Segment Reporting

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company accounts for inter-segment sales similar to third-party transactions and the sales price reflects current market prices. Inter-segment sales are eliminated in consolidation and are not included in consolidated sales on the financial statements.

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

	Three months ended
(In thousands)	March 30, 2024		April 1, 2023
Net sales
MS	$	350,036	$	448,330
MC	267,864		269,297
AMH	162,854		218,853
Inter-segment elimination	(9,729)		(14,084)
Total net sales	$	771,025	$	922,396

	Three months ended
(In thousands)	March 30, 2024		April 1, 2023
Segment profit
MS(1)	$	67,124	$	(29,522)
MC	86,555		95,997
AMH	24,606		48,165
Total segment profit	$	178,285	$	114,640

(1) MS segment profit is inclusive of an $88.9 million goodwill impairment charge relating to the EC reporting unit for the three months ended April 1, 2023 and a $13.0 million long-lived asset impairment charge for the three months ended March 30, 2024. See Note 3.

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

	Three months ended
(In thousands)	March 30, 2024		April 1, 2023
Total segment profit	$	178,285	$	114,640
Less:
Amortization of intangible assets	50,159		57,574
Unallocated general and administrative expenses	10,534		43,600
Operating income	117,592		13,466
Interest expense	57,373		86,146
Interest income	(2,994)		(1,325)
Other expense (income), net	14,285		(4,658)
Income (loss) before income tax expense	$	48,928	$	(66,697)

In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three months ended March 30, 2024 and April 1, 2023, respectively.

	Three months ended March 30, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	96,744	$	35,459	$	50,785	$	(9,729)	$	173,259
Taiwan	54,874		69,091		31,164				155,129
China	55,170		63,688		30,891				149,749
South Korea	46,855		31,135		21,631				99,621
Japan	30,429		31,326		7,705				69,460
Europe	34,308		23,807		15,173				73,288
Southeast Asia	31,656		13,358		5,505				50,519
	$	350,036	$	267,864	$	162,854	$	(9,729)	$	771,025

	Three months ended April 1, 2023
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	147,329	$	41,766	$	75,598	$	(14,084)	$	250,609
Taiwan	58,193		54,236		36,661		—		149,090
China	47,960		55,671		31,800		—		135,431
South Korea	56,371		29,829		34,456		—		120,656
Japan	29,356		49,753		11,316		—		90,425
Europe	63,427		27,004		21,984		—		112,415
Southeast Asia	45,694		11,038		7,038		—		63,770
	$	448,330	$	269,297	$	218,853	$	(14,084)	$	922,396