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Segment Information (Tables) | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The Company has provided this segment information for comparable prior periods. Segment information is summarized as follows:
|  | Three Months Ended |  |
(in thousands) |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Net sales |  |  |  |  |  |  |  |
Electronics |  | $ | 307,249 |  |  | $ | 291,105 |  |  |  |  |
Transportation |  | 161,862 |  |  | 170,367 |  |  |  |  |
Industrial |  | 85,196 |  |  | 73,913 |  |  |  |  |
Total net sales |  | $ | 554,307 |  |  | $ | 535,385 |  |  |  |  |
Other segment expenses (b) |  |  |  |  |  |  |  |
Electronics |  | $ | 260,483 |  |  | $ | 253,302 |  |  |  |  |
Transportation |  | 142,945 |  |  | 154,161 |  |  |  |  |
Industrial |  | 72,122 |  |  | 69,117 |  |  |  |  |
Total other segment expenses |  | $ | 475,550 |  |  | $ | 476,580 |  |  |  |  |
Segment operating income |  |  |  |  |  |  |  |
Electronics |  | $ | 46,766 |  |  | $ | 37,803 |  |  |  |  |
Transportation |  | 18,917 |  |  | 16,206 |  |  |  |  |
Industrial |  | 13,074 |  |  | 4,796 |  |  |  |  |
Total segment operating income |  | 78,757 |  |  | 58,805 |  |  |  |  |
Other (a) |  | (8,607) |  |  | (3,853) |  |  |  |  |
Total operating income |  | 70,150 |  |  | 54,952 |  |  |  |  |
Interest expense |  | 8,875 |  |  | 9,611 |  |  |  |  |
Foreign exchange loss (gain) |  | 4,843 |  |  | (5,042) |  |  |  |  |
Other income, net |  | (3,515) |  |  | (5,321) |  |  |  |  |
Income before income taxes |  | $ | 59,947 |  |  | $ | 55,704 |  |  |  |  |
(a) Included in "Other" Operating income for the first fiscal quarter of 2025 was $8.9 million of restructuring charges primarily related to employee termination costs, and $0.1 million impairment charge related to certain machinery and equipment within the Electronics segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. During the first fiscal quarter of 2025, the Company recognized $0.5 million of purchase accounting inventory step-down adjustment, and $0.1 million of legal and professional fees and other integration expenses related to completed and contemplated acquisition. Included in "Other" Operating income for the first fiscal quarter of 2024 was $2.3 million of restructuring charges primarily related to employee termination costs and 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 first fiscal quarter of 2024, the Company recognized a $0.9 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, partially offset by a gain of $0.3 million recorded for the sale of a building in the commercial vehicle business within the Transportation segment. (b) Other segment operating expenses include cost of sales, selling, general, and administration expenses, and research and development expenses. Other segment expenses are reconciled to the operating income of each segment. The CODM regularly assesses the performance of each operating segment focusing on each operating segment’s revenue and operating income. Other segment operating expenses for the first fiscal quarter of 2024 were included in order to adhere to the implementation of Accounting Standards Updates ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The Company’s depreciation and amortization expenses by segment for the three months ended March 29, 2025 and March 30, 2024 were as follows:
|  | Three Months Ended
(in thousands) |  | March 29, 2025 |  | March 30, 2024
Depreciation |  |  |  |
Electronics |  | $ | 11,410 |  |  | $ | 9,985 |
Transportation |  | 5,499 |  |  | 5,247 |
Industrial |  | 1,521 |  |  | 1,436 |
Total depreciation |  | $ | 18,430 |  |  | $ | 16,668 |
Amortization |  |  |  |
Electronics |  | $ | 9,777 |  |  | $ | 9,856 |
Transportation |  | 3,349 |  |  | 3,384 |
Industrial |  | 1,205 |  |  | 2,585 |
Total amortization |  | $ | 14,331 |  |  | $ | 15,825 |
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 |  |
(in thousands) |  | March 29, 2025 |  | March 30, 2024 |  |  |  |
Net sales |  |  |  |  |  |  |  |
United States |  | $ | 198,378 |  |  | $ | 190,433 |  |  |  |  |
China |  | 129,394 |  |  | 115,169 |  |  |  |  |
Other countries (a) |  | 226,535 |  |  | 229,783 |  |  |  |  |
Total net sales |  | $ | 554,307 |  |  | $ | 535,385 |  |  |  |  |
The Company’s long-lived assets represent net property, plant, and equipment, and are classified according to the country where the asset is located. The Company's long-lived assets were as follows:
(in thousands) |  | March 29, 2025 |  | December 28, 2024
Long-lived assets |  |  |  |
United States |  | $ | 75,148 |  |  | $ | 74,698 |
China |  | 129,401 |  |  | 132,504 |
Mexico |  | 86,711 |  |  | 89,558 |
Germany |  | 97,739 |  |  | 58,758 |
Philippines |  | 64,761 |  |  | 66,174 |
Other countries |  | 56,576 |  |  | 55,376 |
Total long-lived assets |  | $ | 510,336 |  |  | $ | 477,068 |
The Company’s additions to net property, plant, and equipment by country were as follows:
|  | Three Months Ended
(in thousands) |  | March 29, 2025 |  | March 30, 2024
Additions to long-lived assets |  |  |  |
United States |  | $ | 3,493 |  |  | $ | 4,806 |
China |  | 1,483 |  |  | 2,408 |
Mexico |  | 1,484 |  |  | 2,330 |
Germany |  | 7,620 |  |  | 3,230 |
Philippines |  | 637 |  |  | 1,338 |
Other countries |  | 1,610 |  |  | 2,212 |
Total additions to long-lived assets |  | $ | 16,327 |  |  | $ | 16,324 |
(a)Each country included in other countries was 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -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 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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