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Reportable Business Segments and International Operations | 12 Months Ended
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Dec. 31, 2021
Reportable Business Segments and International Operations |
Reportable Business Segments and International Operations | Note 14—Reportable Business Segments and International Operations ​ Through December 31, 2021, the Company had two reportable business segments: (i) Interconnect Products and Assemblies and (ii) Cable Products and Solutions. The Company organized its reportable business segments based upon similar economic characteristics and business groupings of products, services, and customers, and did not include any aggregated operating segments. These reportable business segments were determined based upon how the Company operated its businesses, assessed operating performance, made resource allocation decisions, and communicated results, outlook and strategy to the Board and stockholders. The Interconnect Products and Assemblies segment primarily designed, manufactured and marketed a broad range of connector and connector systems, value-add products and other products, including antennas and sensors, used in a broad range of applications in a diverse set of end markets. The Cable Products and Solutions segment primarily designed, manufactured and marketed cable, value-add products and components for use primarily in the broadband communications and information technology markets, as well as certain applications in other markets. The accounting policies of the segments were the same as those for the Company as a whole, as described in Note 1 herein. The Company evaluated the performance of the segments and allocated resources to them based on, among other things, profit or loss from operations before interest, headquarters’ expense allocations, stock-based compensation expense, income taxes, amortization related to certain intangible assets and nonrecurring gains and losses. The Company also provided general corporate services to its reportable business segments, which continued to be reported as “Corporate/Other”, a non-reportable business segment. ​ Effective January 1, 2022, the Company aligned its businesses into three newly formed reportable business segments: (i) Harsh Environment Solutions, (ii) Communications Solutions and (iii) Interconnect and Sensor Systems. Refer to Note 16 herein for further details related to the Company’s change in its reportable business segments. ​ The segment results and segment assets the years ended December 31, 2021, 2020 and 2019 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interconnect Products | ​ | Cable Products | ​ | ​ | ​ | ​ |
​ | ​ | and Assemblies | ​ | and Solutions | ​ | Corporate / Other (1) | ​ | Total Consolidated |
​ |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |
Net sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 10,430.9 | ​ | $ | 8,229.9 | ​ | $ | 7,840.3 | ​ | $ | 445.4 | ​ | $ | 369.0 | ​ | $ | 385.1 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10,876.3 | ​ | $ | 8,598.9 | ​ | $ | 8,225.4 | ​
Intersegment | ​ |  | 111.0 | ​ |  | 58.5 | ​ |  | 35.3 | ​ | ​ | 53.9 | ​ |  | 38.2 | ​ |  | 51.6 | ​ | ​ | — | ​ |  | — | ​ |  | — | ​ |  | 164.9 | ​ | ​ | 96.7 | ​ | ​ | 86.9 | ​
Depreciation and amortization | ​ | ​ | 383.7 | ​ | ​ | 297.1 | ​ | ​ | 300.1 | ​ | ​ | 4.8 | ​ | ​ | 4.3 | ​ | ​ | 6.4 | ​ | ​ | 7.1 | ​ |  | 6.7 | ​ |  | 5.6 | ​ | ​ | 395.6 | ​ | ​ | 308.1 | ​ | ​ | 312.1 | ​
Capital expenditures | ​ |  | 355.5 | ​ |  | 272.1 | ​ |  | 289.6 | ​ |  | 4.4 | ​ |  | 3.7 | ​ |  | 4.1 | ​ | ​ | 0.5 | ​ |  | 1.0 | ​ |  | 1.3 | ​ |  | 360.4 | ​ | ​ | 276.8 | ​ | ​ | 295.0 | ​
Segment operating income | ​ | ​ | 2,296.8 | ​ | ​ | 1,741.2 | ​ | ​ | 1,722.7 | ​ | ​ | 22.8 | ​ |  | 35.4 | ​ |  | 39.5 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 2,319.6 | ​ | ​ | 1,776.6 | ​ | ​ | 1,762.2 | ​
Segment assets (excluding goodwill) | ​ |  | 7,996.5 | ​ |  | 6,672.8 | ​ |  | 5,666.4 | ​ | ​ | 265.0 | ​ |  | 214.2 | ​ |  | 209.2 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 8,261.5 | ​ | ​ | 6,887.0 | ​ | ​ | 5,875.6 | ​
(1) | Corporate / Other is not a reportable business segment, but has been included above for purposes of reconciling between segment data and total consolidated data. The reconciliation of segment operating income and segment assets (excluding goodwill) to consolidated results is included in the tables below.
​ A reconciliation of segment operating income to consolidated income from continuing operations before income taxes is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ |  | 2021 | ​ | 2020 | ​ | 2019
Segment operating income | ​ | $ | 2,319.6 | ​ | $ | 1,776.6 | ​ | $ | 1,762.2
Stock-based compensation expense | ​ |  | (83.0) | ​ |  | (70.5) | ​ |  | (63.0)
Acquisition-related expenses | ​ |  | (70.4) | ​ |  | (11.5) | ​ |  | (25.4)
Other operating expenses | ​ |  | (61.1) | ​ |  | (56.2) | ​ |  | (54.6)
Interest expense | ​ |  | (115.5) | ​ |  | (115.4) | ​ |  | (117.6)
Loss on early extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14.3)
Other (expense) income, net | ​ |  | (0.4) | ​ |  | 3.6 | ​ |  | 8.6
Income from continuing operations before income taxes | ​ | $ | 1,989.2 | ​ | $ | 1,526.6 | ​ | $ | 1,495.9
​ Reconciliation of segment assets to consolidated total assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2021 |  | 2020 |
Segment assets, excluding goodwill | ​ | $ | 8,261.5 | ​ | $ | 6,887.0 | ​
Goodwill | ​ |  | 6,376.8 | ​ |  | 5,032.1 | ​
Other assets | ​ |  | 40.1 | ​ |  | 408.2 | ​
Consolidated total assets | ​ | $ | 14,678.4 | ​ | $ | 12,327.3 | ​
​ Other assets in both years were comprised primarily of corporate-held cash and cash equivalents on hand, along with other corporate identifiable assets. ​ Net sales by geographic area for the years ended December 31, 2021, 2020 and 2019 and long-lived assets by geographic area as of December 31 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 3,155.9 | ​ | $ | 2,494.0 | ​ | $ | 2,524.7
China | ​ |  | 3,044.4 | ​ |  | 2,597.5 | ​ |  | 2,306.4
Other foreign locations | ​ |  | 4,676.0 | ​ |  | 3,507.4 | ​ |  | 3,394.3
Total | ​ | $ | 10,876.3 | ​ | $ | 8,598.9 | ​ | $ | 8,225.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-lived assets(1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 362.1 | ​ | $ | 352.7 | ​ | $ | 355.0
China | ​ |  | 451.7 | ​ |  | 399.6 | ​ |  | 343.1
Other foreign locations | ​ |  | 606.4 | ​ |  | 526.7 | ​ |  | 497.6
Total | ​ | $ | 1,420.2 | ​ | $ | 1,279.0 | ​ | $ | 1,195.7
| (1) | Long-lived assets included in this table are comprised of property, plant and equipment, net, and operating lease right-of-use assets for all years presented. |
​ Disaggregation of Net Sales ​ The following table shows our net sales disaggregated into categories the Company considers meaningful to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors for the years ended December 31, 2021, 2020 and 2019: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interconnect Products | ​ | Cable Products | ​ | Total Reportable
​ | ​ | and Assemblies | ​ | and Solutions | ​ | Business Segments
​ | ​ | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net sales by: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sales channel: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End customers and contract manufacturers | ​ | $ | 8,666.2 |  | $ | 6,934.1 |  | $ | 6,684.0 |  | $ | 372.0 |  | $ | 310.6 |  | $ | 301.4 |  | $ | 9,038.2 |  | $ | 7,244.7 |  | $ | 6,985.4
Distributors and resellers | ​ |  | 1,764.7 | ​ |  | 1,295.8 | ​ |  | 1,156.3 | ​ |  | 73.4 | ​ |  | 58.4 | ​ |  | 83.7 | ​ |  | 1,838.1 | ​ |  | 1,354.2 | ​ |  | 1,240.0
​ | ​ | $ | 10,430.9 | ​ | $ | 8,229.9 | ​ | $ | 7,840.3 | ​ | $ | 445.4 | ​ | $ | 369.0 | ​ | $ | 385.1 | ​ | $ | 10,876.3 | ​ | $ | 8,598.9 | ​ | $ | 8,225.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geography: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 2,909.1 |  | $ | 2,282.6 |  | $ | 2,323.5 |  | $ | 246.8 |  | $ | 211.4 |  | $ | 201.2 |  | $ | 3,155.9 |  | $ | 2,494.0 |  | $ | 2,524.7
China | ​ |  | 3,032.6 | ​ |  | 2,590.3 | ​ |  | 2,300.6 | ​ |  | 11.8 | ​ |  | 7.2 | ​ |  | 5.8 | ​ |  | 3,044.4 | ​ |  | 2,597.5 | ​ |  | 2,306.4
Other foreign locations | ​ |  | 4,489.2 | ​ |  | 3,357.0 | ​ |  | 3,216.2 | ​ |  | 186.8 | ​ |  | 150.4 | ​ |  | 178.1 | ​ |  | 4,676.0 | ​ |  | 3,507.4 | ​ |  | 3,394.3
​ | ​ | $ | 10,430.9 | ​ | $ | 8,229.9 | ​ | $ | 7,840.3 | ​ | $ | 445.4 | ​ | $ | 369.0 | ​ | $ | 385.1 | ​ | $ | 10,876.3 | ​ | $ | 8,598.9 | ​ | $ | 8,225.4
​ Net sales by geographic area are based on the customer location to which the product is shipped. No single customer accounted for 10% or more of the Company’s net sales for the year ended December 31, 2021. During the year ended December 31, 2020, aggregate sales to the Company’s largest customer accounted for approximately 11% of the Company’s net sales. No single customer accounted for 10% or more of the Company’s net sales for the year ended December 31, 2019. It is impracticable to disclose net sales by product or group of products. For further discussion related to the Company’s policies surrounding revenue recognition, refer to Note 1 herein.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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