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Reportable Business Segments | 6 Months Ended
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Jun. 30, 2023
Reportable Business Segments |
Reportable Business Segments | Note 13—Reportable Business Segments ​ The Company organizes its reportable business segments based on the manner in which management evaluates the performance of the Company, combined with the nature of the individual business activities and the product-based solutions offered. The Company aligns its businesses into the following three reportable business segments: ​ ●Harsh Environment Solutions – the Harsh Environment Solutions segment designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, printed circuits and printed circuit assemblies and other products for use in the industrial, military, commercial aerospace, automotive, mobile networks and information technology and data communications end markets. ​ ●Communications Solutions – the Communications Solutions segment designs, manufactures and markets a broad range of connector and interconnect systems, including high speed, radio frequency, power, fiber optic and other products, together with antennas, for use in the information technology and data communications, mobile devices, industrial, mobile networks, broadband communications, automotive, commercial aerospace and military end markets. ​ ●Interconnect and Sensor Systems – the Interconnect and Sensor Systems segment designs, manufactures and markets a broad range of sensors, sensor-based systems, connectors and value-add interconnect systems used in the automotive, industrial, information technology and data communications, mobile networks, military and commercial aerospace end markets. ​ This segment structure reflects (i) the manner in which the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, regularly assesses information for decision-making purposes, including the allocation of resources, and (ii) how the Company operates its businesses, assesses performance, and communicates results and strategy, among other items, to the Board and its stockholders. The Company has three segment managers to lead their respective reportable business segments, each reporting directly to the Chief Executive Officer. The accounting policies of the segments are the same as those for the Company as a whole and are described herein and in Note 1 of the Notes to Consolidated Financial Statements in the 2022 Annual Report. The Company evaluates the performance of the segments and allocates resources to each of them based on, among other things, profit or loss from operations before certain corporate and other related items such as interest, stock-based compensation expense, income taxes, amortization related to certain intangible assets and nonrecurring gains and losses. The Company also incurs general corporate expenses and costs which are not allocated to the reportable business segments but have been included in “Corporate / Other” in the following tables for reconciliation purposes. Assets are reviewed by the CODM on a consolidated basis and therefore are not presented by reportable business segment. ​ Net sales by segment for the three and six months ended June 30, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | External | ​ | Intersegment
Three Months Ended June 30, | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Harsh Environment Solutions |  | $ | 888.9 | ​ | $ | 790.4 | ​ | $ | 24.0 | ​ | $ | 19.8
Communications Solutions | ​ | ​ | 1,161.6 | ​ | ​ | 1,378.5 | ​ | ​ | 12.1 | ​ | ​ | 20.8
Interconnect and Sensor Systems | ​ | ​ | 1,003.4 | ​ | ​ | 967.9 | ​ | ​ | 4.3 | ​ | ​ | 4.3
Consolidated Net sales | ​ | $ | 3,053.9 | ​ | $ | 3,136.8 | ​ | $ | 40.4 | ​ | $ | 44.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Harsh Environment Solutions |  | $ | 1,743.1 | ​ | $ | 1,518.0 | ​ | $ | 47.8 | ​ | $ | 35.3
Communications Solutions | ​ | ​ | 2,288.4 | ​ | ​ | 2,698.6 | ​ | ​ | 26.0 | ​ | ​ | 40.1
Interconnect and Sensor Systems | ​ | ​ | 1,996.5 | ​ | ​ | 1,872.0 | ​ | ​ | 9.4 | ​ | ​ | 9.4
Consolidated Net sales | ​ | $ | 6,028.0 | ​ | $ | 6,088.6 | ​ | $ | 83.2 | ​ | $ | 84.8
​ Segment operating income and the reconciliation of segment operating income to consolidated income before income taxes for the three and six months ended June 30, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Segment operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Harsh Environment Solutions | ​ | $ | 240.3 | ​ | $ | 206.5 | ​ | $ | 466.6 | ​ | $ | 389.7
Communications Solutions | ​ | ​ | 238.5 | ​ | ​ | 303.0 | ​ | ​ | 469.1 | ​ | ​ | 585.6
Interconnect and Sensor Systems | ​ | ​ | 185.9 | ​ | ​ | 177.5 | ​ | ​ | 364.7 | ​ | ​ | 337.5
Total segment operating income | ​ | ​ | 664.7 | ​ | ​ | 687.0 | ​ | ​ | 1,300.4 | ​ | ​ | 1,312.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate / Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation expense | ​ | ​ | (23.8) | ​ | ​ | (20.9) | ​ | ​ | (45.5) | ​ | ​ | (40.6)
Acquisition-related expenses | ​ | ​ | (4.0) | ​ | ​ | — | ​ | ​ | (9.4) | ​ | ​ | —
Other operating expenses | ​ | ​ | (17.0) | ​ | ​ | (17.3) | ​ | ​ | (33.9) | ​ | ​ | (33.6)
Interest expense | ​ | ​ | (35.0) | ​ | ​ | (30.5) | ​ | ​ | (71.0) | ​ | ​ | (58.6)
Gain on bargain purchase acquisition | ​ | ​ | 5.4 | ​ | ​ | — | ​ | ​ | 5.4 | ​ | ​ | —
Other income (expense), net | ​ | ​ | 5.6 | ​ | ​ | 2.3 | ​ | ​ | 9.8 | ​ | ​ | 4.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | $ | 595.9 | ​ | $ | 620.6 | ​ | $ | 1,155.8 | ​ | $ | 1,184.0
​ Depreciation and amortization expense by segment for the three and six months ended June 30, 2023 and 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Harsh Environment Solutions |  | $ | 19.8 | ​ | $ | 18.8 | ​ | $ | 44.3 | ​ | $ | 37.2
Communications Solutions | ​ | ​ | 40.6 | ​ | ​ | 41.4 | ​ | ​ | 79.8 | ​ | ​ | 83.4
Interconnect and Sensor Systems | ​ | ​ | 31.8 | ​ | ​ | 28.9 | ​ | ​ | 62.8 | ​ | ​ | 58.1
Corporate / Other | ​ | ​ | 1.9 | ​ | ​ | 1.7 | ​ | ​ | 3.5 | ​ | ​ | 3.3
Total | ​ | $ | 94.1 | ​ | $ | 90.8 | ​ | $ | 190.4 | ​ | $ | 182.0
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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