Reportable Segments

6 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Reportable Segments

Reportable SegmentsReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers

serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income. A segment’s operating income includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring costs and other charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.

Information about the Company’s three reportable segments for the three and six months ended April 1, 2023 and April 2, 2022 is as follows (in thousands):

	Three Months Ended				Six Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Net sales:
AMER	$	407,806	$	311,205	$	797,468	$	588,551
APAC	587,270		533,885		1,229,174		1,025,557
EMEA	101,794		73,702		191,167		146,565
Elimination of inter-segment sales	(26,047)		(30,069)		(53,061)		(54,494)
	$	1,070,823	$	888,723	$	2,164,748	$	1,706,179
Operating income:
AMER	$	25,767	$	7,769	$	43,182	$	9,559
APAC	69,728		60,860		148,134		121,548
EMEA	1,879		490		1,240		1,446
Corporate and other costs	(40,432)		(33,282)		(78,273)		(66,243)
	56,942		35,837		114,283		66,310
Other income (expense):
Interest expense	(8,287)		(3,345)		(15,181)		(6,391)
Interest income	759		262		1,693		533
Miscellaneous, net	(1,612)		(1,446)		(3,556)		(2,369)
Income before income taxes	$	47,802	$	31,308	$	97,239	$	58,083

	April 1, 2023		October 1, 2022
Total assets:
AMER	$	1,161,745	$	1,150,605
APAC	1,770,318		1,807,542
EMEA	371,313		302,901
Corporate and eliminations	78,644		132,177
	$	3,382,020	$	3,393,225