XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jul. 03, 2022
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company determines that an operating segment exists if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has operating results that are regularly reviewed by the chief operating decision maker (“CODM”) and (iii) has discrete financial information. Additionally, accounting standards require the utilization of a “management approach” to report the financial results of operating segments, which is based on information used by the CODM to assess performance and make operating and resource allocation decisions. The Company determined that it has two operating segments organized by geographical area – namely (a) Americas (“AMS”) and (b) Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment includes the United States, Canada and Latin America geographic areas. Pursuant to the management approach discussed above, the Company’s CODM, our chief executive officer, evaluates performance at the AMS and EAAA operating segment levels and makes operating and resource allocation decisions based on segment adjusted operating income (“AOI”), which includes allocations of corporate selling, general and administrative expenses. AOI excludes nora purchase accounting amortization, Thailand plant closure inventory write-down, and restructuring charges, asset impairment, severance and other charges. Intersegment revenues for the three and six months ended July 3, 2022 were $19.4 million and $36.7 million, respectively, and intersegment revenues for the three and six months ended July 4, 2021 were $20.6 million and $36.3 million, respectively. Intersegment revenues are eliminated from net sales presented below since these amounts are not included in the information provided to the CODM. The Company has determined that it has two reportable segments – AMS and EAAA, as each operating segment meets the quantitative thresholds defined in the accounting guidance. Segment information for the three and six months ended July 3, 2022 and July 4, 2021 is presented in the following table:
| Three Months Ended |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
| (in thousands)
Net sales |  |  |  |  |  |  |
AMS | $ | 206,810 |  |  | $ | 156,665 |  |  | $ | 363,319 |  |  | $ | 283,632 |
EAAA | 139,795 |  |  | 138,120 |  |  | 271,288 |  |  | 264,413 |
Total net sales | $ | 346,605 |  |  | $ | 294,785 |  |  | $ | 634,607 |  |  | $ | 548,045 |
Segment AOI |  |  |  |  |  |  |
AMS | $ | 28,389 |  |  | $ | 21,098 |  |  | $ | 49,527 |  |  | $ | 33,011 |
EAAA | 10,131 |  |  | 9,960 |  |  | 19,635 |  |  | 17,971 |
Depreciation and amortization |  |  |  |  |  |  |
AMS | $ | 4,183 |  |  | $ | 4,504 |  |  | $ | 8,241 |  |  | $ | 9,227 |
EAAA | 5,983 |  |  | 7,232 |  |  | 12,595 |  |  | 14,443 |
Total depreciation and amortization | $ | 10,166 |  |  | $ | 11,736 |  |  | $ | 20,836 |  |  | $ | 23,670 |
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
| July 3, 2022 |  | January 2, 2022
| (in thousands)
Assets |  |  |
AMS | $ | 563,895 |  |  | $ | 652,423 |
EAAA | 674,175 |  |  | 691,844 |
Total segment assets | 1,238,070 |  |  | 1,344,267 |
Corporate assets | 127,056 |  |  | 146,204 |
Eliminations | (51,679) |  |  | (160,414) |
Total reported assets | $ | 1,313,447 |  |  | $ | 1,330,057 |
Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:
| Three Months Ended |  | Six Months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
| (in thousands)
AMS operating income | $ | 28,413 |  |  | $ | 21,101 |  |  | $ | 49,663 |  |  | $ | 32,748 |
EAAA operating income | 6,112 |  |  | 8,123 |  |  | 12,282 |  |  | 13,342 |
Consolidated operating income | 34,525 |  |  | 29,224 |  |  | 61,945 |  |  | 46,090 |
Interest expense | 7,190 |  |  | 7,289 |  |  | 14,040 |  |  | 14,545 |
Other expense, net | 1,394 |  |  | 617 |  |  | 1,564 |  |  | 1,332 |
Income before income tax expense | $ | 25,941 |  |  | $ | 21,318 |  |  | $ | 46,341 |  |  | $ | 30,213 |
| Three Months Ended July 3, 2022 |  | Three Months Ended July 4, 2021
| AMS |  | EAAA |  | AMS |  | EAAA
| (in thousands)
Operating income | $ | 28,413 |  |  | $ | 6,112 |  |  | $ | 21,101 |  |  | $ | 8,123 |
Purchase accounting amortization | — |  |  | 1,271 |  |  | — |  |  | 1,441 |
Thailand plant closure inventory write-down | — |  |  | 938 |  |  | — |  |  | — |
Restructuring, asset impairment, severance and other charges | (24) |  |  | 1,810 |  |  | (3) |  |  | 396 |
AOI | $ | 28,389 |  |  | $ | 10,131 |  |  | $ | 21,098 |  |  | $ | 9,960 |
| Six Months Ended July 3, 2022 |  | Six Months Ended July 4, 2021
| AMS |  | EAAA |  | AMS |  | EAAA
| (in thousands)
Operating income | $ | 49,663 |  |  | $ | 12,282 |  |  | $ | 32,748 |  |  | $ | 13,342 |
Purchase accounting amortization | — |  |  | 2,613 |  |  | — |  |  | 2,862 |
Thailand plant closure inventory write-down | — |  |  | 2,053 |  |  | — |  |  | — |
Restructuring, asset impairment, severance and other charges | (136) |  |  | 2,687 |  |  | 263 |  |  | 1,767 |
AOI | $ | 49,527 |  |  | $ | 19,635 |  |  | $ | 33,011 |  |  | $ | 17,971 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration