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Reportable Segments, Geographic Information and Major Customers
 12 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Reportable Segments, Geographic Information and Major Customers Reportable Segments, Geographic Information and Major Customers
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 costs and other charges, if any, such as the $20.3 million, $23.1 million and $2.0 million of restructuring and other charges in fiscal 2024, 2023 and 2022, respectively. 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 fiscal 2024, 2023 and 2022 is as follows (in thousands):
 202420232022
Net sales:
AMER$1,323,428 $1,558,230 $1,310,687 
APAC2,213,111 2,358,390 2,300,640 
EMEA541,610 403,040 316,315 
Elimination of inter-segment sales(117,322)(109,355)(116,274)
$3,960,827 $4,210,305 $3,811,368 
   
Operating income:
AMER$39,603 $79,678 $44,741 
APAC289,300 289,556 267,253 
EMEA13,416 1,576 8,018 
Corporate and other costs(174,587)(174,990)(141,827)
$167,732 $195,820 $178,185 
Other income (expense):
Interest expense$(28,876)$(31,542)$(15,858)
Interest income3,860 3,138 1,305 
Miscellaneous, net(13,184)(6,403)(5,329)
Income before income taxes$129,532 $161,013 $158,303 
  
202420232022
Depreciation:
AMER$23,544 $23,560 $23,482 
APAC32,270 29,218 23,547 
EMEA11,005 6,281 5,861 
Corporate9,843 9,513 8,613 
$76,662 $68,572 $61,503 
Capital expenditures:
   AMER$18,392 $23,880 $20,024 
   APAC29,664 45,923 73,758 
EMEA38,820 23,120 2,617 
Corporate8,306 11,126 5,213 
$95,182 $104,049 $101,612 
   
 September 28,
2024		September 30,
2023		 
Total assets:
AMER$937,409 $1,124,555 
APAC1,608,377 1,696,795 
EMEA443,514 462,199 
Corporate and eliminations164,521 37,623 
$3,153,821 $3,321,172 
  
The following information is provided in accordance with the required segment disclosures for fiscal 2024, 2023 and 2022. Net sales were based on the Company’s location providing the product or service (in thousands):
202420232022
Net sales:
United States$817,454 $1,001,697 $869,144 
Malaysia1,756,747 1,886,970 1,846,086 
Mexico505,973 556,532 441,543 
Romania422,756 297,969 217,052 
China384,493 456,443 453,591 
United Kingdom115,688 98,314 91,137 
Thailand71,871 14,978 963 
Germany3,167 6,757 8,126 
Elimination of inter-country sales(117,322)(109,355)(116,274)
$3,960,827 $4,210,305 $3,811,368 
   
September 28,
2024		September 30,
2023		 
Long-lived assets:
United States$96,956 $107,392 
Malaysia173,139 159,182 
Mexico74,158 77,757 
Romania56,877 51,653 
Thailand56,415 58,009 
China40,254 44,068 
Poland13,594 — 
United Kingdom12,689 8,234 
Other Foreign— 2,767 
Corporate51,390 52,337 
$575,472 $561,399 
As the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services.
Long-lived assets as of September 28, 2024 and September 30, 2023 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $101.2 million and $87.6 million, respectively.
As a percentage of consolidated net sales, there were no customers representing 10.0% or more of consolidated net sales for fiscal 2024. Net sales attributable to customers representing 10.0% or more of consolidated net sales for fiscal 2023 and 2022 were as follows:
 20232022
GE Healthcare Technologies, Inc. ("GEHC")10.3%*
General Electric Company ("GE")*12.9%
 * Net sales attributable to the customer were less than 10.0% of consolidated net sales for the period
During fiscal 2023, GE completed the separation of its healthcare business, GEHC, as a stand-alone company. During fiscal 2023 and 2022, net sales attributable to GEHC and GE, respectively, were reported in all three reportable segments.