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Segment Information
 9 Months Ended
Sep. 27, 2021
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. On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. In prior periods, the Company’s E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company closed the SH E-MS and SZ facilities at the end of 2020 and integrated the SH BPA facility into its PCB operations. As of March 29, 2021, E-M Solutions no longer met the criteria for segment reporting. As a result of the restructuring of the E-M Solutions business unit, certain prior year amounts have been reclassified to conform to this new presentation.

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.

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 27, 2021

 

 

September 28, 2020

 

 

September 27, 2021

 

 

September 28, 2020

 

 

 

(In thousands)

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

541,118

 

 

$

481,311

 

 

$

1,605,084

 

 

$

1,492,156

 

RF&S Components

 

 

15,666

 

 

 

11,742

 

 

 

42,259

 

 

 

33,274

 

Other (1)

 

 

—

 

 

 

20,523

 

 

 

3,256

 

 

 

56,090

 

Total net sales

 

$

556,784

 

 

$

513,576

 

 

$

1,650,599

 

 

$

1,581,520

 

Operating Segment Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PCB

 

$

61,424

 

 

$

65,179

 

 

$

191,711

 

 

$

203,131

 

RF&S Components

 

 

6,537

 

 

 

(66,098

)

 

 

15,129

 

 

 

(59,880

)

Corporate and Other (1)

 

 

(26,068

)

 

 

(27,823

)

 

 

(82,929

)

 

 

(110,925

)

Total operating segment income (loss)

 

 

41,893

 

 

 

(28,742

)

 

 

123,911

 

 

 

32,326

 

Amortization of definite-lived intangibles (2)

 

 

(9,658

)

 

 

(11,510

)

 

 

(30,988

)

 

 

(33,400

)

Total operating income (loss)

 

 

32,235

 

 

 

(40,252

)

 

 

92,923

 

 

 

(1,074

)

Total other expense

 

 

(8,622

)

 

 

(22,520

)

 

 

(43,494

)

 

 

(57,916

)

Income (loss) before income taxes

 

$

23,613

 

 

$

(62,772

)

 

$

49,429

 

 

$

(58,990

)

 

 

 

 

As of

 

 

 

September 27, 2021

 

 

December 28, 2020

 

 

 

(In thousands)

 

Segment Assets:

 

 

 

 

 

 

 

 

PCB

 

$

1,596,648

 

 

$

1,529,102

 

RF&S Components

 

 

219,294

 

 

 

227,990

 

Corporate and Other (1)

 

 

1,231,689

 

 

 

1,138,852

 

Total assets

 

$

3,047,631

 

 

$

2,895,944

 

 

(1)

Other represents results from the now closed SH E-MS and SZ facilities.

(2)

Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For both the quarter and three quarters ended September 27, 2021 and September 28, 2020, $1,384 and $4,151, respectively, of amortization expense is included in cost of goods sold.

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 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.

The Company markets and sells its products in approximately 50 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 are as follows:

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 27, 2021

 

 

September 28, 2020

 

 

September 27, 2021

 

 

September 28, 2020

 

 

 

(In thousands)

 

Net Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

245,940

 

 

$

271,050

 

 

$

775,351

 

 

$

802,681

 

China

 

 

77,022

 

 

 

80,696

 

 

 

238,891

 

 

 

252,736

 

Other

 

 

233,822

 

 

 

161,830

 

 

 

636,357

 

 

 

526,103

 

Total net sales

 

$

556,784

 

 

$

513,576

 

 

$

1,650,599

 

 

$

1,581,520

 

Net sales are attributed to countries by country invoiced.