Segment And Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment And Geographic Information

Note 13—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:

	Year Ended December 31,
(in thousands)	2022			2021			2020
Net sales:
Americas	$	1,475,929		$	1,203,544		$	1,209,032
Asia		1,251,475			912,560			746,661
Europe		284,103			228,834			174,547
Elimination of intersegment sales		(125,176	)		(89,619	)		(77,109	)
	$	2,886,331		$	2,255,319		$	2,053,131
Depreciation and amortization:
Americas	$	19,574		$	20,589		$	22,802
Asia		10,192			10,660			11,018
Europe		3,289			2,878			2,842
Corporate		11,197			10,025			12,130
	$	44,252		$	44,152		$	48,792
Income from operations:
Americas	$	55,202		$	45,807		$	32,629
Asia		134,649			90,725			63,880
Europe		16,889			11,054			6,077
Corporate and intersegment eliminations		(116,671	)		(94,524	)		(77,452	)
		90,069			53,062			25,134
Interest expense		(12,894	)		(8,472	)		(8,364	)
Interest income		1,730			540			1,196
Other expense		5,437			277			(673	)
Income before income taxes	$	84,342		$	45,407		$	17,293
Capital expenditures:
Americas	$	30,105		$	28,673		$	24,392
Asia		10,534			4,253			7,836
Europe		4,509			6,072			1,838
Corporate		1,626			3,179			5,453
	$	46,774		$	42,177		$	39,519

	December 31,		December 31,		December 31,
(in thousands)	2022		2021		2020
Total assets:
Americas	$	1,055,533	$	885,574	$	777,658
Asia		764,164		663,881		532,793
Europe		183,443		178,263		146,277
Corporate		224,191		176,162		287,507
	$	2,227,331	$	1,903,880	$	1,744,235

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.

	Year Ended December 31,
(in thousands)	2022		2021		2020
Geographic net sales:
United States	$	1,569,232	$	1,328,754	$	1,322,728
Singapore		457,889		326,688		222,285
Other Asia		332,144		202,792		168,500
Europe		387,276		285,017		240,672
Other		139,790		112,068		98,946
	$	2,886,331	$	2,255,319	$	2,053,131
	December 31,		December 31,		December 31,
(in thousands)	2022		2021		2020
Long-lived assets:
United States	$	249,409	$	240,430	$	235,193
Asia		68,283		65,327		69,669
Europe		29,338		29,588		18,002
Other		23,801		22,303		21,980
	$	370,831	$	357,648	$	344,844