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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jul. 02, 2023
Segment Reporting [Abstract] |
Schedule of Operating Segment Information | Segment information for the three and six months ended July 2, 2023 and July 3, 2022 is presented in the following table:
| Three Months Ended |  | Six Months Ended
| July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
| (in thousands)
Net sales |  |  |  |  |  |  |
AMS | $ | 201,281 |  |  | $ | 206,810 |  |  | $ | 370,522 |  |  | $ | 363,319 |
EAAA | 128,301 |  |  | 139,795 |  |  | 254,852 |  |  | 271,288 |
Total net sales | $ | 329,582 |  |  | $ | 346,605 |  |  | $ | 625,374 |  |  | $ | 634,607 |
Segment AOI |  |  |  |  |  |  |
AMS | $ | 24,034 |  |  | $ | 28,389 |  |  | $ | 35,303 |  |  | $ | 49,527 |
EAAA | 3,827 |  |  | 10,131 |  |  | 7,756 |  |  | 19,635 |
Depreciation and amortization |  |  |  |  |  |  |
AMS | $ | 4,424 |  |  | $ | 4,183 |  |  | $ | 8,817 |  |  | $ | 8,241 |
EAAA | 5,731 |  |  | 5,983 |  |  | 11,329 |  |  | 12,595 |
Total depreciation and amortization | $ | 10,155 |  |  | $ | 10,166 |  |  | $ | 20,146 |  |  | $ | 20,836 |
Reconciliation of Assets from Segment to Consolidated | A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
| July 2, 2023 |  | January 1, 2023
| (in thousands)
Assets |  |  |
AMS | $ | 568,933 |  |  | $ | 588,110 |
EAAA | 636,037 |  |  | 652,921 |
Total segment assets | 1,204,970 |  |  | 1,241,031 |
Corporate assets | 106,931 |  |  | 110,495 |
Eliminations | (91,947) |  |  | (85,023) |
Total reported assets | $ | 1,219,954 |  |  | $ | 1,266,503 |
Reconciliation of Operating Income to Income Before Income Tax Expense and Segment AOI | Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:
| Three Months Ended |  | Six Months Ended
| July 2, 2023 |  | July 3, 2022 |  | July 2, 2023 |  | July 3, 2022
| (in thousands)
AMS operating income | $ | 24,752 |  |  | $ | 28,413 |  |  | $ | 33,467 |  |  | $ | 49,663 |
EAAA operating income | 4,156 |  |  | 6,112 |  |  | 4,918 |  |  | 12,282 |
Consolidated operating income | 28,908 |  |  | 34,525 |  |  | 38,385 |  |  | 61,945 |
Interest expense | 8,318 |  |  | 7,190 |  |  | 16,823 |  |  | 14,040 |
Other (income) expense, net | (528) |  |  | 1,394 |  |  | 972 |  |  | 1,564 |
Income before income tax expense | $ | 21,118 |  |  | $ | 25,941 |  |  | $ | 20,590 |  |  | $ | 46,341 |
| Three Months Ended July 2, 2023 |  | Three Months Ended July 3, 2022
| AMS |  | EAAA |  | AMS |  | EAAA
| (in thousands)
Operating income | $ | 24,752 |  |  | $ | 4,156 |  |  | $ | 28,413 |  |  | $ | 6,112 |
Purchase accounting amortization | — |  |  | 1,301 |  |  | — |  |  | 1,271 |
Thailand plant closure inventory write-down | — |  |  | — |  |  | — |  |  | 938 |
Cyber Event impact | 264 |  |  | 173 |  |  | — |  |  | — |
Property casualty loss(1) | (1,300) |  |  | — |  |  | — |  |  | — |
Restructuring, asset impairment, severance and other charges | 318 |  |  | (1,803) |  |  | (24) |  |  | 1,810 |
AOI | $ | 24,034 |  |  | $ | 3,827 |  |  | $ | 28,389 |  |  | $ | 10,131 |
(1) Represents insurance recovery of loss recognized in the first quarter of 2023.
| Six Months Ended July 2, 2023 |  | Six Months Ended July 3, 2022
| AMS |  | EAAA |  | AMS |  | EAAA
| (in thousands)
Operating income | $ | 33,467 |  |  | $ | 4,918 |  |  | $ | 49,663 |  |  | $ | 12,282 |
Purchase accounting amortization | — |  |  | 2,584 |  |  | — |  |  | 2,613 |
Thailand plant closure inventory write-down | — |  |  | — |  |  | — |  |  | 2,053 |
Cyber Event impact | 492 |  |  | 373 |  |  | — |  |  | — |
Restructuring, asset impairment, severance and other charges | 1,344 |  |  | (119) |  |  | (136) |  |  | 2,687 |
AOI | $ | 35,303 |  |  | $ | 7,756 |  |  | $ | 49,527 |  |  | $ | 19,635 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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