Segment Information (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The Company has provided this segment information for all comparable prior periods. Segment information is summarized as follows:

 

(in thousands)	2023		2022		2021
Net sales
Electronics	$	1,350,426	$	1,492,819	$	1,300,744
Transportation	678,278		716,140		528,058
Industrial	333,953		304,938		251,126
Total net sales	$	2,362,657	$	2,513,897	$	2,079,928
Depreciation and amortization
Electronics	$	79,345	$	68,195	$	61,512
Transportation	42,514		43,756		29,015
Industrial	15,569		8,755		8,108
Total depreciation and amortization	$	137,428	$	120,706	$	98,635
Operating income (loss)
Electronics	$	300,581	$	431,616	$	309,633
Transportation	33,634		63,539		65,979
Industrial	54,800		48,853		22,621
Other(a)	(28,153)		(43,182)		(12,591)
Total operating income	360,862		500,826		385,642
Interest expense	39,866		26,216		18,527
Foreign exchange loss	12,299		24,359		17,158
Other (income) expense, net	(19,901)		7,207		8,932
Income before income taxes	$	328,598	$	443,044	$	341,025

(a) Included in “Other” Operating income for the 2023 was $11.7 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and $11.6 million of restructuring charges, primarily related to employee termination costs. During 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment, $0.9 million impairment charge substantially related to certain patents in a business within the Industrial segment, and a $0.1 million impairment related to certain machinery and equipment in the semiconductor business within the Electronics segment. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.

Included in “Other” Operating income for 2022 was $17.6 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, $15.6 million of purchase accounting inventory step-up charges, and $10.0 million of restructuring, impairment and other charges, primarily related to employee termination costs and a $2.9 million non-cash impairment charge for certain acquired technology and patent intangible assets due to a change in use and projected cash flows within the Electronics segment in the fourth quarter of 2022. See Note 8, Restructuring, Impairment and Other Charges, for further discussion.

Included in “Other” Operating income for 2021 was $8.4 million of purchase accounting inventory step-up charges, $7.0 million of legal and professional fees and other integration expenses related to Carling, Hartland and other contemplated acquisitions, and $10.0 million of restructuring, impairment and other charges, primarily related to employee termination costs. See Note 8, Restructuring, Impairment and Other Charges, for further discussion. In addition, there was a gain of $5.0 million recorded for the sale of buildings within the Electronics segment.

Schedule of disclosure on geographic areas, long-lived assets in individual foreign countries by country

The Company’s net sales, long-lived assets and additions to long-lived assets by country for the fiscal years ended 2023, 2022, and 2021 are as follows:

 

(in thousands)	2023		2022		2021
Net sales
U.S.	$	820,735	$	912,498	$	639,381
China	546,786		638,978		620,211
Other countries(a)	995,136		962,421		820,336
Total net sales	$	2,362,657	$	2,513,897	$	2,079,928
Long-lived assets
U.S.	$	73,126	$	76,325	$	57,923
China	139,736		129,094		122,867
Mexico	102,218		107,119		107,283
Germany	47,217		39,635		39,055
Philippines	73,217		77,240		74,918
Other countries	57,639		51,697		35,843
Total long-lived assets	$	493,153	$	481,110	$	437,889
Additions to long-lived assets
U.S.	$	9,502	$	14,603	$	7,690
China	32,805		35,297		26,396
Mexico	13,920		26,514		28,707
Germany	10,279		5,255		8,519
Philippines	6,156		14,847		19,342
Other countries	10,992		7,678		5,654
Total additions to long-lived assets	$	83,654	$	104,194	$	96,308

(a)Each country included in other countries are less than 10% of net sales.