XML 33 R21.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segment Information
12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information
18. Segment Information

The Company organizes its reportable segments based on how management analyzes performance, allocates capital, and makes strategic and operational decisions. These segments were determined in accordance with ASC 280, Segment Reporting. The segments are aligned around similar product applications serving our key end markets, to enhance focus on end market growth strategies. The Company’s operating segments engage in business activities from which they earn revenues and incur expenses, have discrete financial information available, and whose financial results are regularly reviewed and used by the chief operating decision maker to evaluate segment performance, allocate resources, and determine management incentive compensation. The Audio segment aggregates two operating segments into one reportable segment based on similar product applications serving our key end markets. The PD segment has one operating segment, which equals its reportable segment. The Company's two reportable segments are as follows:

• Audio Segment
Our Audio group designs and manufactures innovative audio products, including microphones, balanced armature speakers, and audio processors used in applications that serve the mobile, hearing health, True Wireless Stereo, Internet of Things, and computing markets. Audio has sales, support, and engineering facilities in North America, Europe, and Asia, as well as manufacturing facilities in Asia.

• PD Segment
Our PD group specializes in the design and delivery of high performance capacitor products and RF solutions for technically demanding applications. Our high performance capacitor products are used in applications such as power supplies and medical implants, which sell to a diverse set of customers for mission critical applications across the defense, medtech, industrial, electric vehicle, and communications markets. Our RF solutions solve a broad range of frequency filtering challenges for our customers, who use them in satellite communications and radar systems for defense applications. RF solutions are also used in mmWave 5G communications equipment. PD has sales, support, and engineering facilities in North America, Europe, and Asia as well as manufacturing facilities in North America and Asia.
Information regarding the Company's reportable segments is as follows:
 Years Ended December 31,
(in millions)202120202019
Revenues:
Audio$667.0 $591.2 $682.8 
Precision Devices201.1 173.1 172.0 
Total revenues$868.1 $764.3 $854.8 
Earnings from continuing operations before interest and income taxes:
Audio$137.0 $44.9 $107.3 
Precision Devices43.7 31.7 30.4 
Total segments180.7 76.6 137.7 
Corporate expense / other61.9 48.9 56.9 
Interest expense, net14.2 16.4 14.5 
Earnings before income taxes and discontinued operations104.6 11.3 66.3 
 (Benefit from) provision for income taxes(45.6)8.4 16.6 
Earnings from continuing operations$150.2 $2.9 $49.7 
Depreciation and amortization:
Audio$46.2 $47.0 $41.3 
Precision Devices13.3 10.5 9.9 
Corporate3.0 3.1 3.2 
Total$62.5 $60.6 $54.4 
Capital expenditures:
Audio$40.8 $21.9 $24.0 
Precision Devices5.6 9.6 16.5 
Corporate2.2 0.4 0.7 
Total$48.6 $31.9 $41.2 
Research and development:
Audio$81.8 $84.6 $90.8 
Precision Devices10.5 6.7 5.8 
Corporate0.5 1.6 0.2 
Total$92.8 $92.9 $96.8 

Information regarding assets of the Company's reportable segments:
Total Assets
December 31,
(in millions)20212020
Audio$1,467.1 $1,470.4 
Precision Devices260.4 179.2 
Corporate / eliminations4.1 5.3 
Total$1,731.6 $1,654.9 
The following table details revenues by geographic location. Revenues are attributed to regions based on the location of the Company's direct customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant, and equipment and operating lease right-of-use assets. These assets have been classified based on the geographic location of where they reside. The Company's businesses are based primarily in Asia, North America, and Europe.
 RevenuesLong-Lived Assets
 Years Ended December 31,December 31,
(in millions)20212020201920212020
Asia$611.5 $559.6 $614.7 $149.5 $140.5 
United States153.2 116.7 130.4 64.6 69.8 
Europe93.5 80.0 97.4 3.1 3.3 
Other Americas5.5 3.7 6.3 1.0 1.2 
Other4.4 4.3 6.0 — — 
Total$868.1 $764.3 $854.8 $218.2 $214.8 

The Company's customers that accounted for 10% or more of total revenues were as follows:
Revenues
Years Ended December 31,
202120202019
Apple Inc.16 %23 %22 %