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Segment Information | 12 Months Ended
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Dec. 31, 2023
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; Cyber Event impact; goodwill and intangible asset impairment charges; and restructuring, asset impairment, severance, and other, net. Intersegment revenues for 2023, 2022 and 2021 were $82.8 million, $75.5 million and $78.1 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 2023, 2022 and 2021 is presented in the table below:
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| (in thousands)
Net sales |  |  |  |  |
AMS | $ | 736,955 |  |  | $ | 753,740 |  |  | $ | 651,216 |
EAAA | 524,543 |  |  | 544,179 |  |  | 549,182 |
Total net sales | $ | 1,261,498 |  |  | $ | 1,297,919 |  |  | $ | 1,200,398 |
Segment AOI |  |  |  |  |
AMS | $ | 87,789 |  |  | $ | 102,370 |  |  | $ | 85,014 |
EAAA | 28,608 |  |  | 30,058 |  |  | 37,268 |
Depreciation and amortization |  |  |  |  |
AMS | $ | 17,989 |  |  | $ | 16,827 |  |  | $ | 17,963 |
EAAA | 22,785 |  |  | 23,510 |  |  | 28,382 |
Total depreciation and amortization | $ | 40,774 |  |  | $ | 40,337 |  |  | $ | 46,345 |
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
| End of Fiscal Year
| 2023 |  | 2022
| (in thousands)
Assets |  |  |
AMS | $ | 627,782 |  |  | $ | 588,110 |
EAAA | 630,939 |  |  | 652,921 |
Total segment assets | 1,258,721 |  |  | 1,241,031 |
Corporate assets | 108,673 |  |  | 110,495 |
Eliminations | (137,299) |  |  | (85,023) |
Total reported assets | $ | 1,230,095 |  |  | $ | 1,266,503 |
Total assets in the table above include operating lease right-of-use assets for fiscal years 2023 and 2022. Below is a summary of the operating lease right-of-use assets by reportable segment and a reconciliation to the consolidated amounts:
| End of Fiscal Year
Operating Lease Right-of-Use Assets | 2023 |  | 2022
| (in thousands)
AMS | $ | 23,149 |  |  | $ | 14,140 |
EAAA | 54,663 |  |  | 58,255 |
Total segment operating lease right-of-use assets | 77,812 |  |  | 72,395 |
Corporate operating lease right-of-use assets | 9,707 |  |  | 9,249 |
Total operating lease right-of-use assets | $ | 87,519 |  |  | $ | 81,644 |
Reconciliations of operating income (loss) to income before income tax expense and segment AOI are presented as follows:
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| (in thousands)
AMS operating income | $ | 85,035 |  |  | $ | 92,234 |  |  | $ | 81,445 |
EAAA operating income (loss) | 19,487 |  |  | (16,836) |  |  | 23,352 |
Consolidated operating income | 104,522 |  |  | 75,398 |  |  | 104,797 |
Interest expense | 31,787 |  |  | 29,929 |  |  | 29,681 |
Other expense, net | 9,081 |  |  | 3,552 |  |  | 2,483 |
Income before income tax expense | $ | 63,654 |  |  | $ | 41,917 |  |  | $ | 72,633 |
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| AMS |  | EAAA |  | AMS |  | EAAA |  | AMS |  | EAAA
| (in thousands)
Operating income (loss) | $ | 85,035 |  |  | $ | 19,487 |  |  | $ | 92,234 |  |  | $ | (16,836) |  |  | $ | 81,445 |  |  | $ | 23,352 |
Purchase accounting amortization | — |  |  | 5,172 |  |  | — |  |  | 5,038 |  |  | — |  |  | 5,636 |
Thailand plant closure inventory write-down | — |  |  | — |  |  | — |  |  | 2,530 |  |  | — |  |  | — |
Cyber Event impact | 616 |  |  | 456 |  |  | 3,878 |  |  | 1,215 |  |  | — |  |  | — |
Goodwill and intangible asset impairment | — |  |  | — |  |  | 3,838 |  |  | 32,342 |  |  | — |  |  | — |
Restructuring, asset impairment, severance, and other, net | 2,138 |  |  | 3,493 |  |  | 2,420 |  |  | 5,769 |  |  | 3,569 |  |  | 8,280 |
AOI | $ | 87,789 |  |  | $ | 28,608 |  |  | $ | 102,370 |  |  | $ | 30,058 |  |  | $ | 85,014 |  |  | $ | 37,268 |
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past three years. Sales to customers in foreign markets in 2023, 2022 and 2021 were approximately 46%, 47% and 50%, respectively, of total net sales. These sales were primarily to customers in Europe, Canada, Asia, Australia and Latin America. Net sales and long-lived assets for the United States and other significant countries (that individually represent 10% or greater of consolidated totals for each year presented) are as follows:
| Fiscal Year
Net Sales to Unaffiliated Customers(1) | 2023 |  | 2022 |  | 2021
| (in thousands)
United States | $ | 677,342 |  |  | $ | 694,299 |  |  | $ | 596,844 |
Other foreign countries | 584,156 |  |  | 603,620 |  |  | 603,554 |
Total net sales | $ | 1,261,498 |  |  | $ | 1,297,919 |  |  | $ | 1,200,398 |
|  |  | End of Fiscal Year
Long-Lived Assets(2) |  |  | 2023 |  | 2022
|  |  | (in thousands)
United States |  |  | $ | 146,106 |  |  | $ | 146,210 |
Germany |  |  | 66,740 |  |  | 64,182 |
Netherlands |  |  | 40,455 |  |  | 42,422 |
Other foreign countries(3) |  |  | 37,839 |  |  | 45,162 |
Total long-lived assets |  |  | $ | 291,140 |  |  | $ | 297,976 |
(1) Revenue attributed to geographic areas is based on the location of the customer. (2) Long-lived assets attributed to geographic areas are based on the physical location of the asset. 2023 includes $2.2 million and $5.0 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. 2022 includes $1.3 million and $4.5 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. (3) Long-lived assets in Australia did not exceed 10% of consolidated long-lived assets for 2023. Long-lived assets in Australia were $29.9 million in 2022, which exceeded 10% of consolidated long-lived assets as of the end of that fiscal year.

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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