Reportable Segments

9 Months Ended

Jul. 02, 2022

Segment Reporting [Abstract]

Reportable Segments

Reportable SegmentsReportable 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, or group, 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 operating income (loss). A segment’s operating income (loss) 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. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. 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.

Information about the Company’s three reportable segments for the three and nine months ended July 2, 2022 and July 3, 2021 is as follows (in thousands):

	Three Months Ended				Nine Months Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Net sales:
AMER	$	342,572	$	318,898	$	931,123	$	1,011,162
APAC	586,305		446,915		1,611,862		1,357,089
EMEA	84,177		76,519		230,742		238,564
Elimination of inter-segment sales	(31,713)		(27,945)		(86,207)		(81,188)
	$	981,341	$	814,387	$	2,687,520	$	2,525,627
Operating income (loss):
AMER	$	16,976	$	9,191	$	26,535	$	51,876
APAC	67,286		57,068		188,834		176,722
EMEA	2,597		58		4,043		(2,548)
Corporate and other costs	(37,298)		(29,944)		(103,541)		(92,124)
	$	49,561	$	36,373	$	115,871	$	133,926
Other income (expense):
Interest expense	$	(3,923)	$	(3,190)	$	(10,314)	$	(11,094)
Interest income	318		308		851		1,072
Miscellaneous, net	(2,678)		(579)		(5,047)		(2,922)
Income before income taxes	$	43,278	$	32,912	$	101,361	$	120,982

	July 2, 2022		October 2, 2021
Total assets:
AMER	$	1,054,665	$	789,385
APAC	1,763,076		1,283,124
EMEA	296,689		275,122
Corporate and eliminations	90,033		114,262
	$	3,204,463	$	2,461,893