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Segment Information | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company and its subsidiaries design, manufacture and sell component, modules and subassemblies to empower the long-term structural themes of sustainability, connectivity and safety. The Company aggregated its operating segments into the reportable segments: Electronics, Transportation, 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 and as such, segment asset information is not disclosed. The CODM’s key decisions involve the allocation of resources, such as acquisitions, divestitures, investments, capital expenditures, significant customer contracts, and other key management resources, and assessment of performance, such as executive officer hiring, promotion, and compensation. The CODM uses operating income as the key metric when establishing targets in the annual budget and in evaluating the allocation of resources to each segment. The CODM regularly reviews each segment's operating income against the forecast, budget and previous quarterly results to assess performance and make decisions about the allocation of operating and capital resources to each segment. Sales, marketing, and research and development expenses are charged directly into each operating segment. Finance, information technology, and human resources are shared functions that are allocated back to the 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. 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, electromechanical switches and interconnect solutions, 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, silicon and silicon carbide metal-oxide-semiconductor field effect transistors (“MOSFETs”) and diodes, and insulated gate bipolar transistors (“IGBT”) technologies. The segment covers a broad range of end markets, including industrial motor drives and power conversion, automotive electronics, electric vehicle and related charging infrastructure, aerospace, power supplies, data centers and telecommunications, medical devices, alternative energy and energy storage, building and home automation, appliances, and mobile electronics. •Transportation Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles, material handling equipment, agricultural machinery, construction equipment and other commercial vehicle end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, construction, agriculture, material handling and marine. •Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and temperature sensors) for use in various applications such as renewable energy and energy storage systems, industrial safety, factory automation, electric vehicle charging infrastructure, HVAC systems, non-residential construction, MRO, and mining. 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 |
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 The entire disclosure for reporting segments including data and tables. 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