XML 61 R23.htm IDEA: XBRL DOCUMENT
v3.20.1

Segment Information | 3 Months Ended
--- | ---
Mar. 28, 2020
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company and its subsidiaries design, manufacture and sell components and modules for circuit protection, power control and sensing throughout the world. The Company reports its operations by the following segments: Electronics, Automotive, and Industrial. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information. Sales, marketing, and research and development expenses are charged directly into each operating segment. Purchasing, logistics, customer service, finance, information technology, and human resources are shared functions that are allocated back to the three operating segments. The Company does not report inter-segment revenue because the operating segments do not record it. Certain expenses, determined by the CODM to be strategic in nature and not directly related to segments' current results, are not allocated but identified as “Other”. Additionally, the Company does not allocate interest and other income, interest expense, or taxes to operating segments. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Although the CODM uses operating income (loss) to evaluate the segments, operating costs included in one segment may benefit other segments. Except as discussed above, the accounting policies for segment reporting are the same as for the Company as a whole.
• | Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and fuse accessories,
positive temperature coefficient (“PTC”) resettable fuses, polymer electrostatic discharge (“ESD”) suppressors, varistors, reed switch based magnetic sensing, gas discharge tubes; semiconductor products such as discrete transient voltage suppressor (“TVS”) diodes, TVS diode arrays, protection and switching thyristors, metal-oxide-semiconductor field effect transistors (“MOSFETs”) and silicon carbide diodes; and insulated gate bipolar transistors (“IGBT”) technologies. The segment covers a broad range of end markets, including industrial and automotive electronics, electric vehicle and related infrastructure, data and telecommunications, medical devices, alternative energy, consumer electronics and white goods.
• | Automotive Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-I suppliers and parts distributors in passenger car, heavy duty truck, off-road vehicles, material handling, agricultural, construction and other commercial vehicle end markets. Passenger car fuse products include fuses and fuse accessories for internal combustion engine vehicles and hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, and high-voltage fuses. Commercial vehicle products include fuses, switches, relays, and power distribution modules for the commercial vehicle industry. Automotive sensor products include a wide range of automotive and commercial vehicle products designed to monitor the passenger compartment occupants, safety and environment as well as the vehicle’s powertrain.
• | Industrial Segment: Consists of power fuses, protection relays and controls and other circuit protection products for use in various industrial applications such as oil, gas, mining, alternative energy, electric vehicle infrastructure, non-residential construction, HVAC systems, elevators and other industrial equipment.
Segment information is summarized as follows:
|  | Three Months Ended
(in thousands) |  | March 28, 2020 |  | March 30, 2019
Net sales |  |  |  |
Electronics |  | $ | 214,189 |  |  | $ | 265,394 |
Automotive |  | 104,770 |  |  | 113,483 |
Industrial |  | 27,137 |  |  | 26,623 |
Total net sales |  | $ | 346,096 |  |  | $ | 405,500 |
Depreciation and amortization |  |  |  |
Electronics |  | $ | 15,531 |  |  | $ | 15,342 |
Automotive |  | 7,187 |  |  | 6,877 |
Industrial |  | 1,084 |  |  | 1,060 |
Total depreciation and amortization |  | $ | 23,802 |  |  | $ | 23,279 |
Operating income (loss) |  |  |  |
Electronics |  | $ | 32,272 |  |  | $ | 49,037 |
Automotive |  | 14,116 |  |  | 13,200 |
Industrial |  | 3,534 |  |  | 3,505 |
Other(a) |  | (5,172 | ) |  | (5,069 | )
Total operating income |  | 44,750 |  |  | 60,673 |
Interest expense |  | 5,418 |  |  | 5,686 |
Foreign exchange loss |  | 2,584 |  |  | 4,243 |
Other expense, net |  | 1,249 |  |  | 4,305 |
Income before income taxes |  | $ | 35,499 |  |  | $ | 46,439 |
(a) Included in “Other” Operating income (loss) for the 2020 first quarter is $1.2 million of acquisition-related and integration charges related to the IXYS acquisition and other contemplated acquisitions. In addition, there were $4.0 million of restructuring, impairment and other charges, primarily related to impairment charges of $2.2 million associated with the announced consolidation of a manufacturing facility within the Industrial segment and $1.7 million of employee termination costs and other restructuring charges. See Note 7, Restructuring, Impairment and Other Charges, for further discussion. Included in "Other" Operating income (loss) for the first quarter of 2019 is $2.4 million of acquisition integration charges primarily related to the IXYS acquisition. In addition, there were $2.7 million of restructuring charges primarily related to employee termination costs. The Company’s net sales by country were as follows:
|  | Three Months Ended
(in thousands) |  | March 28, 2020 |  | March 30, 2019
Net sales |  |  |  |
United States |  | $ | 102,910 |  |  | $ | 119,528 |
China |  | 86,015 |  |  | 106,866 |
Other countries(a) |  | 157,171 |  |  | 179,106 |
Total net sales |  | $ | 346,096 |  |  | $ | 405,500 |
The Company’s long-lived assets by country were as follows:
(in thousands) |  | March 28, 2020 |  | December 28, 2019
Long-lived assets |  |  |  |
United States |  | $ | 54,870 |  |  | $ | 58,081 |
China |  | 83,830 |  |  | 88,306 |
Mexico |  | 69,664 |  |  | 73,096 |
Germany |  | 35,483 |  |  | 36,025 |
Philippines |  | 55,347 |  |  | 51,738 |
Other countries(a) |  | 35,635 |  |  | 37,371 |
Total long-lived assets |  | $ | 334,829 |  |  | $ | 344,617 |
The Company’s additions to long-lived assets by country were as follows:
|  | Three Months Ended
(in thousands) |  | March 28, 2020 |  | March 30, 2019
Additions to long-lived assets |  |  |  |
United States |  | $ | 580 |  |  | $ | 905 |
China |  | 1,657 |  |  | 1,225 |
Mexico |  | 2,592 |  |  | 5,484 |
Germany |  | 753 |  |  | 598 |
Philippines |  | 3,218 |  |  | 5,229 |
Other countries(a) |  | 2,508 |  |  | 635 |
Total additions to long-lived assets |  | $ | 11,308 |  |  | $ | 14,076 |
(a) Each country included in other countries is less than 10% of net sales.

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

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration