Segment And Geographic Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment And Geographic Information

Note 17 – Segment and Geographic Information

The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. Corporate and intersegment eliminations includes (1) corporate expenses not allocated to the Company’s three reporting segments, which are primarily general and administrative expenses such as corporate employee payroll and benefit costs and corporate facility costs, and (2) income from operations on intersegment sales between reporting segments. Corporate functions include legal, finance, tax, treasury, information technology, risk management, human resources, business development and other administrative functions. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe. Information about operating segments is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Net sales:
Americas	$	360,275		$	292,270		$	665,855		$	569,108
Asia		320,462			222,539			607,708			410,843
Europe		69,850			51,620			140,191			112,500
Elimination of intersegment sales		(22,558	)		(21,767	)		(49,642	)		(42,068	)
	$	728,029		$	544,662		$	1,364,112		$	1,050,383
Depreciation and amortization:
Americas	$	4,772		$	5,252		$	9,627		$	10,547
Asia		2,551			2,657			5,098			5,343
Europe		814			692			1,618			1,404
Corporate		2,828			2,338			5,519			4,700
	$	10,965		$	10,939		$	21,862		$	21,994
Income from operations:
Americas	$	16,121		$	11,995		$	26,486		$	20,229
Asia		29,852			25,467			57,658			42,819
Europe		1,008			1,702			5,646			6,940
Corporate and intersegment eliminations		(24,549	)		(28,465	)		(51,951	)		(47,355	)
		22,432			10,699			37,839			22,633
Interest expense		(2,185	)		(2,079	)		(3,935	)		(4,228	)
Interest income		261			164			391			329
Other expense		784			440			490			164
Income before income taxes	$	21,292		$	9,224		$	34,785		$	18,898
Capital expenditures:
Americas	$	2,576		$	6,923		$	15,092		$	11,842
Asia		2,119			2,129			6,047			2,334
Europe		1,452			2,433			3,249			2,719
Corporate		849			712			583			1,724
	$	6,996		$	12,197		$	24,971		$	18,619
							June 30,			December 31,
(in thousands)							2022			2021
Total assets:
Americas							$	993,027		$	885,574
Asia								792,772			663,881
Europe								198,334			178,263
Corporate								182,652			176,162
							$	2,166,785		$	1,903,880

Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Geographic net sales:
United States	$	401,842	$	321,605	$	730,952	$	618,648
Singapore		116,284		78,598		221,956		141,755
Other Asia		85,805		46,258		160,715		85,103
Europe		96,705		66,965		195,970		142,291
Other		27,393		31,236		54,519		62,586
	$	728,029	$	544,662	$	1,364,112	$	1,050,383
					June 30,		December 31,
(in thousands)					2022		2021
Long-lived assets:
United States					$	251,049	$	240,430
Asia						65,025		65,327
Europe						29,444		29,588
Other						20,003		22,303
					$	365,521	$	357,648