XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.25.3

Reportable Segments, Geographic Information and Major Customers | 12 Months Ended
--- | ---
Sep. 27, 2025
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 (CODM) 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 segment income. Segment 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. 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. The CODM for the Company is the chief executive officer. The CODM uses income generated from each segment in evaluating segment performance and whether to reinvest profits or allocate resources into the corresponding segment, in addition to long-term growth potential and other qualitative factors. Segment income is used to monitor budget versus actual results. In the first quarter of fiscal 2025, the Company changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certain corporate costs among reportable segments. These changes have been implemented and are consistent with what is provided to the CODM. The Company's composition of operating segments and reportable segments did not change. Net sales and segment income for the three reportable segments for the current period and comparative periods presented have been recast to conform to those changes. These changes had no effect on the Company's consolidated net sales, segment income or net income for the current or comparative periods. Information about the Company’s three reportable segments for fiscal 2025, 2024 and 2023 is as follows (in thousands):
| 2025
|  | AMER |  | APAC |  | EMEA |  | Eliminations |  | Total
Net sales |  | $ | 1,216,344 |  |  | $ | 2,392,897 |  |  | $ | 440,000 |  |  | $ | (16,275) |  |  | $ | 4,032,966 |
Cost of sales |  | 1,092,496 |  |  | 2,042,936 |  |  | 410,068 |  |  |  |  |
Selling and administrative expenses |  | 23,362 |  |  | 12,213 |  |  | 8,673 |  |  |  |  |
Segment income |  | $ | 100,486 |  |  | $ | 337,748 |  |  | $ | 21,259 |  |  |  |  | $ | 459,493 |
Restructuring and other charges |  |  |  |  |  |  |  |  |  | 4,683 |
Corporate and other costs |  |  |  |  |  |  |  |  |  | 252,439
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | (11,605) |
Interest income |  |  |  |  |  |  |  |  |  | 3,922 |
Miscellaneous, net |  |  |  |  |  |  |  |  |  | (6,670) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 188,018 |
| 2024
|  | AMER |  | APAC |  | EMEA |  | Eliminations |  | Total
Net sales |  | $ | 1,219,225 |  |  | $ | 2,213,253 |  |  | $ | 538,053 |  |  | $ | (9,704) |  |  | $ | 3,960,827 |
Cost of sales |  | 1,112,699 |  |  | 1,893,527 |  |  | 500,793 |  |  |  |  |
Selling and administrative expenses |  | 22,826 |  |  | 6,525 |  |  | 6,227 |  |  |  |  |
Segment income |  | $ | 83,700 |  |  | $ | 313,201 |  |  | $ | 31,033 |  |  |  |  | $ | 427,934 |
Restructuring and other charges |  |  |  |  |  |  |  |  |  | 20,257 |
Corporate and other costs |  |  |  |  |  |  |  |  |  | 239,945
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | (28,876) |
Interest income |  |  |  |  |  |  |  |  |  | 3,860 |
Miscellaneous, net |  |  |  |  |  |  |  |  |  | (13,184) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 129,532 |
| 2023
|  | AMER |  | APAC |  | EMEA |  | Eliminations |  | Total
Net sales |  | $ | 1,468,996 |  |  | $ | 2,361,777 |  |  | $ | 402,427 |  |  | $ | (22,895) |  |  | $ | 4,210,305 |
Cost of sales |  | 1,324,583 |  |  | 2,041,849 |  |  | 380,901 |  |  |  |  |
Selling and administrative expenses |  | 21,314 |  |  | 6,808 |  |  | 5,513 |  |  |  |  |
Segment income |  | $ | 123,099 |  |  | $ | 313,120 |  |  | $ | 16,013 |  |  |  |  | $ | 452,232 |
Restructuring and other charges |  |  |  |  |  |  |  |  |  | 23,094 |
Corporate and other costs |  |  |  |  |  |  |  |  |  | 233,318 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | (31,542) |
Interest income |  |  |  |  |  |  |  |  |  | 3,138 |
Miscellaneous, net |  |  |  |  |  |  |  |  |  | (6,403) |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 161,013 |
|  | 2025 |  | 2024 |  | 2023
Capital expenditures: |  |  |  |  |  |
AMER |  | $ | 23,198 |  |  | $ | 18,392 |  |  | $ | 23,880 |
APAC |  | 60,246 |  |  | 29,664 |  |  | 45,923 |
EMEA |  | 2,200 |  |  | 38,820 |  |  | 23,120 |
Corporate |  | 9,620 |  |  | 8,306 |  |  | 11,126 |
|  | $ | 95,264 |  |  | $ | 95,182 |  |  | $ | 104,049 |
Depreciation: |  |  |  |  |  |
AMER |  | $ | 22,795 |  |  | $ | 23,544 |  |  | $ | 23,560 |
APAC |  | 32,962 |  |  | 32,270 |  |  | 29,218 |
EMEA |  | 11,172 |  |  | 11,005 |  |  | 6,281 |
Corporate |  | 9,875 |  |  | 9,843 |  |  | 9,513 |
|  | $ | 76,804 |  |  | $ | 76,662 |  |  | $ | 68,572 |
|  | September 27, 2025 |  | September 28, 2024
Total assets: |  |  |  |
AMER |  | $ | 1,007,340 |  |  | $ | 937,409 |
APAC |  | 1,526,827 |  |  | 1,608,377 |
EMEA |  | 411,240 |  |  | 443,514 |
Corporate and eliminations |  | 191,703 |  |  | 164,521 |
|  | $ | 3,137,110 |  |  | $ | 3,153,821 |
The following information is provided in accordance with the required segment disclosures for fiscal 2025, 2024 and 2023. Net sales were based on the Company’s location providing the product or service (in thousands):
|  | 2025 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |
United States |  | $ | 690,878 |  |  | $ | 718,569 |  |  | $ | 910,124 |
Malaysia |  | 1,872,494 |  |  | 1,761,772 |  |  | 1,891,081 |
Mexico |  | 525,756 |  |  | 500,655 |  |  | 558,872 |
Romania |  | 333,577 |  |  | 424,146 |  |  | 302,237 |
China |  | 413,624 |  |  | 384,223 |  |  | 455,898 |
Thailand |  | 106,779 |  |  | 67,257 |  |  | 14,798 |
United Kingdom |  | 106,121 |  |  | 111,152 |  |  | 93,679 |
Germany |  | 12 |  |  | 2,757 |  |  | 6,511 |
Elimination of inter-country sales |  | (16,275) |  |  | (9,704) |  |  | (22,895) |
|  | $ | 4,032,966 |  |  | $ | 3,960,827 |  |  | $ | 4,210,305 |
|  | September 27, 2025 |  | September 28, 2024
Long-lived assets: |  |  |  |
United States |  | $ | 103,997 |  |  | $ | 96,956 |
Malaysia |  | 228,925 |  |  | 173,139 |
Mexico |  | 67,776 |  |  | 74,158 |
Romania |  | 47,621 |  |  | 56,877 |
Thailand |  | 53,306 |  |  | 56,415 |
China |  | 33,534 |  |  | 40,254 |
Poland |  | 14,870 |  |  | 13,594 |
United Kingdom |  | 11,996 |  |  | 12,689 |
Corporate |  | 56,890 |  |  | 51,390 |
|  | $ | 618,915 |  |  | $ | 575,472 |
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 27, 2025 and September 28, 2024 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $119.4 million and $101.2 million, respectively. As a percentage of consolidated net sales, there were no customers representing 10.0% or more of consolidated net sales for fiscal 2025 or 2024. As a percentage of consolidated net sales, GE Healthcare Technologies, Inc. ("GEHC") represented 10.3% of consolidated net sales for fiscal 2023. During fiscal 2023, GE completed the separation of its healthcare business, GEHC, as a stand-alone company. During fiscal 2025, 2024 and 2023, net sales attributable to GEHC and GE, respectively, were reported in all three reportable segments.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration