Reportable Segments

9 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income. A segment’s operating income includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring and other charges, if any. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.

Information about the Company’s three reportable segments for the three and nine months ended June 29, 2024 and July 1, 2023 is as follows (in thousands):

	Three Months Ended				Nine Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales:
AMER	$	332,491	$	371,358	$	987,970	$	1,168,826
APAC	521,645		572,150		1,595,121		1,801,324
EMEA	136,831		104,385		413,531		295,552
Elimination of inter-segment sales	(30,216)		(26,283)		(86,364)		(79,344)
	$	960,751	$	1,021,610	$	2,910,258	$	3,186,358
Operating income:
AMER	$	12,804	$	15,927	$	26,531	$	59,109
APAC	69,298		69,836		207,930		217,970
EMEA	5,559		783		11,067		2,023
Corporate and other costs	(48,415)		(58,342)		(131,654)		(136,615)
	39,246		28,204		113,874		142,487
Other income (expense):
Interest expense	(7,389)		(8,231)		(23,299)		(23,412)
Interest income	1,015		598		2,640		2,291
Miscellaneous, net	(2,568)		(3,194)		(9,097)		(6,750)
Income before income taxes	$	30,304	$	17,377	$	84,118	$	114,616

	June 29, 2024		September 30, 2023
Total assets:
AMER	$	992,873	$	1,124,555
APAC	1,576,402		1,696,795
EMEA	489,948		462,199
Corporate and eliminations	111,652		37,623
	$	3,170,875	$	3,321,172