XML 50 R40.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Reporting (Tables) | 6 Months Ended
--- | ---
Jul. 01, 2023
Segment Reporting [Abstract] |
Summary of Financial Information for Reportable Segments | Summarized financial information for the Company’s reportable segments is shown in the following tables.
| Three months ended |  | Six months ended
(In thousands) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Net sales |  |  |  |  |  |  |
SCEM | $ | 200,073 |  |  | $ | 179,412 |  |  | $ | 398,077 |  |  | $ | 345,188 |
APS | 240,561 |  |  | 28,317 |  |  | 490,887 |  |  | 58,962 |
MC | 283,614 |  |  | 274,133 |  |  | 552,911 |  |  | 540,770 |
AMH | 190,356 |  |  | 224,084 |  |  | 409,209 |  |  | 422,197 |
Inter-segment elimination | (13,604) |  |  | (13,457) |  |  | (27,688) |  |  | (24,982) |
Total net sales | $ | 901,000 |  |  | $ | 692,489 |  |  | $ | 1,823,396 |  |  | $ | 1,342,135 |
| Three months ended |  | Six months ended
(In thousands) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Segment profit |  |  |  |  |  |  |
SCEM (1) | $ | 173,319 |  |  | $ | 35,539 |  |  | $ | 176,587 |  |  | $ | 73,231 |
APS (2) | 42,419 |  |  | 10,179 |  |  | 9,629 |  |  | 21,338 |
MC | 100,661 |  |  | 100,107 |  |  | 196,658 |  |  | 198,725 |
AMH | 35,830 |  |  | 46,926 |  |  | 83,995 |  |  | 93,616 |
Total segment profit | $ | 352,229 |  |  | $ | 192,751 |  |  | $ | 466,869 |  |  | $ | 386,910 |
1) SCEM segment profit is inclusive of a $154.8 million gain, net on termination of alliance agreement for three and six months ended July 1, 2023. See Note 5 to the Company’s condensed consolidated financial statements for further discussion. 2)APS segment loss is inclusive of a $88.9 million goodwill impairment charge for the six months ended July 1, 2023. See Note 3 to the Company’s condensed consolidated financial statements for further discussion.
Reconciliation of Total Segment Profit to Operating Income | The following table reconciles total segment profit to income before income tax (benefit) expense:
| Three months ended |  |  | Six months ended
(In thousands) | July 1, 2023 |  | July 2, 2022 |  |  | July 1, 2023 |  | July 2, 2022
Total segment profit | $ | 352,229 |  |  | $ | 192,751 |  |  |  | $ | 466,869 |  |  | $ | 386,910 |
Less: |  |  |  |  |  |  |  |
Amortization of intangible assets | 54,680 |  |  | 12,494 |  |  |  | 112,254 |  |  | 25,145 |
Unallocated general and administrative expenses | 29,935 |  |  | 22,287 |  |  |  | 73,535 |  |  | 40,449 |
Operating income | 267,614 |  |  | 157,970 |  |  |  | 281,080 |  |  | 321,316 |
Interest expense | 80,908 |  |  | 32,001 |  |  |  | 167,054 |  |  | 44,877 |
Interest income | (2,303) |  |  | (658) |  |  |  | (3,628) |  |  | (670) |
Other expense, net | 7,724 |  |  | 9,619 |  |  |  | 3,066 |  |  | 14,521 |
Income before income tax (benefit) expense | $ | 181,285 |  |  | $ | 117,008 |  |  |  | $ | 114,588 |  |  | $ | 262,588 |
Schedule of Revenue from External Customers, by Geographical Areas | In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three and six months ended July 1, 2023 and July 2, 2022, respectively.
| Three months ended July 1, 2023 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 83,249 |  |  | $ | 57,632 |  |  | $ | 45,947 |  |  | $ | 56,275 |  |  | $ | (13,604) |  |  | $ | 229,499 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 23,947 |  |  | 33,179 |  |  | 53,987 |  |  | 28,780 |  |  | — |  |  | 139,893 |  |  |  |  |  |  |  |  |  |  |
China | 17,697 |  |  | 33,006 |  |  | 54,701 |  |  | 35,213 |  |  | — |  |  | 140,617 |  |  |  |  |  |  |  |  |  |  |
South Korea | 21,037 |  |  | 34,848 |  |  | 29,824 |  |  | 27,184 |  |  | — |  |  | 112,893 |  |  |  |  |  |  |  |  |  |  |
Japan | 16,987 |  |  | 8,727 |  |  | 57,789 |  |  | 11,768 |  |  | — |  |  | 95,271 |  |  |  |  |  |  |  |  |  |  |
Europe | 23,738 |  |  | 42,067 |  |  | 24,647 |  |  | 21,902 |  |  | — |  |  | 112,354 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 13,418 |  |  | 31,102 |  |  | 16,719 |  |  | 9,234 |  |  | — |  |  | 70,473 |  |  |  |  |  |  |  |  |  |  |
| $ | 200,073 |  |  | $ | 240,561 |  |  | $ | 283,614 |  |  | $ | 190,356 |  |  | $ | (13,604) |  |  | $ | 901,000 |  |  |  |  |  |  |  |  |  |  |
| Three months ended July 2, 2022 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 55,024 |  |  | $ | 5,742 |  |  | $ | 35,913 |  |  | $ | 73,279 |  |  | $ | (13,457) |  |  | $ | 156,501 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 28,314 |  |  | 5,494 |  |  | 84,132 |  |  | 39,292 |  |  | — |  |  | 157,232 |  |  |  |  |  |  |  |  |  |  |
China | 28,450 |  |  | 4,365 |  |  | 43,720 |  |  | 31,802 |  |  | — |  |  | 108,337 |  |  |  |  |  |  |  |  |  |  |
South Korea | 18,456 |  |  | 6,333 |  |  | 29,443 |  |  | 30,019 |  |  | — |  |  | 84,251 |  |  |  |  |  |  |  |  |  |  |
Japan | 20,582 |  |  | 813 |  |  | 46,939 |  |  | 15,501 |  |  | — |  |  | 83,835 |  |  |  |  |  |  |  |  |  |  |
Europe | 13,376 |  |  | 2,045 |  |  | 21,319 |  |  | 25,329 |  |  | — |  |  | 62,069 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 15,210 |  |  | 3,525 |  |  | 12,667 |  |  | 8,862 |  |  | — |  |  | 40,264 |  |  |  |  |  |  |  |  |  |  |
| $ | 179,412 |  |  | $ | 28,317 |  |  | $ | 274,133 |  |  | $ | 224,084 |  |  | $ | (13,457) |  |  | $ | 692,489 |  |  |  |  |  |  |  |  |  |  |
| Six months ended July 1, 2023 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 164,568 |  |  | $ | 123,642 |  |  | $ | 87,713 |  |  | $ | 131,873 |  |  | $ | (27,688) |  |  | $ | 480,108 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 47,982 |  |  | 67,338 |  |  | 108,222 |  |  | 65,442 |  |  | — |  |  | 288,984 |  |  |  |  |  |  |  |  |  |  |
China | 34,044 |  |  | 64,619 |  |  | 110,372 |  |  | 67,013 |  |  | — |  |  | 276,048 |  |  |  |  |  |  |  |  |  |  |
South Korea | 41,682 |  |  | 70,574 |  |  | 59,653 |  |  | 61,640 |  |  | — |  |  | 233,549 |  |  |  |  |  |  |  |  |  |  |
Japan | 37,264 |  |  | 17,806 |  |  | 107,542 |  |  | 23,084 |  |  | — |  |  | 185,696 |  |  |  |  |  |  |  |  |  |  |
Europe | 46,894 |  |  | 82,338 |  |  | 51,651 |  |  | 43,886 |  |  | — |  |  | 224,769 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 25,643 |  |  | 64,570 |  |  | 27,758 |  |  | 16,271 |  |  | — |  |  | 134,242 |  |  |  |  |  |  |  |  |  |  |
| $ | 398,077 |  |  | $ | 490,887 |  |  | $ | 552,911 |  |  | $ | 409,209 |  |  | $ | (27,688) |  |  | $ | 1,823,396 |  |  |  |  |  |  |  |  |  |  |
| Six months ended July 2, 2022 |  |
(In thousands) | SCEM |  | APS |  | MC |  | AMH |  | Inter-segment |  | Total |  |  |  |  |  |  |  |  |  |
North America | $ | 105,136 |  |  | $ | 12,934 |  |  | $ | 71,268 |  |  | $ | 137,620 |  |  | $ | (24,982) |  |  | $ | 301,976 |  |  |  |  |  |  |  |  |  |  |
Taiwan | 55,577 |  |  | 10,735 |  |  | 162,175 |  |  | 73,010 |  |  | — |  |  | 301,497 |  |  |  |  |  |  |  |  |  |  |
China | 50,993 |  |  | 8,346 |  |  | 84,241 |  |  | 58,630 |  |  | — |  |  | 202,210 |  |  |  |  |  |  |  |  |  |  |
South Korea | 36,861 |  |  | 12,382 |  |  | 63,135 |  |  | 60,028 |  |  | — |  |  | 172,406 |  |  |  |  |  |  |  |  |  |  |
Japan | 43,097 |  |  | 1,597 |  |  | 94,598 |  |  | 28,365 |  |  | — |  |  | 167,657 |  |  |  |  |  |  |  |  |  |  |
Europe | 24,607 |  |  | 4,503 |  |  | 39,693 |  |  | 47,575 |  |  | — |  |  | 116,378 |  |  |  |  |  |  |  |  |  |  |
Southeast Asia | 28,917 |  |  | 8,465 |  |  | 25,660 |  |  | 16,969 |  |  | — |  |  | 80,011 |  |  |  |  |  |  |  |  |  |  |
| $ | 345,188 |  |  | $ | 58,962 |  |  | $ | 540,770 |  |  | $ | 422,197 |  |  | $ | (24,982) |  |  | $ | 1,342,135 |  |  |  |  |  |  |  |  |  |  |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration