Segment And Geographic Information

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
(in thousands)	2023			2022			2023			2022
Net sales:
Americas	$	404,220		$	360,275		$	801,427		$	665,855
Asia		286,850			320,462			554,893			607,708
Europe		74,590			69,850			152,445			140,191
Elimination of intersegment sales		(32,428	)		(22,558	)		(80,838	)		(49,642	)
	$	733,232		$	728,029		$	1,427,927		$	1,364,112
Depreciation and amortization:
Americas	$	5,130		$	4,772		$	10,262		$	9,627
Asia		2,385			2,551			4,736			5,098
Europe		810			814			1,588			1,618
Corporate		3,124			2,828			5,963			5,519
	$	11,449		$	10,965		$	22,549		$	21,862
Income from operations:
Americas	$	13,915		$	16,121		$	27,246		$	26,486
Asia		25,598			29,852			54,382			57,658
Europe		3,360			1,008			10,046			5,646
Corporate and intersegment eliminations		(18,392	)		(24,549	)		(44,451	)		(51,951	)
		24,481			22,432			47,223			37,839
Interest expense		(8,258	)		(2,185	)		(14,708	)		(3,935	)
Interest income		1,622			261			2,880			391
Other expense		61			784			(2,104	)		490
Income before income taxes	$	17,906		$	21,292		$	33,291		$	34,785
Capital expenditures:
Americas	$	5,480		$	2,576		$	28,589		$	15,092
Asia		3,076			2,119			10,624			6,047
Europe		1,105			1,452			2,793			3,249
Corporate		(1,343	)		849			5,043			583
	$	8,318		$	6,996		$	47,049		$	24,971

	June 30,		December 31,
(in thousands)	2023		2022
Total assets:
Americas	$	1,094,585	$	1,055,533
Asia		809,277		764,164
Europe		203,263		183,443
Corporate		200,338		224,191
	$	2,307,463	$	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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Geographic net sales:
United States	$	440,908	$	401,842	$	872,093	$	730,952
Singapore		110,934		116,284		197,890		221,956
Other Asia		56,638		85,805		101,891		160,715
Europe		101,092		96,705		205,785		195,970
Other		23,660		27,393		50,268		54,519
	$	733,232	$	728,029	$	1,427,927	$	1,364,112
					June 30,		December 31,
(in thousands)					2023		2022
Long-lived assets:
United States					$	241,818	$	249,409
Asia						72,986		68,283
Europe						29,116		29,338
Other						35,805		23,801
					$	379,725	$	370,831