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Segment And Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment And Geographic Information | Note 13—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 include (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 the Company's operating segments follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Sales: |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,611,783 |  |  | $ | 1,475,929 |  |  | $ | 1,203,544 |
Asia |  |  | 1,055,938 |  |  |  | 1,251,475 |  |  |  | 912,560 |
Europe |  |  | 299,835 |  |  |  | 284,103 |  |  |  | 228,834 |
Elimination of intersegment sales |  |  | (128,580 | ) |  |  | (125,176 | ) |  |  | (89,619 | )
Total sales |  | $ | 2,838,976 |  |  | $ | 2,886,331 |  |  | $ | 2,255,319 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Americas |  | $ | 20,940 |  |  | $ | 19,574 |  |  | $ | 20,589 |
Asia |  |  | 9,746 |  |  |  | 10,192 |  |  |  | 10,660 |
Europe |  |  | 3,226 |  |  |  | 3,289 |  |  |  | 2,878 |
Corporate |  |  | 11,498 |  |  |  | 11,197 |  |  |  | 10,025 |
Total depreciation and amortization |  | $ | 45,410 |  |  | $ | 44,252 |  |  | $ | 44,152 |
Income from operations: |  |  |  |  |  |  |  |  |
Americas |  | $ | 63,484 |  |  | $ | 55,202 |  |  | $ | 45,807 |
Asia |  |  | 124,279 |  |  |  | 134,649 |  |  |  | 90,725 |
Europe |  |  | 17,380 |  |  |  | 16,889 |  |  |  | 11,054 |
Corporate and intersegment eliminations |  |  | (95,479 | ) |  |  | (116,671 | ) |  |  | (94,524 | )
Total income from operations |  |  | 109,664 |  |  |  | 90,069 |  |  |  | 53,062 |
Interest expense |  |  | (31,875 | ) |  |  | (12,894 | ) |  |  | (8,472 | )
Interest income |  |  | 6,256 |  |  |  | 1,730 |  |  |  | 540 |
Other (expense) income, net |  |  | (2,825 | ) |  |  | 5,437 |  |  |  | 277 |
Income before income taxes |  | $ | 81,220 |  |  | $ | 84,342 |  |  | $ | 45,407 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Americas |  | $ | 38,627 |  |  | $ | 30,105 |  |  | $ | 28,673 |
Asia |  |  | 25,286 |  |  |  | 10,534 |  |  |  | 4,253 |
Europe |  |  | 7,098 |  |  |  | 4,509 |  |  |  | 6,072 |
Corporate |  |  | 6,728 |  |  |  | 1,626 |  |  |  | 3,179 |
Total capital expenditures |  | $ | 77,739 |  |  | $ | 46,774 |  |  | $ | 42,177 |
|  |  |  |  | December 31, |
(in thousands) |  |  |  |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |  |
Americas |  |  |  |  | $ | 1,064,047 |  |  | $ | 1,055,533 |
Asia |  |  |  |  |  | 769,744 |  |  |  | 764,164 |
Europe |  |  |  |  |  | 222,591 |  |  |  | 183,443 |
Corporate |  |  |  |  |  | 218,373 |  |  |  | 224,191 |
Total assets |  |  |  |  | $ | 2,274,755 |  |  | $ | 2,227,331 |
Geographic sales information about the Company's sales is determined based on the destination of the product shipped. Long-lived assets information is determined based on the physical location of the assets and includes property, plant and equipment, net, operating lease right-of-use assets and other long-term assets, net. A summary of the Company's geographic sales and long-lived assets follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Geographic sales: |  |  |  |  |  |  |  |  |
United States |  | $ | 1,737,144 |  |  | $ | 1,569,232 |  |  | $ | 1,328,754 |
Singapore |  |  | 383,914 |  |  |  | 457,889 |  |  |  | 326,688 |
Other Asia |  |  | 210,927 |  |  |  | 332,144 |  |  |  | 202,792 |
Europe |  |  | 402,514 |  |  |  | 387,276 |  |  |  | 285,017 |
Other |  |  | 104,477 |  |  |  | 139,790 |  |  |  | 112,068 |
Total sales |  | $ | 2,838,976 |  |  | $ | 2,886,331 |  |  | $ | 2,255,319 |
|  |  |  |  | December 31, |
(in thousands) |  |  |  |  | 2023 |  |  | 2022 |
Long-lived assets: |  |  |  |  |  |  |  |  |
United States |  |  |  |  | $ | 231,740 |  |  | $ | 249,409 |
Asia |  |  |  |  |  | 79,203 |  |  |  | 68,283 |
Europe |  |  |  |  |  | 42,934 |  |  |  | 29,338 |
Other |  |  |  |  |  | 66,072 |  |  |  | 23,801 |
Total long-lived assets |  |  |  |  | $ | 419,949 |  |  | $ | 370,831 |

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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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