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Reportable Business Segments | 9 Months Ended
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Sep. 30, 2024
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, defense, 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 defense 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, defense 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 2023 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 other non-cash purchase accounting costs, 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 nine months ended September 30, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | External | ​ | Intersegment
Three Months Ended September 30, | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Harsh Environment Solutions |  | $ | 1,193.5 | ​ | $ | 887.3 | ​ | $ | 23.7 | ​ | $ | 21.5
Communications Solutions | ​ | ​ | 1,685.5 | ​ | ​ | 1,279.2 | ​ | ​ | 12.6 | ​ | ​ | 12.6
Interconnect and Sensor Systems | ​ | ​ | 1,159.8 | ​ | ​ | 1,032.7 | ​ | ​ | 7.9 | ​ | ​ | 4.0
Consolidated Net sales | ​ | $ | 4,038.8 | ​ | $ | 3,199.2 | ​ | $ | 44.2 | ​ | $ | 38.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Harsh Environment Solutions |  | $ | 3,155.5 | ​ | $ | 2,630.4 | ​ | $ | 65.3 | ​ | $ | 69.3
Communications Solutions | ​ | ​ | 4,395.8 | ​ | ​ | 3,567.6 | ​ | ​ | 37.2 | ​ | ​ | 38.7
Interconnect and Sensor Systems | ​ | ​ | 3,353.6 | ​ | ​ | 3,029.2 | ​ | ​ | 19.3 | ​ | ​ | 13.4
Consolidated Net sales | ​ | $ | 10,904.9 | ​ | $ | 9,227.2 | ​ | $ | 121.8 | ​ | $ | 121.4
​ Segment operating income and the reconciliation of segment operating income to consolidated income before income taxes for the three and nine months ended September 30, 2024 and 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Segment operating income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Harsh Environment Solutions | ​ | $ | 283.7 | ​ | $ | 239.1 | ​ | $ | 787.8 | ​ | $ | 705.7
Communications Solutions | ​ | ​ | 431.0 | ​ | ​ | 283.3 | ​ | ​ | 1,067.7 | ​ | ​ | 752.4
Interconnect and Sensor Systems | ​ | ​ | 217.6 | ​ | ​ | 188.9 | ​ | ​ | 616.3 | ​ | ​ | 553.6
Total segment operating income | ​ | ​ | 932.3 | ​ | ​ | 711.3 | ​ | ​ | 2,471.8 | ​ | ​ | 2,011.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate / Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock-based compensation expense | ​ | ​ | (29.5) | ​ | ​ | (26.9) | ​ | ​ | (79.9) | ​ | ​ | (72.4)
Amortization of acquisition-related inventory step-up costs | ​ | ​ | (18.2) | ​ | ​ | — | ​ | ​ | (18.2) | ​ | ​ | —
Acquisition-related expenses | ​ | ​ | (45.4) | ​ | ​ | (9.0) | ​ | ​ | (115.4) | ​ | ​ | (18.4)
Other operating expenses | ​ | ​ | (19.7) | ​ | ​ | (17.5) | ​ | ​ | (55.1) | ​ | ​ | (51.3)
Interest expense | ​ | ​ | (55.7) | ​ | ​ | (33.6) | ​ | ​ | (150.1) | ​ | ​ | (104.5)
Gain on bargain purchase acquisition | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.4
Other income (expense), net | ​ | ​ | 11.2 | ​ | ​ | 9.2 | ​ | ​ | 48.5 | ​ | ​ | 18.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | $ | 775.0 | ​ | $ | 633.5 | ​ | $ | 2,101.6 | ​ | $ | 1,789.4
​ Depreciation and amortization expense by segment for the three and nine months ended September 30, 2024 and 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Harsh Environment Solutions |  | $ | 36.5 | ​ | $ | 20.7 | ​ | $ | 88.6 | ​ | $ | 65.0
Communications Solutions | ​ | ​ | 71.9 | ​ | ​ | 46.3 | ​ | ​ | 158.2 | ​ | ​ | 126.1
Interconnect and Sensor Systems | ​ | ​ | 33.8 | ​ | ​ | 32.1 | ​ | ​ | 101.7 | ​ | ​ | 94.9
Corporate / Other (1) | ​ | ​ | 59.0 | ​ | ​ | 1.9 | ​ | ​ | 80.2 | ​ | ​ | 5.4
Total | ​ | $ | 201.2 | ​ | $ | 101.0 | ​ | $ | 428.7 | ​ | $ | 291.4
​
(1) Amortization of acquired backlog associated with acquisitions is now reported under “Corporate / Other” in the table above.
​ For the three and nine months ended September 30, 2024, depreciation and amortization expense in Corporate / Other includes $38.4 and $55.0, respectively, related to the amortization of acquired backlog resulting from the CIT acquisition. Amortization of acquired backlog is included in Acquisition-related expenses in the Condensed Consolidated Statements of Income. In addition, for the three and nine months ended September 30, 2024, depreciation and amortization expense in Corporate / Other includes $18.2 of amortization of acquisition-related inventory step-up costs associated with the CIT acquisition, as discussed in Note 11 herein. These expenses are reported in Corporate / Other, since they are not components in the determination of segment operating income.

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- Definition The entire disclosure for reporting segments including data and tables. 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