STOCKHOLDERS' EQUITY

3 Months Ended

Dec. 28, 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
	December 28, 2024		September 28, 2024
	(In thousands)
Foreign currency translation adjustments	$	66,608	$	73,236
Unrealized holding gains on derivative financial instruments	4,499		266
Unrecognized net actuarial losses and transition costs for benefit plans	(6,402)		(6,761)
Total	$	64,705	$	66,741

Stock Repurchase Programs

During the three months ended December 28, 2024 and December 30, 2023, the Company repurchased 0.2 million and 2 million shares of its common stock for $16 million and $106 million, respectively, under stock repurchase programs authorized by the Board of Directors. Subsequent to the end of the first quarter of 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of the Company’s common stock in the open market or in negotiated private transactions. 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 December 28, 2024, an aggregate of $37 million remained available under these programs.

In addition to the repurchases discussed above, the Company withheld 0.1 million and 0.2 million shares of its common stock during the three months ended December 28, 2024 and December 30, 2023, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $8 million and $10 million for the three months ended December 28, 2024 and December 30, 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. The remaining 49.9% of the outstanding shares of SIPL is 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. SIPL’s cash and cash equivalents balance of $230 million as of December 28, 2024 is not available for general corporate purposes and must be retained in SIPL to fund its operations.