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Segment And Geographic Information | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment And Geographic Information | Note 16 – Segment and Geographic Information The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. Corporate and intersegment eliminations includes (1) corporate expenses not allocated to the Company’s three reporting segments, which are primarily general and administrative expenses such as corporate employee payroll and benefit costs and corporate facility costs, and (2) income from operations on intersegment sales between reporting segments. Corporate functions include legal, finance, tax, treasury, information technology, risk management, human resources, business development and other administrative functions. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe. Information about operating segments is as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 404,220 |  |  | $ | 360,275 |  |  | $ | 801,427 |  |  | $ | 665,855 |
Asia |  | 286,850 |  |  |  | 320,462 |  |  |  | 554,893 |  |  |  | 607,708 |
Europe |  | 74,590 |  |  |  | 69,850 |  |  |  | 152,445 |  |  |  | 140,191 |
Elimination of intersegment sales |  | (32,428 | ) |  |  | (22,558 | ) |  |  | (80,838 | ) |  |  | (49,642 | )
| $ | 733,232 |  |  | $ | 728,029 |  |  | $ | 1,427,927 |  |  | $ | 1,364,112 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 5,130 |  |  | $ | 4,772 |  |  | $ | 10,262 |  |  | $ | 9,627 |
Asia |  | 2,385 |  |  |  | 2,551 |  |  |  | 4,736 |  |  |  | 5,098 |
Europe |  | 810 |  |  |  | 814 |  |  |  | 1,588 |  |  |  | 1,618 |
Corporate |  | 3,124 |  |  |  | 2,828 |  |  |  | 5,963 |  |  |  | 5,519 |
| $ | 11,449 |  |  | $ | 10,965 |  |  | $ | 22,549 |  |  | $ | 21,862 |
Income from operations: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 13,915 |  |  | $ | 16,121 |  |  | $ | 27,246 |  |  | $ | 26,486 |
Asia |  | 25,598 |  |  |  | 29,852 |  |  |  | 54,382 |  |  |  | 57,658 |
Europe |  | 3,360 |  |  |  | 1,008 |  |  |  | 10,046 |  |  |  | 5,646 |
Corporate and intersegment eliminations |  | (18,392 | ) |  |  | (24,549 | ) |  |  | (44,451 | ) |  |  | (51,951 | )
|  | 24,481 |  |  |  | 22,432 |  |  |  | 47,223 |  |  |  | 37,839 |
Interest expense |  | (8,258 | ) |  |  | (2,185 | ) |  |  | (14,708 | ) |  |  | (3,935 | )
Interest income |  | 1,622 |  |  |  | 261 |  |  |  | 2,880 |  |  |  | 391 |
Other expense |  | 61 |  |  |  | 784 |  |  |  | (2,104 | ) |  |  | 490 |
Income before income taxes | $ | 17,906 |  |  | $ | 21,292 |  |  | $ | 33,291 |  |  | $ | 34,785 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 5,480 |  |  | $ | 2,576 |  |  | $ | 28,589 |  |  | $ | 15,092 |
Asia |  | 3,076 |  |  |  | 2,119 |  |  |  | 10,624 |  |  |  | 6,047 |
Europe |  | 1,105 |  |  |  | 1,452 |  |  |  | 2,793 |  |  |  | 3,249 |
Corporate |  | (1,343 | ) |  |  | 849 |  |  |  | 5,043 |  |  |  | 583 |
| $ | 8,318 |  |  | $ | 6,996 |  |  | $ | 47,049 |  |  | $ | 24,971 |
|  |  |  |  | June 30, |  |  | December 31, |
(in thousands) |  |  |  |  | 2023 |  |  | 2022 |
Total assets: |  |  |  |  |  |  |  |  |
Americas |  |  |  |  | $ | 1,094,585 |  |  | $ | 1,055,533 |
Asia |  |  |  |  |  | 809,277 |  |  |  | 764,164 |
Europe |  |  |  |  |  | 203,263 |  |  |  | 183,443 |
Corporate |  |  |  |  |  | 200,338 |  |  |  | 224,191 |
|  |  |  |  | $ | 2,307,463 |  |  | $ | 2,227,331 |
Geographic net sales information provided below reflects the destination of the product shipped. Long-lived assets information is based on the physical location of the asset and includes property, plant and equipment, net, operating lease right-of-use assets, and other long-term assets, net.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Geographic net sales: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 440,908 |  |  | $ | 401,842 |  |  | $ | 872,093 |  |  | $ | 730,952 |
Singapore |  |  | 110,934 |  |  |  | 116,284 |  |  |  | 197,890 |  |  |  | 221,956 |
Other Asia |  |  | 56,638 |  |  |  | 85,805 |  |  |  | 101,891 |  |  |  | 160,715 |
Europe |  |  | 101,092 |  |  |  | 96,705 |  |  |  | 205,785 |  |  |  | 195,970 |
Other |  |  | 23,660 |  |  |  | 27,393 |  |  |  | 50,268 |  |  |  | 54,519 |
|  | $ | 733,232 |  |  | $ | 728,029 |  |  | $ | 1,427,927 |  |  | $ | 1,364,112 |
|  |  |  |  |  |  |  | June 30, |  |  | December 31, |
(in thousands) |  |  |  |  |  |  |  | 2023 |  |  | 2022 |
Long-lived assets: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  |  | $ | 241,818 |  |  | $ | 249,409 |
Asia |  |  |  |  |  |  |  |  | 72,986 |  |  |  | 68,283 |
Europe |  |  |  |  |  |  |  |  | 29,116 |  |  |  | 29,338 |
Other |  |  |  |  |  |  |  |  | 35,805 |  |  |  | 23,801 |
|  |  |  |  |  |  |  | $ | 379,725 |  |  | $ | 370,831 |

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