Segment And Geographic Information

9 Months Ended

Sep. 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 include (1) corporate expenses not allocated to the Company’s three reportable 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 reportable 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)	2023			2022			2023			2022
Net sales:
Americas	$	399,356		$	400,905		$	1,200,783		$	1,066,760
Asia		275,163			337,726			830,056			945,434
Europe		71,412			68,400			223,857			208,591
Elimination of intersegment sales		(26,236	)		(35,456	)		(107,074	)		(85,098	)
	$	719,695		$	771,575		$	2,147,622		$	2,135,687
Depreciation and amortization:
Americas	$	5,302		$	4,895		$	15,564		$	14,522
Asia		2,496			2,570			7,232			7,668
Europe		806			822			2,394			2,440
Corporate		2,950			2,838			8,913			8,357
	$	11,554		$	11,125		$	34,103		$	32,987
Income from operations:
Americas	$	18,278		$	14,608		$	45,524		$	41,094
Asia		37,526			33,662			91,908			91,320
Europe		3,945			4,880			13,991			10,526
Corporate and intersegment eliminations		(29,408	)		(27,866	)		(73,859	)		(79,817	)
		30,341			25,284			77,564			63,123
Interest expense		(8,475	)		(3,493	)		(23,183	)		(7,428	)
Interest income		1,343			452			4,223			843
Other income, net		2,384			1,087			280			1,577
Income before income taxes	$	25,593		$	23,330		$	58,884		$	58,115
Capital expenditures:
Americas	$	6,762		$	5,495		$	35,351		$	20,587
Asia		10,529			1,104			21,153			7,151
Europe		1,118			590			3,911			3,839
Corporate		1,255			1,434			6,298			2,017
	$	19,664		$	8,623		$	66,713		$	33,594

	September 30,		December 31,
(in thousands)	2023		2022
Total assets:
Americas	$	1,115,465	$	1,055,533
Asia		793,215		764,164
Europe		202,054		183,443
Corporate		222,411		224,191
	$	2,333,145	$	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 September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Geographic net sales:
United States	$	436,842	$	423,183	$	1,308,935	$	1,154,135
Singapore		96,563		126,178		294,453		348,134
Other Asia		56,689		90,681		158,580		251,396
Europe		99,125		91,086		304,910		287,056
Other		30,476		40,447		80,744		94,966
	$	719,695	$	771,575	$	2,147,622	$	2,135,687
					September 30,		December 31,
(in thousands)					2023		2022
Long-lived assets:
United States					$	239,958	$	249,409
Asia						80,070		68,283
Europe						30,558		29,338
Other						67,184		23,801
					$	417,770	$	370,831