STOCKHOLDERS' EQUITY

9 Months Ended

Jun. 29, 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
	June 29, 2024		September 30, 2023
	(In thousands)
Foreign currency translation adjustments	$	69,059	$	68,305
Unrealized holding gains on derivative financial instruments	6,506		9,427
Unrecognized net actuarial losses and transition costs for benefit plans	(6,577)		(6,853)
Total	$	68,988	$	70,879

Stock Repurchase Programs

During the nine months ended June 29, 2024 and July 1, 2023, the Company repurchased 3 million and 1 million shares of its common stock for $162 million and $51 million, respectively, under stock repurchase programs authorized by the Board of Directors. 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 June 29, 2024, an aggregate of $118 million remained available under these programs.

In addition to the repurchases discussed above, the Company withheld 0.5 million and 0.4 million shares of its common stock during the nine months ended June 29, 2024 and July 1, 2023, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $26 million and $22 million for the nine months ended June 29, 2024 and July 1, 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, for $216 million in cash. The remaining 49.9% of the outstanding shares of SIPL are 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. Because the Company has a controlling financial interest in SIPL, it consolidates SIPL.

SIPL’s cash and cash equivalents balance of $188 million as of June 29, 2024 is not available for general corporate purposes and must be retained in SIPL to fund its operations.