Segment Information (Tables)

3 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

	Three Months Ended
(in thousands)	March 29, 2025		March 30, 2024
Net sales
Electronics	$	307,249	$	291,105
Transportation	161,862		170,367
Industrial	85,196		73,913
Total net sales	$	554,307	$	535,385
Other segment expenses (b)
Electronics	$	260,483	$	253,302
Transportation	142,945		154,161
Industrial	72,122		69,117
Total other segment expenses	$	475,550	$	476,580
Segment operating income
Electronics	$	46,766	$	37,803
Transportation	18,917		16,206
Industrial	13,074		4,796
Total segment operating income	78,757		58,805
Other (a)	(8,607)		(3,853)
Total operating income	70,150		54,952
Interest expense	8,875		9,611
Foreign exchange loss (gain)	4,843		(5,042)
Other income, net	(3,515)		(5,321)
Income before income taxes	$	59,947	$	55,704

(a) Included in "Other" Operating income for the first fiscal quarter of 2025 was $8.9 million of restructuring charges primarily related to employee termination costs, and $0.1 million impairment charge related to certain machinery and equipment within the Electronics segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. During the first fiscal quarter of 2025, the Company recognized $0.5 million of purchase accounting inventory step-down adjustment, and $0.1 million of legal and professional fees and other integration expenses related to completed and contemplated acquisition.

Included in "Other" Operating income for the first fiscal quarter of 2024 was $2.3 million of restructuring charges primarily related to employee termination costs and a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. In addition, during the first fiscal quarter of 2024, the Company recognized a $0.9 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, partially offset by a gain of $0.3 million recorded for the sale of a building in the commercial vehicle business within the Transportation segment.

(b) Other segment operating expenses include cost of sales, selling, general, and administration expenses, and research and development expenses. Other segment expenses are reconciled to the operating income of each segment. The CODM regularly assesses the performance of each operating segment focusing on each operating segment’s revenue and operating income. Other segment operating expenses for the first fiscal quarter of 2024 were included in order to adhere to the implementation of Accounting Standards Updates ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures."

The Company’s depreciation and amortization expenses by segment for the three months ended March 29, 2025 and March 30, 2024 were as follows:

	Three Months Ended
(in thousands)	March 29, 2025		March 30, 2024
Depreciation
Electronics	$	11,410	$	9,985
Transportation	5,499		5,247
Industrial	1,521		1,436
Total depreciation	$	18,430	$	16,668
Amortization
Electronics	$	9,777	$	9,856
Transportation	3,349		3,384
Industrial	1,205		2,585
Total amortization	$	14,331	$	15,825

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 

	Three Months Ended
(in thousands)	March 29, 2025		March 30, 2024
Net sales
United States	$	198,378	$	190,433
China	129,394		115,169
Other countries (a)	226,535		229,783
Total net sales	$	554,307	$	535,385

The Company’s long-lived assets represent net property, plant, and equipment, and are classified according to the country where the asset is located. The Company's long-lived assets were as follows:

(in thousands)	March 29, 2025		December 28, 2024
Long-lived assets
United States	$	75,148	$	74,698
China	129,401		132,504
Mexico	86,711		89,558
Germany	97,739		58,758
Philippines	64,761		66,174
Other countries	56,576		55,376
Total long-lived assets	$	510,336	$	477,068

The Company’s additions to net property, plant, and equipment by country were as follows:

	Three Months Ended
(in thousands)	March 29, 2025		March 30, 2024
Additions to long-lived assets
United States	$	3,493	$	4,806
China	1,483		2,408
Mexico	1,484		2,330
Germany	7,620		3,230
Philippines	637		1,338
Other countries	1,610		2,212
Total additions to long-lived assets	$	16,327	$	16,324

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