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Segment Reporting | 3 Months Ended
--- | ---
Mar. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | The Company accounts for inter-segment sales similar to third-party transactions and the sales price reflects current market prices. Inter-segment sales are eliminated in consolidation and are not included in consolidated sales on the financial statements. Summarized financial information for the Company’s reportable segments is shown in the following tables.
| Three months ended |  |
(In thousands) | March 30, 2024 |  | April 1, 2023 |  |  |  |
Net sales |  |  |  |  |  |  |
MS | $ | 350,036 |  |  | $ | 448,330 |  |  |  |  |
MC | 267,864 |  |  | 269,297 |  |  |  |  |
AMH | 162,854 |  |  | 218,853 |  |  |  |  |
Inter-segment elimination | (9,729) |  |  | (14,084) |  |  |  |  |
Total net sales | $ | 771,025 |  |  | $ | 922,396 |  |  |  |  |
| Three months ended |  |
(In thousands) | March 30, 2024 |  | April 1, 2023 |  |  |  |
Segment profit |  |  |  |  |  |  |
MS(1) | $ | 67,124 |  |  | $ | (29,522) |  |  |  |  |
MC | 86,555 |  |  | 95,997 |  |  |  |  |
AMH | 24,606 |  |  | 48,165 |  |  |  |  |
Total segment profit | $ | 178,285 |  |  | $ | 114,640 |  |  |  |  |
(1) MS segment profit is inclusive of an $88.9 million goodwill impairment charge relating to the EC reporting unit for the three months ended April 1, 2023 and a $13.0 million long-lived asset impairment charge for the three months ended March 30, 2024. See Note 3. The following table reconciles total segment profit to income before income tax expense:
| Three months ended |  |
(In thousands) | March 30, 2024 |  | April 1, 2023 |  |  |  |
Total segment profit | $ | 178,285 |  |  | $ | 114,640 |  |  |  |  |
Less: |  |  |  |  |  |  |
Amortization of intangible assets | 50,159 |  |  | 57,574 |  |  |  |  |
Unallocated general and administrative expenses | 10,534 |  |  | 43,600 |  |  |  |  |
Operating income | 117,592 |  |  | 13,466 |  |  |  |  |
Interest expense | 57,373 |  |  | 86,146 |  |  |  |  |
Interest income | (2,994) |  |  | (1,325) |  |  |  |  |
Other expense (income), net | 14,285 |  |  | (4,658) |  |  |  |  |
Income (loss) before income tax expense | $ | 48,928 |  |  | $ | (66,697) |  |  |  |  |
In the following tables, revenue is disaggregated by customers’ country or region based on the ship to location of the customer for the three months ended March 30, 2024 and April 1, 2023, respectively.
| Three months ended March 30, 2024
(In thousands) | MS |  | MC |  | AMH |  | Inter-segment |  | Total
North America | $ | 96,744 |  |  | $ | 35,459 |  |  | $ | 50,785 |  |  | $ | (9,729) |  |  | $ | 173,259 |
Taiwan | 54,874 |  |  | 69,091 |  |  | 31,164 |  |  |  |  | 155,129 |
China | 55,170 |  |  | 63,688 |  |  | 30,891 |  |  |  |  | 149,749 |
South Korea | 46,855 |  |  | 31,135 |  |  | 21,631 |  |  |  |  | 99,621 |
Japan | 30,429 |  |  | 31,326 |  |  | 7,705 |  |  |  |  | 69,460 |
Europe | 34,308 |  |  | 23,807 |  |  | 15,173 |  |  |  |  | 73,288 |
Southeast Asia | 31,656 |  |  | 13,358 |  |  | 5,505 |  |  |  |  | 50,519 |
| $ | 350,036 |  |  | $ | 267,864 |  |  | $ | 162,854 |  |  | $ | (9,729) |  |  | $ | 771,025 |
| Three months ended April 1, 2023
(In thousands) | MS |  | MC |  | AMH |  | Inter-segment |  | Total
North America | $ | 147,329 |  |  | $ | 41,766 |  |  | $ | 75,598 |  |  | $ | (14,084) |  |  | $ | 250,609 |
Taiwan | 58,193 |  |  | 54,236 |  |  | 36,661 |  |  | — |  |  | 149,090 |
China | 47,960 |  |  | 55,671 |  |  | 31,800 |  |  | — |  |  | 135,431 |
South Korea | 56,371 |  |  | 29,829 |  |  | 34,456 |  |  | — |  |  | 120,656 |
Japan | 29,356 |  |  | 49,753 |  |  | 11,316 |  |  | — |  |  | 90,425 |
Europe | 63,427 |  |  | 27,004 |  |  | 21,984 |  |  | — |  |  | 112,415 |
Southeast Asia | 45,694 |  |  | 11,038 |  |  | 7,038 |  |  | — |  |  | 63,770 |
| $ | 448,330 |  |  | $ | 269,297 |  |  | $ | 218,853 |  |  | $ | (14,084) |  |  | $ | 922,396 |

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