Reportable Business Segments and International Operations (Tables)

12 Months Ended

Dec. 31, 2025

Reportable Business Segments and International Operations

Schedule of total sales, intersegment sales and external net sales by segment and a reconciliation by segment of external net sales to segment operating income.

The following tables (i) summarize, by segment, total sales, intersegment sales and external net sales and (ii) reconcile each segment’s external net sales to their respective segment operating income, including segment operating expenses, for each of the years ended December 31, 2025, 2024 and 2023:

	Communications Solutions		Harsh Environment Solutions		Interconnect and Sensor Systems		Total
2025
Total sales	$	12,160.6	$	6,001.9	$	5,216.1	$	23,378.6
Less: Intersegment sales		104.6		120.2		59.1		283.9
External net sales		12,056.0		5,881.7		5,157.0		23,094.7
Less: Segment operating expenses (1)		8,309.4		4,340.3		4,151.9		16,801.6
Segment operating income	$	3,746.6	$	1,541.4	$	1,005.1	$	6,293.1
2024
Total sales	$	6,375.6	$	4,508.6	$	4,510.6	$	15,394.8
Less: Intersegment sales		51.8		91.2		29.1		172.1
External net sales		6,323.8		4,417.4		4,481.5		15,222.7
Less: Segment operating expenses (1)		4,754.2		3,324.2		3,655.6		11,734.0
Segment operating income	$	1,569.6	$	1,093.2	$	825.9	$	3,488.7
2023
Total sales	$	4,963.0	$	3,621.6	$	4,129.3	$	12,713.9
Less: Intersegment sales		50.2		90.8		18.2		159.2
External net sales		4,912.8		3,530.8		4,111.1		12,554.7
Less: Segment operating expenses (1)		3,849.3		2,586.9		3,357.4		9,793.6
Segment operating income	$	1,063.5	$	943.9	$	753.7	$	2,761.1

(1)

The aggregated amount is comprised of cost of sales, selling, general and administrative expenses, and other segment related expenses.

Schedule of the reconciliation of segment operating income to consolidated income before income taxes

	2025		2024		2023
Total segment operating income	$	6,293.1	$	3,488.7	$	2,761.1
Corporate / Other:
Stock-based compensation expense		(135.4)		(109.5)		(99.0)
Amortization of acquisition-related inventory step-up costs		(77.8)		(18.2)		—
Acquisition-related expenses		(103.4)		(127.4)		(34.6)
Other operating expenses		(107.9)		(76.7)		(67.9)
Operating income		5,868.6		3,156.9		2,559.6
Interest expense		(367.8)		(217.0)		(139.5)
Gain on bargain purchase acquisition		—		—		5.4
Other income (expense), net		99.9		72.0		29.3
Income before income taxes	$	5,600.7	$	3,011.9	$	2,454.8

Schedule of depreciation and amortization expense

	2025		2024		2023
Communications Solutions	$	486.9	$	226.5	$	177.0
Harsh Environment Solutions		166.5		126.7		91.0
Interconnect and Sensor Systems		150.0		136.6		131.1
Corporate / Other (1)		119.0		82.7		7.3
Total	$	922.4	$	572.5	$	406.4

(1)

Amortization of acquired backlog associated with acquisitions for the years ended December 31, 2025 and 2024 is reported under “Corporate / Other”.

Schedule of revenues and long-lived assets by geographical area

	2025		2024		2023
Net sales
United States	$	7,987.7	$	5,272.3	$	4,405.4
China		3,673.1		3,399.9		2,884.0
Other foreign locations		11,433.9		6,550.5		5,265.3
Total	$	23,094.7	$	15,222.7	$	12,554.7
Long-lived assets(1)
United States	$	598.8	$	576.4	$	442.6
China		1,050.4		617.9		455.5
Other foreign locations		1,215.4		901.9		718.1
Total	$	2,864.6	$	2,096.2	$	1,616.2

(1)

Long-lived assets included in this table are comprised of property, plant and equipment, net, and operating lease right-of-use assets for all years presented.

Schedule of disaggregation of net sales

Net sales by sales channel:	2025		2024		2023
End customers and contract manufacturers:
Communications Solutions	$	9,545.8	$	4,960.9	$	3,933.2
Harsh Environment Solutions		4,285.9		3,172.6		2,581.6
Interconnect and Sensor Systems		4,965.8		4,311.0		3,947.4
		18,797.5		12,444.5		10,462.2
Distributors and resellers:
Communications Solutions		2,510.2		1,362.9		979.6
Harsh Environment Solutions		1,595.8		1,244.8		949.2
Interconnect and Sensor Systems		191.2		170.5		163.7
		4,297.2		2,778.2		2,092.5
Total Net sales	$	23,094.7	$	15,222.7	$	12,554.7

Net sales by geography:	2025		2024		2023
United States:
Communications Solutions	$	3,215.6	$	1,582.3	$	1,395.8
Harsh Environment Solutions		3,211.0		2,384.7		1,790.5
Interconnect and Sensor Systems		1,561.1		1,305.3		1,219.1
		7,987.7		5,272.3		4,405.4
China:
Communications Solutions		2,205.2		2,011.6		1,669.4
Harsh Environment Solutions		508.5		402.3		351.2
Interconnect and Sensor Systems		959.4		986.0		863.4
		3,673.1		3,399.9		2,884.0
Other foreign locations:
Communications Solutions		6,635.2		2,729.9		1,847.6
Harsh Environment Solutions		2,162.2		1,630.4		1,389.1
Interconnect and Sensor Systems		2,636.5		2,190.2		2,028.6
		11,433.9		6,550.5		5,265.3
Total Net sales	$	23,094.7	$	15,222.7	$	12,554.7