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Segment Information (Tables) | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Segment information is summarized as follows:
|  | Three Months Ended |  | Six Months Ended
(in thousands) |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales |  |  |  |  |  |  |  |
Electronics |  | $ | 305,639 |  |  | $ | 350,147 |  |  | $ | 596,744 |  |  | $ | 708,740 |
Transportation |  | 168,964 |  |  | 172,048 |  |  | 339,331 |  |  | 338,689 |
Industrial |  | 83,886 |  |  | 89,802 |  |  | 157,799 |  |  | 174,350 |
Total net sales |  | $ | 558,489 |  |  | $ | 611,997 |  |  | $ | 1,093,874 |  |  | $ | 1,221,779 |
Depreciation and amortization |  |  |  |  |  |  |  |
Electronics |  | $ | 19,770 |  |  | $ | 19,808 |  |  | $ | 39,611 |  |  | 39,596 |
Transportation |  | 9,112 |  |  | 11,063 |  |  | 17,743 |  |  | 22,354 |
Industrial |  | 3,898 |  |  | 4,021 |  |  | 7,919 |  |  | 7,424 |
Total depreciation and amortization |  | $ | 32,780 |  |  | $ | 34,892 |  |  | $ | 65,273 |  |  | $ | 69,374 |
Operating income (loss) |  |  |  |  |  |  |  |
Electronics |  | $ | 46,165 |  |  | $ | 79,844 |  |  | $ | 83,968 |  |  | $ | 170,006 |
Transportation |  | 15,234 |  |  | 7,789 |  |  | 31,440 |  |  | 16,321 |
Industrial |  | 9,547 |  |  | 15,108 |  |  | 14,343 |  |  | 32,249 |
Other (a) |  | (5,440) |  |  | (10,688) |  |  | (9,293) |  |  | (15,882) |
Total operating income |  | 65,506 |  |  | 92,053 |  |  | 120,458 |  |  | 202,694 |
Interest expense |  | 9,975 |  |  | 10,056 |  |  | 19,586 |  |  | 19,702 |
Foreign exchange gain |  | (315) |  |  | (1,404) |  |  | (5,357) |  |  | (3,079) |
Other income, net |  | (5,298) |  |  | (2,050) |  |  | (10,619) |  |  | (8,283) |
Income before income taxes |  | $ | 61,144 |  |  | $ | 85,451 |  |  | $ | 116,848 |  |  | $ | 194,354 |
(a) Included in “Other” Operating income for the second quarter of 2024 includes $5.3 million ($7.6 million year-to-date) of restructuring charges primarily related to employee termination costs. During the first quarter of 2024, the Company recognized a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. In addition, during the second quarter of 2024, the Company recognized $0.8 million ($1.8 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, partially offset by a gain of $0.7 million ($1.0 million year-to-date) recorded for the sale of two buildings within the Transportation segment. 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, classified according to the country where the customer is located:
|  | Three Months Ended |  | Six Months Ended
(in thousands) |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales |  |  |  |  |  |  |  |
United States |  | $ | 201,825 |  |  | $ | 205,793 |  |  | $ | 392,258 |  |  | $ | 417,988 |
China |  | 131,510 |  |  | 143,570 |  |  | 246,679 |  |  | 277,037 |
Other countries (a) |  | 225,154 |  |  | 262,634 |  |  | 454,937 |  |  | 526,754 |
Total net sales |  | $ | 558,489 |  |  | $ | 611,997 |  |  | $ | 1,093,874 |  |  | $ | 1,221,779 |
The Company’s long-lived assets represent net property, plant, and equipment, and are classified according to the country where the asset is located were as follows:
(in thousands) |  | June 29, 2024 |  | December 30, 2023
Long-lived assets |  |  |  |
United States |  | $ | 66,972 |  |  | $ | 73,126 |
China |  | 134,359 |  |  | 139,736 |
Mexico |  | 95,525 |  |  | 102,218 |
Germany |  | 51,359 |  |  | 47,217 |
Philippines |  | 68,689 |  |  | 73,217 |
Other countries |  | 55,633 |  |  | 57,639 |
Total long-lived assets |  | $ | 472,537 |  |  | $ | 493,153 |
The Company’s additions to long-lived assets by country were as follows:
|  | Six Months Ended
(in thousands) |  | June 29, 2024 |  | July 1, 2023
Additions to long-lived assets |  |  |  |
United States |  | $ | 6,644 |  |  | $ | 5,482 |
China |  | 7,088 |  |  | 15,228 |
Mexico |  | 5,450 |  |  | 7,176 |
Germany |  | 8,031 |  |  | 3,269 |
Philippines |  | 2,379 |  |  | 3,202 |
Other countries |  | 4,277 |  |  | 5,602 |
Total additions to long-lived assets |  | $ | 33,869 |  |  | $ | 39,959 |
(a)Each country included in other countries is less than 10% of net sales.

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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