Note 11 Business Segment, Geographic and Customer Information

9 Months Ended

Jul. 01, 2023

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: Integrated Manufacturing Solutions (“IMS”) and CPS. The Company’s CPS business consists of multiple operating segments which do not meet the quantitative threshold for being presented individually 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 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				Nine Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
			(Restated)				(Restated)
	(In thousands)
Gross sales:
IMS	$	1,821,819	$	1,624,760	$	5,689,432	$	4,607,895
CPS	419,156		432,058		1,308,326		1,191,743
Intersegment revenue	(33,857)		(33,457)		(114,729)		(104,881)
Net sales	$	2,207,118	$	2,023,361	$	6,883,029	$	5,694,757
Gross profit:
IMS	$	152,059	$	118,359	$	429,855	$	333,648
CPS	37,036		47,801		154,564		128,393
Total	189,095		166,160		584,419		462,041
Unallocated items (1)	(5,887)		(3,975)		(14,636)		(12,064)
Total	$	183,208	$	162,185	$	569,783	$	449,977

(1)    For purposes of evaluating segment performance, management excludes certain items from its measure of gross profit. These items consist of stock-based compensation expense, amortization of intangible assets, litigation settlements and investigation costs.

Net sales by geographic segment, determined based on the country in which a product is manufactured, were as follows:

	Three Months Ended				Nine Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
			(Restated)				(Restated)
	(In thousands)
Net sales:
Americas (1)	$	1,131,925	$	989,172	$	3,380,454	$	2,687,304
APAC	743,372		739,084		2,511,205		2,144,534
EMEA	331,821		295,105		991,370		862,919
Total	$	2,207,118	$	2,023,361	$	6,883,029	$	5,694,757

(1)    Mexico represents approximately 70% and 60% of the Americas revenue and the U.S. represents approximately 30% and 40% of the Americas revenue for the nine months ended July 1, 2023 and July 2, 2022, respectively.

Percentage of net sales represented by ten largest customers	47	%	48	%	49	%	49	%
Number of customers representing 10% or more of net sales	1		1		1		2