XML 50 R40.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Financial Information for Reportable Segments

Summarized financial information for the Company’s reportable segments is shown in the following tables.


	Three months ended				Nine months ended
(In thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net sales
MS	$	435,538	$	518,046	$	1,324,502	$	922,196

MC	286,217		280,550		839,128		821,320
AMH	180,248		210,405		589,457		632,602

Inter-segment elimination	(13,764)		(15,173)		(41,452)		(40,155)
Total net sales	$	888,239	$	993,828	$	2,711,635	$	2,335,963


	Three months ended				Nine months ended
(In thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Segment profit
MS(1) (2)	$	56,955	$	53,131	$	243,171	$	147,700

MC	101,132		105,335		297,790		304,062
AMH	31,642		42,077		115,637		135,693

Total segment profit	$	189,729	$	200,543	$	656,598	$	587,455

1) Materials Solutions segment profit is inclusive of a $154.8 million gain, net on the termination of the Alliance Agreement for the nine months ended September 30, 2023. See Note 5 to the Company’s condensed consolidated financial statements for further discussion.

2) Materials Solutions segment profit is inclusive of a $15.9 million and $104.8 million goodwill impairment charge relating to the EC reporting unit for the three and nine months ended September 30, 2023, respectively. See Note 3 to the Company’s condensed consolidated financial statements for further discussion.

Reconciliation of Total Segment Profit to Operating Income

The following table reconciles total segment profit to income before income tax (benefit) expense:


	Three months ended				Nine months ended
(In thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Total segment profit	$	189,729	$	200,543	$	656,598	$	587,455
Less:
Amortization of intangible assets	51,239		65,346		163,493		90,491
Unallocated general and administrative expenses	21,429		120,308		94,964		160,759
Operating income	117,061		14,889		398,141		336,205
Interest expense	77,820		84,150		244,874		129,027
Interest income	(2,226)		(1,395)		(5,854)		(2,065)
Other expense, net	10,243		12,852		13,309		27,373
Income before income tax (benefit) expense	$	31,224	$	(80,718)	$	145,812	$	181,870

Schedule of Revenue from External Customers, by Geographical Areas

In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three and nine months ended September 30, 2023 and October 1, 2022, respectively.


	Three months ended September 30, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	141,427	$	42,115	$	52,130	$	(13,764)	$	221,908
Taiwan	61,094		61,710		28,249		—		151,053
China	47,012		60,009		38,409		—		145,430
South Korea	50,085		28,978		23,303		—		102,366
Japan	26,364		57,472		10,279		—		94,115
Europe	63,346		19,951		17,213		—		100,510
Southeast Asia	46,210		15,982		10,665		—		72,857
	$	435,538	$	286,217	$	180,248	$	(13,764)	$	888,239


	Three months ended October 1, 2022
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	155,877	$	42,716	$	67,794	$	(15,173)	$	251,214
Taiwan	73,066		70,536		38,712		—		182,314
China	79,845		58,398		28,717		—		166,960
South Korea	59,932		30,583		29,339		—		119,854
Japan	32,167		42,505		16,336		—		91,008
Europe	63,375		20,977		18,401		—		102,753
Southeast Asia	53,784		14,835		11,106		—		79,725
	$	518,046	$	280,550	$	210,405	$	(15,173)	$	993,828


	Nine Months Ended September 30, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	429,637	$	129,827	$	184,003	$	(41,452)	$	702,015
Taiwan	176,414		169,933		93,691		—		440,038
China	145,675		170,381		105,422		—		421,478
South Korea	162,341		88,631		84,943		—		335,915
Japan	81,434		165,014		33,363		—		279,811
Europe	192,578		71,602		61,099		—		325,279
Southeast Asia	136,423		43,740		26,936		—		207,099
	$	1,324,502	$	839,128	$	589,457	$	(41,452)	$	2,711,635


	Nine Months Ended October 1, 2022
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	273,948	$	113,984	$	205,414	$	(40,155)	$	553,191
Taiwan	139,378		232,711		111,722		—		483,811
China	139,184		142,639		87,347		—		369,170
South Korea	109,175		93,718		89,367		—		292,260
Japan	76,861		137,103		44,701		—		258,665
Europe	92,485		60,670		65,976		—		219,131
Southeast Asia	91,165		40,495		28,075		—		159,735
	$	922,196	$	821,320	$	632,602	$	(40,155)	$	2,335,963