Segment And Geographic Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(in thousands)	2022			2021			2022			2021
Net sales:
Americas	$	400,905		$	319,116		$	1,066,760		$	888,224
Asia		337,726			224,431			945,434			635,274
Europe		68,400			49,984			208,591			162,484
Elimination of intersegment sales		(35,456	)		(21,649	)		(85,098	)		(63,717	)
	$	771,575		$	571,882		$	2,135,687		$	1,622,265
Depreciation and amortization:
Americas	$	4,895		$	4,914		$	14,522		$	15,461
Asia		2,570			2,708			7,668			8,051
Europe		822			736			2,440			2,140
Corporate		2,838			2,611			8,357			7,311
	$	11,125		$	10,969		$	32,987		$	32,963
Income from operations:
Americas	$	14,608		$	11,053		$	41,094		$	31,282
Asia		33,662			21,391			91,320			64,210
Europe		4,880			978			10,526			7,918
Corporate and intersegment eliminations		(27,866	)		(21,628	)		(79,817	)		(68,983	)
		25,284			11,794			63,123			34,427
Interest expense		(3,493	)		(1,987	)		(7,428	)		(6,215	)
Interest income		452			122			843			451
Other expense		1,087			500			1,577			664
Income before income taxes	$	23,330		$	10,429		$	58,115		$	29,327
Capital expenditures:
Americas	$	5,495		$	11,787		$	20,587		$	23,629
Asia		1,104			274			7,151			2,608
Europe		590			691			3,839			3,410
Corporate		1,434			1,066			2,017			2,790
	$	8,623		$	13,818		$	33,594		$	32,437

	September 30,		December 31,
(in thousands)	2022		2021
Total assets:
Americas	$	1,085,331	$	885,574
Asia		836,895		663,881
Europe		186,256		178,263
Corporate		168,025		176,162
	$	2,276,507	$	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 September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Geographic net sales:
United States	$	423,183	$	342,674	$	1,154,135	$	961,322
Singapore		126,178		84,902		348,134		226,657
Other Asia		90,681		55,124		251,396		140,227
Europe		91,086		64,775		287,056		207,066
Other		40,447		24,407		94,966		86,993
	$	771,575	$	571,882	$	2,135,687	$	1,622,265
					September 30,		December 31,
(in thousands)					2022		2021
Long-lived assets:
United States					$	250,799	$	240,430
Asia						67,425		65,327
Europe						28,276		29,588
Other						21,019		22,303
					$	367,519	$	357,648