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REVENUE RECOGNITION | 6 Months Ended
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Mar. 29, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The Company has determined that revenue for the majority of its contracts is required to be recognized on an over time basis. This is primarily due to the fact that the Company does not have an alternative use for the end products it manufactures for its customers and has an enforceable right to payment, including a reasonable profit, for work-in-progress and finished goods upon a customer’s cancellation of a contract for convenience. In certain circumstances, the Company recognizes revenue over time because its customer simultaneously receives and consumes the benefits provided by the Company’s services or the Company’s customer controls the end product as the Company performs manufacturing services (continuous transfer of control). For these contracts, revenue is recognized on an over time basis using the cost-to-cost method (ratio of costs incurred to date to total estimated costs at completion) which the Company believes best depicts the transfer of control to the customer. Revenue streams for which revenue is recognized on an over time basis include sales of integrated manufacturing solutions; components; logistics and repair services; design, development and engineering services; and defense and aerospace programs. At least 95% of the Company’s revenue is recognized on an over time basis, which is as products are manufactured or services are performed. Because of this, and the fact that there is no work-in-progress or finished goods inventory associated with contracts since revenue is recognized on an over time basis, 99% or more of the Company’s inventory at the end of a given period is in the form of raw materials. For contracts for which revenue is required to be recognized at a point in time, the Company recognizes revenue when it has transferred control of the related goods, which generally occurs upon shipment or delivery of the goods to the customer. Contract Assets A contract asset is recognized when the Company has recognized revenue, but has not issued an invoice to its customer for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to accounts receivable when rights to payment become unconditional. Because of the Company’s short manufacturing cycle times, the transfer from contract assets to accounts receivable generally occurs within the next fiscal quarter. Application of the cost-to-cost method for government contracts in the Company’s Defense and Aerospace division requires the use of significant judgments with respect to estimated materials, labor and subcontractor costs included in the total estimated costs at completion. Additionally, the Company evaluates whether contract modifications for claims have been approved and, if so, estimates the amount, if any, of variable consideration that can be included in the transaction price of the contract. Changes in the Company’s estimates of transaction price and/or costs to complete result in a favorable or unfavorable impact to revenue and operating income. The impact of changes in estimates on revenue and operating income resulting from application of the cost-to-cost method for recognizing revenue was as follows:
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Revenue | (In thousands)
Favorable | $ | 4,881 |  |  | $ | 4,843 |  |  | $ | 11,615 |  |  | $ | 10,710 |
Unfavorable | (1,497) |  |  | (2,357) |  |  | (2,049) |  |  | (6,727) |
Net | $ | 3,384 |  |  | $ | 2,486 |  |  | $ | 9,566 |  |  | $ | 3,983 |
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
Operating income | (In thousands)
Favorable | $ | 4,886 |  |  | $ | 8,088 |  |  | $ | 11,832 |  |  | $ | 15,701 |
Unfavorable | (4,019) |  |  | (3,603) |  |  | (6,332) |  |  | (10,372) |
Net | $ | 867 |  |  | $ | 4,485 |  |  | $ | 5,500 |  |  | $ | 5,329 |
The following table presents revenue disaggregated by segment, market sector and geography.
| Three Months Ended |  | Six Months Ended
| March 29, 2025 |  | March 30, 2024 |  | March 29, 2025 |  | March 30, 2024
| (In thousands)
Segments: |  |  |  |  |  |  |
Integrated Manufacturing Solutions (“IMS”) | $ | 1,592,140 |  |  | $ | 1,451,640 |  |  | $ | 3,203,255 |  |  | $ | 2,949,750 |
Components, Products and Services (“CPS”) | 391,940 |  |  | 382,955 |  |  | 787,173 |  |  | 759,643 |
Total | $ | 1,984,080 |  |  | $ | 1,834,595 |  |  | $ | 3,990,428 |  |  | $ | 3,709,393 |
End Markets: |  |  |  |  |  |  |
Industrial, Medical, Defense and Aerospace, and Automotive | $ | 1,251,218 |  |  | $ | 1,225,326 |  |  | $ | 2,520,556 |  |  | $ | 2,481,719 |
Communications Networks and Cloud Infrastructure | 732,862 |  |  | 609,269 |  |  | 1,469,872 |  |  | 1,227,674 |
Total | $ | 1,984,080 |  |  | $ | 1,834,595 |  |  | $ | 3,990,428 |  |  | $ | 3,709,393 |
Geography: |  |  |  |  |  |  |
Americas (1) | $ | 1,153,434 |  |  | $ | 959,276 |  |  | $ | 2,234,496 |  |  | $ | 1,919,662 |
APAC | 620,776 |  |  | 592,781 |  |  | 1,316,349 |  |  | 1,204,837 |
EMEA | 209,870 |  |  | 282,538 |  |  | 439,583 |  |  | 584,894 |
Total | $ | 1,984,080 |  |  | $ | 1,834,595 |  |  | $ | 3,990,428 |  |  | $ | 3,709,393 |
Percentage of net sales represented by ten largest customers | 51 | % |  | 49 | % |  | 51 | % |  | 47 | %
Number of customers representing 10% or more of net sales and primarily related to IMS | 1 |  |  | 1 |  |  | — |  |  | 1 |
(1) Mexico represents approximately 67% and 63% of Americas net sales for the three months ended March 29, 2025 and March 30, 2024, respectively, and the U.S. represents approximately 30% and 34% of Americas net sales for the three months ended March 29, 2025 and March 30, 2024, respectively. Mexico represents approximately 67% and 62% of Americas net sales for the six months ended March 29, 2025 and March 30, 2024, respectively, and the U.S. represents approximately 30% and 35% of Americas net sales for the six months ended March 29, 2025 and March 30, 2024, respectively. As an electronics manufacturing services company, the Company primarily provides manufacturing and related services for products built to its customers’ unique specifications. Therefore, it is impracticable for the Company to provide revenue from external customers for each product and service it provides. Deferred Revenue and Customer Advances As of March 29, 2025 and September 28, 2024, customer advances for raw materials inventory of $324 million and $151 million, respectively, were recorded under deferred revenue and customer advances in the condensed consolidated balance sheets. These customer advances received by the Company as an advance on customer-specific raw materials acquired at the customer’s request are not designed as a financing arrangement and do not contain any interest or repayment terms.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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