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Segment Information
 9 Months Ended
Sep. 27, 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 EndedNine Months Ended
(in thousands)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Net sales    
Electronics$357,457 $304,188 $1,000,372 $900,932 
Transportation171,311 171,381 512,573 510,711 
Industrial95,872 91,821 279,415 249,620 
Total net sales$624,640 $567,390 $1,792,360 $1,661,263 
Other segment expenses (b)
Electronics$293,817 $255,297 $840,105 768,073 
Transportation151,124 147,896 445,395 455,786 
Industrial78,954 74,110 230,560 217,566 
Total other segment expenses$523,895 $477,303 $1,516,060 $1,441,425 
Segment operating income
Electronics$63,640 $48,891 $160,267 $132,859 
Transportation20,187 23,485 67,178 54,925 
Industrial16,918 17,711 48,855 32,054 
Total segment operating income100,745 90,087 276,300 219,838 
Other (a)
(3,329)(2,266)(15,956)(11,559)
Total operating income97,416 87,821 260,344 208,279 
Interest expense8,578 9,772 26,021 29,358 
Foreign exchange loss175 9,630 15,466 4,273 
Other income, net(6,053)(9,297)(14,020)(19,916)
Income before income taxes$94,716 $77,716 $232,877 $194,564 
 
(a) Included in "Other" Operating income for the third fiscal quarter of 2025 was $1.6 million ($13.1 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 third quarter of 2025, the Company recognized $1.4 million ($3.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and a $0.3 million loss related to the sale of the Marine business within the Transportation segment. During the first quarter of 2025, the Company recognized $0.5 million of purchase accounting inventory step-down adjustments related to the Dortmund Fab acquisition.

Included in "Other" Operating income for the third quarter of 2024 was $1.8 million ($9.4 million year-to-date) of restructuring charges primarily related to employee termination costs, and $1.0 million ($2.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. 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. During the third quarter of 2024, the Company recorded a gain of $0.5 million related to the sale of a land use right within the Electronics segment. In addition, the Company recognized a gain of $1.0 million for the sale of two buildings within the Transportation segment during first half of 2024.

(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 nine months ended September 28, 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 nine months ended September 27, 2025 and September 28, 2024 were as follows:
 Three Months EndedNine Months Ended
(in thousands)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Depreciation
Electronics$11,950 $10,143 $35,912 $30,089 
Transportation5,127 5,692 15,944 16,681 
Industrial1,497 1,471 4,523 4,255 
Total depreciation$18,574 $17,306 $56,379 $51,025 
Amortization
Electronics$10,249 $9,902 $30,124 $29,567 
Transportation3,431 3,392 10,186 10,146 
Industrial1,357 2,570 3,910 7,705 
Total amortization$15,037 $15,864 $44,220 $47,418 

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 
 Three Months EndedNine Months Ended
(in thousands)September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Net sales
United States$218,532 $211,940 $636,390 $604,198 
China146,045 133,051 421,782 379,730 
Other countries (a)
260,063 222,399 734,188 677,335 
Total net sales$624,640 $567,390 $1,792,360 $1,661,263 
 
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)September 27, 2025December 28, 2024
Long-lived assets
United States$73,367 $74,698 
China128,559 132,504 
Mexico85,471 89,558 
Germany106,272 58,758 
Philippines61,929 66,174 
Other countries 58,367 55,376 
Total long-lived assets$513,965 $477,068 
 
The Company’s additions to net property, plant, and equipment by country were as follows:
 Nine Months Ended
(in thousands)September 27, 2025September 28, 2024
Additions to long-lived assets
United States$8,724 $9,591 
China8,385 10,681 
Mexico4,953 8,875 
Germany14,958 12,160 
Philippines3,266 3,025 
Other countries 4,800 5,759 
Total additions to long-lived assets$45,086 $50,091 

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