Segment and Geographic Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

Note 11 – Segment and Geographic Information

The Company’s Chief Executive Officer is our Chief Operating Decision Maker (CODM) who evaluates how resources are allocated, assesses performance and makes strategic and operational decisions. 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. We provide manufacturing services, design and engineering services, and technology solutions in the Americas, Asia and Europe. 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:

	Three Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	296,490	$	300,390	$	83,798	$	680,678
Intersegment sales		12,521		6,925		2,496		21,942
	$	309,011	$	307,315	$	86,294	$	702,620
Reconciliation of sales
Elimination of intersegment sales								(21,942	)
Sales							$	680,678
Less:
Cost of sales		278,028		259,180		72,453
Selling, general and administrative expenses		7,548		4,049		2,362
Other(1)		217		6		—
Segment income from operations	$	10,697	$	37,155	$	8,983	$	56,835
Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(33,174	)
Interest expense								(4,418	)
Interest income								1,955
Other expense, net								(608	)
Income before income taxes							$	20,590

	Nine Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	854,826	$	850,686	$	249,265	$	1,954,777
Intersegment sales		33,680		27,734		6,707		68,121
	$	888,506	$	878,420	$	255,972	$	2,022,898
Reconciliation of sales
Elimination of intersegment sales								(68,121	)
Sales							$	1,954,777
Less:
Cost of sales		801,570		729,611		218,559
Selling, general and administrative expenses		22,377		11,432		7,071
Other(1)		13,833		19		—
Segment income from operations	$	17,046	$	109,624	$	23,635	$	150,305
Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(94,399	)
Interest expense								(16,061	)
Interest income								7,822
Other expense, net								(2,076	)
Income before income taxes							$	45,591

	Three Months Ended September 30, 2024
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	298,729	$	277,856	$	81,162	$	657,747
Intersegment sales		7,804		12,065		2,355		22,224
	$	306,533	$	289,921	$	83,517	$	679,971
Reconciliation of sales
Elimination of intersegment sales								(22,224	)
Sales							$	657,747
Less:
Cost of sales		282,975		236,795		71,846
Selling, general and administrative expenses		7,597		3,706		2,593
Other(1)		795		6		—
Segment income from operations	$	7,362	$	37,349	$	6,723	$	51,434
Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(23,329	)
Interest expense								(6,569	)
Interest income								2,811
Other expense, net								(3,952	)
Income before income taxes							$	20,395

	Nine Months Ended September 30, 2024
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	980,461	$	776,162	$	242,595	$	1,999,218
Intersegment sales		41,542		29,245		7,274		78,061
	$	1,022,003	$	805,407	$	249,869	$	2,077,279
Reconciliation of sales
Elimination of intersegment sales								(78,061	)
Sales							$	1,999,218
Less:
Cost of sales		921,531		662,330		215,184
Selling, general and administrative expenses		23,592		10,196		7,279
Other(1)		4,624		381		4
Segment income from operations	$	30,714	$	103,255	$	20,128	$	154,097
Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(73,210	)
Interest expense								(20,747	)
Interest income								7,329
Other expense, net								(7,452	)
Income before income taxes							$	60,017

(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs.

(2) Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.

	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2025		2024			2025		2024
Depreciation and amortization:
Americas	$	5,146	$	5,261		$	15,613	$	15,940
Asia		2,950		2,570			8,558		7,607
Europe		1,045		931			3,034		2,674
Corporate		2,703		2,790			8,424		8,357
Total depreciation and amortization	$	11,844	$	11,552		$	35,629	$	34,578
Capital expenditures:
Americas	$	1,523	$	5,289		$	7,883	$	10,905
Asia		6,641		3,961			12,503		8,831
Europe		2,631		926			4,855		2,987
Corporate		699		(362	)		2,713		1,498
Total capital expenditures	$	11,494	$	9,814		$	27,954	$	24,221

	September 30,		December 31,
(in thousands)	2025		2024
Assets:
Americas	$	812,830	$	866,595
Asia		726,136		821,252
Europe		256,975		225,872
Corporate		271,408		225,745
Total assets	$	2,067,349	$	2,139,464

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)	2025		2024		2025		2024
Geographic sales:
United States	$	356,579	$	353,335	$	1,014,382	$	1,137,474
Singapore		121,332		125,843		392,079		332,151
Other Asia		78,012		59,740		191,297		164,516
Europe		110,872		101,457		310,508		302,757
Other		13,883		17,372		46,511		62,320
Total sales	$	680,678	$	657,747	$	1,954,777	$	1,999,218

	September 30,		December 31,
(in thousands)	2025		2024
Long-lived assets:
United States	$	208,495	$	215,536
Asia		92,952		89,249
Europe		42,599		39,936
Other		58,842		64,506
Total long-lived assets	$	402,888	$	409,227