Sanmina (SANM) 10-Q 28 Jan 25 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - $ / shares	3 Months Ended
	Dec. 28, 2024	Jan. 17, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 28, 2024
Document Transition Report	false
Entity File Number	0-21272
Entity Registrant Name	Sanmina Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0228183
Entity Address, Address Line One	2700 N. First St.,
Entity Address, City or Town	San Jose,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	(408)
Local Phone Number	964-3500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	SANM
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		54,325,319
Entity Listing, Par Value Per Share	$ 0.01
Entity Central Index Key	0000897723
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-27
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Current assets:
Cash and cash equivalents	$ 642,402	$ 625,860
Accounts and Other Receivables, Net, Current	1,354,199	1,337,562
Contract assets	386,633	384,077
Inventories	1,425,869	1,443,629
Prepaid expenses and other current assets	67,347	79,301
Total current assets	3,876,450	3,870,429
Property, plant and equipment, net	605,073	616,067
Deferred income tax assets	153,246	160,703
Other assets	177,253	175,646
Total assets	4,812,022	4,822,845
Current liabilities:
Accounts payable	1,391,649	1,441,984
Accrued liabilities	107,665	132,513
Deferred revenue and customer advances	239,642	215,553
Accrued payroll and related benefits	126,483	133,129
Short-term debt, including current portion of long-term debt	17,500	17,500
Total current liabilities	1,882,939	1,940,679
Long-term liabilities:
Long-term debt	295,608	299,823
Other liabilities	212,283	220,835
Total long-term liabilities	507,891	520,658
Commitments and contingencies (Note 7)
Stockholders’ equity	2,421,192	2,361,508
Total liabilities and stockholders’ equity	$ 4,812,022	$ 4,822,845

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Net sales	$ 2,006,348	$ 1,874,798
Cost of sales	1,838,433	1,713,958
Gross profit	167,915	160,840
Operating expenses:
Selling, general and administrative	70,845	64,785
Research and development	7,024	6,289
Restructuring	1,436	2,190
Total operating expenses	79,305	73,264
Operating income	88,610	87,576
Interest income	3,396	3,657
Interest Expense, Nonoperating	5,001	8,412
Other income (expense), net	(729)	(1,133)
Interest and other, net	(2,334)	(5,888)
Income before income taxes	86,276	81,688
Provision for income taxes	15,392	21,324
Net income before noncontrolling interest	70,884	60,364
Less: Net income attributable to noncontrolling interest	5,881	3,296
Net income attributable to common shareholders	$ 65,003	$ 57,068
Net income attributable to common shareholders per share:
Basic	$ 1.20	$ 1.01
Diluted	$ 1.16	$ 0.98
Weighted-average shares used in computing per share amounts:
Basic	54,206	56,538
Diluted	55,853	58,240

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Net income before noncontrolling interest	$ 70,884	$ 60,364
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments	(6,628)	3,491
Derivative financial instruments:
Change in net unrealized amount	2,193	(4,225)
Amount reclassified into net income before noncontrolling interest	2,040	(2,587)
Defined benefit plans:
Changes in unrecognized net actuarial losses and unrecognized transition costs	273	106
Amortization of actuarial losses and transition costs	86	(125)
Total other comprehensive income (loss), net of tax	(2,036)	(3,340)
Comprehensive income before noncontrolling interest	68,848	57,024
Less: Net income attributable to noncontrolling interest	5,881	3,296
Comprehensive income attributable to common shareholders	$ 62,967	$ 53,728

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholder's Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock and Additional Paid in Capital	Treasury Stock, Common	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interest [Member]	Number of Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Common, Shares			54,718
Balance at Sep. 30, 2023		$ 6,513,331	$ (1,485,252)	$ 70,879	$ (2,930,008)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under stock plans, Value		147
Stock-based compensation expense		12,585
Repurchases of Treasury Stock, Value			$ (115,766)
Total other comprehensive income (loss), net of tax	$ (3,340)			(3,340)
Net income attributable to common shareholders	57,068				57,068
Noncontrolling Interest in Joint Ventures at Sep. 30, 2023						$ 149,675
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net income attributable to noncontrolling interest	3,296					3,296
Noncontrolling Interest in Joint Ventures at Dec. 30, 2023						152,971
Common Stock, Shares, Issued at Sep. 30, 2023							111,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under stock plans, shares							413
Common Stock, Shares, Issued at Dec. 30, 2023							111,963
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of treasury stock			2,331
Balance at Dec. 30, 2023		6,526,063	$ (1,601,018)	67,539	(2,872,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders’ equity	2,272,615
Treasury Stock, Common, Shares			57,049
Stockholders’ equity	2,361,508
Treasury Stock, Common, Shares			59,196
Balance at Sep. 28, 2024		6,576,899	$ (1,739,550)	66,741	(2,707,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under stock plans, Value		0
Stock-based compensation expense		15,292
Repurchases of Treasury Stock, Value			$ (24,456)
Total other comprehensive income (loss), net of tax	(2,036)			(2,036)
Net income attributable to common shareholders	65,003				65,003
Noncontrolling Interest in Joint Ventures at Sep. 28, 2024						164,890
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Less: Net income attributable to noncontrolling interest	5,881					5,881
Noncontrolling Interest in Joint Ventures at Dec. 28, 2024						$ 170,771
Common Stock, Shares, Issued at Sep. 28, 2024							113,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuances under stock plans, shares							255
Common Stock, Shares, Issued at Dec. 28, 2024							113,372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of treasury stock			310
Balance at Dec. 28, 2024		$ 6,592,191	$ (1,764,006)	$ 64,705	$ (2,642,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders’ equity	$ 2,421,192
Treasury Stock, Common, Shares			59,506

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income before noncontrolling interest	$ 70,884	$ 60,364
Adjustments to reconcile net income before noncontrolling interest to cash provided by (used in) operating activities:
Depreciation	31,845	30,726
Stock-based compensation expense	15,292	12,585
Deferred income taxes	5,336	6,080
Other, net	526	(480)
Changes in operating assets and liabilities:
Accounts receivable	(18,613)	131,244
Contract assets	(2,556)	1,213
Inventories	15,747	87,207
Prepaid expenses and other assets	12,995	8,280
Accounts payable	(54,656)	(187,679)
Accrued liabilities and other	(36,951)	(23,983)
Deferred revenue and customer advances	24,089	468
Cash provided by operating activities	63,938	126,025
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(17,085)	(34,216)
Other, net	(136)	(600)
Cash used in investing activities	(17,221)	(34,816)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Repayments of borrowings	(4,375)	(12,820)
Proceeds from revolving credit facility borrowings	256,700	752,200
Repayments of revolving credit facility borrowings	(256,700)	(752,200)
Net proceeds from stock issuances	0	147
Repurchases of common stock	(24,456)	(115,766)
Cash used in financing activities	(28,831)	(128,439)
Effect of exchange rate changes	(1,344)	1,250
Increase (decrease) in cash and cash equivalents	16,542	(35,980)
Cash and cash equivalents at beginning of period	625,860	667,570
Cash and cash equivalents at end of period	642,402	631,590
Cash paid during the period for:
Interest, net of capitalized interest	4,496	7,535
Income taxes, net of refunds	18,765	20,122
Unpaid purchases of property, plant and equipment at the end of period	$ 22,436	$ 19,396

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Accounts Receivable, Allowance for Credit Loss, Current	$ 8,000	$ 7,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements of Sanmina Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to those rules or regulations. The interim condensed consolidated financial statements are unaudited, but reflect all adjustments, consisting primarily of normal recurring adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 28, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on November 27, 2024. The condensed consolidated financial statements include all accounts of the Company, its wholly owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All intra-company accounts and transactions have been eliminated. Noncontrolling interest represents a noncontrolling investor’s interest in the results of operations of subsidiaries that the Company controls and consolidates. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Results of operations for the first quarter of 2025 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year. The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2025 and 2024 are each 52-week years. All references to years relate to fiscal years unless otherwise noted. Reclassification Beginning in the first quarter of 2025, the Company has changed the presentation of deferred revenue and customer advances, which were previously included within accrued liabilities, to be a separate line item on the condensed consolidated balance sheets. Similarly, a separate line for the change in those amounts is presented on the condensed consolidated statements of cash flows. Accordingly, certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which will require additional disclosure of certain costs and expenses within the notes to the financial statements. The disclosure requirements are effective for the Company for annual reporting periods beginning in fiscal 2028 and for interim periods beginning in fiscal 2029, with early adoption permitted, and will be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company, on an annual basis, to provide disclosure of specific categories in its effective income tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company in fiscal 2026, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require the Company to disclose information about its reportable segment’s significant expenses and other segment items on an interim and annual basis. The disclosure requirements are effective for the Company in

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Dec. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Recognition The Company has determined that revenue for the majority of its contracts is required to be recognized on an over time basis. This is primarily due to the fact that the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress and finished goods upon a customer’s cancellation of a contract for convenience. In certain circumstances, the Company recognizes revenue over time because its customer simultaneously receives and consumes the benefits provided by the Company’s services or the Company’s customer controls the end product as the Company performs manufacturing services (continuous transfer of control). For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. Revenue streams for which revenue is recognized on an over time basis include sales of vertically integrated manufacturing solutions (integrated manufacturing solutions and components); logistics and repair services; design, development and engineering services; and defense and aerospace programs. At least 95% of the Company’s revenue is recognized on an over time basis, which is as products are manufactured or services are performed. Because of this, and the fact that there is no work-in-progress or finished goods inventory associated with contracts since revenue is recognized on an over time basis, 99% or more of the Company’s inventory at the end of a given period is in the form of raw materials. For contracts for which revenue is required to be recognized at a point-in-time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer. Contract Assets A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice to its customer for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. Because of the Company’s short manufacturing cycle times, the transfer from contract assets to accounts receivable generally occurs within the next fiscal quarter. Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs included in the total estimated costs at completion. Additionally, the Company evaluates whether contract modifications for claims have been approved and, if so, estimates the amount, if any, of variable consideration that can be included in the transaction price of the contract. Changes in the Company’s estimates of transaction price and/or costs to complete result in a favorable or unfavorable impact to revenue and operating income. The impact of changes in estimates on revenue and operating income resulting from application of the cost-to-cost method for recognizing revenue was as follows: Three Months Ended December 28, December 30, Revenue (In thousands) Favorable $ 6,734 $ 5,867 Unfavorable (552) (4,370) Net $ 6,182 $ 1,497 Three Months Ended December 28, December 30, Operating income (In thousands) Favorable $ 6,946 $ 7,613 Unfavorable (2,313) (6,769) Net $ 4,633 $ 844 The following table presents revenue disaggregated by segment, market sector and geography. Three Months Ended December 28, December 30, (In thousands) Segments: Integrated Manufacturing Solutions (“IMS”) $ 1,611,115 $ 1,498,110 Components, Products and Services (“CPS”) 395,233 376,688 Total $ 2,006,348 $ 1,874,798 End Markets: Industrial, Medical, Defense and Aerospace, and Automotive $ 1,269,338 $ 1,256,393 Communications Networks and Cloud Infrastructure 737,010 618,405 Total $ 2,006,348 $ 1,874,798 Geography: Americas (1) $ 1,081,062 $ 960,386 APAC 695,573 612,056 EMEA 229,713 302,356 Total $ 2,006,348 $ 1,874,798 (1) Mexico represents approximately 67% and 61% of Americas net sales for the three months ended December 28, 2024 and December 30, 2023, respectively, and the U.S. represents approximately 31% and 36% of Americas net sales for the three months ended December 28, 2024 and December 30, 2023, respectively. As an electronics manufacturing services company, the Company primarily provides manufacturing and related services for products built to its customers’ unique specifications. Therefore, it is impracticable for the Company to provide revenue from external customers for each product and service it provides. Sales to the Company’s ten largest customers represent 50% of net sales. No customer represented 10% or more of our net sales for the three months ended December 28, 2024 and one customer represented 10% or more of our net sales for the three months ended December 30, 2023, which is primarily related to IMS. Deferred Revenue and Customer Advances As of December 28, 2024 and September 28, 2024, customer advances for raw materials inventory of $148 million and $151 million, respectively, were recorded under deferred revenue and customer advances in the condensed consolidated balance sheets. These customer advances received by the Company as an advance on customer-specific raw materials acquired at the customer’s request and are not designed as a financing arrangement and do not contain any interest or repayment terms.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Dec. 28, 2024
Financial Instruments [Abstract]
Derivatives and Fair Value [Text Block]	Financial Instruments Fair Value Measurements Fair Value of Financial Instruments The fair values of cash equivalents (represents 29% of cash and cash equivalents), accounts receivable, accounts payable and short-term debt approximate carrying values due to the short-term duration of these instruments. Additionally, the fair value of variable rate long-term debt approximates carrying value as of December 28, 2024. The Company’s cash equivalents are classified as Level 1 in the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company’s primary financial assets and financial liabilities measured at fair value on a recurring basis are deferred compensation plan assets and defined benefit plan assets, which are both measured using Level 1 inputs. Deferred compensation plan assets and liabilities were $50 million and $47 million as of December 28, 2024 and September 28, 2024, respectively. Defined benefit plan assets were $18 million as of September 28, 2024 and are measured at fair value only in the fourth quarter of each year. Other financial assets and financial liabilities measured at fair value on a recurring basis include foreign exchange contracts and interest rate swaps which are measured using Level 2 inputs. Interest rate swaps are valued based on a discounted cash flow analysis that incorporates observable market inputs such as interest rate yield curves and credit spreads. For currency contracts inputs include foreign currency spot and forward rates and interest rates at commonly quoted intervals. Foreign exchange contracts were not material as of December 28, 2024 or September 28, 2024. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Other non-financial assets, such as goodwill and other long-lived assets, are measured at fair value as of the date such assets are acquired or in the period an impairment is recorded. Offsetting Derivative Assets and Liabilities The Company has entered into master netting arrangements with each of its derivative counterparties that allow net settlement of derivative 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 on the condensed consolidated balance sheets. The following table presents the location and fair values of derivative financial instruments included in our condensed consolidated balance sheets. As of December 28, September 28, (In thousands) Derivatives Designated as Accounting Hedges: Prepaid expenses and other current assets $ 2,538 $ 2,277 Other assets $ 3,859 $ 21 Accrued liabilities $ 374 $ 53 Other liabilities $ — $ 1,771 Derivatives Not Designated as Accounting Hedges: Prepaid expenses and other current assets $ 2,648 $ 3,229 Accrued liabilities $ 972 $ 2,265 Derivative Instruments Foreign Exchange Rate Risk The Company is exposed to certain risks related to its ongoing business operations. The primary risk managed by using derivative instruments is foreign currency exchange risk. Forward contracts on various foreign currencies are used to manage foreign currency risk associated with forecasted foreign currency transactions and certain monetary assets and liabilities denominated in non-functional currencies. The Company’s primary foreign currency cash flows are in India, Mexico and China. The Company had the following outstanding foreign currency forward contracts that were entered into to hedge foreign currency exposures: As of December 28, September 28, Derivatives Designated as Accounting Hedges: Notional amount (in thousands) $ 112,492 $ 117,015 Number of contracts 46 47 Derivatives Not Designated as Accounting Hedges: Notional amount (in thousands) $ 423,015 $ 366,425 Number of contracts 40 38 The Company 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 non-functional currency sales and (2) forecasted non-functional currency materials, labor, overhead and other expenses. These contracts are designated as cash flow hedges for accounting purposes and are generally one to two months in duration but, by policy, may be up to twelve months in duration. For derivative instruments that are designated and qualify as cash flow hedges, the Company excludes the change in the fair value of the contract related to the changes in the difference between the spot price and the forward price from its assessment of hedge effectiveness and recognizes these amounts, which are primarily related to time value, in earnings over the life of the derivative instrument. Gains or losses on the derivative not caused by changes in time value are recorded in accumulated other comprehensive income (“AOCI”), a component of equity, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The amount of gain or loss recognized in other comprehensive income on derivative instruments and the amount of gain or loss reclassified from AOCI into income were not material for any period presented herein and are included as components of cost of sales in the condensed consolidated statements of income. 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. 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 condensed consolidated statements of income. The amount of gains or losses associated with these forward contracts was not material for any period presented herein. From an economic perspective, the objective of the Company’s hedging program is for gains and losses on forward contracts to substantially offset currency gains and losses on the underlying hedged items. In addition to the contracts disclosed in the table above, the Company has numerous contracts that have been closed from an economic and financial accounting perspective and will settle early in the first month of the following quarter. Since these offsetting contracts do not expose the Company to risk of fluctuations in exchange rates, these contracts have been excluded from the above table. Interest Rate Risk The Company enters into forward interest rate swap agreements with independent counterparties to partially hedge the variability in cash flows due to changes in the Secured Overnight Financing Rate benchmark interest rate (“SOFR”) associated with anticipated variable rate borrowings. These interest rate swaps have a maturity date of September 27, 2027 and effectively convert a portion of the Company’s variable interest rate obligations to fixed interest rate obligations. These swaps are accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging

DEBT

DEBT	3 Months Ended
	Dec. 28, 2024
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Debt Long-term debt consisted of the following: As of December 28, September 28, (In thousands) Term Loan Due 2027, net of issuance costs $ 313,108 $ 317,323 Less: Current portion of Term Loan Due 2027 17,500 17,500 Long-term debt $ 295,608 $ 299,823 Term Loan maturities by fiscal year are as follows: As of December 28, (In thousands) 2025 $ 13,125 2026 21,875 2027 280,000 $ 315,000 Revolving Credit Facility In 2022, the Company entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”), that provides for an $800 million revolving credit facility and drew a $350 million secured term loan (“Term Loan Due 2027”). Subject to the satisfaction of certain conditions, including obtaining additional commitments from existing and/or new lenders, the Company may increase the revolving commitment up to an additional $200 million. Loans under the Credit Agreement bear interest, at the Company’s option, at either the SOFR or a base rate, in each case plus a spread determined based on the Company’s credit rating. Interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of an interest period (or at three-month intervals if the interest period exceeds three months) in the case of SOFR loans. The outstanding principal amount of all loans under the Credit Agreement, including the Term Loan Due 2027, together with accrued and unpaid interest, is due on September 27, 2027. The Company is required to repay a portion of the principal amount of the Term Loan Due 2027 equal to 1.25% of the principal in quarterly installments. Certain of the Company’s domestic subsidiaries are guarantors in respect of the Credit Agreement. The Company and the subsidiary guarantors’ obligations under the Credit Agreement are secured by a lien on substantially all of their respective assets (excluding real property), including cash, accounts receivable and the shares of certain Company subsidiaries, subject to certain exceptions. There were no borrowings outstanding under the Credit Agreement as of December 28, 2024 or September 28, 2024. Additionally, as of December 28, 2024, $9 million of letters of credit was outstanding under the Credit Agreement and $791 million was available to borrow. Foreign Short-term Borrowing Facilities As of December 28, 2024, certain of the Company’s foreign subsidiaries had a total of $71 million of uncommitted short-term borrowing facilities available, under which no borrowings were outstanding. Debt Covenants The Credit Agreement requires the Company to comply with certain financial covenants, namely a maximum consolidated leverage ratio and a minimum interest coverage ratio, in both cases measured on the basis of a trailing 12-month look-back period. In addition, the Company’s debt agreements contain a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets and paying dividends, subject to certain exceptions. Finally, the debt agreements also include covenants that require the Company to file quarterly and annual financial statements with the SEC on a timely basis. The Company was in compliance with these covenants as of December 28, 2024.

LEASES

LEASES	3 Months Ended
	Dec. 28, 2024
Leases [Abstract]
Lessee, Operating Leases	Leases The Company’s leases consist primarily of operating leases for buildings and land and have initial lease terms of up to 44 years. Certain of these leases contain an option to extend the lease term for additional periods or to terminate the lease after an initial non-cancelable term. Renewal options are considered in the measurement of the Company’s initial lease liability and corresponding right-of-use (“ROU”) assets only if it is reasonably certain that the Company will exercise such options. Leases with lease terms of twelve months or less are not recorded on the Company’s balance sheet. ROU assets and lease liabilities recorded in the condensed consolidated balance sheets are as follows: As of December 28, September 28, (In thousands) Other assets $ 73,065 $ 77,612 Accrued liabilities $ 22,454 $ 22,270 Other long-term liabilities 39,008 44,513 Total lease liabilities $ 61,462 $ 66,783 Weighted average remaining lease term (in years) 11.84 13.93 Weighted average discount rate 4.2 % 4.2 % Lease expense and supplemental cash flow information related to operating leases are as follows: Three Months Ended December 28, December 30, (In thousands) Operating lease expense (1) $ 7,904 $ 8,172 Cash paid for operating lease liabilities $ 6,297 $ 6,457 (1) Includes immaterial amounts of short-term leases, variable lease costs and sublease income. Future lease payments under non-cancelable operating leases as of December 28, 2024, by fiscal year, are as follows: Operating Leases (In thousands) Remainder of 2025 $ 18,676 2026 19,136 2027 15,071 2028 5,036 2029 1,081 Thereafter 8,099 Total lease payments 67,099 Less: imputed interest 5,637 Total $ 61,462

ACCOUNTS RECEIVABLE SALE PROGRA

ACCOUNTS RECEIVABLE SALE PROGRAM	3 Months Ended
	Dec. 28, 2024
Transfers and Servicing [Abstract]
Transfers and Servicing of Financial Assets [Text Block]	Accounts Receivable Sale Program The Company is a party to a Receivables Purchase Agreement, as amended (the “RPA”) with certain third-party banking institutions for the sale of trade receivables generated from sales to certain customers, subject to acceptance by, and a funding commitment from, the banks that are party to the RPA. Trade receivables sold pursuant to the RPA are serviced by the Company. In addition to the RPA, the Company has the option to participate in trade receivables sales programs that have been implemented by certain of the Company’s customers, as in effect from time to time. The Company does not service trade receivables sold under these other programs. Under each of the programs noted above, the Company sells its entire interest in a trade receivable for 100% of face value, less a discount. During the three months ended December 28, 2024 and December 30, 2023, the Company sold approximately $34 million and $407 million, respectively, of accounts receivable under these programs. Upon sale, these receivables are removed from the condensed consolidated balance sheets and cash received is presented as cash provided by operating activities in the condensed consolidated statements of cash flows. Discounts on sold receivables were $0.4 million and $3 million for the three months ended December 28, 2024 and December 30, 2023, respectively, and were recorded in other income (expense), net in the condensed consolidated statements of income. As of December 28, 2024, no accounts receivable sold under the RPA and subject to servicing by the Company remained outstanding. As of September 28, 2024, $34 million of accounts receivable sold under the RPA and subject to servicing by the Company remained outstanding and had not yet been collected. The Company’s sole risk with respect to receivables it services is with respect to commercial disputes regarding such receivables. Commercial disputes include billing errors, returns and similar matters. To date, the Company has not been required to repurchase any receivable it has sold due to a commercial dispute. Additionally, the Company is required to remit amounts collected as a servicer under the RPA on a weekly basis to the financial institutions that purchased the receivables. There were no outstanding remittances for amounts collected as of December 28, 2024 and $3 million had been collected but not yet remitted as of September 28, 2024. This amount is classified in accrued liabilities on the condensed consolidated balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies From time to time, the Company is a party to litigation, claims and other contingencies, including environmental, regulatory and employee matters and examinations and investigations by governmental agencies, which arise in the ordinary course of business. 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 December 28, 2024 and September 28, 2024, the Company had estimated liabilities of $37 million and $39 million, respectively, for environmental matters, warranty, litigation and other contingencies (excluding reserves for uncertain tax positions), which the Company believes are adequate. However, there can be no assurance that the Company’s reserves will be sufficient to settle these contingencies. Such reserves are included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets. Legal Proceedings Environmental Matters The Company is subject to various federal, state, local and foreign laws and regulations and administrative orders concerning environmental protection, including those addressing the discharge of pollutants into the environment, the management and disposal of hazardous substances, the cleanup of contaminated sites, the materials used in products, and the recycling, treatment and disposal of hazardous waste. In June 2008, the Company was named by the Orange County Water District in a suit alleging that a predecessor company’s actions at a plant the Company sold in 1998 contributed to polluted groundwater managed by the plaintiff. The complaint seeks recovery of compensatory and other damages, as well as declaratory relief, for the payment of costs necessary to investigate, monitor, remediate, abate and contain contamination of groundwater. In April 2013, all claims against the Company were dismissed. The plaintiff appealed this dismissal and the Court of Appeal reversed the judgment in August 2017, remanding the case back to the Superior Court of California for trial. The trial against the Company and several other defendants commenced in April 2021 and the submission of evidence concluded in May 2022. On April 3, 2023, the court published a statement of decision finding the Company and other remaining defendants liable for certain past investigation costs incurred by the plaintiff. Subsequent proceedings to assess the Company’s and other defendants’ liability for the plaintiff’s future remediation and other costs, including attorneys’ fees, were expected. However, without admitting any liability, in August 2024, the Company and plaintiff agreed to settle this matter and all pending litigation in exchange for the Company’s payment to the plaintiff of $3 million, which amount was paid during the fiscal quarter ended December 28, 2024. Other Matters In December 2019, the Company sued a former customer, Dialight plc (“Dialight”), in the United States District Court for the Southern District of New York to collect unpaid accounts receivable and net obsolete inventory obligations now totaling $9 million (exclusive of interest and attorneys’ fees). On the same day the Company filed its suit, Dialight commenced its own action in the same court. Dialight alleged that the Company fraudulently misrepresented its capabilities to induce Dialight to enter into a Manufacturing Services Agreement (“MSA”) and then allegedly committed multiple, willful breaches of contract when performing under the MSA. A trial took place in September 2024 and the jury awarded the Company $9 million on its claims and rejected Dialight’s claims for fraudulent inducement and willful breach of contract and awarded Dialight $1 million for breach of contract. The parties filed post-trial motions in October 2024, including a motion by the Company for prejudgment interest and its costs and expenses of the suit, and a motion by Dialight for pre-judgment and post-judgment interest, its costs and expenses of the suit and for a new trial. On January 22, 2025, the parties signed a term sheet agreeing in principle to resolve conclusively all pending claims and disputed issues through a series of payments by Dialight to the Company over the next two years totaling $12 million, and no payments by the Company to Dialight. Pursuant to the term sheet, the settlement is conditioned upon the parties entering into a definitive settlement agreement on or before March 31, 2025. In May 2023, Sanmina Corporation and its SCI Technology, Inc. subsidiary (“SCI”) received Civil Investigative Demands (“CIDs”) from the United States Department of Justice (“DOJ”) pursuant to the civil False Claims Act (“FCA”). The stated purpose of the CIDs—a form of subpoena requiring responses to written interrogatories and the production of documents relating to certain contracts, projects, proposals and business activities of SCI going back to 2010—is to determine whether there is or has been a violation of the FCA with respect to the provision of products and services to the government. These CIDs supplement several CIDs relating to the same subject matter served upon SCI and certain current and former SCI and Sanmina Corporation employees beginning in August 2020, pursuant to which SCI produced documents and information and certain of the current and former employees provided oral testimony. Sanmina and SCI cooperated with the DOJ investigation. On May 13, 2024, the Company learned that United States of America ex rel. Carl R. Eckert v. SCI Technology, Inc. et al. (the “Eckert Qui Tam Suit”) had been filed under seal in June 2020, and is now unsealed. On May 13, 2024, the Company also learned that the DOJ had filed a notice in the Eckert Qui Tam Suit stating that, while its investigation would continue, it was declining to intervene at the current time. The Eckert Qui Tam Suit, filed by a former SCI employee, alleges on behalf of the United States, 16 FCA counts that relate substantially to the same contracts and issues that the DOJ has investigated over the past four years, including making false certifications under the Truth in Negotiations Act and Cost Accounting Standards, submitting false cost and pricing data, fraudulently inducing the government to award contracts and violations of the Service Contract Act. The complaint alleges such claimed violations defrauded the government in an amount approximating $100 million. The complaint seeks, on behalf of the government, treble damages, civil penalties and interest payable thereon. On October 7, 2024, Sanmina and SCI filed a motion to dismiss the Eckert Qui Tam Suit. At a January 24, 2025 hearing on the motion, the court dismissed with prejudice two of the counts, and granted the plaintiff leave to file an amended complaint as to the remaining counts. Sanmina and SCI intend to continue to defend vigorously against the claims made in the Eckert Qui Tam Suit. The Company is unable to predict the ultimate outcome of the Eckert Qui Tam Suit, although a loss is currently not considered to be probable or estimable. On November 14, 2023, employee Gerardo Ramirez filed two lawsuits against the Company in the Alameda County Superior Court (together, the “Ramirez Cases”). The first, a putative class action, alleges violations of various California Labor Code and Wage Order requirements, including provisions governing overtime, meal and rest periods, minimum wage requirements, payment of wages during employment, wage statements, payroll records, and reimbursement of business expenses. The class action complaint seeks certification of a class of all current and former non-exempt employees who worked for the Company within the State of California at any time between March 1, 2021 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. The second action, a complaint under California’s Private Attorneys General Act of 2004 (“PAGA”), alleges substantially similar violations and a violation of the provision governing payment of final wages and seeks penalties individually and on behalf of the State of California and other “aggrieved employees,” along with attorneys’ fees and costs. On May 16, 2024 and June 14, 2024, former employee Carlos Lobatos filed class and PAGA actions in the Santa Clara County Superior Court (the “Lobatos Cases”) alleging violations substantially similar to the violations in the Ramirez Cases, and, in the case of the Lobatos PAGA action, additional violations related to sick leave, suitable rest facilities, seating, failure to retain and provide employment and payroll records, reporting time pay, day of rest rules, payroll deductions, paid time off, and various unlawful employment practices. The Lobatos class action complaint seeks certification of a class of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between May 16, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. On August 12, 2024, former employee Mando Gomez filed a class and PAGA action in the Alameda County Superior Court (the “Gomez Case”) alleging violations substantially similar to the violations in the Ramirez Cases. The Gomez Case seeks certification of a class of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between August 12, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre-judgment interest, and costs of suit. On September 20, 2024 and November 26, 2024, former employee Frank J. Leon Guerrero filed class and PAGA actions in the Alameda County Superior Court (the “Guerrero Cases”) alleging violations substantially similar to the violations in the Ramirez Cases. The Guerrero class action seeks certification of several classes comprised of all current and former non-exempt employees who worked for the Company (directly or via a staffing agency) within the State of California at any time between September 20, 2020 and final judgment, as well as unspecified damages, penalties, restitution, attorneys’ fees, pre- and post-judgment interest, and costs of suit. The Company expects the Lobatos Cases, the Gomez Case, and the Guerrero Cases to be related to or consolidated with the Ramirez Cases and intends to defend all such cases vigorously. For each of the pending matters noted above, the Company is unable to reasonably estimate a range of possible loss at this time. In addition, from time to time, the Company may become involved in routine legal proceedings, demands, claims, threatened litigation and regulatory inquiries and investigations that arise in the normal course of our business. The Company records liabilities for such matters when a loss becomes probable and the amount of loss can be reasonably estimated. The ultimate outcome of any litigation is uncertain and unfavorable outcomes could have a negative impact on the Company’s results of operations and financial condition.

INCOME TAX

INCOME TAX	3 Months Ended
	Dec. 28, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Tax The Company estimates its annual effective income tax rate at the end of each quarterly period. The estimate takes into account the geographic mix of expected pre-tax income (loss), expected total annual pre-tax income (loss), enacted changes in tax laws, implementation of tax planning strategies and possible outcomes of audits and other uncertain tax positions. To the extent there are fluctuations in any of these variables during a period, the provision for income taxes may vary. The Company’s provision for income taxes for the three months ended December 28, 2024 and December 30, 2023 was $15 million (18% of income before taxes) and $21 million (26% of income before taxes), respectively. The tax rate was lower for the three months ended December 28, 2024 primarily due to favorable discrete tax events, including a $3 million benefit from a change in tax law, and an approximately $2 million benefit from other discrete tax items. As a result of an audit by the Internal Revenue Service (“IRS”) for fiscal 2008 through 2010, the Company received a Revenue Agent’s Report (“RAR”) on November 17, 2023 asserting an underpayment of tax of approximately $8 million for fiscal 2009. The asserted underpayment results from the IRS’s proposed disallowance of a $503 million worthless stock deduction in fiscal 2009. Such disallowance, if upheld, would reduce the Company’s available net operating loss carryforwards and result in additional tax and interest attributable to fiscal 2021 and later years, which could be material. The Company disagrees with the IRS’s position as asserted in the RAR and is vigorously contesting this matter through the applicable IRS administrative and judicial procedures, as appropriate. The Company does not expect resolution of this matter within twelve months and cannot predict with any certainty the timing of such resolution. Although the final resolution of this matter remains uncertain, the Company continues to believe that it is more likely than not the Company’s tax position will be sustained. However, an unfavorable resolution of this matter could have a material adverse impact on the Company’s condensed consolidated financial statements.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Dec. 28, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders’ Equity Accumulated Other Comprehensive Income Accumulated other comprehensive income, net of tax as applicable, consisted of the following: As of December 28, September 28, (In thousands) Foreign currency translation adjustments $ 66,608 $ 73,236 Unrealized holding gains on derivative financial instruments 4,499 266 Unrecognized net actuarial losses and transition costs for benefit plans (6,402) (6,761) Total $ 64,705 $ 66,741 Stock Repurchase Programs During the three months ended December 28, 2024 and December 30, 2023, the Company repurchased 0.2 million and 2 million shares of its common stock for $16 million and $106 million, respectively, under stock repurchase programs authorized by the Board of Directors. Subsequent to the end of the first quarter of 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of the Company’s common stock in the open market or in negotiated private transactions. These programs have no expiration dates and the timing of repurchases will depend upon capital needs to support the growth of the Company’s business, market conditions and other factors. Although stock repurchases are intended to increase stockholder value, they also reduce the Company’s liquidity. As of December 28, 2024, an aggregate of $37 million remained available under these programs. In addition to the repurchases discussed above, the Company withheld 0.1 million and 0.2 million shares of its common stock during the three months ended December 28, 2024 and December 30, 2023, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $8 million and $10 million for the three months ended December 28, 2024 and December 30, 2023, respectively, to applicable tax authorities in connection with these repurchases. Noncontrolling Interest During the first quarter of 2023, the Company entered into a joint venture transaction pursuant to which Reliance Strategic Business Ventures Limited acquired 50.1% of the outstanding shares of Sanmina SCI India Private Limited (“SIPL”), the Company’s existing Indian manufacturing entity. The remaining 49.9% of the outstanding shares of SIPL is held by the Company. The Company has, by contract, the unilateral ability to control the significant decisions made in the ordinary course of SIPL’s business. SIPL’s cash and cash equivalents balance of $230 million as of December 28, 2024 is not available for general corporate purposes and must be retained in SIPL to fund its operations.

BUSINESS SEGMENT

BUSINESS SEGMENT	3 Months Ended
	Dec. 28, 2024
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Business Segment The Company’s operations are managed as two businesses: IMS and CPS. The Company’s CPS business consists of multiple operating segments which do not individually meet the quantitative thresholds for being presented as reportable segments. Therefore, financial information for these operating segments is presented in a single category entitled “CPS” and the Company has only one reportable segment - IMS. The Company’s chief operating decision maker is the Chief Executive Officer who allocates resources and assesses performance of operating segments based on a 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. Intersegment revenue consist primarily of sales of components from CPS to IMS. The following table presents revenue and a measure of segment gross profit used by management to allocate resources and assess performance of operating segments: Three Months Ended December 28, December 30, (In thousands) Gross sales: IMS $ 1,623,437 $ 1,505,521 CPS 415,685 394,271 Intersegment revenue (32,774) (24,994) Net sales $ 2,006,348 $ 1,874,798 Gross profit: IMS $ 127,965 $ 113,800 CPS 52,127 51,090 Total 180,092 164,890 Unallocated corporate items (1) (12,177) (4,050) Total $ 167,915 $ 160,840 (1) For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Dec. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Earnings Per Share Basic and diluted per share amounts are calculated by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period, as follows: Three Months Ended December 28, December 30, (In thousands, except per share data) Numerator: Net income attributable to common shareholders $ 65,003 $ 57,068 Denominator: Weighted average common shares outstanding 54,206 56,538 Effect of dilutive stock options and restricted stock units 1,647 1,702 Denominator for diluted earnings per share 55,853 58,240 Net income attributable to common shareholders per share: Basic $ 1.20 $ 1.01 Diluted $ 1.16 $ 0.98 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 were not material for any period presented.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Pay vs Performance Disclosure
Net income attributable to common shareholders	$ 65,003	$ 57,068

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	The accompanying condensed consolidated financial statements of Sanmina Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted pursuant to those rules or regulations. The interim condensed consolidated financial statements are unaudited, but reflect all adjustments, consisting primarily of normal recurring adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended September 28, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on November 27, 2024.
Use of Estimates, Policy [Policy Text Block]	The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Results of operations for the first quarter of 2025 are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
Fiscal Period, Policy [Policy Text Block]	The Company operates on a 52 or 53 week year ending on the Saturday nearest September 30. Fiscal 2025 and 2024 are each 52-week years. All references to years relate to fiscal years unless otherwise noted.
New Accounting Pronouncements, Policy [Text Block]	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which will require additional disclosure of certain costs and expenses within the notes to the financial statements. The disclosure requirements are effective for the Company for annual reporting periods beginning in fiscal 2028 and for interim periods beginning in fiscal 2029, with early adoption permitted, and will be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact ASU 2024-03 will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which will require the Company, on an annual basis, to provide disclosure of specific categories in its effective income tax rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company in fiscal 2026, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which will require the Company to disclose information about its reportable segment’s significant expenses and other segment items on an interim and annual basis. The disclosure requirements are effective for the Company in
Reclassification, Comparability Adjustment	Reclassification Beginning in the first quarter of 2025, the Company has changed the presentation of deferred revenue and customer advances, which were previously included within accrued liabilities, to be a separate line item on the condensed consolidated balance sheets. Similarly, a separate line for the change in those amounts is presented on the condensed consolidated statements of cash flows. Accordingly, certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Dec. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Change in Accounting Estimate	Three Months Ended December 28, December 30, Revenue (In thousands) Favorable $ 6,734 $ 5,867 Unfavorable (552) (4,370) Net $ 6,182 $ 1,497 Three Months Ended December 28, December 30, Operating income (In thousands) Favorable $ 6,946 $ 7,613 Unfavorable (2,313) (6,769) Net $ 4,633 $ 844
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 28, December 30, (In thousands) Segments: Integrated Manufacturing Solutions (“IMS”) $ 1,611,115 $ 1,498,110 Components, Products and Services (“CPS”) 395,233 376,688 Total $ 2,006,348 $ 1,874,798 End Markets: Industrial, Medical, Defense and Aerospace, and Automotive $ 1,269,338 $ 1,256,393 Communications Networks and Cloud Infrastructure 737,010 618,405 Total $ 2,006,348 $ 1,874,798 Geography: Americas (1) $ 1,081,062 $ 960,386 APAC 695,573 612,056 EMEA 229,713 302,356 Total $ 2,006,348 $ 1,874,798

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 28, 2024
Financial Instruments [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	As of December 28, September 28, (In thousands) Derivatives Designated as Accounting Hedges: Prepaid expenses and other current assets $ 2,538 $ 2,277 Other assets $ 3,859 $ 21 Accrued liabilities $ 374 $ 53 Other liabilities $ — $ 1,771 Derivatives Not Designated as Accounting Hedges: Prepaid expenses and other current assets $ 2,648 $ 3,229 Accrued liabilities $ 972 $ 2,265
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	As of December 28, September 28, Derivatives Designated as Accounting Hedges: Notional amount (in thousands) $ 112,492 $ 117,015 Number of contracts 46 47 Derivatives Not Designated as Accounting Hedges: Notional amount (in thousands) $ 423,015 $ 366,425 Number of contracts 40 38

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Dec. 28, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	As of December 28, September 28, (In thousands) Term Loan Due 2027, net of issuance costs $ 313,108 $ 317,323 Less: Current portion of Term Loan Due 2027 17,500 17,500 Long-term debt $ 295,608 $ 299,823
Schedule of Maturities of Long-Term Debt [Table Text Block]	As of December 28, (In thousands) 2025 $ 13,125 2026 21,875 2027 280,000 $ 315,000

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Dec. 28, 2024
Leases [Abstract]
Asset and Liabilities, Lessee [Table Text Block]	As of December 28, September 28, (In thousands) Other assets $ 73,065 $ 77,612 Accrued liabilities $ 22,454 $ 22,270 Other long-term liabilities 39,008 44,513 Total lease liabilities $ 61,462 $ 66,783 Weighted average remaining lease term (in years) 11.84 13.93 Weighted average discount rate 4.2 % 4.2 %
Lease, Cost [Table Text Block]	Three Months Ended December 28, December 30, (In thousands) Operating lease expense (1) $ 7,904 $ 8,172 Cash paid for operating lease liabilities $ 6,297 $ 6,457 (1) Includes immaterial amounts of short-term leases, variable lease costs and sublease income.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases (In thousands) Remainder of 2025 $ 18,676 2026 19,136 2027 15,071 2028 5,036 2029 1,081 Thereafter 8,099 Total lease payments 67,099 Less: imputed interest 5,637 Total $ 61,462

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Dec. 28, 2024
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	As of December 28, September 28, (In thousands) Foreign currency translation adjustments $ 66,608 $ 73,236 Unrealized holding gains on derivative financial instruments 4,499 266 Unrecognized net actuarial losses and transition costs for benefit plans (6,402) (6,761) Total $ 64,705 $ 66,741

BUSINESS SEGMENT (Tables)

BUSINESS SEGMENT (Tables)	3 Months Ended
	Dec. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended December 28, December 30, (In thousands) Gross sales: IMS $ 1,623,437 $ 1,505,521 CPS 415,685 394,271 Intersegment revenue (32,774) (24,994) Net sales $ 2,006,348 $ 1,874,798 Gross profit: IMS $ 127,965 $ 113,800 CPS 52,127 51,090 Total 180,092 164,890 Unallocated corporate items (1) (12,177) (4,050) Total $ 167,915 $ 160,840 (1) For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 28, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 28, December 30, (In thousands, except per share data) Numerator: Net income attributable to common shareholders $ 65,003 $ 57,068 Denominator: Weighted average common shares outstanding 54,206 56,538 Effect of dilutive stock options and restricted stock units 1,647 1,702 Denominator for diluted earnings per share 55,853 58,240 Net income attributable to common shareholders per share: Basic $ 1.20 $ 1.01 Diluted $ 1.16 $ 0.98 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 were not material for any period presented.

REVENUE RECOGNITION - Change in

REVENUE RECOGNITION - Change in accounting estimate (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Change in Accounting Estimate [Line Items]
Net sales	$ 2,006,348	$ 1,874,798
Operating Income (Loss)	88,610	87,576
Change in Accounting Method Accounted for as Change in Estimate
Change in Accounting Estimate [Line Items]
Net sales	6,182	1,497
Operating Income (Loss)	4,633	844
Change in Accounting Method Accounted for as Change in Estimate | Favorable
Change in Accounting Estimate [Line Items]
Net sales	6,734	5,867
Operating Income (Loss)	6,946	7,613
Change in Accounting Method Accounted for as Change in Estimate | Unfavorable
Change in Accounting Estimate [Line Items]
Net sales	(552)	(4,370)
Operating Income (Loss)	$ (2,313)	$ (6,769)

REVENUE RECOGNITION - Disagrega

REVENUE RECOGNITION - Disagregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Percent of Net Sales Transferred Over Time		95%
Raw Materials, net of reserves, as a percentage of total Inventory		99%
Net sales		$ 2,006,348	$ 1,874,798
Americas
Disaggregation of Revenue [Line Items]
Net sales	[1]	1,081,062	960,386
Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales		695,573	612,056
EMEA
Disaggregation of Revenue [Line Items]
Net sales		$ 229,713	$ 302,356
Mexico
Disaggregation of Revenue [Line Items]
Percentage of Net Sales to Americas Net Sales		67%	61%
United States
Disaggregation of Revenue [Line Items]
Percentage of Net Sales to Americas Net Sales		31%	36%
Industrial, Medical, Defense and Aerospace, and Automotive
Disaggregation of Revenue [Line Items]
Net sales		$ 1,269,338	$ 1,256,393
Communications Networks and Cloud Infrastructure
Disaggregation of Revenue [Line Items]
Net sales		737,010	618,405
IMS Third Party Revenue
Disaggregation of Revenue [Line Items]
Net sales		1,611,115	1,498,110
CPS Third Party Revenue
Disaggregation of Revenue [Line Items]
Net sales		$ 395,233	$ 376,688
[1]Mexico represents approximately 67% and 61% of Americas net sales for the three months ended December 28, 2024 and December 30, 2023, respectively, and the U.S. represents approximately 31% and 36% of Americas net sales for the three months ended December 28, 2024 and December 30, 2023, respectively.

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by Major Customers, by Reporting Segments (Details)	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Concentration Risk [Line Items]
Percentage of Net Sales Represented by Ten Largest Customers	50%
Number of customers representing 10% or more of net sales	0	1

Deferred Revenue and Customer A

Deferred Revenue and Customer Advances (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Customer Payments for Raw Materials Inventory	$ 148,000	$ 151,000

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents	29%
Derivatives Designated as Accounting Hedges: | Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	$ 2,538	$ 2,277
Derivatives Designated as Accounting Hedges: | Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Subject to Master Netting Arrangement, before Offset	374	53
Derivatives Designated as Accounting Hedges: | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	3,859	21
Derivatives Designated as Accounting Hedges: | Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Subject to Master Netting Arrangement, before Offset	0	1,771
Derivatives Not Designated as Accounting Hedges: | Prepaid Expenses and Other Current Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	2,648	3,229
Derivatives Not Designated as Accounting Hedges: | Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Subject to Master Netting Arrangement, before Offset	972	2,265
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets	50,000	47,000
Deferred Compensation Liability, Current and Noncurrent	$ 50,000	47,000
Assets for Plan Benefits, Defined Benefit Plan		$ 18,000

FINANCIAL INSTRUMENTS - Deriv_2

FINANCIAL INSTRUMENTS - Derivatives (Details) $ in Thousands	3 Months Ended
	Dec. 28, 2024 USD ($)	Sep. 28, 2024 USD ($)
Derivatives Designated as Accounting Hedges: | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 112,492	$ 117,015
Number of contracts	46	47
Maximum Length of Time Hedged	12 months
Derivatives Designated as Accounting Hedges: | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 300,000	$ 300,000
Maturity Date	Sep. 27, 2027
Effective Interest Rate	4.70%
Derivatives Not Designated as Accounting Hedges: | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 423,015	$ 366,425
Number of contracts	40	38
Maximum Remaining Maturity	2 months

DEBT - Debt Schedule (Details)

DEBT - Debt Schedule (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Debt Instrument [Line Items]
Long-term debt	$ 295,608	$ 299,823
Term Loan Due 2027
Debt Instrument [Line Items]
Term Loan Due 2027, net of issuance costs	313,108	317,323
Less: Current portion of Term Loan Due 2027	17,500	$ 17,500
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-Term Debt, Maturity, Year One	13,125
Long-Term Debt, Maturity, Year Two	21,875
Long-Term Debt, Maturty, Year Three	280,000
Long-term Debt, Gross	$ 315,000

DEBT - Line of Credit Facility

DEBT - Line of Credit Facility (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Sep. 28, 2024
Foreign Line of Credit
Line of Credit Facility [Line Items]
Maximum Borrowing Capacity	$ 71
Long-term Line of Credit	0
Fifth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum Borrowing Capacity	800
Long-term Line of Credit	0	$ 0
Letters of Credit Outstanding, Amount	9
Term Loan	350
Additional Credit Line	$ 200
Line of Credit Facility, Expiration Date	Sep. 27, 2027
Line of Credit Facility, Remaining Borrowing Capacity	$ 791
Term Loan Due 2027 | Fifth Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Repayment Percentage for Long-term Debt	1.25%

LEASES - Lessee Lease Descripti

LEASES - Lessee Lease Description (Details)	Dec. 28, 2024
Maximum [Member]
Lessee, Lease, Description [Line Items]
Term of Contract	44 years

LEASES - Leases (Detail)

LEASES - Leases (Detail) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 73,065	$ 77,612
Operating Lease, Liability, Current	22,454	22,270
Operating Lease, Liability, Noncurrent	39,008	44,513
Operating Lease, Liability	$ 61,462	$ 66,783
Operating Lease, Weighted Average Remaining Lease Term	11 years 10 months 2 days	13 years 11 months 4 days
Operating Lease, Weighted Average Discount Rate, Percent	4.20%	4.20%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities, Total [Member]	Liabilities, Total [Member]

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Leases [Abstract]
Operating Leases, Rent Expense, Net	[1]	$ 7,904	$ 8,172
Operating Lease, Payments		$ 6,297	$ 6,457
[1]Includes immaterial amounts of short-term leases, variable lease costs and sublease income.

LEASES - Future Lease Liability

LEASES - Future Lease Liability (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 18,676
Lessee, Operating Lease, Liability, to be Paid, Year One	19,136
Lessee, Operating Lease, Liability, to be Paid, Year Two	15,071
Lessee, Operating Lease, Liability, to be Paid, Year Three	5,036
Lessee, Operating Lease, Liability, to be Paid, Year Four	1,081
Lessee, Operating Lease, Liability, to be Paid, after Year Four	8,099
Lessee, Operating Lease, Liability, to be Paid	67,099
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	5,637
Operating Lease, Liability	$ 61,462	$ 66,783

ACCOUNTS RECEIVABLE SALE PROG_2

ACCOUNTS RECEIVABLE SALE PROGRAM (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Sep. 28, 2024
Transfer of Financial Assets Accounted for as Sales [Line Items]
Face Value of Receivable Sold, Percentage	100%
Accounts Receivable Sold During The Period	$ 34,000	$ 407,000
Discount on sold receivables	400	$ 3,000
RPA [Member]
Transfer of Financial Assets Accounted for as Sales [Line Items]
Accounts Receivable Sold and Outstanding			$ 34,000
Amount Collected But Not Remitted to Financial Institutions	$ 0		$ 3,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 22, 2025	Dec. 28, 2024	Sep. 28, 2024	Sep. 28, 2024
Loss Contingencies [Line Items]
Loss Contingency Accrual		$ 37,000	$ 39,000	$ 39,000
Dialight | Subsequent Event
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded from Other Party	$ 12,000
Collectibility of Receivable and Excess and Obsolete Inventory [Member] | Dialight
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 9,000
Loss Contingency, Name of Defendant		Dialight plc
Loss Contingency, Damages Awarded, Value			9,000
Performance of Manufacturing Service Agreement | Dialight
Loss Contingencies [Line Items]
Loss Contingency, Name of Plaintiff		Dialight
Loss Contingency, Damages Awarded, Value			$ 1,000
Environmental Matter [Member] | Settled Litigation
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party		$ 3,000
Treble Damages, Civil Penalties and Interest Payable | Eckert Qui Tam Suit
Loss Contingencies [Line Items]
Alleged Amount				$ 100,000

INCOME TAX (Details)

INCOME TAX (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 17, 2023	Dec. 28, 2024	Dec. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Provision for income taxes		$ 15,392	$ 21,324
Effective Income Tax Rate		18%	26%
Income Tax Examination, Estimate of Possible Loss	$ 8,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 503,000
Other Discrete Items
Effective Income Tax Rate Reconciliation [Line Items]
Discrete Tax Expense (Benefit)		$ (2,000)
Change in Tax Law
Effective Income Tax Rate Reconciliation [Line Items]
Discrete Tax Expense (Benefit)		$ (3,000)

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ 66,608	$ 73,236
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	4,499	266
Unrecognized net actuarial losses and transition costs for benefit plans	(6,402)	(6,761)
Total	$ 64,705	$ 66,741

STOCKHOLDERS' EQUITY - Stock Re

STOCKHOLDERS' EQUITY - Stock Repurchase (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 27, 2025	Dec. 28, 2024	Dec. 30, 2023
Share Repurchase Program [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 37,000
Shares Repurchased		200,000	2,000,000
Cash Paid for Share Repurchases		$ 16,000	$ 106,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		100,000	200,000
Amount of Tax Withholding for Share-based Compensation		$ 8,000	$ 10,000
Subsequent Event
Share Repurchase Program [Line Items]
Stock Repurchase Program Additional Authorized Amount	$ 300,000

STOCKHOLDERS' EQUITY - Non-cont

STOCKHOLDERS' EQUITY - Non-controlling Interest (Details) - USD ($) $ in Thousands	Dec. 28, 2024	Sep. 28, 2024	Dec. 31, 2022
Business Acquisition [Line Items]
Cash and cash equivalents	$ 642,402	$ 625,860
Joint Venture with Reliance [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	$ 230,000
RSBVL | Joint Venture with Reliance [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			50.10%
Sanmina | Joint Venture with Reliance [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			49.90%

BUSINESS SEGMENT - Revenue and

BUSINESS SEGMENT - Revenue and Gross Profit by Segment (Details) $ in Thousands		3 Months Ended
		Dec. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Net sales		$ 2,006,348	$ 1,874,798
Gross profit		$ 167,915	160,840
Number of Reportable Segments		1
Operating Segments
Segment Reporting Information [Line Items]
Gross profit		$ 180,092	164,890
Operating Segments | IMS
Segment Reporting Information [Line Items]
Net sales		1,623,437	1,505,521
Gross profit		127,965	113,800
Operating Segments | CPS
Segment Reporting Information [Line Items]
Net sales		415,685	394,271
Gross profit		52,127	51,090
Intersegment revenue
Segment Reporting Information [Line Items]
Net sales		(32,774)	(24,994)
Unallocated items
Segment Reporting Information [Line Items]
Gross profit	[1]	$ (12,177)	$ (4,050)
[1]For purposes of evaluating segment performance, management excludes certain items from its measures of gross profit. These items consist of stock-based compensation expense, litigation settlements and charges resulting from distressed customers.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Weighted average shares used in computing per share amount:
Net income attributable to common shareholders	$ 65,003	$ 57,068
Weighted average common shares outstanding	54,206	56,538
Effect of dilutive stock options and restricted stock units	1,647	1,702
Denominator for diluted earnings per share	55,853	58,240
Net income attributable to common shareholders per share:
Basic	$ 1.20	$ 1.01
Net income attributable to common shareholders per share:
Diluted	$ 1.16	$ 0.98