Segment Reporting (Tables)

9 Months Ended

Sep. 28, 2024

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 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales
MS	$	346,634	$	435,538	$	1,039,003	$	1,324,502
MC	286,995		286,217		848,628		839,128
AMH	182,177		180,248		533,256		589,457
Inter-segment elimination	(8,112)		(13,764)		(29,516)		(41,452)
Total net sales	$	807,694	$	888,239	$	2,391,371	$	2,711,635


	Three months ended				Nine months ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment profit
MS (1)	$	71,706	$	56,955	$	209,098	$	243,171
MC	96,704		101,132		276,968		297,790
AMH	30,611		31,642		84,197		115,637
Total segment profit	$	199,021	$	189,729	$	570,263	$	656,598

(1) MS segment profit is inclusive of a $154.8 million gain, net on termination of alliance agreement for the nine months ended September 30, 2023, a $28.6 million loss on sale of business and held-for-sale assets for the nine months ended September 30, 2023, 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, and a $13.0 million long-lived asset impairment charge for the nine months ended September 28, 2024.

Reconciliation of Total Segment Profit to Operating Income

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


	Three months ended				Nine months ended
(In thousands)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Total segment profit	$	199,021	$	189,729	$	570,263	$	656,598
Less:
Amortization of intangible assets	46,226		51,239		143,898		163,493
Unallocated general and administrative expenses	16,554		21,429		42,426		94,964
Operating income	136,241		117,061		383,939		398,141
Interest expense	51,666		77,820		162,726		244,874
Interest income	(1,247)		(2,226)		(5,401)		(5,854)
Other (income) expense, net	(212)		10,243		17,050		13,309
Income before income tax expense (benefit)	$	86,034	$	31,224	$	209,564	$	145,812

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 28, 2024 and September 30, 2023, respectively.


	Three months ended September 28, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	73,196	$	48,163	$	48,852	$	(8,112)	$	162,099
Taiwan	59,984		69,559		31,780		—		161,323
China	62,747		61,392		47,808		—		171,947
South Korea	53,357		31,432		20,486		—		105,275
Japan	33,977		35,307		7,956		—		77,240
Europe	25,551		26,428		16,190		—		68,169
Southeast Asia	37,822		14,714		9,105		—		61,641
	$	346,634	$	286,995	$	182,177	$	(8,112)	$	807,694


	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


	Nine months ended September 28, 2024
(In thousands)	MS		MC		AMH		Inter-segment		Total
North America	$	248,770	$	136,529	$	160,867	$	(29,516)	$	516,650
Taiwan	173,452		211,365		91,662		—		476,479
China	181,700		185,413		123,737		—		490,850
South Korea	150,673		93,694		63,173		—		307,540
Japan	93,030		102,828		23,692		—		219,550
Europe	87,723		74,395		48,435		—		210,553
Southeast Asia	103,655		44,404		21,690		—		169,749
	$	1,039,003	$	848,628	$	533,256	$	(29,516)	$	2,391,371

	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