Segment And Geographic Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(in thousands)	2024			2023			2024			2023
Sales:
Americas	$	306,533		$	399,356		$	1,022,003		$	1,200,783
Asia		289,921			275,163			805,407			830,056
Europe		83,517			71,412			249,869			223,857
Elimination of intersegment sales		(22,224	)		(26,236	)		(78,061	)		(107,074	)
Total sales	$	657,747		$	719,695		$	1,999,218		$	2,147,622
Depreciation and amortization:
Americas	$	5,261		$	5,302		$	15,940		$	15,564
Asia		2,570			2,496			7,607			7,232
Europe		931			806			2,674			2,394
Corporate		2,790			2,950			8,357			8,913
Total depreciation and amortization	$	11,552		$	11,554		$	34,578		$	34,103
Income from operations:
Americas	$	6,238		$	18,278		$	31,401		$	45,524
Asia		37,349			37,526			103,255			91,908
Europe		6,723			3,945			20,128			13,991
Corporate and intersegment eliminations		(22,205	)		(29,408	)		(73,897	)		(73,859	)
Total income from operations		28,105			30,341			80,887			77,564
Interest expense		(6,569	)		(8,475	)		(20,747	)		(23,183	)
Interest income		2,811			1,343			7,329			4,223
Other (expense) income, net		(3,952	)		2,384			(7,452	)		280
Income before income taxes	$	20,395		$	25,593		$	60,017		$	58,884
Capital expenditures:
Americas	$	5,289		$	6,762		$	10,905		$	35,351
Asia		3,961			10,529			8,831			21,153
Europe		926			1,118			2,987			3,911
Corporate		(362	)		1,255			1,498			6,298
Total capital expenditures	$	9,814		$	19,664		$	24,221		$	66,713

	September 30,		December 31,
(in thousands)	2024		2023
Assets:
Americas	$	893,473	$	1,064,047
Asia		809,983		769,744
Europe		224,406		222,591
Corporate		221,135		218,373
Total assets	$	2,148,997	$	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 September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Geographic sales:
United States	$	353,335	$	436,842	$	1,137,474	$	1,308,935
Singapore		125,843		96,563		332,151		294,453
Other Asia		59,740		56,689		164,516		158,580
Europe		101,457		99,125		302,757		304,910
Other		17,372		30,476		62,320		80,744
Total sales	$	657,747	$	719,695	$	1,999,218	$	2,147,622

	September 30,		December 31,
(in thousands)	2024		2023
Long-lived assets:
United States	$	223,305	$	231,740
Asia		83,146		79,203
Europe		42,280		42,934
Other		65,870		66,072
Total long-lived assets	$	414,601	$	419,949