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Segment Reporting (Tables)

3 Months Ended

Mar. 29, 2025

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 for the three months ended March 29, 2025 and March 30, 2024:

			March 29, 2025
(In millions)			MS						APS						Inter-segment						Total
Net sales			$	341.4					$	433.9					$	(2.1)					$	773.2
Cost of sales			183.4						235.4						(2.1)						416.7
Operating expenses			83.0						90.4						—						173.4
Segment profit			$	75.0					$	108.1					$	—					$	183.1

			March 30, 2024
(In millions)			MS						APS						Inter-segment						Total
Net sales			$	350.0					$	423.3					$	(2.3)					$	771.0
Cost of sales			195.5						226.0						(2.3)						419.2
Operating expenses			87.4						86.1						—						173.5
Segment profit			$	67.1					$	111.2					$	—					$	178.3

Reconciliation of Total Segment Profit to Operating Income

The following table reconciles total segment profit to income before income tax expense for the three months ended March 29, 2025 and March 30, 2024:

(In millions)			March 29, 2025						March 30, 2024
Total segment profit			$	183.1					$	178.3
Less:
Amortization of intangible assets			46.1						50.2
Unallocated general and administrative expenses			14.7						10.5
Operating income			122.3						117.6
Interest expense			51.0						57.4
Interest income			(1.4)						(3.0)
Other expense, net			1.3						14.3
Income before income tax expense			$	71.4					$	48.9

The following tables summarize depreciation and capital expenditures for the Company’s reportable segments for the three months ended March 29, 2025 and March 30, 2024:

(In millions)			March 29, 2025						March 30, 2024
Depreciation:
MS			$	22.4					$	22.3
APS			27.5						23.0
Total depreciation			$	49.9					$	45.3

(In millions)			March 29, 2025						March 30, 2024
Capital expenditures:
MS			$	35.7					$	23.2
APS			72.3						43.4
Total capital expenditures			$	108.0					$	66.6

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 months ended March 29, 2025 and March 30, 2024, respectively.

			March 29, 2025
(In millions)			MS						APS						Inter-segment						Total
North America			$	66.2					$	84.9					$	(2.1)					$	149.0
Taiwan			62.0						113.7						—						175.7
China			71.4						82.0						—						153.4
South Korea			49.5						52.5						—						102.0
Japan			31.9						38.3						—						70.2
Europe			24.8						37.2						—						62.0
Southeast Asia			35.6						25.3						—						60.9
			$	341.4					$	433.9					$	(2.1)					$	773.2

			March 30, 2024
(In millions)			MS						APS						Inter-segment						Total
North America			$	96.7					$	78.9					$	(2.3)					$	173.3
Taiwan			54.9						100.2						—						155.1
China			55.2						94.6						—						149.8
South Korea			46.9						52.7						—						99.6
Japan			30.4						39.0						—						69.4
Europe			34.3						39.0						—						73.3
Southeast Asia			31.6						18.9						—						50.5
			$	350.0					$	423.3					$	(2.3)					$	771.0

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.

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- 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.

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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.

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