Segment And Geographic Information

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Sales:
Americas	$	343,141		$	404,220		$	715,470		$	801,427
Asia		257,670			286,850			515,486			554,893
Europe		85,856			74,590			166,352			152,445
Elimination of intersegment sales		(20,771	)		(32,428	)		(55,837	)		(80,838	)
Total sales	$	665,896		$	733,232		$	1,341,471		$	1,427,927
Depreciation and amortization:
Americas	$	5,254		$	5,130		$	10,679		$	10,262
Asia		2,513			2,385			5,037			4,736
Europe		862			810			1,743			1,588
Corporate		2,803			3,124			5,567			5,963
Total depreciation and amortization	$	11,432		$	11,449		$	23,026		$	22,549
Income from operations:
Americas	$	12,197		$	13,915		$	25,163		$	27,246
Asia		32,129			25,598			65,906			54,382
Europe		6,628			3,360			13,405			10,046
Corporate and intersegment eliminations		(23,701	)		(18,392	)		(51,692	)		(44,451	)
Total income from operations		27,253			24,481			52,782			47,223
Interest expense		(6,933	)		(8,258	)		(14,178	)		(14,708	)
Interest income		2,526			1,622			4,518			2,880
Other (expense) income, net		(2,323	)		61			(3,500	)		(2,104	)
Income before income taxes	$	20,523		$	17,906		$	39,622		$	33,291
Capital expenditures:
Americas	$	3,833		$	5,480		$	5,616		$	28,589
Asia		2,365			3,076			4,870			10,624
Europe		1,037			1,105			2,061			2,793
Corporate		1,269			(1,343	)		1,860			5,043
Total capital expenditures	$	8,504		$	8,318		$	14,407		$	47,049

	June 30,		December 31,
(in thousands)	2024		2023
Assets:
Americas	$	927,584	$	1,064,047
Asia		795,678		769,744
Europe		214,378		222,591
Corporate		217,099		218,373
Total assets	$	2,154,739	$	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 June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Geographic sales:
United States	$	387,720	$	440,908	$	784,139	$	872,093
Singapore		105,070		110,934		206,308		197,890
Other Asia		44,880		56,638		104,776		101,891
Europe		103,278		101,092		201,300		205,785
Other		24,948		23,660		44,948		50,268
Total sales	$	665,896	$	733,232	$	1,341,471	$	1,427,927

	June 30,		December 31,
(in thousands)	2024		2023
Long-lived assets:
United States	$	231,037	$	231,740
Asia		81,962		79,203
Europe		41,993		42,934
Other		66,784		66,072
Total long-lived assets	$	421,776	$	419,949