Segment Information

12 Months Ended

Jan. 03, 2021

SEGMENT INFORMATION

The Company has determined that it has three operating segments – namely, the Americas, Europe and Asia-Pacific geographic regions. The Company has aggregated the three operating segments into one reporting segment because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment. Nora results are included in the figures since the date of acquisition, and are included in our operating segments based on the geographic split of the operations.

During 2020, the Company changed the structure of its operating segments related to nora assets to align with where the assets are physically located. Certain nora assets that were previously reported within the Europe operating segment are now reported within the Americas and Asia-Pacific operating segments based on the geographical location of the assets. Total assets in the prior period presented have been revised to reflect this change.

While the Company operates as one reporting segment for the reasons discussed, included below is selected information on our operating segments.

Summary information by operating segment and reconciliations to the corresponding consolidated amounts follows:


	Fiscal Year
	2020		2019		2018
	(in thousands)
Net Sales
Americas	$	593,418	$	757,112	$	682,261
Europe	351,287		393,194		319,677
Asia-Pacific	158,557		192,723		177,635
Total net sales	$	1,103,262	$	1,343,029	$	1,179,573

Depreciation and Amortization
Americas	$	13,609	$	12,917	$	13,732
Europe	18,678		18,452		12,862
Asia-Pacific	7,780		8,302		8,567
Total segment depreciation and amortization	40,067		39,671		35,161
Corporate depreciation and amortization	5,853		5,261		3,923
Reported depreciation and amortization	$	45,920	$	44,932	$	39,084

			End of Fiscal Year
			2020		2019
			(in thousands)
Assets
Americas			$	800,068	$	769,301
Europe			499,186		567,866
Asia-Pacific			183,109		210,142
Total segment assets			1,482,363		1,547,309
Corporate assets			111,073		141,942
Eliminations			(287,425)		(266,202)
Total reported assets			$	1,306,011	$	1,423,049

Total assets in the table above include operating lease right-of-use assets for fiscal years 2020 and 2019. Below is a summary of the operating lease right-of-use assets by operating segment and a reconciliation to the consolidated amounts:


	End of Fiscal Year
Operating Lease Right-of-Use Assets	2020		2019
	(in thousands)
Americas	$	11,945	$	20,126
Europe	65,473		66,038
Asia-Pacific	8,792		8,259
Total segment operating lease right-of-use assets	86,210		94,423

Corporate operating lease right-of-use assets	11,803		12,621
Total operating lease right-of-use assets	$	98,013	$	107,044

The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past three years. Sales to customers in foreign markets in 2020, 2019 and 2018 were approximately 51%, 49% and 49%, respectively, of total net sales. These sales were primarily to customers in Europe, Canada, Asia, Australia and Latin America. Other than the United States and Germany in 2020, and the United States in 2019 and 2018, no one country represented more than 10% of the Company’s net sales during the past three years. Revenue and long-lived assets related to operations in the United States and other countries are as follows:


	Fiscal Year
Sales to Unaffiliated Customers(1)	2020		2019		2018
	(in thousands)
United States	$	545,183	$	681,868	$	600,093
Germany	115,402		117,418		75,958
Other foreign countries	442,677		543,743		503,522
Total net sales	$	1,103,262	$	1,343,029	$	1,179,573

			End of Fiscal Year
Long-Lived Assets(2)			2020		2019
			(in thousands)
United States			$	163,983	$	132,390
Germany			79,294		76,448
Netherlands			51,190		48,220
Other foreign countries			64,569		67,527
Total long-lived assets			$	359,036	$	324,585

(1)Revenue attributed to geographic areas is based on the location of the customer.

(2)Long-lived assets attributed to geographic areas are based on the physical location of the asset. 2020 includes $1.8 million and $4.3 million of leased equipment in the United States and foreign countries, respectively. 2019 includes $0.6 million and $4.4 million of leased equipment in the United States and foreign countries, respectively.