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Segment Information (Tables) | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Segment information is summarized as follows:
|  | Three Months Ended |  | Six Months Ended
(in thousands) |  | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Net sales |  |  |  |  |  |  |  |
Electronics |  | $ | 350,147 |  |  | $ | 358,176 |  |  | $ | 708,740 |  |  | $ | 723,997 |
Transportation |  | 172,048 |  |  | 182,027 |  |  | 338,689 |  |  | 366,531 |
Industrial |  | 89,802 |  |  | 78,233 |  |  | 174,350 |  |  | 151,238 |
Total net sales |  | $ | 611,997 |  |  | $ | 618,436 |  |  | $ | 1,221,779 |  |  | $ | 1,241,766 |
Depreciation and amortization |  |  |  |  |  |  |  |
Electronics |  | $ | 19,808 |  |  | $ | 14,511 |  |  | $ | 39,596 |  |  | 29,904 |
Transportation |  | 11,063 |  |  | 10,628 |  |  | 22,354 |  |  | 21,372 |
Industrial |  | 4,021 |  |  | 2,181 |  |  | 7,424 |  |  | 4,342 |
Total depreciation and amortization |  | $ | 34,892 |  |  | $ | 27,320 |  |  | $ | 69,374 |  |  | $ | 55,618 |
Operating income |  |  |  |  |  |  |  |
Electronics |  | $ | 79,844 |  |  | $ | 105,958 |  |  | $ | 170,006 |  |  | $ | 226,535 |
Transportation |  | 7,789 |  |  | 18,309 |  |  | 16,321 |  |  | 44,617 |
Industrial |  | 15,108 |  |  | 15,285 |  |  | 32,249 |  |  | 27,790 |
Other (a) |  | (10,688) |  |  | (5,388) |  |  | (15,882) |  |  | (14,188) |
Total operating income |  | 92,053 |  |  | 134,164 |  |  | 202,694 |  |  | 284,754 |
Interest expense |  | 10,056 |  |  | 4,368 |  |  | 19,702 |  |  | 8,670 |
Foreign exchange (gain) loss |  | (1,404) |  |  | 14,124 |  |  | (3,079) |  |  | 21,860 |
Other (income) expense, net |  | (2,050) |  |  | 6,060 |  |  | (8,283) |  |  | 10,487 |
Income before income taxes |  | $ | 85,451 |  |  | $ | 109,612 |  |  | $ | 194,354 |  |  | $ | 243,737 |
(a) Included in “Other” Operating income for the second quarter of 2023 was $3.9 million ($7.2 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and $2.9 million ($4.8 million year-to-date) of restructuring charges, primarily related to employee termination costs. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The Company’s net sales by country were as follows:
|  | Three Months Ended |  | Six Months Ended
(in thousands) |  | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Net sales |  |  |  |  |  |  |  |
United States |  | $ | 205,793 |  |  | $ | 224,743 |  |  | $ | 417,988 |  |  | $ | 444,981 |
China |  | 143,570 |  |  | 162,322 |  |  | 277,037 |  |  | 327,104 |
Other countries (a) |  | 262,634 |  |  | 231,371 |  |  | 526,754 |  |  | 469,681 |
Total net sales |  | $ | 611,997 |  |  | $ | 618,436 |  |  | $ | 1,221,779 |  |  | $ | 1,241,766 |
The Company’s long-lived assets by country were as follows:
(in thousands) |  | July 1, 2023 |  | December 31, 2022
Long-lived assets |  |  |  |
United States |  | $ | 75,381 |  |  | $ | 76,325 |
China |  | 130,154 |  |  | 129,094 |
Mexico |  | 104,293 |  |  | 107,119 |
Germany |  | 41,890 |  |  | 39,635 |
Philippines |  | 75,216 |  |  | 77,240 |
Other countries (a) |  | 54,633 |  |  | 51,697 |
Total long-lived assets |  | $ | 481,567 |  |  | $ | 481,110 |
The Company’s additions to long-lived assets by country were as follows:
|  | Six Months Ended
(in thousands) |  | July 1, 2023 |  | July 2, 2022
Additions to long-lived assets |  |  |  |
United States |  | $ | 5,482 |  |  | $ | 6,527 |
China |  | 15,228 |  |  | 15,623 |
Mexico |  | 7,176 |  |  | 14,244 |
Germany |  | 3,269 |  |  | 2,432 |
Philippines |  | 3,202 |  |  | 10,138 |
Other countries (a) |  | 5,602 |  |  | 2,558 |
Total additions to long-lived assets |  | $ | 39,959 |  |  | $ | 51,522 |
(a)Each country included in other countries is less than 10% of net sales.

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- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
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- 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
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