Segment And Geographic Information

3 Months Ended

Mar. 31, 2024

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 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: the Americas, Asia, and Europe.

Information about the Company’s operating segments follows:

	Three Months Ended March 31,
(in thousands)	2024			2023
Sales:
Americas	$	372,329		$	397,207
Asia		257,816			268,043
Europe		80,496			77,855
Elimination of intersegment sales		(35,066	)		(48,410	)
Total sales	$	675,575		$	694,695
Depreciation and amortization:
Americas	$	5,425		$	5,132
Asia		2,524			2,351
Europe		881			778
Corporate		2,764			2,839
Total depreciation and amortization	$	11,594		$	11,100
Income from operations:
Americas	$	12,966		$	13,331
Asia		33,777			28,784
Europe		6,777			6,686
Corporate and intersegment eliminations		(27,991	)		(26,059	)
Total income from operations		25,529			22,742
Interest expense		(7,245	)		(6,450	)
Interest income		1,992			1,258
Other expense, net		(1,177	)		(2,165	)
Income before income taxes	$	19,099		$	15,385
Capital expenditures:
Americas	$	1,783		$	23,109
Asia		2,505			7,548
Europe		1,024			1,688
Corporate		591			6,386
Total capital expenditures	$	5,903		$	38,731

	March 31,		December 31,
(in thousands)	2024		2023
Assets:
Americas	$	979,782	$	1,064,047
Asia		792,327		769,744
Europe		220,436		222,591
Corporate		220,265		218,373
Total assets	$	2,212,810	$	2,274,755

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 Company's 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:

	Three Months Ended March 31,
(in thousands)	2024		2023
Geographic sales:
United States	$	396,419	$	431,185
Singapore		101,238		86,956
Other Asia		59,896		45,253
Europe		98,022		104,693
Other		20,000		26,608
Total sales	$	675,575	$	694,695

	March 31,		December 31,
(in thousands)	2024		2023
Long-lived assets:
United States	$	227,382	$	231,740
Asia		79,314		79,203
Europe		42,520		42,934
Other		64,992		66,072
Total long-lived assets	$	414,208	$	419,949