Segment Information

9 Months Ended

Sep. 28, 2020

Segment Reporting [Abstract]

Segment Information

(17) Segment Information

The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. During the quarter ended September 28, 2020, the Company’s RF&S Components operating segment met the quantitative threshold for separate presentation of a reportable segment. In prior periods, the Company had two reportable segments: PCB and E-M Solutions. The RF&S Components reportable segment was previously aggregated with the PCB reportable segment. As a result, certain prior year amounts have been reclassified to conform with this new presentation. The PCB reportable segment is comprised of multiple operating segments. Factors considered to determine whether operating segments can be aggregated into reportable segments included similarity regarding economic characteristics, products, production processes, type or classes of customers, distribution methods, and regulatory environments.

The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated.

	Quarter Ended						Three Quarters Ended
	September 28, 2020			September 30, 2019			September 28, 2020			September 30, 2019
	(In thousands)
Net Sales:
PCB	$	463,664		$	452,816		$	1,429,629		$	1,366,762
RF&S Components		11,742			13,644			33,274			51,725
E-M Solutions		38,170			67,713			118,617			179,008
Total net sales	$	513,576		$	534,173		$	1,581,520		$	1,597,495
Operating Segment (Loss) Income:
PCB	$	64,219		$	51,326		$	199,683		$	164,458
RF&S Components		(66,098	)		5,999			(59,880	)		25,824
E-M Solutions		(873	)		3,236			(20,779	)		5,278
Corporate		(25,990	)		(28,750	)		(86,698	)		(75,537	)
Total operating segment income		(28,742	)		31,811			32,326			120,023
Amortization of definite-lived intangibles (1)		(11,510	)		(10,680	)		(33,400	)		(39,784	)
Total operating (loss) income		(40,252	)		21,131			(1,074	)		80,239
Total other expense		(22,520	)		(14,548	)		(57,916	)		(53,586	)
(Loss) income before income taxes	$	(62,772	)	$	6,583		$	(58,990	)	$	26,653

(1) Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For the quarter and three quarters ended September 28, 2020, $1,384 and $4,151, respectively, of amortization expense is included in cost of goods sold. For the quarter and three quarters ended September 30, 2019, $1,180 and $3,539, respectively, of amortization expense is included in cost of goods sold.

During the quarter and three quarters ended September 28, 2020, the Company recorded an impairment charge for goodwill of $69,200 related to its RF&S Components reportable segment.

The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology, facilities and human resources personnel, as well as global sales and marketing personnel, research and development costs, and acquisition and integration costs associated with acquisitions.

The Company markets and sells its products in approximately 53 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10% of the Company’s total net sales. Net sales are as follows:

	Quarter Ended				Three Quarters Ended
	September 28, 2020		September 30, 2019		September 28, 2020		September 30, 2019
	(In thousands)
Net Sales:
United States	$	271,050	$	281,875	$	802,681	$	841,196
China		80,696		75,692		252,736		254,888
Other		161,830		176,606		526,103		501,411
Total net sales	$	513,576	$	534,173	$	1,581,520	$	1,597,495

Net sales are attributed to countries by country invoiced.