Segment And Geographic Information

12 Months Ended

Dec. 31, 2023

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 include (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 the Company's operating segments follows:

	Year Ended December 31,
(in thousands)	2023			2022			2021
Sales:
Americas	$	1,611,783		$	1,475,929		$	1,203,544
Asia		1,055,938			1,251,475			912,560
Europe		299,835			284,103			228,834
Elimination of intersegment sales		(128,580	)		(125,176	)		(89,619	)
Total sales	$	2,838,976		$	2,886,331		$	2,255,319
Depreciation and amortization:
Americas	$	20,940		$	19,574		$	20,589
Asia		9,746			10,192			10,660
Europe		3,226			3,289			2,878
Corporate		11,498			11,197			10,025
Total depreciation and amortization	$	45,410		$	44,252		$	44,152
Income from operations:
Americas	$	63,484		$	55,202		$	45,807
Asia		124,279			134,649			90,725
Europe		17,380			16,889			11,054
Corporate and intersegment eliminations		(95,479	)		(116,671	)		(94,524	)
Total income from operations		109,664			90,069			53,062
Interest expense		(31,875	)		(12,894	)		(8,472	)
Interest income		6,256			1,730			540
Other (expense) income, net		(2,825	)		5,437			277
Income before income taxes	$	81,220		$	84,342		$	45,407
Capital expenditures:
Americas	$	38,627		$	30,105		$	28,673
Asia		25,286			10,534			4,253
Europe		7,098			4,509			6,072
Corporate		6,728			1,626			3,179
Total capital expenditures	$	77,739		$	46,774		$	42,177
				December 31,
(in thousands)				2023			2022
Assets:
Americas				$	1,064,047		$	1,055,533
Asia					769,744			764,164
Europe					222,591			183,443
Corporate					218,373			224,191
Total assets				$	2,274,755		$	2,227,331

Geographic sales information about the Company's sales is determined based on the destination of the product shipped. Long-lived assets information is determined based on the physical location of the assets and includes property, plant and equipment, net, operating lease right-of-use assets and other long-term assets, net.

A summary of the Company's geographic sales and long-lived assets follows:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Geographic sales:
United States	$	1,737,144	$	1,569,232	$	1,328,754
Singapore		383,914		457,889		326,688
Other Asia		210,927		332,144		202,792
Europe		402,514		387,276		285,017
Other		104,477		139,790		112,068
Total sales	$	2,838,976	$	2,886,331	$	2,255,319
			December 31,
(in thousands)			2023		2022
Long-lived assets:
United States			$	231,740	$	249,409
Asia				79,203		68,283
Europe				42,934		29,338
Other				66,072		23,801
Total long-lived assets			$	419,949	$	370,831