5 million credit related to the fair value hedge adjustment associated with the extinguished 2019 Notes. | ||||||||
Additionally, during the fourth quarter of 2014, the Company called the remaining $100 million of its 2019 Notes for redemption, which was completed early in the first quarter of 2015. These notes were redeemed at par plus a redemption premium and accrued interest. In connection with this redemption, the Company expects to record a net loss on extinguishment of debt of $2.9 million, consisting of redemption premiums of $5.3 million and a write-off of unamortized debt issuance costs of $1.4 million, partially offset by a $3.8 million credit for the fair value hedge adjustment related to the extinguished 2019 Notes. | ||||||||
As discussed in Note 5, the Company entered into an interest rate swap to hedge its exposure to changes in the fair value of the 2019 Notes resulting from changes in interest rates. As of September 27, 2014, the fair value hedge accounting adjustment related to the 2019 Notes was $3.8 million. | ||||||||
Secured Debt due 2015. During the fourth quarter of 2012, the Company borrowed $40.0 million using its corporate campus as collateral. The secured debt matures in July 2015, bears interest at LIBOR plus a spread or the bank's prime rate plus a spread, includes two one-year renewal options subject to bank approval and requires compliance with a fixed-charge coverage ratio and customary covenants similar to those of the asset-backed lending facility discussed below. | ||||||||
Non-interest Bearing Notes Payable. The Company issued unsecured, interest-free, 5 year term notes (payable annually) with a face value of $17.1 million in connection with assets acquired during the third quarter of 2014. The discounted value of the notes issued was $14.8 million (see Note 17). | ||||||||
Maturities of long-term debt, excluding amounts classified as current, as of September 27, 2014 were as follows: | ||||||||
(In thousands) | ||||||||
2016 | 3,416 | |||||||
2017 | 3,416 | |||||||
2018 | 3,416 | |||||||
2019 | 378,415 | |||||||
Thereafter | — | |||||||
Short-term Debt | ||||||||
Asset-backed Lending Facility. In 2009, the Company entered into a Loan, Guaranty and Security Agreement, among the Company, the financial institutions party thereto from time to time as lenders, and Bank of America, N.A., as agent for such lenders. | ||||||||
During the second quarter of 2012, the Company entered into an Amended and Restated Loan, Guaranty and Security Agreement (the “Loan Agreement”), among the Company, the financial institutions party thereto from time to time as lenders, and Bank of America, N.A., as agent for such lenders. The Loan Agreement amended and restated the Company's existing Loan, Guaranty and Security Agreement. The Company incurred $2.7 million of debt issuance costs in connection with this amendment. Such costs are included in other non-current assets on the consolidated balance sheets and are being amortized to interest expense over the life of the facility on a straight-line basis. | ||||||||
The Loan Agreement provides for a $300 million secured asset-backed revolving credit facility with a $100 million letter of credit sublimit. The facility may be increased by an additional $200 million upon obtaining additional commitments from the lenders then party to the Loan Agreement or new lenders. The Loan Agreement expires on March 16, 2017 (the “Maturity Date”). As of September 27, 2014, there were no borrowings outstanding, $21.8 million in letters of credit were outstanding and the Company was eligible to borrow $278.2 million. | ||||||||
Loans may be advanced under the Loan Agreement based on a borrowing base derived from specified percentages of the value of eligible accounts receivable and inventory. If at any time the aggregate principal amount of the loans outstanding plus the face amount of undrawn letters of credit under the Loan Agreement exceed the borrowing base then in effect, the Company must make a payment or post cash collateral (in the case of letters of credit) in an amount sufficient to eliminate such excess. | ||||||||
Loans under the Loan Agreement bear interest, at the Company's option, at a rate equal to LIBOR or a base rate equal to Bank of America, N.A.'s announced prime rate, in each case plus a spread. A commitment fee accrues on any unused portion of the commitments under the Loan Agreement at a rate per annum based on usage. Interest on loans is payable quarterly in arrears with respect to base rate loans and at the end of an interest period in the case of LIBOR loans. Principal, together with accrued and unpaid interest, is due on the Maturity Date. | ||||||||
The Company's obligations under the Loan Agreement are secured by (1) all U.S. and Canadian accounts receivable and all supporting obligations, chattel paper, documents and instruments in respect thereof or relating thereto; (2) all U.S. and Canadian deposit accounts (except accounts used for collections for certain transactions); (3) all U.S. and Canadian inventory; (4) the equity interests of each of the borrowers (except the Company) and the guarantors and the other equity interests owned directly by the borrowers and the guarantors, subject to limited exceptions; (5) all U.S. and Canadian promissory notes issued by the Designated Canadian Guarantors; (6) all U.S. and Canadian cash in any form; (7) all U.S. and Canadian accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing; and (8) all U.S. and Canadian books and records pertaining to the foregoing. | ||||||||
The Loan Agreement contains a financial covenant that was not applicable to us as of September 27, 2014, and customary covenants, including covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the Loan Agreement contains customary negative covenants limiting the ability of the Company under certain circumstances, among other things, to use the facility to incur debt, make investments, acquisitions and certain restricted payments, and to sell assets. Upon an event of default, the lenders may declare all outstanding principal and accrued but unpaid interest under the Loan Agreement immediately due and payable. Events of default under the Loan Agreement include payment defaults, cross defaults with certain other indebtedness, breaches of covenants or representations and warranties, change in control of the Company and bankruptcy events. | ||||||||
Foreign Short-term Borrowing Facilities. As of September 27, 2014, certain foreign subsidiaries of the Company had a total of $74.0 million of short-term borrowing facilities, under which no borrowings were outstanding. The borrowing agreements contain certain negative covenants that, upon default, permit the bank to deny any further advances or extension of credit or to terminate the borrowing agreements. These facilities expire at various dates through the end of 2015. | ||||||||
Debt Covenants | ||||||||
Other than the Company's Secured Debt due 2015, the Company's debt agreements do not contain financial covenants currently applicable to the Company, but do include a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets, paying dividends and redeeming or repurchasing capital stock and debt, subject to certain exceptions. The Company's secured debt due in 2015 requires the Company to maintain a minimum fixed charge coverage ratio during its term. As of September 27, 2014, the Company was in compliance with all covenants related to its long-term debt instruments, asset backed lending facility and short-term debt facilities. |
Note_8_Commitment_and_Continge
Note 8 Commitment and Contingencies | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies Disclosure [Text Block] | ' | |||
Commitments and Contingencies | ||||
Operating Leases. The Company leases certain of its facilities and equipment under non-cancellable operating leases expiring at various dates through 2042. The Company is responsible for utilities, maintenance, insurance and property taxes under these leases. Future minimum lease payments, net of sublease income, under operating leases are as follows: | ||||
(In thousands) | ||||
2015 | $ | 22,881 | ||
2016 | 16,564 | |||
2017 | 11,426 | |||
2018 | 7,371 | |||
2019 | 3,068 | |||
Thereafter | 23,488 | |||
Total | $ | 84,798 | ||
Rent expense, net of sublease income, under operating leases was $29.5 million, $33.7 million and $32.9 million for 2014, 2013 and 2012, respectively. | ||||
During the fourth quarter of 2014, the Company entered into a lease agreement with an option to purchase the leased facility for $22.8 million in the third quarter of 2015. The Company exercised the purchase option during the first quarter of 2015. | ||||
Litigation and other contingencies. From time to time, the Company is a party to litigation, claims and other contingencies, including environmental and employee matters and examinations and investigations by governmental agencies, which arise in the ordinary course of business. The Company cannot predict what effect these matters may have on its results of operations, financial condition or cash flows. Refer to “Item 3-Legal Proceedings”. | ||||
The Company records a contingent liability when it is probable that a loss has been incurred and the amount of loss is reasonably estimable in accordance with ASC Topic 450, Contingencies or other applicable accounting standards. As of September 27, 2014 and September 28, 2013, the Company had accrued liabilities of $24.8 million and $22.2 million, respectively, for environmental matters, litigation and other contingencies, excluding reserves for uncertain tax positions, which the Company believes is adequate. However, there can be no assurance that the Company's reserve will be sufficient to settle these contingencies. Such reserves are included in accrued liabilities and other long-term liabilities on the consolidated balance sheets. | ||||
On October 6, 2014, one of the Company’s customers, GT Advanced Technologies, filed a petition for reorganization under bankruptcy law. The Company performed an analysis as of September 27, 2014 to quantify its potential exposure and administrative and reclamation claim priority. As a result of the analysis, the Company determined that certain accounts receivable may not be collectible and therefore deferred recognition of revenue in the amount of $1.9 million. | ||||
The Company is subject to various federal, state, local and foreign laws and regulations concerning environmental protection, including those addressing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, the cleanup of contaminated sites, the materials used in products, and the recycling, treatment and disposal of materials. As of September 27, 2014, the Company had been named in a lawsuit and several administrative orders alleging certain of its current and former sites contributed to groundwater contamination. |
Note_9_Income_Tax
Note 9 Income Tax | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
Income Taxes | ||||||||||||
Domestic and foreign components of income (loss) before income taxes were as follows: | ||||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | 92,961 | $ | 3,517 | $ | (7,548 | ) | |||||
Foreign | 68,778 | 99,889 | 57,491 | |||||||||
Total | $ | 161,739 | $ | 103,406 | $ | 49,943 | ||||||
The provision for (benefit from) income taxes consists of the following: | ||||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal: | ||||||||||||
Current | $ | 5,889 | $ | — | $ | (3,223 | ) | |||||
Deferred | (43,789 | ) | (6,611 | ) | (154,292 | ) | ||||||
State: | ||||||||||||
Current | (100 | ) | 1,388 | (124 | ) | |||||||
Deferred | (1,251 | ) | (189 | ) | (4,408 | ) | ||||||
Foreign: | ||||||||||||
Current | 27,937 | 31,249 | 28,928 | |||||||||
Deferred | (24,112 | ) | (1,782 | ) | 2,828 | |||||||
Total provision for (benefit from) income taxes | $ | (35,426 | ) | $ | 24,055 | $ | (130,291 | ) | ||||
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows: | ||||||||||||
As of | ||||||||||||
September 27, 2014 | September 28, 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
U.S. net operating loss carryforwards | $ | 452,754 | $ | 473,025 | ||||||||
Foreign net operating loss carryforwards | 298,693 | 307,404 | ||||||||||
Acquisition related intangibles | 58,442 | 73,205 | ||||||||||
Accruals not currently deductible | 62,148 | 50,835 | ||||||||||
Property, plant and equipment | 23,754 | 20,557 | ||||||||||
Tax credit carryforwards | 9,155 | 24,330 | ||||||||||
Reserves not currently deductible | 18,612 | 22,588 | ||||||||||
Stock compensation expense | 14,173 | 13,970 | ||||||||||
Unrealized losses | 4,417 | 4,437 | ||||||||||
Other | 745 | 132 | ||||||||||
Valuation allowance | (663,193 | ) | (788,260 | ) | ||||||||
Total deferred tax assets | 279,700 | 202,223 | ||||||||||
Deferred tax liabilities on foreign earnings | (19,872 | ) | (19,873 | ) | ||||||||
Other deferred tax liabilities | (9,521 | ) | (1,195 | ) | ||||||||
Net deferred tax assets | $ | 250,307 | $ | 181,155 | ||||||||
Recorded as: | ||||||||||||
Current deferred tax assets | $ | 37,738 | $ | 23,276 | ||||||||
Non-current deferred tax assets | 217,645 | 157,879 | ||||||||||
Non-current deferred tax liabilities | (5,076 | ) | — | |||||||||
Net deferred tax assets | $ | 250,307 | $ | 181,155 | ||||||||
The Company offsets current deferred tax assets and liabilities and non-current deferred tax assets and liabilities by tax-paying jurisdiction. The resulting net amounts by tax jurisdiction are then aggregated without further offset. | ||||||||||||
A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. | ||||||||||||
Prior to 2012, based on historical evidence (primarily cumulative losses), the Company had a full valuation allowance against its net deferred tax assets in the U.S. and certain foreign jurisdictions. In 2012, the Company recorded a partial release of its U.S. valuation allowances in recognition of its recent history of cumulative profits and continued projected earnings. | ||||||||||||
During the fourth quarters of 2014 and 2013, the Company concluded that it was more likely than not that it would be able to realize the benefit of an additional portion of its deferred tax assets in the U.S. and certain foreign jurisdictions. The Company based this conclusion on a continued pattern of recent income before tax, certain global restructuring actions and a significant increase in projected future operating income in the U.S. and certain other foreign jurisdictions. As a result, the Company released $87.6 million and $21.5 million of the valuation allowance attributable to certain U.S. and foreign deferred tax assets and net operating losses during 2014 and 2013, respectively. | ||||||||||||
To the extent the Company continues to consistently earn, as well as reliably project, income in the appropriate jurisdictions, it is reasonably possible that the valuation allowance will be further reduced at such time when such positive evidence can be substantiated. An additional year of strong and predictable earnings may be sufficient to warrant an additional release of the valuation allowance in 2015, although such positive evidence would need to be weighed against any negative evidence existing at that time. | ||||||||||||
As of September 27, 2014, U.S. income taxes have not been provided for approximately $543.6 million of cumulative undistributed earnings of several non-U.S. subsidiaries. The Company intends to reinvest these earnings indefinitely in operations outside of the U.S. Determination of the amount of unrecognized deferred tax liabilities on these undistributed earnings is not practicable. | ||||||||||||
As of September 27, 2014, the Company has cumulative net operating loss carryforwards for federal, state and foreign tax purposes of $1,207.2 million, $888.9 million and $1,076.8 million, respectively. The federal and state net operating loss carryforwards begin expiring in 2023 and 2015, respectively, and expire at various dates through 2033. Certain foreign net operating losses start expiring in 2015. However, the majority of foreign net operating losses carryforward indefinitely. The Tax Reform Act of 1986 and similar state provisions impose restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an “ownership change” as defined in the Internal Revenue Code. As of September 27, 2014, the Company had $6.8 million of federal net operating losses subject to an annual limitation and may utilize approximately $1.7 million of these net operating losses each year. Additionally, the utilization of certain foreign net operating losses may be restricted due to changes in ownership and business operations. | ||||||||||||
The Company has been granted tax holidays for certain of its subsidiaries in India, Singapore, Thailand and China. Tax benefits arising from these tax holidays were $0.7 million for 2014 ($0.01 per diluted shares), $1.5 million for 2013 ($0.02 per diluted share) and $3.1 million for 2012 ($0.04 per diluted share). The Company's tax holiday in Singapore expired in 2012 and tax holidays in Thailand and China expired in 2013. The Company's tax holiday in India expires in 2019, excluding potential renewals, and is subject to certain conditions with which the Company expects to comply. | ||||||||||||
Following is a reconciliation of the statutory federal tax rate to the Company's effective tax rate: | ||||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax at statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Effect of foreign operations | (4.34 | ) | (8.17 | ) | 21.73 | |||||||
Foreign income inclusion | 1.17 | 4.08 | 10.48 | |||||||||
Change in valuation allowance | (4.23 | ) | 11.54 | (6.74 | ) | |||||||
Permanent items | 2.69 | 0.26 | 3.11 | |||||||||
Change to other comprehensive income | 2.05 | — | (6.64 | ) | ||||||||
Release of valuation allowance | (54.18 | ) | (20.79 | ) | (317.76 | ) | ||||||
State income taxes, net of federal benefit | (0.06 | ) | 1.34 | (0.06 | ) | |||||||
Effective tax rate | (21.90 | )% | 23.26 | % | (260.88 | )% | ||||||
A reconciliation of the beginning and ending amount of total unrecognized tax benefits, excluding accrued penalties and interest, is as follows: | ||||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 65,148 | $ | 54,224 | ||||||||
Increase related to prior year tax positions | — | 13,238 | ||||||||||
Decrease related to prior year tax positions | (11,274 | ) | (5,672 | ) | ||||||||
Increase related to current year tax positions | 4,993 | 3,358 | ||||||||||
Settlement | (4,630 | ) | — | |||||||||
Balance, end of year | $ | 54,237 | $ | 65,148 | ||||||||
As of September 27, 2014, the Company had reserves of $31.9 million for the payment of interest and penalties relating to unrecognized tax benefits. The Company accrued interest and penalties related to unrecognized tax benefits of $5.6 million in 2014, $1.9 million in 2013, and $5.6 million in 2012. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | ||||||||||||
The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The Company is currently being audited by the Internal Revenue Service for tax years 2008 through 2010. To the extent the final tax liabilities are different from the amounts accrued, this would result in an increase or decrease in net operating losses and would not have an impact on the consolidated financial statements. Additionally, the Company is being audited by various state tax agencies and certain foreign countries. To the extent the final tax liabilities are different from the amounts accrued, the increases or decreases would be recorded as income tax expense or benefit in the consolidated statements of income. Although the Company believes that the resolution of these audits will not have a material adverse impact on the Company’s results of operations, the outcome is subject to uncertainty. | ||||||||||||
In general, the Company is no longer subject to United States federal or state income tax examinations for years before 2003, and to foreign examinations for years prior to 2003 in its major foreign jurisdictions. Although the timing of the resolution of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months. However, given the number of years subject to audit and the number of matters being examined, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. |
Note_10_Restructuring_Costs
Note 10 Restructuring Costs | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||
Restructuring Costs | |||||
Due to substantial completion of all actions under restructuring plans and immateriality of the remaining accrual balance related to such plans, these plans have been combined for disclosure purposes. In connection with these plans, the Company expects to incur restructuring costs in future periods primarily for vacant facilities and former sites for which the Company is or may be responsible for environmental remediation. Costs incurred with respect to vacant facilities consist primarily of costs to maintain vacant facilities that are owned until such facilities can be sold. | |||||
Below is a summary of restructuring costs associated with facility closures and other consolidation efforts (in thousands): | |||||
Accrual balance at October 1, 2011 | $ | 7,743 | |||
Employee severance and benefits | 12,445 | ||||
Leases and facilities shutdown costs | 15,010 | ||||
Non-cash charges | 6,878 | ||||
Cash paid for employee terminations | (7,093 | ) | |||
Cash paid for leases and facilities shutdown costs | (13,113 | ) | |||
Non-cash charges | (6,878 | ) | |||
Accrual balance at September 29, 2012 | 14,992 | ||||
Employee severance and benefits | 2,784 | ||||
Leases and facilities shutdown costs | 17,785 | ||||
Non-cash charges | 4,341 | ||||
Cash paid for employee terminations | (12,614 | ) | |||
Cash paid for leases and facilities shutdown costs | (16,669 | ) | |||
Non-cash charges | (4,341 | ) | |||
Accrual balance at September 28, 2013 | 6,278 | ||||
Employee severance and benefits | 329 | ||||
Leases and facilities shutdown costs | 10,727 | ||||
Non-cash charges | 1,494 | ||||
Cash paid for employee terminations | (892 | ) | |||
Cash paid for leases and facilities shutdown costs | (9,958 | ) | |||
Non-cash charges | (1,494 | ) | |||
Accrual balance at September 27, 2014 | $ | 6,484 | |||
The Company's IMS segment incurred restructuring costs under all restructuring plans of $8.3 million, $11.9 million and $19.0 million for 2014, 2013 and 2012, respectively. Restructuring costs are included in accrued liabilities on the consolidated balance sheets. |
Note_11_Earnings_Per_Share
Note 11 Earnings Per Share | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic and diluted earnings per share amounts are calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period, as follows: | ||||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, 2012 | ||||||||||
2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 197,165 | $ | 79,351 | $ | 180,234 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 82,872 | 82,834 | 81,284 | |||||||||
Effect of dilutive stock options and restricted stock units | 3,859 | 2,569 | 2,211 | |||||||||
Denominator for diluted earnings per share | 86,731 | 85,403 | 83,495 | |||||||||
Net income per share: | ||||||||||||
Basic | $ | 2.38 | $ | 0.96 | $ | 2.22 | ||||||
Diluted | $ | 2.27 | $ | 0.93 | $ | 2.16 | ||||||
The following table presents weighted-average dilutive securities that were excluded from the above calculation because their inclusion would have had an anti-dilutive effect under ASC Topic 260, Earnings per Share, due to application of the treasury stock method: | ||||||||||||
As of | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
Potentially dilutive securities: | (In thousands) | |||||||||||
Employee stock options | 2,502 | 6,634 | 7,937 | |||||||||
Restricted stock units | 112 | — | 369 | |||||||||
Total | 2,614 | 6,634 | 8,306 | |||||||||
Note_12_StockBased_Compensatio
Note 12 Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Sep. 27, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||
Stock-Based Compensation | |||||||||||||||
Stock-based compensation expense was attributable to: | |||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||
Stock options | $ | 9,820 | $ | 10,506 | $ | 10,084 | |||||||||
Restricted stock units | 8,969 | 7,018 | 7,915 | ||||||||||||
Total | $ | 18,789 | $ | 17,524 | $ | 17,999 | |||||||||
Stock-based compensation expense was as follows: | |||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||
Cost of sales | $ | 5,849 | $ | 5,464 | $ | 4,504 | |||||||||
Selling, general & administrative | 12,861 | 11,942 | 13,363 | ||||||||||||
Research & development | 79 | 118 | 132 | ||||||||||||
Total | $ | 18,789 | $ | 17,524 | $ | 17,999 | |||||||||
Stock Options | |||||||||||||||
The Company's stock option plans provide employees the right to purchase common stock at the fair market value of such shares on the grant date. The Company recognizes compensation expense for such awards over the vesting period, which is generally four to five years. The contractual term of all options is ten years. The Company recognizes compensation expense ratably over the service period. | |||||||||||||||
Assumptions used to estimate the fair value of stock options granted were as follows: | |||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Volatility | 67.6 | % | 86 | % | 85.8 | % | |||||||||
Risk-free interest rate | 1.5 | % | 0.7 | % | 0.9 | % | |||||||||
Dividend yield | — | — | — | ||||||||||||
Expected life of options | 5 | 5 | 5 | ||||||||||||
Stock option activity was as follows: | |||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value of In-The-Money Options | ||||||||||||
($) | (Years) | ($) | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Outstanding as of October 1, 2011 | 10,922 | 13.85 | 6.89 | 14,195 | |||||||||||
Granted | 1,775 | 9.61 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (1,422 | ) | 14.08 | ||||||||||||
Outstanding as of September 29, 2012 | 11,275 | 13.15 | 6.54 | 18,548 | |||||||||||
Granted | 975 | 8.83 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (2,688 | ) | 13.36 | ||||||||||||
Outstanding as of September 28, 2013 | 9,562 | 12.65 | 5.99 | 62,825 | |||||||||||
Granted | 648 | 15.89 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (2,029 | ) | 12.67 | ||||||||||||
Outstanding as of September 27, 2014 | 8,181 | 12.9 | 5.3 | 93,767 | |||||||||||
Vested and expected to vest as of September 27, 2014 | 8,029 | 12.93 | 5.25 | 91,888 | |||||||||||
Exercisable as of September 27, 2014 | 6,539 | 13.22 | 4.6 | 73,555 | |||||||||||
The weighted-average grant date fair value of stock options granted during 2014, 2013 and 2012 was $9.14, $5.91, and $6.44, respectively. The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value of in-the-money options that would have been received by the option holders had all option holders exercised their options at the Company's closing stock price on the date indicated. The total intrinsic value of stock options exercised was $18.3 million for 2014, $12.1 million for 2013 and was insignificant for 2012. | |||||||||||||||
As of September 27, 2014, unrecognized compensation expense of $9.7 million is expected to be recognized over a weighted average period of 1.9 years. | |||||||||||||||
The following table summarizes information regarding stock options outstanding at September 27, 2014: | |||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||
Range of Weighted Exercise Prices | Number | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||
Outstanding | (Years) | ($) | ($) | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
$1.50-$7.30 | 1,158 | 4.69 | 3.66 | 1,142 | 3.62 | ||||||||||
$7.31-$8.76 | 1,416 | 7.28 | 8.57 | 715 | 8.6 | ||||||||||
$8.77-$10.80 | 1,563 | 5.88 | 9.37 | 1,293 | 9.11 | ||||||||||
$10.81-$15.76 | 1,561 | 6.36 | 12.99 | 1,087 | 12.14 | ||||||||||
$15.77-$21.11 | 620 | 6.79 | 16.42 | 446 | 16.34 | ||||||||||
$21.12-$21.41 | 1,204 | 2.67 | 21.12 | 1,204 | 21.12 | ||||||||||
$21.42-$53.28 | 659 | 1.69 | 28.25 | 652 | 28.32 | ||||||||||
$1.50-$53.28 | 8,181 | 5.3 | 12.9 | 6,539 | 13.22 | ||||||||||
Restricted Stock Units | |||||||||||||||
The Company issues restricted stock units to executive officers, directors and certain management employees. These units vest over periods ranging from one to four years and are automatically exchanged for shares of common stock at the vesting date. Compensation expense associated with these units is recognized ratably over the vesting period. | |||||||||||||||
Activity with respect to the Company's restricted stock units was as follows: | |||||||||||||||
Number of Shares | Weighted Grant-Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||
($) | (Years) | ($) | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Outstanding as of October 1, 2011 | 1,838 | 11.42 | 1.63 | 14,249 | |||||||||||
Granted | 790 | 6.16 | |||||||||||||
Vested/Forfeited/Cancelled | (398 | ) | 11.69 | ||||||||||||
Outstanding as of September 29, 2012 | 2,230 | 9.51 | 1.08 | 21,272 | |||||||||||
Granted | 1,167 | 9.42 | |||||||||||||
Vested/Forfeited/Cancelled | (1,629 | ) | 7.93 | ||||||||||||
Outstanding as of September 28, 2013 | 1,768 | 10.9 | 2.02 | 31,052 | |||||||||||
Granted | 1,204 | 17.16 | |||||||||||||
Vested/Forfeited/Cancelled | (631 | ) | 13.99 | ||||||||||||
Outstanding as of September 27, 2014 | 2,341 | 13.29 | 2.01 | 56,064 | |||||||||||
Expected to vest as of September 27, 2014 | 1,628 | 13.59 | 1.88 | 38,984 | |||||||||||
The weighted-average grant date fair value of restricted stock units granted was $17.16, $9.42 and $6.16 in 2014, 2013 and 2012, respectively. The total fair value of restricted stock units vested was $9.2 million for 2014, $8.3 million for 2013 and was insignificant for 2012. As of September 27, 2014, unrecognized compensation expense of $17.0 million is expected to be recognized over a weighted average period of 1.7 years. Additionally, as of September 27, 2014, unrecognized compensation expense related to performance-based restricted stock units for which achievement of vesting criteria is not considered probable was $5.8 million. |
Note_13_Stockholders_Equity
Note 13 Stockholders' Equity | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||
Stockholders' Equity | ||||||||
In 2009, the Company's stockholders approved the 2009 Incentive Plan (“2009 Plan”) and the reservation of 7.5 million shares of common stock for issuance thereunder, which was subsequently increased to 18.1 million shares. The 2009 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance shares. The per share exercise price for shares to be issued pursuant to exercise of an option must be no less than 100% of the fair market value per share on the date of grant. | ||||||||
Upon approval of the 2009 Plan, all of the Company's other stock plans were terminated as to future grants. Although these plans have been terminated, they will continue to govern all awards granted under them until the expiration of the awards. | ||||||||
As of September 27, 2014, an aggregate of 13.7 million shares were authorized for future issuance under the Company's stock plans, of which 10.5 million of such shares were issuable upon exercise of outstanding options and delivery of shares upon vesting of restricted stock units and 3.2 million shares of common stock were available for future grant. Awards other than stock options and stock appreciation rights reduce common stock available for grant by 1.36 shares for every share of common stock subject to such an award. Awards under the 2009 plan that expire or are cancelled without delivery of shares generally become available for issuance under the plan. | ||||||||
In 2013, the Company's Board of Directors authorized the Company to repurchase up to $100 million of the Company's common stock in the open market or in negotiated transactions off the market. The Board of Directors subsequently approved a second $100 million stock repurchase plan in September 2014. These authorizations have no expiration date. During 2014, the Company repurchased 4.2 million shares of its common stock for $75 million. As of September 27, 2014, $125 million remains available under these authorizations. | ||||||||
In addition to the authorizations discussed above, the Company repurchased 71,000, 169,000 and 35,000 shares of its common stock for $1.2 million, $1.5 million and $0.3 million, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units during 2014, 2013, and 2012. | ||||||||
Accumulated Other Comprehensive Income. Accumulated other comprehensive income, net of tax as applicable, consisted of the following: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | 100,090 | $ | 104,648 | ||||
Unrealized holding losses on derivative financial instruments | (575 | ) | (4,325 | ) | ||||
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans | (16,599 | ) | (16,022 | ) | ||||
Total | $ | 82,916 | $ | 84,301 | ||||
Note_14_Other_Income_Expense_N
Note 14 Other Income (Expense), Net | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||||||
Other Income and Other Expense Disclosure [Text Block] | ' | |||||||||||
Other Income (Expense), Net | ||||||||||||
The following table summarizes the major components of other income (expense), net (in thousands): | ||||||||||||
Year ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign exchange losses | $ | (1,962 | ) | $ | (3,091 | ) | $ | (4,144 | ) | |||
Loss from dedesignation of interest rate swap (1) | — | (14,903 | ) | — | ||||||||
Other, net | 5,068 | 5,162 | 3,853 | |||||||||
Total | $ | 3,106 | $ | (12,832 | ) | $ | (291 | ) | ||||
(1) Represents loss from dedesignation of interest rate swaps associated with variable-rate debt. Refer to Note 5 for further discussion. | ||||||||||||
The Company reduces its exposure to currency fluctuations through the use of foreign currency hedging instruments, however, hedges are established based on forecasts of foreign currency balances. To the extent actual amounts differ from forecasted amounts, the Company will have exposure to currency fluctuations, resulting in foreign exchange gains or losses. |
Note_15_Employee_Benefit_Plans
Note 15 Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
The Company has various defined contribution retirement plans that cover the majority of its domestic employees. These retirement plans permit participants to elect to have contributions made to the retirement plans in the form of salary deferrals. Under these retirement plans, the Company may match a portion of employee contributions. Amounts contributed by the Company were not material for any period presented herein. | |||||||||||||||||||||||||
The Company sponsors deferred compensation plans for eligible employees and non-employee members of its board of directors. These plans allow eligible participants to defer payment of all or part of their compensation. Deferrals under these plans were $1.9 million and $1.6 million for 2014 and 2013, respectively. Assets and liabilities associated with these plans were approximately $12.5 million and $11.0 million, as of September 27, 2014 and September 28, 2013, respectively, and are recorded in other non-current assets and other long-term liabilities on the consolidated balance sheets. | |||||||||||||||||||||||||
Defined benefit plans covering certain employees in the United States and Canada were frozen in 2001. Employees who had not yet vested will continue to be credited with service until vesting occurs, but no additional benefits will accrue. | |||||||||||||||||||||||||
The Company also provides defined benefit pension plans in certain other countries. The assumptions used for calculating the pension benefit obligations for non-U.S. plans depend on the local economic environment and regulations. The measurement date for the Company's pension plans is September 27, 2014. | |||||||||||||||||||||||||
Changes in benefit obligations for the plans described above were as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
Change in Benefit Obligations | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Beginning projected benefit obligation | $ | 26,702 | $ | 44,590 | $ | 29,601 | $ | 35,171 | $ | 26,885 | $ | 25,396 | |||||||||||||
Service cost | — | 1,172 | — | 1,144 | — | 666 | |||||||||||||||||||
Interest cost | 966 | 1,771 | 791 | 1,721 | 1,027 | 1,388 | |||||||||||||||||||
Actuarial (gain) loss | 1,998 | 4,187 | (2,050 | ) | 3,561 | 4,121 | 9,729 | ||||||||||||||||||
Benefits paid | (660 | ) | (912 | ) | (674 | ) | (1,083 | ) | (2,432 | ) | (722 | ) | |||||||||||||
Other (1) | (1,655 | ) | (1,755 | ) | (966 | ) | 4,076 | — | (1,286 | ) | |||||||||||||||
Ending projected benefit obligation | $ | 27,351 | $ | 49,053 | $ | 26,702 | $ | 44,590 | $ | 29,601 | $ | 35,171 | |||||||||||||
Ending accumulated benefit obligation | $ | 27,351 | $ | 44,363 | $ | 26,702 | $ | 40,072 | $ | 29,601 | $ | 31,917 | |||||||||||||
-1 | Related to miscellaneous items such as settlements, curtailments, foreign exchange movements, etc. | ||||||||||||||||||||||||
Weighted-average actuarial assumptions used to determine benefit obligations were as follows: | |||||||||||||||||||||||||
U.S. Pensions | Non-U.S. Pensions | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.12 | % | 3.78 | % | 3.58 | % | 4.14 | % | |||||||||||||||||
Rate of compensation increases | — | % | — | % | 2.59 | % | 3.29 | % | |||||||||||||||||
The Company evaluates these assumptions on a regular basis taking into consideration current market conditions and historical market data. The discount rate is used to measure expected future cash flows at present value on the measurement date. This rate represents the market rate for high-quality fixed income investments. A lower discount rate would increase the present value of the benefit obligation. Other assumptions include demographic factors such as retirement, mortality, and turnover. | |||||||||||||||||||||||||
Changes in plan assets and funded status for the plans described above were as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
Change in Plan Assets | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Beginning fair value | $ | 20,767 | $ | 28,255 | $ | 20,443 | $ | 24,853 | $ | 18,809 | $ | 26,087 | |||||||||||||
Actual return | 3,020 | 930 | 1,964 | 1,239 | 2,466 | 1,144 | |||||||||||||||||||
Employer contributions | — | 394 | — | 589 | 1,600 | 295 | |||||||||||||||||||
Benefits paid | (660 | ) | (912 | ) | (674 | ) | (1,083 | ) | (2,432 | ) | (722 | ) | |||||||||||||
Actuarial gain (loss) | — | 1,789 | — | 1,397 | — | (463 | ) | ||||||||||||||||||
Settlements | (1,655 | ) | — | (966 | ) | — | — | — | |||||||||||||||||
Foreign currency exchange rate differences | — | (1,407 | ) | — | 1,260 | — | (1,488 | ) | |||||||||||||||||
Ending fair value | $ | 21,472 | $ | 29,049 | $ | 20,767 | $ | 28,255 | $ | 20,443 | $ | 24,853 | |||||||||||||
Underfunded Status | $ | (5,879 | ) | $ | (20,004 | ) | $ | (5,935 | ) | $ | (16,335 | ) | $ | (9,158 | ) | $ | (10,318 | ) | |||||||
Weighted-average asset allocations by asset category for the U.S. and non-U.S. plans were as follows: | |||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||
Level 1 | Level 1 | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
Target | September 27, 2014 | September 28, 2013 | Target | September 27, 2014 | September 28, 2013 | ||||||||||||||||||||
Equity securities | 51 | % | 51 | % | 52 | % | 20 | % | 28.6 | % | 25.2 | % | |||||||||||||
Debt securities | 49 | % | 49 | % | 46.3 | % | 80 | % | 67.3 | % | 69.8 | % | |||||||||||||
Cash | — | % | — | % | 1.7 | % | — | % | 4.1 | % | 5 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
The Company's investment strategy is designed to ensure that sufficient pension assets are available to pay benefits as they become due. In order to meet this objective, the Company has established targeted investment allocation percentages for equity and debt securities as noted in the preceding table. As of September 27, 2014, U.S. plan assets are invested in mutual funds which are valued based on the net asset value (NAV) of the underlying securities in an active market, which is considered a Level 1 input under ASC Topic 820, Fair Value Measurements and Disclosures (refer to Note 5). The beneficial interest of each participant is represented in units which are issued and redeemed daily at the fund's closing NAV. Non-U.S. plan assets are invested in publicly-traded mutual funds consisting of medium-term Euro bonds and stocks of companies in the European region. The mutual funds are valued using the NAV that is quoted in an active market and is considered a Level 1 input under ASC Topic 820. The plans are managed consistent with regulations or market practice of the country in which the assets are invested. As of September 27, 2014 there were no significant concentrations of credit risk related to pension plan assets. | |||||||||||||||||||||||||
The funded status of the plans, reconciled to the amount reported on the consolidated balance sheets, is as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Components of Net Amount Recognized on Consolidated Balance Sheets: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | (894 | ) | $ | — | $ | (615 | ) | $ | — | $ | (395 | ) | ||||||||||
Non-current liabilities | (5,879 | ) | (19,110 | ) | (5,935 | ) | (15,720 | ) | (9,158 | ) | (9,923 | ) | |||||||||||||
Net asset (liability) recognized on Consolidated Balance Sheets | $ | (5,879 | ) | $ | (20,004 | ) | $ | (5,935 | ) | $ | (16,335 | ) | $ | (9,158 | ) | $ | (10,318 | ) | |||||||
Amounts recognized in AOCI (pre-tax) consisted of (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Unrecognized transition obligation | $ | — | $ | 8 | $ | — | $ | 32 | — | $ | 55 | ||||||||||||||
Unrecognized net actuarial loss | 5,255 | 11,819 | 6,151 | 10,381 | 10,674 | 8,631 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 5,255 | $ | 11,827 | $ | 6,151 | $ | 10,413 | $ | 10,674 | $ | 8,686 | |||||||||||||
Estimated amortization from accumulated other comprehensive income into net periodic benefit cost in 2015 is not material. Net periodic benefit costs consist primarily of service cost and interest cost and were not material for any period presented herein. | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit costs were as follows: | |||||||||||||||||||||||||
U.S. Pensions | Non-U.S. Pensions | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.78 | % | 2.75 | % | 4.14 | % | 4.39 | % | |||||||||||||||||
Expected return on plan assets | 4.5 | % | 4 | % | 3.5 | % | 3.5 | % | |||||||||||||||||
Rate of compensation increases | — | % | — | % | 3.29 | % | 0.97 | % | |||||||||||||||||
The expected long-term rate of return on assets for the U.S. and non-U.S. pension plans used in these calculations is assumed to be 4.50% and 3.50%, respectively. Several factors, including historical rates of returns, expectations of future returns for each major asset class in which the plan invests, the weight of each asset class in the target mix, the correlations between asset classes and their expected volatilities are considered in developing the asset return assumptions. | |||||||||||||||||||||||||
Estimated future benefit payments are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 8,204 | |||||||||||||||||||||||
2016 | $ | 4,041 | |||||||||||||||||||||||
2017 | $ | 3,878 | |||||||||||||||||||||||
2018 | $ | 4,158 | |||||||||||||||||||||||
2019 | $ | 4,230 | |||||||||||||||||||||||
Years 2020 through 2023 | $ | 21,991 | |||||||||||||||||||||||
Note_16_Business_Segment_Geogr
Note 16 Business Segment, Geographic and Customer Information | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||
Business Segment, Geographic and Customer Information | ||||||||||||
ASC Topic 280, Segment Reporting, establishes standards for reporting information about operating segments, products and services, geographic areas of operations and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker or decision making group in deciding how to allocate resources and in assessing performance. | ||||||||||||
The Company's operations are managed as two businesses: | ||||||||||||
1) | Integrated Manufacturing Solutions (IMS). IMS is a reportable segment consisting of printed circuit board assembly and test, final system assembly and test, and direct order fulfillment. | |||||||||||
2) | Components, Products and Services (CPS). Components include interconnect systems (printed circuit board fabrication, backplane and cable assemblies) and mechanical systems (enclosures, precision machining and plastic injection molding); Products include memory and solid state drive products from the Company's Viking Technology division, defense and aerospace products from SCI Technology, storage products from the Company's Newisys division and optical and RF (Radio Frequency) modules; and Services include design, engineering, logistics and repair services. | |||||||||||
The Company evaluated its operating segments to determine whether they can be aggregated into reportable segments. Factors considered in this evaluation were similarity regarding economic characteristics, products, production processes, type or classes of customers, distribution methods and regulatory environments. Based on this evaluation, the Company determined that it has only one reportable segment - IMS, which generated 79% of the Company's total revenue in 2014. The Company's CPS business consists of multiple operating segments which do not meet the quantitative threshold for being presented as reportable segments. Therefore, financial information for these operating segments is presented in a single category entitled “Components, Products and Services (CPS)”. | ||||||||||||
The accounting policies for each segment are the same as those disclosed by the Company for its consolidated financial statements. Intersegment sales consist primarily of sales of components from CPS to IMS. | ||||||||||||
The Company's chief operating decision making group is the Chief Executive Officer and Chief Financial Officer and they allocate resources and assess performance of operating segments based on a non-GAAP measure of revenue and gross profit that excludes items not directly related to the Company's ongoing business operations. These items are typically either non-recurring or non-cash in nature. | ||||||||||||
The following table presents segment information for the following years: | ||||||||||||
Year Ended | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
(In thousands) | ||||||||||||
Gross sales: | ||||||||||||
IMS | $ | 4,933,714 | $ | 4,766,670 | $ | 4,968,983 | ||||||
CPS | 1,514,340 | 1,335,510 | 1,265,855 | |||||||||
Intersegment revenue | (231,092 | ) | (185,056 | ) | (141,504 | ) | ||||||
Unallocated items (1) | $ | (1,856 | ) | $ | — | $ | — | |||||
Net Sales | $ | 6,215,106 | $ | 5,917,124 | $ | 6,093,334 | ||||||
Gross Profit: | ||||||||||||
IMS | $ | 339,909 | $ | 291,664 | $ | 329,267 | ||||||
CPS | 155,974 | 144,725 | 111,448 | |||||||||
Total | 495,883 | 436,389 | 440,715 | |||||||||
Unallocated items (1) | (7,600 | ) | (9,572 | ) | (4,933 | ) | ||||||
Total | $ | 488,283 | $ | 426,817 | $ | 435,782 | ||||||
Depreciation and amortization: | ||||||||||||
IMS | $ | 50,933 | $ | 54,531 | $ | 54,711 | ||||||
CPS | 38,420 | 32,802 | 35,641 | |||||||||
Total | 89,353 | 87,333 | 90,352 | |||||||||
Unallocated corporate items (2) | 8,324 | 8,688 | 9,125 | |||||||||
Total | $ | 97,677 | $ | 96,021 | $ | 99,477 | ||||||
Capital expenditures: | ||||||||||||
IMS | $ | 47,103 | $ | 44,080 | $ | 39,962 | ||||||
CPS | 27,724 | 25,542 | 40,150 | |||||||||
Total | 74,827 | 69,622 | 80,112 | |||||||||
Unallocated corporate items (2) | 4,635 | 3,447 | 1,787 | |||||||||
Total | $ | 79,462 | $ | 73,069 | $ | 81,899 | ||||||
(1) For purposes of evaluating segment performance, management excludes certain items from its measures of revenue and gross profit. These items include stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and similar items that either occur infrequently or are of a non-operational nature. | ||||||||||||
(2) Primarily related to selling, general and administration functions. | ||||||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Long-lived assets (including assets held for sale): | ||||||||||||
IMS | $ | 309,922 | $ | 287,907 | ||||||||
CPS | 213,266 | 204,905 | ||||||||||
Total | 523,188 | 492,812 | ||||||||||
Unallocated corporate items (1) | 51,466 | 51,722 | ||||||||||
Total | $ | 574,654 | $ | 544,534 | ||||||||
(1) Primarily related to selling, general and administration functions. | ||||||||||||
Information by geographic segment, determined based on the country in which a product is manufactured or a service is provided, was as follows: | ||||||||||||
Year Ended | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
(In thousands) | ||||||||||||
Net sales: | ||||||||||||
Domestic | $ | 1,041,892 | $ | 1,074,529 | $ | 1,106,446 | ||||||
Mexico | 1,693,564 | 1,433,799 | 1,296,690 | |||||||||
China | 1,564,389 | 1,501,632 | 1,667,095 | |||||||||
Other international | 1,915,261 | 1,907,164 | 2,023,103 | |||||||||
Total | $ | 6,215,106 | $ | 5,917,124 | $ | 6,093,334 | ||||||
Percentage of net sales represented by ten largest customers | 50.3 | % | 50.3 | % | 49.7 | % | ||||||
Number of customers representing 10 % or more of net sales | — | 1 | 1 | |||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Long-lived assets (including assets held for sale): | ||||||||||||
Domestic | $ | 147,298 | $ | 147,773 | ||||||||
Mexico | 168,712 | 125,552 | ||||||||||
China | 89,380 | 88,160 | ||||||||||
Other international | 169,264 | 183,049 | ||||||||||
Total | $ | 574,654 | $ | 544,534 | ||||||||
Note_17_Acquisition_Notes
Note 17 Acquisition (Notes) | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
Note 17. Acquisitions | ||||
First Quarter of 2014 | ||||
On December 18, 2013, the Company completed its acquisition of a manufacturing operation in the oil and gas industry. The Company also entered into a master supply agreement with the acquiree in connection with this acquisition. The acquisition increases the Company's precision machining, assembly, integration and test capabilities for the oil and gas industry. | ||||
The acquisition did not significantly affect the Company’s results of operations for 2014. Cash consideration paid by the Company for this acquisition was $54.1 million. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. The purchase price was allocated to the acquired assets and liabilities assumed as follows: | ||||
(In thousands) | ||||
Current assets | $ | 7,343 | ||
Noncurrent assets (including tangible assets of $34.7 million) | 48,588 | |||
Current liabilities | (1,870 | ) | ||
Total | $ | 54,061 | ||
Goodwill and identifiable intangible assets are recorded in other non-current assets on the consolidated balance sheets. Identifiable intangible assets are being amortized to cost of goods sold, primarily over 5 years. | ||||
Third Quarter of 2014 | ||||
On April 28, 2014, the Company completed its acquisition of a manufacturing operation that primarily produces industrial-related products serving multiple end-user markets. The Company also entered into a master supply agreement with the acquiree in connection with this acquisition. The acquisition augments the Company's current manufacturing footprint and technological capabilities for serving this diverse end-user customer base. | ||||
The acquisition did not significantly affect the Company’s results of operations for 2014. Total consideration paid for this acquisition was $40.2 million, consisting of $25.4 million of cash and non-interest bearing notes payable with a discounted value of $14.8 million. The purchase price has been allocated based on management's estimate of the acquisition date fair value of each of the tangible assets and liabilities acquired. The following represents the Company's allocation of the purchase price to the acquired assets and liabilities assumed: | ||||
(In thousands) | ||||
Current assets | $ | 27,376 | ||
Noncurrent assets | 14,789 | |||
Current liabilities | (1,929 | ) | ||
Total | $ | 40,236 | ||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
The financial statement Schedule II-VALUATION AND QUALIFYING ACCOUNTS is filed as part of this Form 10-K. | ||||||||||||||||
SANMINA CORPORATION | ||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Balance at Beginning of Period | Charged (Credited) to Operations | Charges Utilized | Balance at End of Period | |||||||||||||
(In thousands) | ||||||||||||||||
Allowances for Doubtful Accounts, Product Returns and Other Net Sales adjustments | ||||||||||||||||
Fiscal year ended September 29, 2012 | $ | 14,537 | $ | (826 | ) | $ | (1,679 | ) | $ | 12,032 | ||||||
Fiscal year ended September 28, 2013 | $ | 12,032 | $ | (325 | ) | $ | 28 | $ | 11,735 | |||||||
Fiscal year ended September 27, 2014 | $ | 11,735 | $ | (1,457 | ) | $ | — | $ | 10,278 | |||||||
Note_2_Summary_of_Significant_1
Note 2 Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
Management Estimates and Uncertainties. The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements relate to allowances for accounts receivable; provisions for excess and obsolete inventories, product returns, warranties, environmental matters, and legal exposures; determining liabilities for uncertain tax positions; determining the realizability of deferred tax assets; determining fair values of tangible and intangible assets for purposes of impairment tests; determining fair values of interest rate swaps and equity awards; and determining forfeiture rates, volatility and expected life assumptions for purposes of calculating stock compensation expense. Actual results could differ materially from these estimates. | ||||||||
Financial Instruments And Concentration of Credit Risk [Policy Text Block] | ' | |||||||
Financial Instruments and Concentration of Credit Risk. Financial instruments consist of cash and cash equivalents, foreign currency forward contracts, interest rate swap agreements, accounts receivable, accounts payable and debt obligations. With the exception of certain of the Company's debt obligations (refer to Note 4. Fair Value and Note 5. Derivative Financial Instruments), the fair value of these financial instruments approximates their carrying amount as of September 27, 2014 and September 28, 2013 due to the nature, or short maturity, of these instruments, or the fact that the instruments are recorded at fair value on the consolidated balance sheets. | ||||||||
Accounts Receivable and Other Related Allowances. The Company estimates uncollectible balances, product returns and other adjustments and had allowances of $10.3 million and $11.7 million as of September 27, 2014 and September 28, 2013, respectively, for these items. One of the Company's most significant risks is the ultimate realization of its accounts receivable. This risk is mitigated by ongoing credit evaluations of customers and frequent contact with customers, especially the most significant customers, which enable the Company to monitor changes in its customers' business operations and respond accordingly. To establish the allowance for doubtful accounts, the Company estimates credit risk associated with accounts receivable by considering the creditworthiness of its customers, past experience, specific facts and circumstances, and the overall economic climate in industries that it serves. To establish the allowance for product returns and other adjustments, the Company primarily utilizes historical data. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
Cash and Cash Equivalents. The Company considers all highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | ||||||||
Cash and cash equivalents consisted of the following: | ||||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Cash balances | $ | 466,171 | $ | 402,439 | ||||
Money market funds | 436 | 436 | ||||||
Total | $ | 466,607 | $ | 402,875 | ||||
Inventory, Policy [Policy Text Block] | ' | |||||||
Inventories. Inventories are stated at the lower of cost (first-in, first-out method) or market. Cost includes labor, materials and manufacturing overhead. | ||||||||
Provisions are made to reduce excess and obsolete inventories to their estimated net realizable values. The ultimate realization of inventory carrying amounts is primarily affected by changes in customer demand. Inventory provisions are established based on forecasted demand, past experience with specific customers, the age and nature of the inventory, the ability to redistribute inventory to other programs or back to suppliers, and whether customers are contractually obligated and have the ability to pay for the related inventory. Certain payments received from customers for inventory held by the Company are recorded as a reduction of inventory. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||
Property, Plant and Equipment, net. Property, plant and equipment are stated at cost or, in the case of property and equipment acquired through business combinations, at fair value as of the acquisition date. Depreciation is provided on a straight-line basis over 20 to 40 years for buildings and 3 to 15 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or useful life of the asset. | ||||||||
The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An asset or asset group is considered impaired if its carrying amount exceeds the undiscounted future net cash flows the asset or asset group is expected to generate. If an asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds its fair value. An asset group is the unit of accounting, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets. For asset groups for which the primary asset is a building, the Company estimates fair value based on data provided by commercial real estate brokers. For other asset groups, the Company estimates fair value based on projected discounted future net cash flows. | ||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | |||||||
Foreign Currency Translation. For foreign subsidiaries using the local currency as their functional currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date and income and expenses are translated at average exchange rates. The effects of these translation adjustments are reported in stockholders' equity as a component of accumulated other comprehensive income ("AOCI"). For all entities, remeasurement adjustments for non-functional currency monetary assets and liabilities are included in other income (expense), net in the accompanying consolidated statements of income. Additionally, remeasurement gains and losses arising from long-term intercompany loans denominated in a currency other than an entity's functional currency are recorded in accumulated other comprehensive income if repayment of the loan is not anticipated in the foreseeable future. | ||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||
Derivative Instruments and Hedging Activities. The Company conducts business on a global basis in numerous currencies, which exposes the Company to movements in foreign currency exchange rates. The Company uses derivatives, such as foreign currency forward contracts and interest rate swaps, to minimize the volatility of earnings and cash flows associated with changes in foreign currency exchange rates and interest rates. | ||||||||
The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815, Derivatives and Hedging, which requires each derivative instrument to be recorded on the consolidated balance sheets at its fair value as either an asset or a liability. If the derivative is designated as a cash flow hedge, the effective portion of changes in the fair value of the derivative is recorded in stockholders' equity as a separate component of AOCI and is recognized in earnings when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are immediately recognized in earnings. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative and of the item being hedged are recognized in earnings in the current period. | ||||||||
Derivative instruments are entered into for periods of time consistent with the related underlying exposures and are not entered into for speculative purposes. At the inception of a hedge, the Company documents all relationships between derivative instruments and related hedged items, as well as its risk-management objectives and strategies for the hedging transaction. | ||||||||
The Company's foreign currency forward contracts and interest rate swaps potentially expose the Company to credit risk to the extent the counterparties may be unable to meet the terms of the agreement. The Company minimizes such risk by seeking high quality counterparties. The Company has not incurred material losses as a result of default by counterparties. | ||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||
Revenue Recognition. The Company derives revenue principally from sales of manufacturing services, components and other products. Other sources of revenue include order fulfillment, logistic and repair services, and sales of certain inventory, including raw materials, to customers who reschedule, amend or cancel purchase orders after the Company has procured inventory to fulfill the customers' purchase orders. The Company recognizes revenue for manufacturing services, components, products and sales of certain inventory when a persuasive arrangement between the Company and the buyer exists, usually in the form of a purchase order received from the Company's customer, the price is fixed or determinable, delivery or performance has occurred and collectability is reasonably assured. Generally, there are no formal customer acceptance requirements or further obligations related to the product or the inventory subsequent to transfer of title. | ||||||||
The Company's order fulfillment and logistics services involve warehousing and managing finished product on behalf of a customer. These services are usually provided in conjunction with manufacturing services at one of the Company's facilities. In these instances, revenue for manufacturing services is deferred until the related goods are delivered to the customer, which is upon completion of order fulfillment and logistics services. In certain instances, the Company's facility used to provide order fulfillment and logistics services is controlled by the customer pursuant to a separate arrangement. In these instances, revenue for manufacturing services is recognized upon receipt of the manufactured product at the customer-controlled location and revenue for order fulfillment and logistics services is recognized separately as the services are provided. Revenue for repair services is generally recognized upon completion of the services. | ||||||||
Provisions are made for estimated sales returns and other adjustments at the time revenue is recognized. Such provisions were not material to the consolidated financial statements for any period presented herein. The Company presents sales net of sales taxes and value-added taxes in its consolidated statements of income. Amounts billed to customers for shipping and handling are recorded as revenue and shipping and handling costs incurred by the Company are included in cost of sales. | ||||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | |||||||
Warranty Reserve. The Company establishes a warranty reserve for shipped products based on individual manufacturing contract requirements and past warranty experience. | ||||||||
Compensation Related Costs, Policy [Policy Text Block] | ' | |||||||
Stock-Based Compensation. The Company measures compensation expense based on the estimated fair value of stock awards. | ||||||||
The Company primarily uses the Black-Scholes option pricing model to estimate the fair value of stock options. The Black-Scholes model requires the use of highly subjective and complex assumptions, including the option's expected term and the price volatility of the underlying stock. The expected term of options is based on observed historical exercise patterns and expected volatility is based on historical volatility over the expected life of the options. For restricted stock units, fair value is the fair market value of the Company's stock on the date of grant. With respect to awards with performance conditions only, compensation expense is recognized only if it is deemed probable that the performance conditions will be met. For awards with a market condition, the market condition is considered in the grant-date fair value of the award using a lattice model which utilizes multiple input variables to determine the probability of the specified market condition being achieved. For these types of awards, expense is recognized over the requisite service period regardless of whether the market condition is satisfied, provided that the requisite service period is completed. Compensation expense for all stock awards is reduced by forfeitures, which are estimated based on observed historical forfeiture patterns. | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
Income taxes. The Company estimates its income tax provision or benefit in each of the jurisdictions in which it operates, including estimating exposures and making judgments regarding the realizability of deferred tax assets. The carrying value of the Company's net deferred tax assets is based on the Company's belief that it is more likely than not that the Company will generate sufficient future taxable income in certain jurisdictions to realize these deferred tax assets. A valuation allowance has been established for deferred tax assets which do not meet the “more likely than not” criteria discussed above. | ||||||||
The Company's tax rate is highly dependent upon the geographic distribution of its worldwide income or losses, the tax regulations and tax holidays in each geographic region, the availability of tax credits and carryforwards, including net operating losses, and the effectiveness of its tax planning strategies. | ||||||||
The Company makes an assessment of whether each income tax position is “more likely than not” of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the “more likely than not” recognition threshold, the Company then assesses the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. | ||||||||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' | |||||||
Recent Accounting Pronouncements. In May 2014, the FASB issued new accounting guidance related to revenue recognition. This new standard replaces all current U.S. GAAP guidance on revenue, eliminates all industry-specific guidance and provides a unified model in determining when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance can be applied either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The new standard is effective for the Company beginning in fiscal 2018. The Company is currently evaluating the impact of adopting this new accounting standard. |
Note_2_Summary_of_Significant_2
Note 2 Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Cash and Cash Equivalents [Table Text Block] | ' | |||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Cash balances | $ | 466,171 | $ | 402,439 | ||||
Money market funds | 436 | 436 | ||||||
Total | $ | 466,607 | $ | 402,875 | ||||
Note_3_Balance_Sheet_Items_Tab
Note 3 Balance Sheet Items (Tables) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Raw materials | $ | 628,860 | $ | 526,148 | ||||
Work-in-process | 102,618 | 96,482 | ||||||
Finished goods | 161,700 | 158,930 | ||||||
Total | $ | 893,178 | $ | 781,560 | ||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Machinery and equipment | $ | 1,430,057 | $ | 1,416,401 | ||||
Land and buildings | 560,990 | 564,194 | ||||||
Leasehold improvements | 55,463 | 54,519 | ||||||
Furniture and fixtures | 20,507 | 19,088 | ||||||
Construction in progress | 18,335 | 11,949 | ||||||
2,085,352 | 2,066,151 | |||||||
Less: Accumulated depreciation and amortization | (1,522,336 | ) | (1,526,000 | ) | ||||
Property, plant and equipment, net | $ | 563,016 | $ | 540,151 | ||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
Year Ended | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance, beginning of the year | $ | 15,136 | $ | 14,649 | ||||
Additions to accrual | 6,403 | 9,156 | ||||||
Accrual utilized | (7,813 | ) | (8,669 | ) | ||||
Balance, end of the year | $ | 13,726 | $ | 15,136 | ||||
Note_4_Fair_Value_Tables
Note 4 Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
Money market funds | Time deposits | Derivatives designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts | Derivatives not designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Total | |||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance Sheet Classification: | |||||||||||||||||||||
Cash and cash equivalents | $ | 436 | $ | 11,497 | $ | — | $ | — | $ | 11,933 | |||||||||||
Prepaid expenses and other current assets | $ | — | $ | — | $ | 15 | $ | 3,204 | $ | 3,219 | |||||||||||
Other assets | $ | — | $ | — | $ | — | $ | 2,988 | $ | 2,988 | |||||||||||
Accrued liabilities (1) | $ | — | $ | — | $ | (5 | ) | $ | (3,012 | ) | $ | (3,017 | ) | ||||||||
(1) Liabilities, or credit balances, are presented as negative amounts. | |||||||||||||||||||||
The following table presents information as of September 28, 2013 with respect to assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||||
Money market funds | Time deposits | Derivatives designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Derivatives not designated as hedging instruments under ASC 815: Foreign Currency Forward Contracts and Interest Rate Swaps | Total | |||||||||||||||||
Level 1 | Level 1 | Level 2 | Level 2 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance Sheet Classification: | |||||||||||||||||||||
Cash and cash equivalents | $ | 436 | $ | 34,569 | $ | — | $ | — | $ | 35,005 | |||||||||||
Prepaid expenses and other current assets | $ | — | $ | — | $ | 28 | $ | 1,105 | $ | 1,133 | |||||||||||
Other assets | $ | — | $ | — | $ | 22,512 | $ | — | $ | 22,512 | |||||||||||
Accrued liabilities (1) | $ | — | $ | — | $ | (32 | ) | $ | (11,371 | ) | $ | (11,403 | ) | ||||||||
(1) Liabilities, or credit balances, are presented as negative amounts. |
Note_5_Derivative_Financial_In1
Note 5 Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||||
Foreign Currency Forward Contract Volume [Table Text Block] | ' | ||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||
September 27, 2014 | September 28, 2013 | ||||||||||||||||||||||||||||
Derivatives Designated as Accounting Hedges: | |||||||||||||||||||||||||||||
Notional amount (in thousands) | $114,157 | $100,679 | |||||||||||||||||||||||||||
Number of contracts | 42 | 41 | |||||||||||||||||||||||||||
Derivatives Not Designated as Accounting Hedges: | |||||||||||||||||||||||||||||
Notional amount (in thousands) | $255,828 | $190,226 | |||||||||||||||||||||||||||
Number of contracts | 41 | 42 | |||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||
Type of Derivatives | Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 96 | Interest expense | $ | (318 | ) | $ | (6,587 | ) | Other income (expense), net | $ | — | $ | (14,903 | ) | ||||||||||||
Income tax expense | (3,315 | ) | — | — | |||||||||||||||||||||||||
Foreign currency forward contracts | 64 | 912 | Net Sales | (71 | ) | (364 | ) | ||||||||||||||||||||||
Cost of sales | 48 | 1,603 | |||||||||||||||||||||||||||
Selling, general and administrative | (30 | ) | 74 | ||||||||||||||||||||||||||
Total | $ | 64 | $ | 1,008 | $ | (3,686 | ) | $ | (5,274 | ) | $ | — | $ | (14,903 | ) | ||||||||||||||
Note_7_Debt_Tables
Note 7 Debt (Tables) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Secured debt due 2015 | $ | 40,000 | $ | 40,000 | ||||
Senior notes due 2019 ("2019 Notes") | 100,000 | 500,000 | ||||||
Senior secured notes due 2019 ("Secured Notes") | 375,000 | — | ||||||
Non-interest bearing notes payable | 15,097 | — | ||||||
Fair value adjustment (1) | 3,757 | 22,512 | ||||||
Total long-term debt | $ | 533,854 | $ | 562,512 | ||||
Less : Current portion | ||||||||
2019 Notes called for redemption in fourth quarter of 2014 | 100,000 | — | ||||||
Fair value adjustment related to remaining 2019 Notes | 3,757 | — | ||||||
Secured debt due in July 2015 | 40,000 | — | ||||||
Current portion of non-interest bearing notes payable | 3,416 | — | ||||||
Long-term debt | $ | 386,681 | $ | 562,512 | ||||
(1) Represents fair value hedge accounting adjustment related to interest rate swaps. See Note 5 for discussion. | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
(In thousands) | ||||||||
2016 | 3,416 | |||||||
2017 | 3,416 | |||||||
2018 | 3,416 | |||||||
2019 | 378,415 | |||||||
Thereafter | — | |||||||
Note_8_Commitment_and_Continge1
Note 8 Commitment and Contingencies (Tables) | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | |||
(In thousands) | ||||
2015 | $ | 22,881 | ||
2016 | 16,564 | |||
2017 | 11,426 | |||
2018 | 7,371 | |||
2019 | 3,068 | |||
Thereafter | 23,488 | |||
Total | $ | 84,798 | ||
Note_9_Income_Tax_Tables
Note 9 Income Tax (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | 92,961 | $ | 3,517 | $ | (7,548 | ) | |||||
Foreign | 68,778 | 99,889 | 57,491 | |||||||||
Total | $ | 161,739 | $ | 103,406 | $ | 49,943 | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Federal: | ||||||||||||
Current | $ | 5,889 | $ | — | $ | (3,223 | ) | |||||
Deferred | (43,789 | ) | (6,611 | ) | (154,292 | ) | ||||||
State: | ||||||||||||
Current | (100 | ) | 1,388 | (124 | ) | |||||||
Deferred | (1,251 | ) | (189 | ) | (4,408 | ) | ||||||
Foreign: | ||||||||||||
Current | 27,937 | 31,249 | 28,928 | |||||||||
Deferred | (24,112 | ) | (1,782 | ) | 2,828 | |||||||
Total provision for (benefit from) income taxes | $ | (35,426 | ) | $ | 24,055 | $ | (130,291 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
As of | ||||||||||||
September 27, 2014 | September 28, 2013 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
U.S. net operating loss carryforwards | $ | 452,754 | $ | 473,025 | ||||||||
Foreign net operating loss carryforwards | 298,693 | 307,404 | ||||||||||
Acquisition related intangibles | 58,442 | 73,205 | ||||||||||
Accruals not currently deductible | 62,148 | 50,835 | ||||||||||
Property, plant and equipment | 23,754 | 20,557 | ||||||||||
Tax credit carryforwards | 9,155 | 24,330 | ||||||||||
Reserves not currently deductible | 18,612 | 22,588 | ||||||||||
Stock compensation expense | 14,173 | 13,970 | ||||||||||
Unrealized losses | 4,417 | 4,437 | ||||||||||
Other | 745 | 132 | ||||||||||
Valuation allowance | (663,193 | ) | (788,260 | ) | ||||||||
Total deferred tax assets | 279,700 | 202,223 | ||||||||||
Deferred tax liabilities on foreign earnings | (19,872 | ) | (19,873 | ) | ||||||||
Other deferred tax liabilities | (9,521 | ) | (1,195 | ) | ||||||||
Net deferred tax assets | $ | 250,307 | $ | 181,155 | ||||||||
Recorded as: | ||||||||||||
Current deferred tax assets | $ | 37,738 | $ | 23,276 | ||||||||
Non-current deferred tax assets | 217,645 | 157,879 | ||||||||||
Non-current deferred tax liabilities | (5,076 | ) | — | |||||||||
Net deferred tax assets | $ | 250,307 | $ | 181,155 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal tax at statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Effect of foreign operations | (4.34 | ) | (8.17 | ) | 21.73 | |||||||
Foreign income inclusion | 1.17 | 4.08 | 10.48 | |||||||||
Change in valuation allowance | (4.23 | ) | 11.54 | (6.74 | ) | |||||||
Permanent items | 2.69 | 0.26 | 3.11 | |||||||||
Change to other comprehensive income | 2.05 | — | (6.64 | ) | ||||||||
Release of valuation allowance | (54.18 | ) | (20.79 | ) | (317.76 | ) | ||||||
State income taxes, net of federal benefit | (0.06 | ) | 1.34 | (0.06 | ) | |||||||
Effective tax rate | (21.90 | )% | 23.26 | % | (260.88 | )% | ||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Balance, beginning of year | $ | 65,148 | $ | 54,224 | ||||||||
Increase related to prior year tax positions | — | 13,238 | ||||||||||
Decrease related to prior year tax positions | (11,274 | ) | (5,672 | ) | ||||||||
Increase related to current year tax positions | 4,993 | 3,358 | ||||||||||
Settlement | (4,630 | ) | — | |||||||||
Balance, end of year | $ | 54,237 | $ | 65,148 | ||||||||
Note_10_Restructuring_Costs_Ta
Note 10 Restructuring Costs (Tables) | 12 Months Ended | ||||
Sep. 27, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||
Below is a summary of restructuring costs associated with facility closures and other consolidation efforts (in thousands): | |||||
Accrual balance at October 1, 2011 | $ | 7,743 | |||
Employee severance and benefits | 12,445 | ||||
Leases and facilities shutdown costs | 15,010 | ||||
Non-cash charges | 6,878 | ||||
Cash paid for employee terminations | (7,093 | ) | |||
Cash paid for leases and facilities shutdown costs | (13,113 | ) | |||
Non-cash charges | (6,878 | ) | |||
Accrual balance at September 29, 2012 | 14,992 | ||||
Employee severance and benefits | 2,784 | ||||
Leases and facilities shutdown costs | 17,785 | ||||
Non-cash charges | 4,341 | ||||
Cash paid for employee terminations | (12,614 | ) | |||
Cash paid for leases and facilities shutdown costs | (16,669 | ) | |||
Non-cash charges | (4,341 | ) | |||
Accrual balance at September 28, 2013 | 6,278 | ||||
Employee severance and benefits | 329 | ||||
Leases and facilities shutdown costs | 10,727 | ||||
Non-cash charges | 1,494 | ||||
Cash paid for employee terminations | (892 | ) | |||
Cash paid for leases and facilities shutdown costs | (9,958 | ) | |||
Non-cash charges | (1,494 | ) | |||
Accrual balance at September 27, 2014 | $ | 6,484 | |||
Note_11_Earnings_Per_Share_Tab
Note 11 Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, | September 28, | September 29, 2012 | ||||||||||
2014 | 2013 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 197,165 | $ | 79,351 | $ | 180,234 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 82,872 | 82,834 | 81,284 | |||||||||
Effect of dilutive stock options and restricted stock units | 3,859 | 2,569 | 2,211 | |||||||||
Denominator for diluted earnings per share | 86,731 | 85,403 | 83,495 | |||||||||
Net income per share: | ||||||||||||
Basic | $ | 2.38 | $ | 0.96 | $ | 2.22 | ||||||
Diluted | $ | 2.27 | $ | 0.93 | $ | 2.16 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||
As of | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
Potentially dilutive securities: | (In thousands) | |||||||||||
Employee stock options | 2,502 | 6,634 | 7,937 | |||||||||
Restricted stock units | 112 | — | 369 | |||||||||
Total | 2,614 | 6,634 | 8,306 | |||||||||
Note_12_StockBased_Compensatio1
Note 12 Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Sep. 27, 2014 | |||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||
Stock options | $ | 9,820 | $ | 10,506 | $ | 10,084 | |||||||||
Restricted stock units | 8,969 | 7,018 | 7,915 | ||||||||||||
Total | $ | 18,789 | $ | 17,524 | $ | 17,999 | |||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
(In thousands) | |||||||||||||||
Cost of sales | $ | 5,849 | $ | 5,464 | $ | 4,504 | |||||||||
Selling, general & administrative | 12,861 | 11,942 | 13,363 | ||||||||||||
Research & development | 79 | 118 | 132 | ||||||||||||
Total | $ | 18,789 | $ | 17,524 | $ | 17,999 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
Year Ended | |||||||||||||||
September 27, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Volatility | 67.6 | % | 86 | % | 85.8 | % | |||||||||
Risk-free interest rate | 1.5 | % | 0.7 | % | 0.9 | % | |||||||||
Dividend yield | — | — | — | ||||||||||||
Expected life of options | 5 | 5 | 5 | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value of In-The-Money Options | ||||||||||||
($) | (Years) | ($) | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Outstanding as of October 1, 2011 | 10,922 | 13.85 | 6.89 | 14,195 | |||||||||||
Granted | 1,775 | 9.61 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (1,422 | ) | 14.08 | ||||||||||||
Outstanding as of September 29, 2012 | 11,275 | 13.15 | 6.54 | 18,548 | |||||||||||
Granted | 975 | 8.83 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (2,688 | ) | 13.36 | ||||||||||||
Outstanding as of September 28, 2013 | 9,562 | 12.65 | 5.99 | 62,825 | |||||||||||
Granted | 648 | 15.89 | |||||||||||||
Exercised/Cancelled/Forfeited/Expired | (2,029 | ) | 12.67 | ||||||||||||
Outstanding as of September 27, 2014 | 8,181 | 12.9 | 5.3 | 93,767 | |||||||||||
Vested and expected to vest as of September 27, 2014 | 8,029 | 12.93 | 5.25 | 91,888 | |||||||||||
Exercisable as of September 27, 2014 | 6,539 | 13.22 | 4.6 | 73,555 | |||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||
The following table summarizes information regarding stock options outstanding at September 27, 2014: | |||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||
Range of Weighted Exercise Prices | Number | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||
Outstanding | (Years) | ($) | ($) | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
$1.50-$7.30 | 1,158 | 4.69 | 3.66 | 1,142 | 3.62 | ||||||||||
$7.31-$8.76 | 1,416 | 7.28 | 8.57 | 715 | 8.6 | ||||||||||
$8.77-$10.80 | 1,563 | 5.88 | 9.37 | 1,293 | 9.11 | ||||||||||
$10.81-$15.76 | 1,561 | 6.36 | 12.99 | 1,087 | 12.14 | ||||||||||
$15.77-$21.11 | 620 | 6.79 | 16.42 | 446 | 16.34 | ||||||||||
$21.12-$21.41 | 1,204 | 2.67 | 21.12 | 1,204 | 21.12 | ||||||||||
$21.42-$53.28 | 659 | 1.69 | 28.25 | 652 | 28.32 | ||||||||||
$1.50-$53.28 | 8,181 | 5.3 | 12.9 | 6,539 | 13.22 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||
Number of Shares | Weighted Grant-Date Fair Value Per Share | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||
($) | (Years) | ($) | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Outstanding as of October 1, 2011 | 1,838 | 11.42 | 1.63 | 14,249 | |||||||||||
Granted | 790 | 6.16 | |||||||||||||
Vested/Forfeited/Cancelled | (398 | ) | 11.69 | ||||||||||||
Outstanding as of September 29, 2012 | 2,230 | 9.51 | 1.08 | 21,272 | |||||||||||
Granted | 1,167 | 9.42 | |||||||||||||
Vested/Forfeited/Cancelled | (1,629 | ) | 7.93 | ||||||||||||
Outstanding as of September 28, 2013 | 1,768 | 10.9 | 2.02 | 31,052 | |||||||||||
Granted | 1,204 | 17.16 | |||||||||||||
Vested/Forfeited/Cancelled | (631 | ) | 13.99 | ||||||||||||
Outstanding as of September 27, 2014 | 2,341 | 13.29 | 2.01 | 56,064 | |||||||||||
Expected to vest as of September 27, 2014 | 1,628 | 13.59 | 1.88 | 38,984 | |||||||||||
Note_13_Stockholders_Equity_Ta
Note 13 Stockholders Equity (Tables) | 12 Months Ended | |||||||
Sep. 27, 2014 | ||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||
As of | ||||||||
September 27, | September 28, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Foreign currency translation adjustments | $ | 100,090 | $ | 104,648 | ||||
Unrealized holding losses on derivative financial instruments | (575 | ) | (4,325 | ) | ||||
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans | (16,599 | ) | (16,022 | ) | ||||
Total | $ | 82,916 | $ | 84,301 | ||||
Note_14_Other_Income_Expense_N1
Note 14 Other Income (Expense), Net (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||
The following table summarizes the major components of other income (expense), net (in thousands): | ||||||||||||
Year ended | ||||||||||||
September 27, | September 28, | September 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Foreign exchange losses | $ | (1,962 | ) | $ | (3,091 | ) | $ | (4,144 | ) | |||
Loss from dedesignation of interest rate swap (1) | — | (14,903 | ) | — | ||||||||
Other, net | 5,068 | 5,162 | 3,853 | |||||||||
Total | $ | 3,106 | $ | (12,832 | ) | $ | (291 | ) | ||||
(1) Represents loss from dedesignation of interest rate swaps associated with variable-rate debt. Refer to Note 5 for further discussion. |
Note_15_Employee_Benefit_Plans1
Note 15 Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
Changes in benefit obligations for the plans described above were as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
Change in Benefit Obligations | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Beginning projected benefit obligation | $ | 26,702 | $ | 44,590 | $ | 29,601 | $ | 35,171 | $ | 26,885 | $ | 25,396 | |||||||||||||
Service cost | — | 1,172 | — | 1,144 | — | 666 | |||||||||||||||||||
Interest cost | 966 | 1,771 | 791 | 1,721 | 1,027 | 1,388 | |||||||||||||||||||
Actuarial (gain) loss | 1,998 | 4,187 | (2,050 | ) | 3,561 | 4,121 | 9,729 | ||||||||||||||||||
Benefits paid | (660 | ) | (912 | ) | (674 | ) | (1,083 | ) | (2,432 | ) | (722 | ) | |||||||||||||
Other (1) | (1,655 | ) | (1,755 | ) | (966 | ) | 4,076 | — | (1,286 | ) | |||||||||||||||
Ending projected benefit obligation | $ | 27,351 | $ | 49,053 | $ | 26,702 | $ | 44,590 | $ | 29,601 | $ | 35,171 | |||||||||||||
Ending accumulated benefit obligation | $ | 27,351 | $ | 44,363 | $ | 26,702 | $ | 40,072 | $ | 29,601 | $ | 31,917 | |||||||||||||
-1 | Related to miscellaneous items such as settlements, curtailments, foreign exchange movements, etc. | ||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Changes in plan assets and funded status for the plans described above were as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
Change in Plan Assets | U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||
Beginning fair value | $ | 20,767 | $ | 28,255 | $ | 20,443 | $ | 24,853 | $ | 18,809 | $ | 26,087 | |||||||||||||
Actual return | 3,020 | 930 | 1,964 | 1,239 | 2,466 | 1,144 | |||||||||||||||||||
Employer contributions | — | 394 | — | 589 | 1,600 | 295 | |||||||||||||||||||
Benefits paid | (660 | ) | (912 | ) | (674 | ) | (1,083 | ) | (2,432 | ) | (722 | ) | |||||||||||||
Actuarial gain (loss) | — | 1,789 | — | 1,397 | — | (463 | ) | ||||||||||||||||||
Settlements | (1,655 | ) | — | (966 | ) | — | — | — | |||||||||||||||||
Foreign currency exchange rate differences | — | (1,407 | ) | — | 1,260 | — | (1,488 | ) | |||||||||||||||||
Ending fair value | $ | 21,472 | $ | 29,049 | $ | 20,767 | $ | 28,255 | $ | 20,443 | $ | 24,853 | |||||||||||||
Underfunded Status | $ | (5,879 | ) | $ | (20,004 | ) | $ | (5,935 | ) | $ | (16,335 | ) | $ | (9,158 | ) | $ | (10,318 | ) | |||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted-average asset allocations by asset category for the U.S. and non-U.S. plans were as follows: | |||||||||||||||||||||||||
U.S. | Non-U.S. | ||||||||||||||||||||||||
Level 1 | Level 1 | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
Target | September 27, 2014 | September 28, 2013 | Target | September 27, 2014 | September 28, 2013 | ||||||||||||||||||||
Equity securities | 51 | % | 51 | % | 52 | % | 20 | % | 28.6 | % | 25.2 | % | |||||||||||||
Debt securities | 49 | % | 49 | % | 46.3 | % | 80 | % | 67.3 | % | 69.8 | % | |||||||||||||
Cash | — | % | — | % | 1.7 | % | — | % | 4.1 | % | 5 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||||||
The funded status of the plans, reconciled to the amount reported on the consolidated balance sheets, is as follows (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Components of Net Amount Recognized on Consolidated Balance Sheets: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | (894 | ) | $ | — | $ | (615 | ) | $ | — | $ | (395 | ) | ||||||||||
Non-current liabilities | (5,879 | ) | (19,110 | ) | (5,935 | ) | (15,720 | ) | (9,158 | ) | (9,923 | ) | |||||||||||||
Net asset (liability) recognized on Consolidated Balance Sheets | $ | (5,879 | ) | $ | (20,004 | ) | $ | (5,935 | ) | $ | (16,335 | ) | $ | (9,158 | ) | $ | (10,318 | ) | |||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Amounts recognized in AOCI (pre-tax) consisted of (in thousands): | |||||||||||||||||||||||||
As of September 27, 2014 | As of September 28, 2013 | As of September 29, 2012 | |||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Unrecognized transition obligation | $ | — | $ | 8 | $ | — | $ | 32 | — | $ | 55 | ||||||||||||||
Unrecognized net actuarial loss | 5,255 | 11,819 | 6,151 | 10,381 | 10,674 | 8,631 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 5,255 | $ | 11,827 | $ | 6,151 | $ | 10,413 | $ | 10,674 | $ | 8,686 | |||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||||||||||
Estimated future benefit payments are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | $ | 8,204 | |||||||||||||||||||||||
2016 | $ | 4,041 | |||||||||||||||||||||||
2017 | $ | 3,878 | |||||||||||||||||||||||
2018 | $ | 4,158 | |||||||||||||||||||||||
2019 | $ | 4,230 | |||||||||||||||||||||||
Years 2020 through 2023 | $ | 21,991 | |||||||||||||||||||||||
Projected Benefit Obligation | ' | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted-average actuarial assumptions used to determine benefit obligations were as follows: | |||||||||||||||||||||||||
U.S. Pensions | Non-U.S. Pensions | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.12 | % | 3.78 | % | 3.58 | % | 4.14 | % | |||||||||||||||||
Rate of compensation increases | — | % | — | % | 2.59 | % | 3.29 | % | |||||||||||||||||
Benefit Costs | ' | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit costs were as follows: | |||||||||||||||||||||||||
U.S. Pensions | Non-U.S. Pensions | ||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||
September 27, | September 28, | September 27, | September 28, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.78 | % | 2.75 | % | 4.14 | % | 4.39 | % | |||||||||||||||||
Expected return on plan assets | 4.5 | % | 4 | % | 3.5 | % | 3.5 | % | |||||||||||||||||
Rate of compensation increases | — | % | — | % | 3.29 | % | 0.97 | % |
Note_16_Business_Segment_Geogr1
Note 16 Business Segment, Geographic and Customer Information (Tables) | 12 Months Ended | |||||||||||
Sep. 27, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
(In thousands) | ||||||||||||
Gross sales: | ||||||||||||
IMS | $ | 4,933,714 | $ | 4,766,670 | $ | 4,968,983 | ||||||
CPS | 1,514,340 | 1,335,510 | 1,265,855 | |||||||||
Intersegment revenue | (231,092 | ) | (185,056 | ) | (141,504 | ) | ||||||
Unallocated items (1) | $ | (1,856 | ) | $ | — | $ | — | |||||
Net Sales | $ | 6,215,106 | $ | 5,917,124 | $ | 6,093,334 | ||||||
Gross Profit: | ||||||||||||
IMS | $ | 339,909 | $ | 291,664 | $ | 329,267 | ||||||
CPS | 155,974 | 144,725 | 111,448 | |||||||||
Total | 495,883 | 436,389 | 440,715 | |||||||||
Unallocated items (1) | (7,600 | ) | (9,572 | ) | (4,933 | ) | ||||||
Total | $ | 488,283 | $ | 426,817 | $ | 435,782 | ||||||
Depreciation and amortization: | ||||||||||||
IMS | $ | 50,933 | $ | 54,531 | $ | 54,711 | ||||||
CPS | 38,420 | 32,802 | 35,641 | |||||||||
Total | 89,353 | 87,333 | 90,352 | |||||||||
Unallocated corporate items (2) | 8,324 | 8,688 | 9,125 | |||||||||
Total | $ | 97,677 | $ | 96,021 | $ | 99,477 | ||||||
Capital expenditures: | ||||||||||||
IMS | $ | 47,103 | $ | 44,080 | $ | 39,962 | ||||||
CPS | 27,724 | 25,542 | 40,150 | |||||||||
Total | 74,827 | 69,622 | 80,112 | |||||||||
Unallocated corporate items (2) | 4,635 | 3,447 | 1,787 | |||||||||
Total | $ | 79,462 | $ | 73,069 | $ | 81,899 | ||||||
(1) For purposes of evaluating segment performance, management excludes certain items from its measures of revenue and gross profit. These items include stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and similar items that either occur infrequently or are of a non-operational nature. | ||||||||||||
(2) Primarily related to selling, general and administration functions. | ||||||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Long-lived assets (including assets held for sale): | ||||||||||||
IMS | $ | 309,922 | $ | 287,907 | ||||||||
CPS | 213,266 | 204,905 | ||||||||||
Total | 523,188 | 492,812 | ||||||||||
Unallocated corporate items (1) | 51,466 | 51,722 | ||||||||||
Total | $ | 574,654 | $ | 544,534 | ||||||||
(1) Primarily related to selling, general and administration functions. | ||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | |||||||||||
Year Ended | ||||||||||||
September 27, 2014 | September 28, 2013 | September 29, 2012 | ||||||||||
(In thousands) | ||||||||||||
Net sales: | ||||||||||||
Domestic | $ | 1,041,892 | $ | 1,074,529 | $ | 1,106,446 | ||||||
Mexico | 1,693,564 | 1,433,799 | 1,296,690 | |||||||||
China | 1,564,389 | 1,501,632 | 1,667,095 | |||||||||
Other international | 1,915,261 | 1,907,164 | 2,023,103 | |||||||||
Total | $ | 6,215,106 | $ | 5,917,124 | $ | 6,093,334 | ||||||
Percentage of net sales represented by ten largest customers | 50.3 | % | 50.3 | % | 49.7 | % | ||||||
Number of customers representing 10 % or more of net sales | — | 1 | 1 | |||||||||
Schedule of Long-lived Assets by Geographic Areas [Table Text Block] | ' | |||||||||||
As of | ||||||||||||
September 27, | September 28, | |||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Long-lived assets (including assets held for sale): | ||||||||||||
Domestic | $ | 147,298 | $ | 147,773 | ||||||||
Mexico | 168,712 | 125,552 | ||||||||||
China | 89,380 | 88,160 | ||||||||||
Other international | 169,264 | 183,049 | ||||||||||
Total | $ | 574,654 | $ | 544,534 | ||||||||
Note_17_Acquisition_Tables
Note 17 Acquisition (Tables) | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Q1 2014 Acquisition | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
(In thousands) | ||||
Current assets | $ | 7,343 | ||
Noncurrent assets (including tangible assets of $34.7 million) | 48,588 | |||
Current liabilities | (1,870 | ) | ||
Total | $ | 54,061 | ||
Q3 2014 Acquisition | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
(In thousands) | ||||
Current assets | $ | 27,376 | ||
Noncurrent assets | 14,789 | |||
Current liabilities | (1,929 | ) | ||
Total | $ | 40,236 | ||
Note_2_Cash_and_Cash_Equivalen
Note 2 Cash and Cash Equivalents (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' |
Cash balances | $466,171 | $402,439 | ' | ' |
Money market funds | 436 | 436 | ' | ' |
Total Cash and Cash Equivalents | $466,607 | $402,875 | $409,618 | $640,288 |
Note_2_Accounts_Receivable_Det
Note 2 Accounts Receivable (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Accounts receivable allowances | $10,278 | $11,735 |
Note_2_Property_Plant_and_Equi
Note 2 Property Plant and Equipment (Details) | 12 Months Ended |
Sep. 27, 2014 | |
Leasehold Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Depreciation Methods | 'straight-line basis over the shorter of the lease term or useful life of the asset |
Minimum | Building | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life In Years | '20 years 0 months 0 days |
Minimum | Machinery, Equipment, Furniture and Fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life In Years | '3 years 0 months 0 days |
Maximum | Building | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life In Years | '40 years 0 months 0 days |
Maximum | Machinery, Equipment, Furniture and Fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life In Years | '15 years 0 months 0 days |
Note_3_Inventory_Details
Note 3 Inventory (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $628,860 | $526,148 |
Work-in-process | 102,618 | 96,482 |
Finished goods | 161,700 | 158,930 |
Total | $893,178 | $781,560 |
Note_3_Property_Plant_and_Equi
Note 3 Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $2,085,352,000 | $2,066,151,000 | ' |
Accumulated Depreciation and Amortization | -1,522,336,000 | -1,526,000,000 | ' |
Property, plant and equipment, net | 563,016,000 | 540,151,000 | ' |
Depreciation Expense | 93,800,000 | 94,100,000 | 96,300,000 |
Machinery and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 1,430,057,000 | 1,416,401,000 | ' |
Land and buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 560,990,000 | 564,194,000 | ' |
Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 55,463,000 | 54,519,000 | ' |
Furniture and Fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 20,507,000 | 19,088,000 | ' |
Construction in Progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $18,335,000 | $11,949,000 | ' |
Note_3_Warranty_Reserve_Detail
Note 3 Warranty Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Beginning Warranty Accrual | $15,136 | $14,649 |
Additions to Accrual | 6,403 | 9,156 |
Accrual Utilized | -7,813 | -8,669 |
Ending Warranty Accrual | $13,726 | $15,136 |
Note_4_Financial_Assets_and_Li
Note 4 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 27, 2014 | Sep. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | $11,933 | $35,005 | ||
Prepaid Expenses and Other Current Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Prepaid expenses and other current assets | 3,219 | 1,133 | ||
Other Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Other assets | 2,988 | 22,512 | ||
Accrued Liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accrued liabilities (1) | -3,017 | [1] | -11,403 | [1] |
Money Market Funds | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | 436 | 436 | ||
Time Deposits | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | 11,497 | 34,569 | ||
Derivatives Designated as Hedging Instruments Under ASC 815 | Level 2 | Prepaid Expenses and Other Current Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Prepaid expenses and other current assets | 15 | 28 | ||
Derivatives Designated as Hedging Instruments Under ASC 815 | Level 2 | Other Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Other assets | ' | 22,512 | ||
Derivatives Designated as Hedging Instruments Under ASC 815 | Level 2 | Accrued Liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accrued liabilities (1) | -5 | [1] | -32 | [1] |
Derivatives Not Designated as Hedging Instruments Under ASC 815 | Level 2 | Prepaid Expenses and Other Current Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Prepaid expenses and other current assets | 3,204 | 1,105 | ||
Derivatives Not Designated as Hedging Instruments Under ASC 815 | Level 2 | Other Assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Other assets | 2,988 | ' | ||
Derivatives Not Designated as Hedging Instruments Under ASC 815 | Level 2 | Accrued Liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accrued liabilities (1) | ($3,012) | [1] | ($11,371) | [1] |
[1] | Liabilities, or credit balances, are presented as negative amounts |
Note_4_Assets_and_Liabilities_
Note 4 Assets and Liabilities Associated with Deferred Compensation Measured at Fair Value (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Recurring | ' | ' |
Assets and Liabilities Associated with Deferred Compensation Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Deferred Compensation Plan Assets | $12.50 | $11 |
Deferred Compensation Liability | $12.50 | $11 |
Note_4_Nonfinancial_Assets_Mea
Note 4 Non-financial Assets Measured at Fair Value on a Nonrecurring Basis (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Fair Value, Assets Measured on Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of assets | $0 | $2,100,000 | $2,390,000 |
Level 2 | Fair Value, Measurements, Nonrecurring | ' | ' | ' |
Fair Value, Assets Measured on Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets Held-for-sale | 11,600,000 | 4,400,000 | ' |
Impairment of assets | $0 | $2,100,000 | ' |
Note_5_Derivative_Financial_In2
Note 5 Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 2 Months Ended | ||||||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 27, 2014 | 24-May-14 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Oct. 01, 2011 | Nov. 13, 2014 | Nov. 13, 2014 | |
Pay variable receive fixed | Pay variable receive fixed | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | 2019 Notes | 2019 Notes | 2019 Notes | 2019 Notes | Senior Notes | Subsequent Event | Subsequent Event | ||||
Pay fixed receive variable | Pay fixed receive variable | Pay variable receive fixed | Interest Rate Swap | Interest Rate Swap | 2019 Notes | Interest Rate Swap | 2019 Notes | ||||||||
Pay variable receive fixed | |||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 500,000,000 | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | 257,000,000 | ' | ' | ' | ' | 500,000,000 | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' | 15-May-19 | ' | ' | ' | ' |
Type of Interest Rate Paid on Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR plus a spread | ' | ' | ' | ' |
Fixed Interest Rate | ' | ' | ' | ' | ' | 5.60% | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap asset at fair value | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Discontinuation of Fair Value Hedge Accounting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | 100,000,000 |
Derivative, Notional Amount Terminated | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from terminations of interest rate swaps | 16,492,000 | 0 | 0 | ' | ' | ' | ' | 16,492,000 | ' | ' | ' | ' | ' | 3,300,000 | ' |
Fair Value Adjustment | ' | ' | ' | ' | 20,700,000 | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' |
Carrying value adjustment derecognized upon debt extinguishment | ' | ' | ' | $16,500,000 | ' | ' | ' | ' | $16,500,000 | ' | ' | ' | ' | ' | $3,800,000 |
Note_5_Foreign_Currency_Forwar
Note 5 Foreign Currency Forward Contracts (Details) (Foreign Exchange Forward, USD $) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Derivatives Designated as Accounting Hedges | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | $114,157,000 | $100,679,000 |
Number of contracts | 42 | 41 |
Maximum Length of Time Hedged in Foreign Currency Cash Flow Hedge | '0 years 12 months 0 days | ' |
Derivatives Not Designated as Accounting Hedges | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 255,828,000 | 190,226,000 |
Number of contracts | 41 | 42 |
Maximum Remaining Maturity of Foreign Currency Derivatives | '0 years 2 months 0 days | ' |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($800,000) | ($4,700,000) |
Note_5_Effect_of_Cash_Flow_Hed
Note 5 Effect of Cash Flow Hedging Relationships (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion) | $0 | ($14,903) | $0 |
Interest Rate Swap | Other income (expense), net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion) | ' | -14,903 | ' |
Cash Flow Hedges | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 64 | 1,008 | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -3,686 | -5,274 | ' |
Cash Flow Hedges | Interest Rate Swap | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | 96 | ' |
Cash Flow Hedges | Interest Rate Swap | Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -318 | -6,587 | ' |
Cash Flow Hedges | Interest Rate Swap | Income tax expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -3,315 | ' | ' |
Cash Flow Hedges | Foreign Exchange Forward | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 64 | 912 | ' |
Cash Flow Hedges | Foreign Exchange Forward | Net Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | -71 | -364 | ' |
Cash Flow Hedges | Foreign Exchange Forward | Cost of sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 48 | 1,603 | ' |
Cash Flow Hedges | Foreign Exchange Forward | Selling, general and administrative | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | ($30) | $74 | ' |
Note_6_Concentration_of_Credit
Note 6 Concentration of Credit Risk (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Financial Instruments and Concentration of Credit Risk [Abstract] | ' | ' | ' |
Number of Customers Representing More Than 10% of Net Sales | 0 | 1 | 1 |
Number of Customers Representing 10% Or More of Gross Accounts Receivable | 1 | 2 | ' |
Note_7_Debt_Schedule_Details
Note 7 Debt Schedule (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Non-interest bearing notes payable | $15,097 | $0 | ||
Total long-term debt | 533,854 | 562,512 | ||
Long-term debt | 386,681 | 562,512 | ||
2019 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 100,000 | 500,000 | ||
2019 Notes | Interest Rate Swap | Amortizable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fair Value Adjustment | 3,757 | [1] | ' | |
2019 Notes | Interest Rate Swap | Non-amortizable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fair Value Adjustment | ' | 22,512 | [1] | |
Secured Notes due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured Debt | 375,000 | 0 | ||
Debt due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured Debt | 40,000 | 40,000 | ||
Current portion | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Non-interest bearing notes payable | 3,416 | ' | ||
Current portion | 2019 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Notes | 100,000 | ' | ||
Current portion | 2019 Notes | Interest Rate Swap | Amortizable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Fair Value Adjustment | 3,757 | ' | ||
Current portion | Debt due 2015 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured Debt | $40,000 | ' | ||
[1] | Represents fair value hedge accounting adjustment related to interest rate swaps. See Note 5 for discussion. |
Note_7_Debt_Detail_Details
Note 7 Debt Detail (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 2 Months Ended | |||||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Jun. 28, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 27, 2014 | Oct. 01, 2011 | Sep. 27, 2014 | Sep. 27, 2014 | Sep. 27, 2014 | Nov. 13, 2014 | Nov. 13, 2014 | |
Secured Notes due 2019 | Secured Notes due 2019 | 2019 Notes | Non-interest bearing notes payable | Senior Notes | Senior Notes | Secured Debt | Redemption premium | Third party cost | Subsequent Event | Subsequent Event | ||||
2019 Notes | 2019 Notes | Debt Due 2015 | 2019 Notes | 2019 Notes | 2019 Notes | Redemption premium | ||||||||
2019 Notes | ||||||||||||||
Face value of debt | ' | ' | ' | $375,000,000 | ' | ' | $17,100,000 | ' | $500,000,000 | $40,000,000 | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | 1-Jun-19 | ' | ' | 15-May-19 | ' | 31-Jul-15 | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 4.38% | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' |
Interest Rate Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus a spread or the bank's prime rate plus a spread, | ' | ' | ' | ' |
Frequency of Periodic Payment | ' | ' | ' | ' | 'semi-annually in arrears | ' | ' | 'semi-annually in arrears | ' | ' | ' | ' | ' | ' |
Payments of Debt Issuance Costs | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Call Feature | ' | ' | ' | ' | 'All or any portion of the Secured Notes may be redeemed, at any time, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Secured Notes redeemed plus accrued and unpaid interest, plus a make-whole premium.B In addition, prior to JuneB 1, 2017, the Company may redeem up to 35% of the aggregate principal amount of the Secured Notes outstanding at a redemption price equal to 104.375% of the principal amount, plus accrued and unpaid interest, with the proceeds of certain equity offerings. Following a change of control, as defined in the Indenture, the Company will be required to make an offer to repurchase all of the Secured Notes at a purchase price of 101% of the principal amount of the Secured Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Loss on extinguishments of debt | 11,778,000 | 1,401,000 | 16,937,000 | ' | ' | 11,778,000 | ' | ' | ' | ' | ' | ' | 2,900,000 | ' |
Write-off of Unamortized Debt Issuance Cost | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | 1,400,000 | ' |
Payments of Debt Extinguishment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,800,000 | 500,000 | ' | 5,300,000 |
Carrying value adjustment derecognized upon debt extinguishment | ' | ' | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' | 3,800,000 | ' |
Discounted value of notes issued | $14,789,000 | $0 | $0 | ' | ' | ' | $14,789,000 | ' | ' | ' | ' | ' | ' | ' |
Note_7_Line_of_Credit_Facility
Note 7 Line of Credit Facility (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Sep. 27, 2014 | |
Revolving Credit Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum Borrowing Capacity | ' | $300,000,000 |
Additional Credit Line | ' | 200,000,000 |
Facility Expiration Date | ' | 16-Mar-17 |
Interest Rate Description | ' | 'LIBOR or a base rate equal to Bank of America, N.A.'s announced prime rate, in each case plus a spread |
Debt Issuance Cost | 2,700,000 | ' |
Amount Outstanding | ' | 0 |
Letters of Credit Outstanding, Amount | ' | 21,800,000 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 278,200,000 |
Foreign Line of Credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum Borrowing Capacity | ' | 74,000,000 |
Facility Expiration Date | ' | 3-Oct-15 |
Amount Outstanding | ' | 0 |
Letter of Credit | Revolving Credit Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum Borrowing Capacity | ' | $100,000,000 |
Note_7_Debt_Maturities_Details
Note 7 Debt Maturities (Details) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2016 | $3,416 |
2017 | 3,416 |
2018 | 3,416 |
2019 | 378,415 |
Thereafter | $0 |
Note_8_Commitment_Details
Note 8 Commitment (Details) (USD $) | 12 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Nov. 13, 2014 | |
Subsequent Event | ||||
Other Commitments [Line Items] | ' | ' | ' | ' |
2015 | $22,881,000 | ' | ' | ' |
2016 | 16,564,000 | ' | ' | ' |
2017 | 11,426,000 | ' | ' | ' |
2018 | 7,371,000 | ' | ' | ' |
2019 | 3,068,000 | ' | ' | ' |
Thereafter | 23,488,000 | ' | ' | ' |
Total minimum lease payments | 84,798,000 | ' | ' | ' |
Operating Leases, Rent Expense, Net | 29,500,000 | 33,700,000 | 32,900,000 | ' |
Purchase Commitment | ' | ' | ' | $22,800,000 |
Note_8_Loss_Contingency_Detail
Note 8 Loss Contingency (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Nov. 13, 2014 |
In Millions, unless otherwise specified | Subsequent Event | ||
Collectibility of Receivables | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Loss Contingency Accrual | $24.80 | $22.20 | ' |
Other Loss Contingency | ' | ' | $1.90 |
Note_9_Income_Loss_Before_Inco
Note 9 Income (Loss) Before Income Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $92,961 | $3,517 | ($7,548) |
Foreign | 68,778 | 99,889 | 57,491 |
Income before income taxes | 161,739 | 103,406 | 49,943 |
Federal: | ' | ' | ' |
Current | 5,889 | 0 | -3,223 |
Deferred | -43,789 | -6,611 | -154,292 |
State: | ' | ' | ' |
Current | -100 | 1,388 | -124 |
Deferred | -1,251 | -189 | -4,408 |
Foreign: | ' | ' | ' |
Current | 27,937 | 31,249 | 28,928 |
Deferred | -24,112 | -1,782 | 2,828 |
Total provision for (benefit from) income taxes | ($35,426) | $24,055 | ($130,291) |
Note_9_Deferred_Tax_Assets_and
Note 9 Deferred Tax Assets and Liabilities (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
U.S. net operating loss carryforwards | $452,754 | $473,025 |
Foreign net operating loss carryforwards | 298,693 | 307,404 |
Acquisition related intangibles | 58,442 | 73,205 |
Accruals not currently deductible | 62,148 | 50,835 |
Property, plant and equipment | 23,754 | 20,557 |
Tax credit carryforwards | 9,155 | 24,330 |
Reserves not currently deductible | 18,612 | 22,588 |
Stock compensation expense | 14,173 | 13,970 |
Unrealized losses | 4,417 | 4,437 |
Other | 745 | 132 |
Valuation allowance | -663,193 | -788,260 |
Total deferred tax assets | 279,700 | 202,223 |
Deferred tax liabilities on foreign earnings | -19,872 | -19,873 |
Other deferred tax liabilities | -9,521 | -1,195 |
Net deferred tax assets | 250,307 | 181,155 |
Recorded as: | ' | ' |
Current deferred tax assets | 37,738 | 23,276 |
Non-current deferred tax assets | 217,645 | 157,879 |
Non-current deferred tax liabilities | -5,076 | 0 |
Net deferred tax assets | $250,307 | $181,155 |
Note_9_Effective_Tax_Rate_Deta
Note 9 Effective Tax Rate (Details) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
Federal tax at statutory rate | 35.00% | 35.00% | 35.00% |
Effect of foreign operations | -4.34% | -8.17% | 21.73% |
Foreign income inclusion | 1.17% | 4.08% | 10.48% |
Change in valuation allowance | -4.23% | 11.54% | -6.74% |
Permanent items | 2.69% | 0.26% | 3.11% |
Change to other comprehensive income | 2.05% | 0.00% | -6.64% |
Release of valuation allowance | -54.18% | -20.79% | -317.76% |
State income taxes, net of federal benefit | -0.06% | 1.34% | -0.06% |
Effective tax rate | -21.90% | 23.26% | -260.88% |
Note_9_Income_Tax_Detail_Detai
Note 9 Income Tax Detail (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Loss Carryforwards [Abstract] | ' | ' | ' |
Operating Loss Carryforwards, Limitations on Use | '$6.8 million of federal net operating losses subject to an annual limitation and may utilize approximately $1.7 million of these net operating losses each year. | ' | ' |
Operating Loss Carryforwards, Expiration At Various Dates Through | 30-Sep-33 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $543.60 | ' | ' |
Release of Valuation Allowance | 'released $87.6 million and $21.5 million of the valuation allowance attributable to certain U.S. and foreign deferred tax assets and net operating losses during 2014 and 2013, respectively | ' | ' |
Federal | ' | ' | ' |
Operating Loss Carryforwards [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 1,207.20 | ' | ' |
State | ' | ' | ' |
Operating Loss Carryforwards [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 888.9 | ' | ' |
Foreign | ' | ' | ' |
Operating Loss Carryforwards [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | 1,076.80 | ' | ' |
Income Tax Holiday [Abstract] | ' | ' | ' |
Income Tax Holiday, Aggregate Dollar Amount | $0.70 | $1.50 | $3.10 |
Income Tax Holiday, Income Tax Benefits Per Share | $0.01 | $0.02 | $0.04 |
Singapore | ' | ' | ' |
Income Tax Holiday [Abstract] | ' | ' | ' |
Income Tax Holiday, Termination Date | '2012 | ' | ' |
China and Thailand | ' | ' | ' |
Income Tax Holiday [Abstract] | ' | ' | ' |
Income Tax Holiday, Termination Date | '2013 | ' | ' |
India | ' | ' | ' |
Income Tax Holiday [Abstract] | ' | ' | ' |
Income Tax Holiday, Termination Date | '2019 | ' | ' |
Note_9_Unrecognized_Tax_Benefi
Note 9 Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Income Tax Uncertainties [Abstract] | ' | ' | ' |
Balance, beginning of year | $65,148,000 | $54,224,000 | ' |
Increase related to prior year tax positions | 0 | 13,238,000 | ' |
Decrease related to prior year tax positions | -11,274,000 | -5,672,000 | ' |
Increase related to current year tax positions | 4,993,000 | 3,358,000 | ' |
Settlement | -4,630,000 | 0 | ' |
Balance, end of year | 54,237,000 | 65,148,000 | 54,224,000 |
Unrecognized Tax Benefits, Reserve for Penalties and Interest | 31,900,000 | ' | ' |
Unrecognized Tax Benefits, Penalties and Interest accrued during the year | $5,600,000 | $1,900,000 | $5,600,000 |
Note_10_Restructuring_Rollforw
Note 10 Restructuring Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning restructuring reserve | $6,278 | $14,992 | $7,743 |
Restructuring charges | 12,550 | 24,910 | 31,371 |
Ending restructuring reserve | 6,484 | 6,278 | 14,992 |
Employee severance and benefits | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring charges | 329 | 2,784 | 12,445 |
Charges Utilized | -892 | -12,614 | -7,093 |
Leases and facilities shutdown costs | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring charges | 10,727 | 17,785 | 15,010 |
Charges Utilized | -9,958 | -16,669 | -13,113 |
Non-cash charges | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring charges | 1,494 | 4,341 | 6,878 |
Non-cash charges | ($1,494) | ($4,341) | ($6,878) |
Note_10_Restructuring_Costs_Se
Note 10 Restructuring Costs Segment Disclosure (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $12,550 | $24,910 | $31,371 |
IMS | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $8,300 | $11,900 | $19,000 |
Note_11_Earnings_Per_Share_Det
Note 11 Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' |
Net income | $197,165 | $79,351 | $180,234 |
Potentially dilutive securities | 2,614 | 6,634 | 8,306 |
Weighted average shares used in computing per share amount: | ' | ' | ' |
Weighted average common shares outstanding | 82,872 | 82,834 | 81,284 |
Effect of dilutive stock options and restricted stock units | 3,859 | 2,569 | 2,211 |
Denominator for diluted earnings per share | 86,731 | 85,403 | 83,495 |
Net income per share: | ' | ' | ' |
Basic | $2.38 | $0.96 | $2.22 |
Diluted | $2.27 | $0.93 | $2.16 |
Stock Options | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities | 2,502 | 6,634 | 7,937 |
Restricted stock units | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities | 112 | 0 | 369 |
Note_12_ShareBased_Compensatio
Note 12 Share-Based Compensation Arrangements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Share-based Compensation [Line Items] | ' | ' | ' |
Share-based Compensation | $18,789 | $17,524 | $17,999 |
Stock Options | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Share-based Compensation | 9,820 | 10,506 | 10,084 |
Restricted stock units | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Share-based Compensation | 8,969 | 7,018 | 7,915 |
Cost of Sales | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 5,849 | 5,464 | 4,504 |
Selling, general & administrative | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 12,861 | 11,942 | 13,363 |
Research & development | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $79 | $118 | $132 |
Note_12_Fair_Value_Assumptions
Note 12 Fair Value Assumptions and Methodology (Details) (Stock Option) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Stock Option | ' | ' | ' |
Share-based Compensation [Line Items] | ' | ' | ' |
Volatility | 67.60% | 86.00% | 85.80% |
Risk-free interest rate | 1.50% | 0.70% | 0.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life of options | '5 years 0 months 0 days | '5 years 0 months 0 days | '5 years 0 months 0 days |
Note_12_Stock_Options_Outstand
Note 12 Stock Options Outstanding Rollforward (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Beginning outstanding | 9,562 | 11,275 | 10,922 | ' |
Granted | 648 | 975 | 1,775 | ' |
Exercised, cancelled, forfeited, expired | -2,029 | -2,688 | -1,422 | ' |
Ending outstanding | 8,181 | 9,562 | 11,275 | 10,922 |
Vested and expected to vest | 8,029 | ' | ' | ' |
Exercisable | 6,539 | ' | ' | ' |
Weighted Average Exercise Price, Options [Abstract] | ' | ' | ' | ' |
Beginning outstanding | $12.65 | $13.15 | $13.85 | ' |
Granted | $15.89 | $8.83 | $9.61 | ' |
Exercised, cancelled, forfeited, expired | $12.67 | $13.36 | $14.08 | ' |
Ending outstanding | $12.90 | $12.65 | $13.15 | $13.85 |
Vested and expected to vest | $12.93 | ' | ' | ' |
Exercisable | $13.22 | ' | ' | ' |
Weighted Average Remaining Contractual Term (Years) [Abstract] | ' | ' | ' | ' |
Outstanding | '5 years 3 months 20 days | '5 years 11 months 26 days | '6 years 6 months 13 days | '6 years 10 months 22 days |
Vested and expected to vest | '5 years 3 months 1 day | ' | ' | ' |
Exercisable | '4 years 7 months 7 days | ' | ' | ' |
Aggregate Intrinsic Value of In the Money Options | ' | ' | ' | ' |
Outstanding | $93,767 | $62,825 | $18,548 | $14,195 |
Vested and expected to vest | 91,888 | ' | ' | ' |
Exercisable | $73,555 | ' | ' | ' |
Note_12_Fair_Value_and_Intrins
Note 12 Fair Value and Intrinsic Value (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Weighted Average Grant Date Fair Value, intrinsic value of options exercised, fair value of shares vested [Abstract] | ' | ' | ' |
Weighted Average Grant Date Fair Value of Stock Options | $9.14 | $5.91 | $6.44 |
Weighted Average Grant Date Fair Value of Restricted Stock Units Granted | $17.16 | $9.42 | $6.16 |
Options Exercises in Period, Intrinsic Value | $18.30 | $12.10 | ' |
RSU Vested in Period, Fair Value | $9.20 | $8.30 | ' |
Note_12_Stock_Options_Outstand1
Note 12 Stock Options Outstanding (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 |
$1.50-$7.30 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,158 |
Weighted Average Remaining Contractual Life (Years) | '4 years 8 months 10 days |
Weighted Average Exercise Price ($) | $3.66 |
Number Exercisable | 1,142 |
Weighted Average Exercise Price ($) | $3.62 |
$7.31-$8.76 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,416 |
Weighted Average Remaining Contractual Life (Years) | '7 years 3 months 12 days |
Weighted Average Exercise Price ($) | $8.57 |
Number Exercisable | 715 |
Weighted Average Exercise Price ($) | $8.60 |
$8.77-$10.80 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,563 |
Weighted Average Remaining Contractual Life (Years) | '5 years 10 months 18 days |
Weighted Average Exercise Price ($) | $9.37 |
Number Exercisable | 1,293 |
Weighted Average Exercise Price ($) | $9.11 |
$10.81-$15.76 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,561 |
Weighted Average Remaining Contractual Life (Years) | '6 years 4 months 11 days |
Weighted Average Exercise Price ($) | $12.99 |
Number Exercisable | 1,087 |
Weighted Average Exercise Price ($) | $12.14 |
$15.77-$21.11 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 620 |
Weighted Average Remaining Contractual Life (Years) | '6 years 9 months 16 days |
Weighted Average Exercise Price ($) | $16.42 |
Number Exercisable | 446 |
Weighted Average Exercise Price ($) | $16.34 |
$21.12-$21.41 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 1,204 |
Weighted Average Remaining Contractual Life (Years) | '2 years 8 months 3 days |
Weighted Average Exercise Price ($) | $21.12 |
Number Exercisable | 1,204 |
Weighted Average Exercise Price ($) | $21.12 |
$21.42-$53.28 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 659 |
Weighted Average Remaining Contractual Life (Years) | '1 year 8 months 10 days |
Weighted Average Exercise Price ($) | $28.25 |
Number Exercisable | 652 |
Weighted Average Exercise Price ($) | $28.32 |
$1.50-$53.28 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 8,181 |
Weighted Average Remaining Contractual Life (Years) | '5 years 3 months 20 days |
Weighted Average Exercise Price ($) | $12.90 |
Number Exercisable | 6,539 |
Weighted Average Exercise Price ($) | $13.22 |
Note_12_Restricted_Stock_Rollf
Note 12 Restricted Stock Rollforward (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Oct. 01, 2011 |
Awards, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Beginning outstanding | 1,768 | 2,230 | 1,838 | ' |
Granted | 1,204 | 1,167 | 790 | ' |
Vested/Cancelled | -631 | -1,629 | -398 | ' |
Ending outstanding | 2,341 | 1,768 | 2,230 | 1,838 |
Expected to vest | 1,628 | ' | ' | ' |
Weighted Average Grant Date Fair Value Restricted Stock [Abstract] | ' | ' | ' | ' |
Beginning outstanding | $10.90 | $9.51 | $11.42 | ' |
Granted | $17.16 | $9.42 | $6.16 | ' |
Vested/Cancelled | $13.99 | $7.93 | $11.69 | ' |
Ending outstanding | $13.29 | $10.90 | $9.51 | $11.42 |
Expected to vest | $13.59 | ' | ' | ' |
Weighted Average Remaining Contractual Term [Abstract] | ' | ' | ' | ' |
Outstanding | '2 years 0 months 4 days | '2 years 0 months 7 days | '1 year 0 months 29 days | '1 year 7 months 18 days |
Expected to vest | '1 year 10 months 18 days | ' | ' | ' |
Restricted Stock Unites Non vested Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Outstanding | $56,064 | $31,052 | $21,272 | $14,249 |
Expected to vest | $38,984 | ' | ' | ' |
Note_12_Unrecognized_Stockbase
Note 12 Unrecognized Stock-based Compensation Expense (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Stock Options | ' |
Unrecognized Compensation Cost [Line Items] | ' |
Unrecognized Compensation Expense | $9.70 |
Weighted Average Period of Recognition (Years) | '1 year 10 months 29 days |
Restricted stock units | ' |
Unrecognized Compensation Cost [Line Items] | ' |
Unrecognized Compensation Expense | 17 |
Weighted Average Period of Recognition (Years) | '1 year 8 months 15 days |
Performance Shares | Vesting not probable | ' |
Unrecognized Compensation Cost [Line Items] | ' |
Unrecognized Compensation Expense | $5.80 |
Note_13_2009_Incentive_Plan_De
Note 13 2009 Incentive Plan (Details) (2009 Incentive Plan) | Sep. 27, 2014 | Oct. 03, 2009 |
In Millions, unless otherwise specified | ||
2009 Incentive Plan | ' | ' |
Class of Stock [Line Items] | ' | ' |
Number of Shares Authorized | 18.1 | 7.5 |
Note_13_Shares_Authorized_for_
Note 13 Shares Authorized for Future Issuance and Available for Grant (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Shares Authorized for Future Issuance and Available for Grant [Abstract] | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | 13,700,000 | ' | ' |
Stock options and unvested restricted stock units outstanding | 10,500,000 | ' | ' |
Number of Shares Available for Future Grant | 3,200,000 | ' | ' |
Stock Repurchase Program, Authorized Amount | $100,000,000 | ' | ' |
Stock Repurchase Program, Additional Authorized Amount | 100,000,000 | ' | ' |
Stock Repurchased and Retired During Period, Shares | 4,159,000 | ' | ' |
Stock Repurchased and Retired During Period, Value | 75,038,000 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 125,000,000 | ' | ' |
Repurchases of Treasury Stock, Shares | 71,000 | 169,000 | 35,000 |
Repurchases of Treasury Stock, Value | $1,199,000 | $1,525,000 | $305,000 |
Note_13_Accumulated_Other_Comp
Note 13 Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | $100,090 | $104,648 |
Unrealized holding losses on derivative financial instruments | -575 | -4,325 |
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans | -16,599 | -16,022 |
Total | $82,916 | $84,301 |
Note_14_Other_Income_Expense_N2
Note 14 Other Income (Expense), Net (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |||
Components of Other Income (Expense), Net [Line Items] | ' | ' | ' | |||
Other Income (Expense), net | $3,106 | ($12,832) | ($291) | |||
Foreign exchange losses | ' | ' | ' | |||
Components of Other Income (Expense), Net [Line Items] | ' | ' | ' | |||
Other Income (Expense), net | -1,962 | -3,091 | -4,144 | |||
Loss from dedesignation of interest rate swap (1) | ' | ' | ' | |||
Components of Other Income (Expense), Net [Line Items] | ' | ' | ' | |||
Other Income (Expense), net | 0 | [1] | -14,903 | [1] | 0 | [1] |
Other, net | ' | ' | ' | |||
Components of Other Income (Expense), Net [Line Items] | ' | ' | ' | |||
Other Income (Expense), net | $5,068 | $5,162 | $3,853 | |||
[1] | Represents loss from dedesignation of interest rate swaps associated with variable-rate debt. Refer to Note 5 for further discussion. |
Note_15_Projected_Benefit_Obli
Note 15 Projected Benefit Obligation (Details) (USD $) | 12 Months Ended | |||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | |||
Amount Deferred Under Company Sponsored Deferred Compensation Plans | $1,900,000 | $1,600,000 | ' | |||
U.S. | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Ending accumulated benefit obligation | 27,351,000 | 26,702,000 | 29,601,000 | |||
U.S. | Projected Benefit Obligation | ' | ' | ' | |||
Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |||
Beginning projected benefit obligation | 26,702,000 | 29,601,000 | 26,885,000 | |||
Service cost | 0 | 0 | 0 | |||
Interest cost | 966,000 | 791,000 | 1,027,000 | |||
Actuarial (gain) loss | 1,998,000 | -2,050,000 | 4,121,000 | |||
Benefits Paid | -660,000 | -674,000 | -2,432,000 | |||
Other (1) | -1,655,000 | [1] | -966,000 | [1] | 0 | [1] |
Ending projected benefit obligation | 27,351,000 | 26,702,000 | 29,601,000 | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Discount Rate | 3.12% | 3.78% | ' | |||
Rate of Compensation Increase | 0.00% | 0.00% | ' | |||
Non-U.S. | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Ending accumulated benefit obligation | 44,363,000 | 40,072,000 | 31,917,000 | |||
Non-U.S. | Projected Benefit Obligation | ' | ' | ' | |||
Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |||
Beginning projected benefit obligation | 44,590,000 | 35,171,000 | 25,396,000 | |||
Service cost | 1,172,000 | 1,144,000 | 666,000 | |||
Interest cost | 1,771,000 | 1,721,000 | 1,388,000 | |||
Actuarial (gain) loss | 4,187,000 | 3,561,000 | 9,729,000 | |||
Benefits Paid | -912,000 | -1,083,000 | -722,000 | |||
Other (1) | -1,755,000 | [1] | 4,076,000 | [1] | -1,286,000 | [1] |
Ending projected benefit obligation | 49,053,000 | 44,590,000 | 35,171,000 | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Discount Rate | 3.58% | 4.14% | ' | |||
Rate of Compensation Increase | 2.59% | 3.29% | ' | |||
Fair Value, Measurements, Recurring | ' | ' | ' | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' | |||
Deferred Compensation Plan Assets | 12,500,000 | 11,000,000 | ' | |||
Deferred Compensation Liability | $12,500,000 | $11,000,000 | ' | |||
[1] | Related to miscellaneous items such as settlements, curtailments, foreign exchange movements, etc. |
Note_15_Plan_Assets_Details
Note 15 Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
U.S. | ' | ' | ' |
Over (under) Funded Status [Abstract] | ' | ' | ' |
Underfunded Status | ($5,879) | ($5,935) | ($9,158) |
U.S. | Plan Asset | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning fair value | 20,767 | 20,443 | 18,809 |
Actual return | 3,020 | 1,964 | 2,466 |
Employer contributions | 0 | 0 | 1,600 |
Benefits paid | -660 | -674 | -2,432 |
Actuarial gain (loss) | 0 | 0 | 0 |
Settlements | -1,655 | -966 | 0 |
Foreign currency exchange rate differences | 0 | 0 | 0 |
Ending fair value | 21,472 | 20,767 | 20,443 |
U.S. | Plan Asset | Cash | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 0.00% | ' | ' |
Actual | 0.00% | 1.70% | ' |
U.S. | Level 1 | Plan Asset | Equity securities | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 51.00% | ' | ' |
Actual | 51.00% | 52.00% | ' |
U.S. | Level 1 | Plan Asset | Debt securities | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 49.00% | ' | ' |
Actual | 49.00% | 46.30% | ' |
Non-U.S. | ' | ' | ' |
Over (under) Funded Status [Abstract] | ' | ' | ' |
Underfunded Status | -20,004 | -16,335 | -10,318 |
Non-U.S. | Plan Asset | ' | ' | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Beginning fair value | 28,255 | 24,853 | 26,087 |
Actual return | 930 | 1,239 | 1,144 |
Employer contributions | 394 | 589 | 295 |
Benefits paid | -912 | -1,083 | -722 |
Actuarial gain (loss) | 1,789 | 1,397 | -463 |
Foreign currency exchange rate differences | -1,407 | 1,260 | -1,488 |
Ending fair value | $29,049 | $28,255 | $24,853 |
Non-U.S. | Plan Asset | Cash | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 0.00% | ' | ' |
Actual | 4.10% | 5.00% | ' |
Non-U.S. | Level 1 | Plan Asset | Equity securities | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 20.00% | ' | ' |
Actual | 28.60% | 25.20% | ' |
Non-U.S. | Level 1 | Plan Asset | Debt securities | ' | ' | ' |
Weighted Average Asset Allocations by Asset Category [Abstract] | ' | ' | ' |
Target | 80.00% | ' | ' |
Actual | 67.30% | 69.80% | ' |
Note_15_Net_Amount_Recognized_
Note 15 Net Amount Recognized In Consolidated Balance Sheet (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
U.S. | ' | ' | ' |
Components of Net Amount Recognized on Consolidated Balance Sheets: | ' | ' | ' |
Current liabilities | $0 | $0 | $0 |
Non-current liabilities | -5,879 | -5,935 | -9,158 |
Net asset (liability) recognized on Consolidated Balance Sheets | -5,879 | -5,935 | -9,158 |
Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' | ' |
Unrecognized transition obligation | 0 | 0 | 0 |
Unrecognized net actuarial loss | 5,255 | 6,151 | 10,674 |
Accumulated other comprehensive loss | 5,255 | 6,151 | 10,674 |
Non-U.S. | ' | ' | ' |
Components of Net Amount Recognized on Consolidated Balance Sheets: | ' | ' | ' |
Current liabilities | -894 | -615 | -395 |
Non-current liabilities | -19,110 | -15,720 | -9,923 |
Net asset (liability) recognized on Consolidated Balance Sheets | -20,004 | -16,335 | -10,318 |
Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' | ' |
Unrecognized transition obligation | 8 | 32 | 55 |
Unrecognized net actuarial loss | 11,819 | 10,381 | 8,631 |
Accumulated other comprehensive loss | $11,827 | $10,413 | $8,686 |
Note_15_Net_Periodic_Pension_C
Note 15 Net Periodic Pension Cost (Details) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
U.S. | ' | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 3.78% | 2.75% |
Expected return on plan assets | 4.50% | 4.00% |
Rate of compensation increases | 0.00% | 0.00% |
Non-U.S. | ' | ' |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' |
Discount rate | 4.14% | 4.39% |
Expected return on plan assets | 3.50% | 3.50% |
Rate of compensation increases | 3.29% | 0.97% |
Note_15_Future_Benefit_Payment
Note 15 Future Benefit Payments (Details) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Estimated Future Benefit Payments [Abstract] | ' |
2015 | $8,204 |
2016 | 4,041 |
2017 | 3,878 |
2018 | 4,158 |
2019 | 4,230 |
Years 2020 through 2023 | $21,991 |
Note_16_Revenue_and_Expenses_b
Note 16 Revenue and Expenses by Segment (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |||
Segment Information [Line Items] | ' | ' | ' | |||
Gross Profit | $488,283 | $426,817 | $435,782 | |||
Depreciation and amortization | 97,677 | 96,021 | 99,477 | |||
Captial expenditures | 79,462 | 73,069 | 81,899 | |||
Long-lived assets (including assets held for sale) | 574,654 | 544,534 | ' | |||
Revenue percentage generated by reportable segment | 79.00% | ' | ' | |||
Number of reportable segments | 1 | ' | ' | |||
Number of Operating Segments | 2 | ' | ' | |||
Operating Segments | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Gross Profit | 495,883 | 436,389 | 440,715 | |||
Depreciation and amortization | 89,353 | 87,333 | 90,352 | |||
Captial expenditures | 74,827 | 69,622 | 80,112 | |||
Long-lived assets (including assets held for sale) | 523,188 | 492,812 | ' | |||
Operating Segments | IMS | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Revenues | 4,933,714 | 4,766,670 | 4,968,983 | |||
Gross Profit | 339,909 | 291,664 | 329,267 | |||
Depreciation and amortization | 50,933 | 54,531 | 54,711 | |||
Captial expenditures | 47,103 | 44,080 | 39,962 | |||
Long-lived assets (including assets held for sale) | 309,922 | 287,907 | ' | |||
Operating Segments | CPS | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Revenues | 1,514,340 | 1,335,510 | 1,265,855 | |||
Gross Profit | 155,974 | 144,725 | 111,448 | |||
Depreciation and amortization | 38,420 | 32,802 | 35,641 | |||
Captial expenditures | 27,724 | 25,542 | 40,150 | |||
Long-lived assets (including assets held for sale) | 213,266 | 204,905 | ' | |||
Unallocated corporate items | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Depreciation and amortization | 8,324 | [1] | 8,688 | [1] | 9,125 | [1] |
Captial expenditures | 4,635 | [1] | 3,447 | [1] | 1,787 | [1] |
Long-lived assets (including assets held for sale) | 51,466 | [1] | 51,722 | [1] | ' | |
Segment Reconciling Items | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Gross Profit | -7,600 | [2] | -9,572 | [2] | -4,933 | [2] |
Segment Reconciling Items | IMS | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Revenues | -1,856 | [2] | ' | ' | ||
Intersegment Eliminations | ' | ' | ' | |||
Segment Information [Line Items] | ' | ' | ' | |||
Revenues | ($231,092) | ($185,056) | ($141,504) | |||
[1] | Primarily related to selling, general and administration functions. | |||||
[2] | For purposes of evaluating segment performance, management excludes certain items from its measures of revenue and gross profit. These items include stock-based compensation expense, amortization of intangible assets, charges or credits resulting from distressed customers and similar items that either occur infrequently or are of a non-operational nature. |
Note_16_Net_Sales_Information_
Note 16 Net Sales Information by Geographic Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Major Customers and Sales By Geographic Areas [Line Items] | ' | ' | ' |
Percentage of Net Sales Represented by Ten Largest Customers | 50.30% | 50.30% | 0.00% |
Number of Customers Representing More Than 10% of Net Sales | 0 | 1 | 1 |
Net Sales | $6,215,106 | $5,917,124 | $6,093,334 |
Domestic | ' | ' | ' |
Major Customers and Sales By Geographic Areas [Line Items] | ' | ' | ' |
Net Sales | 1,041,892 | 1,074,529 | 1,106,446 |
Mexico | ' | ' | ' |
Major Customers and Sales By Geographic Areas [Line Items] | ' | ' | ' |
Net Sales | 1,693,564 | 1,433,799 | 1,296,690 |
China | ' | ' | ' |
Major Customers and Sales By Geographic Areas [Line Items] | ' | ' | ' |
Net Sales | 1,564,389 | 1,501,632 | 1,667,095 |
Other international | ' | ' | ' |
Major Customers and Sales By Geographic Areas [Line Items] | ' | ' | ' |
Net Sales | $1,915,261 | $1,907,164 | $2,023,103 |
Note_16_Longlived_Assets_Infor
Note 16 Long-lived Assets Information by Geographic Segment (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
By Geographic Areas [Abstract] | ' | ' |
Long-lived assets (including assets held for sale) | $574,654 | $544,534 |
Domestic | ' | ' |
By Geographic Areas [Abstract] | ' | ' |
Long-lived assets (including assets held for sale) | 147,298 | 147,773 |
Mexico | ' | ' |
By Geographic Areas [Abstract] | ' | ' |
Long-lived assets (including assets held for sale) | 168,712 | 125,552 |
China | ' | ' |
By Geographic Areas [Abstract] | ' | ' |
Long-lived assets (including assets held for sale) | 89,380 | 88,160 |
Other international | ' | ' |
By Geographic Areas [Abstract] | ' | ' |
Long-lived assets (including assets held for sale) | $169,264 | $183,049 |
Note_17_Acquisition_Details
Note 17 Acquisition (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 18, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Apr. 28, 2014 | |
Q1 2014 Acquisition | Q1 2014 Acquisition | Q3 2014 Acquisition | Q3 2014 Acquisition | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | 18-Dec-13 | 28-Apr-14 | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | $40,200,000 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 79,508,000 | 0 | 5,023,000 | ' | 54,100,000 | 25,400,000 | ' |
Discounted value of notes issued | 14,789,000 | 0 | 0 | ' | ' | 14,789,000 | ' |
Current assets | ' | ' | ' | 7,343,000 | ' | ' | 27,376,000 |
Tangible assets | ' | ' | ' | 34,700,000 | ' | ' | ' |
Noncurrent assets (including tangible assets of $34.7 million) | ' | ' | ' | 48,588,000 | ' | ' | 14,789,000 |
Current liabilities | ' | ' | ' | -1,870,000 | ' | ' | -1,929,000 |
Total | ' | ' | ' | $54,061,000 | ' | ' | $40,236,000 |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | '5 years | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Charged (Credited) to Operations | ($1,457) | ($325) | ($826) |
Allowance for Accounts Receivables | ' | ' | ' |
Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 11,735 | 12,032 | 14,537 |
Charged (Credited) to Operations | -1,457 | -325 | -826 |
Charges Utilized | 0 | 28 | -1,679 |
Balance at End of Period | $10,278 | $11,735 | $12,032 |