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Segment Information
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
 
The Company and its subsidiaries design, manufacture and sell component, modules and subassemblies to empower the long-term structural themes of sustainability, connectivity and safety. The Company aggregated its operating segments into the reportable segments: Electronics, Transportation, and Industrial. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information and as such, segment asset information is not disclosed. The CODM’s key decisions involve the allocation of resources, such as acquisitions, divestitures, investments, capital expenditures, significant customer contracts, and other key management resources, and assessment of performance, such as executive officer hiring, promotion, and compensation. The CODM uses operating income as the key metric when establishing targets in the annual budget and in evaluating the allocation of resources to each segment. The CODM regularly reviews each segment's operating income against the forecast, budget and previous quarterly results to assess performance and make decisions about the allocation of operating and capital resources to each segment.
 
Sales, marketing, and research and development expenses are charged directly into each operating segment. Finance, information technology, and human resources are shared functions that are allocated back to the operating segments. The Company does not report inter-segment revenue because the operating segments do not record it. Certain expenses, determined by the CODM to be strategic in nature and not directly related to segments current results, are not allocated but identified as “Other.” Additionally, the Company does not allocate interest and other income, interest expense, or taxes to operating segments. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Except as discussed above, the accounting policies for segment reporting are the same as for the Company as a whole.

•Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and fuse accessories, positive temperature coefficient (“PTC”) resettable fuses, electromechanical switches and interconnect solutions, polymer electrostatic discharge (“ESD”) suppressors, varistors, reed switch based magnetic sensing, gas discharge tubes; semiconductor products such as discrete transient voltage suppressor (“TVS”) diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon carbide metal-oxide-semiconductor field effect transistors (“MOSFETs”) and diodes, and insulated gate bipolar transistors (“IGBT”) technologies. The segment covers a broad range of end markets, including industrial motor drives and power conversion, automotive electronics, electric vehicle and related charging infrastructure, aerospace, power supplies, data centers and telecommunications, medical devices, alternative energy and energy storage, building and home automation, appliances, and mobile electronics.

•Transportation Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles, material handling equipment, agricultural machinery, construction equipment and other commercial vehicle end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, construction, agriculture, material handling and marine.

•Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and temperature sensors) for use
in various applications such as renewable energy and energy storage systems, industrial safety, factory automation, electric vehicle charging infrastructure, HVAC systems, non-residential construction, MRO, and mining.

The Company has provided this segment information for comparable prior periods. Segment information is summarized as follows:
 Three Months EndedSix Months Ended
(in thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Net sales    
Electronics$335,666 $305,639 $642,915 $596,744 
Transportation179,400 168,964 341,262 339,331 
Industrial98,347 83,886 183,543 157,799 
Total net sales$613,413 $558,489 $1,167,720 $1,093,874 
Other segment expenses (b)
Electronics$285,805 $259,474 $546,288 512,776 
Transportation151,326 153,730 294,271 307,891 
Industrial79,484 74,339 151,606 143,456 
Total other segment expenses$516,615 $487,543 $992,165 $964,123 
Segment operating income
Electronics$49,861 $46,165 $96,627 $83,968 
Transportation28,074 15,234 46,991 31,440 
Industrial18,863 9,547 31,937 14,343 
Total segment operating income96,798 70,946 175,555 129,751 
Other (a)
(4,020)(5,440)(12,627)(9,293)
Total operating income92,778 65,506 162,928 120,458 
Interest expense8,568 9,975 17,443 19,586 
Foreign exchange loss (gain)10,448 (315)15,291 (5,357)
Other income, net(4,452)(5,298)(7,967)(10,619)
Income before income taxes$78,214 $61,144 $138,161 $116,848 
 
(a) Included in "Other" Operating income for the second fiscal quarter of 2025 was $2.5 million ($11.4 million year-to-date) of restructuring charges primarily related to employee termination costs. During the first quarter of 2025, the Company recognized a $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. In addition, during the second quarter of 2025, the Company recognized $1.5 million ($1.6 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2025, the Company recognized a $0.5 million of purchase accounting inventory step-down adjustment related to the Dortmund Fab acquisition.

Included in "Other" Operating income for the second quarter of 2024 was $5.3 million ($7.6 million year-to-date) of restructuring charges primarily related to employee termination costs. During the first quarter of 2024, the Company recognized 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 second quarter of 2024, the Company recognized $0.8 million ($1.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, partially offset by a gain of $0.7 million ($1.0 million year-to-date) recorded for the sale of two buildings 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 three and six months ended June 29, 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 and six months ended June 28, 2025 and June 29, 2024 were as follows:
 Three Months EndedSix Months Ended
(in thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Depreciation
Electronics$12,552 $9,961 $23,962 $19,946 
Transportation5,318 5,743 10,817 10,990 
Industrial1,505 1,347 3,026 2,783 
Total depreciation$19,375 $17,051 $37,805 $33,719 
Amortization
Electronics$10,098 $9,809 $19,875 $19,665 
Transportation3,406 3,369 6,755 6,753 
Industrial1,348 2,551 2,553 5,136 
Total amortization$14,852 $15,729 $29,183 $31,554 

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 
 Three Months EndedSix Months Ended
(in thousands)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Net sales
United States$219,480 $201,825 $417,858 $392,258 
China146,343 131,510 275,737 246,679 
Other countries (a)
247,590 225,154 474,125 454,937 
Total net sales$613,413 $558,489 $1,167,720 $1,093,874 
 
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)June 28, 2025December 28, 2024
Long-lived assets
United States$73,709 $74,698 
China128,373 132,504 
Mexico87,176 89,558 
Germany104,424 58,758 
Philippines63,052 66,174 
Other countries 59,783 55,376 
Total long-lived assets$516,517 $477,068 
 
The Company’s additions to net property, plant, and equipment by country were as follows:
 Six Months Ended
(in thousands)June 28, 2025June 29, 2024
Additions to long-lived assets
United States$5,330 $6,644 
China3,996 7,088 
Mexico3,283 5,450 
Germany9,693 8,031 
Philippines1,388 2,379 
Other countries 3,096 4,277 
Total additions to long-lived assets$26,786 $33,869 

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