Segment And Geographic Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment And Geographic Information

Note 16 – 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 March 31,
(in thousands)	2023			2022
Net sales:
Americas	$	397,208		$	305,580
Asia		268,043			287,246
Europe		77,855			70,341
Elimination of intersegment sales		(48,411	)		(27,084	)
	$	694,695		$	636,083
Depreciation and amortization:
Americas	$	5,132		$	4,855
Asia		2,351			2,547
Europe		778			804
Corporate		2,839			2,691
	$	11,100		$	10,897
Income from operations:
Americas	$	13,331		$	10,365
Asia		28,784			27,806
Europe		6,686			4,638
Corporate and intersegment eliminations		(26,059	)		(27,402	)
		22,742			15,407
Interest expense		(6,450	)		(1,750	)
Interest income		1,258			130
Other expense		(2,165	)		(294	)
Income before income taxes	$	15,385		$	13,493
Capital expenditures:
Americas	$	23,109		$	12,516
Asia		7,548			3,928
Europe		1,688			1,797
Corporate		6,386			(266	)
	$	38,731		$	17,975

	March 31,		December 31,
(in thousands)	2023		2022
Total assets:
Americas	$	1,118,529	$	1,055,533
Asia		774,147		764,164
Europe		188,513		183,443
Corporate		197,459		224,191
	$	2,278,648	$	2,227,331

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 March 31,
(in thousands)	2023		2022
Geographic net sales:
United States	$	431,185	$	329,110
Singapore		86,956		105,672
Other Asia		45,253		74,910
Europe		104,693		99,265
Other		26,608		27,126
	$	694,695	$	636,083
	March 31,		December 31,
(in thousands)	2023		2022
Long-lived assets:
United States	$	248,769	$	249,409
Asia		72,094		68,283
Europe		29,191		29,338
Other		32,745		23,801
	$	382,799	$	370,831