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Segment Information
 12 Months Ended
Dec. 28, 2020
Segment Reporting [Abstract]  
Segment Information

(17)

Segment Information

The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. During the year ended December 28, 2020, the Company’s RF&S Components operating segment met the quantitative threshold for separate presentation of a reportable segment. In prior periods, the Company had two reportable segments: PCB and E-M Solutions. The RF&S Components reportable segment was previously aggregated with the PCB reportable segment. As a result, certain prior year amounts have been reclassified to conform with this new presentation. The PCB reportable segment consists of fifteen domestic PCB and sub-system plants; five PCB fabrication plants in China; and one in Canada. The RF&S reportable segment consists of one domestic RF component plant and one RF component plant in China. The E-M Solutions reportable segment consists of three custom electronic assembly plants in China, two of which were closed in the fourth quarter of 2020. As a result, the Company will no longer be reporting E-M Solutions operating segment in 2021. See Note 20 for further details.

The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated.

 

 

 

For the Year Ended

 

 

 

December 28, 2020

 

 

December 30, 2019

 

 

December 31, 2018

 

 

 

(In thousands)

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

1,905,243

 

 

$

1,844,562

 

 

$

1,959,090

 

RF&S Components

 

 

44,656

 

 

 

62,315

 

 

 

52,705

 

E-M Solutions

 

 

155,423

 

 

 

226,333

 

 

 

225,947

 

Total net sales

 

$

2,105,322

 

 

$

2,133,210

 

 

$

2,237,742

 

Operating Segment Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

262,304

 

 

$

233,642

 

 

$

262,143

 

RF&S Components

 

 

(56,671

)

 

 

29,376

 

 

 

24,713

 

E-M Solutions

 

 

(20,738

)

 

 

7,119

 

 

 

8,105

 

Corporate

 

 

(112,430

)

 

 

(109,910

)

 

 

(115,662

)

Total operating segment income

 

 

72,465

 

 

 

160,227

 

 

 

179,299

 

Amortization of definite-lived intangibles (1)

 

 

(44,373

)

 

 

(50,598

)

 

 

(60,328

)

Total operating income

 

 

28,092

 

 

 

109,629

 

 

 

118,971

 

Total other expense

 

 

(74,369

)

 

 

(75,303

)

 

 

(71,786

)

(Loss) income before income taxes

 

$

(46,277

)

 

$

34,326

 

 

$

47,185

 

 

 

 

 

For the Year Ended

 

 

 

December 28, 2020

 

 

December 30, 2019

 

 

December 31, 2018

 

 

 

(In thousands)

 

Depreciation Expense:

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

79,300

 

 

$

80,239

 

 

$

81,138

 

RF&S Components

 

 

1,742

 

 

 

1,720

 

 

 

1,120

 

E-M Solutions

 

 

9,843

 

 

 

3,476

 

 

 

2,850

 

Corporate

 

 

8,687

 

 

 

7,935

 

 

 

6,221

 

Total depreciation expense

 

$

99,572

 

 

$

93,370

 

 

$

91,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

64,285

 

 

$

102,984

 

 

$

76,109

 

RF&S Components

 

 

1,514

 

 

 

3,683

 

 

 

2,104

 

E-M Solutions

 

 

722

 

 

 

2,302

 

 

 

3,918

 

Corporate

 

 

5,804

 

 

 

8,437

 

 

 

7,758

 

Total capital expenditures

 

$

72,325

 

 

$

117,406

 

 

$

89,889

 

 

 

 

 

 

As of

 

 

 

December 28, 2020

 

 

December 30, 2019

 

 

 

(In thousands)

 

Segment Assets:

 

 

 

 

 

 

 

 

PCB (2)

 

$

1,489,121

 

 

$

2,088,229

 

RF&S Components

 

 

227,990

 

 

 

38,536

 

E-M Solutions

 

 

128,109

 

 

 

156,580

 

Corporate

 

 

1,050,724

 

 

 

1,277,588

 

Total assets

 

$

2,895,944

 

 

$

3,560,933

 

 

(1)

Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For the years ended December 28, 2020, December 30, 2019 and December 31, 2018, $5,535, $4,822 and $3,345, respectively, of amortization expense is included in cost of goods sold.

(2)

Segment assets for the PCB reportable segment as of December 30, 2019 include the Company’s Mobility business unit’s assets amounting to $493,169.

The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology, facilities and human resources personnel, as well as global sales and marketing personnel, research and development costs, and acquisition and integration costs associated with acquisitions and divestitures. Bank fees and legal, accounting, and other professional service costs associated with acquisitions and divestitures of $273, $6,902 and $13,279 for the years ended December 28, 2020, December 30, 2019 and December 31, 2018, respectively, are included in Corporate.

The Company markets and sells its products in approximately 53 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10% of the Company’s total net sales. Net sales and long-lived assets are as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Net Sales

 

 

Long-Lived Assets

 

 

Net Sales

 

 

Long-Lived Assets

 

 

Net Sales

 

 

Long-Lived Assets

 

 

 

(In thousands)

 

United States

 

$

1,086,440

 

 

$

1,154,218

 

 

$

1,118,725

 

 

$

1,348,741

 

 

$

977,265

 

 

$

1,315,174

 

China

 

 

334,462

 

 

 

387,627

 

 

 

341,779

 

 

 

335,191

 

 

 

354,931

 

 

 

378,978

 

Other

 

 

684,420

 

 

 

27,221

 

 

 

672,706

 

 

 

26,473

 

 

 

905,546

 

 

 

28,029

 

Total

 

$

2,105,322

 

 

$

1,569,066

 

 

$

2,133,210

 

 

$

1,710,405

 

 

$

2,237,742

 

 

$

1,722,181

 

 

Net sales are attributed to countries by country invoiced.