Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
(in thousands)	Americas		Asia		Europe		Total
2026
Sales from external customers	$	301,600	$	295,205	$	80,475	$	677,280
Intersegment sales		9,695		7,916		2,813		20,424
	$	311,295	$	303,121	$	83,288	$	697,704
Reconciliation of sales
Elimination of intersegment sales								(20,424	)
Sales							$	677,280
Less:
Cost of sales		283,026		249,632		70,291
Selling, general and administrative expenses		6,996		3,683		2,697
Other(1)		3,756		34		—
Segment income from operations	$	7,822	$	41,856	$	7,487	$	57,165
Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(35,291	)
Interest expense								(3,649	)
Interest income								1,900
Other expense, net								(1,703	)
Income before income taxes							$	18,422

	Three Months Ended March 31, 2025
(in thousands)	Americas			Asia		Europe		Total
March 31, 2025
Sales from external customers	$	274,126		$	273,734	$	83,904	$	631,764
Intersegment sales		10,152			10,305		2,375		22,832
	$	284,278		$	284,039	$	86,279	$	654,596
Reconciliation of sales
Elimination of intersegment sales									(22,832	)
Sales								$	631,764
Less:
Cost of sales		259,657			231,557		73,632
Selling, general and administrative expenses		7,480			3,534		2,269
Other(1)		11,417			6		—
Segment income from operations	$	(4,428	)	$	38,637	$	8,003	$	42,212
Reconciliation of income before income taxes
Other - corporate and eliminations(2)									(30,453	)
Interest expense									(5,295	)
Interest income									2,732
Other expense, net									(802	)
Income before income taxes								$	8,394

(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 March 31,
(in thousands)	2026		2025
Depreciation and amortization:
Americas	$	4,881	$	5,212
Asia		3,177		2,743
Europe		1,118		983
Corporate		2,726		2,830
Total depreciation and amortization	$	11,902	$	11,768
Capital expenditures:
Americas	$	9,631	$	1,119
Asia		6,175		1,619
Europe		256		502
Corporate		2,208		916
Total capital expenditures	$	18,270	$	4,156

	March 31,		December 31,
(in thousands)	2026		2025
Assets:
Americas	$	799,048	$	819,820
Asia		804,588		752,962
Europe		264,185		269,728
Corporate		228,372		229,205
Total assets	$	2,096,193	$	2,071,715

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)	2026		2025
Geographic sales:
United States	$	359,624	$	326,642
Singapore		119,815		139,959
Other Asia		66,888		51,444
Europe		111,125		97,752
Other		19,828		15,967
Total sales	$	677,280	$	631,764

	March 31,		December 31,
(in thousands)	2026		2025
Long-lived assets:
United States	$	198,056	$	195,317
Asia		111,721		101,206
Europe		39,907		41,629
Other		58,900		58,370
Total long-lived assets	$	408,584	$	396,522