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Segment, Geographic Information and Major Customer | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment, Geographic Information and Major Customer | Note 10—Segment, Geographic Information and Major Customer The Company’s Chief Executive Officer is our Chief Operating Decision Maker (CODM) who evaluates how resources are allocated, assesses performance and makes strategic and operational decisions. 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. We provide manufacturing services, design and engineering services, and technology solutions in the Americas, Asia and Europe. 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:
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Sales from external customers |  | $ | 1,277,702 |  |  | $ | 1,050,415 |  |  | $ | 327,988 |  |  | $ | 2,656,105 |
Intersegment sales |  |  | 52,659 |  |  |  | 40,734 |  |  |  | 11,349 |  |  |  | 104,742 |
|  | $ | 1,330,361 |  |  | $ | 1,091,149 |  |  | $ | 339,337 |  |  | $ | 2,760,847 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |
Elimination of intersegment sales |  |  |  |  |  |  |  |  |  |  |  | (104,742 | )
Sales |  |  |  |  |  |  |  |  |  |  | $ | 2,656,105 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 1,201,073 |  |  |  | 895,842 |  |  |  | 292,115 |  |  |  |
Selling, general and administrative expenses |  |  | 31,064 |  |  |  | 13,878 |  |  |  | 9,601 |  |  |  |
Other(1) |  |  | 5,350 |  |  |  | 387 |  |  |  | 4 |  |  |  |
Segment income from operations |  | $ | 40,215 |  |  | $ | 140,308 |  |  | $ | 26,268 |  |  | $ | 206,791 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other - corporate and eliminations(2) |  |  |  |  |  |  |  |  |  |  |  | (97,380 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (26,922 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  | 10,208 |
Other (expense) income, net |  |  |  |  |  |  |  |  |  |  |  | (8,802 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 83,895 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |
Sales from external customers |  | $ | 1,533,987 |  |  | $ | 1,009,456 |  |  | $ | 295,533 |  |  | $ | 2,838,976 |
Intersegment sales |  |  | 77,796 |  |  |  | 46,482 |  |  |  | 4,302 |  |  |  | 128,580 |
|  | $ | 1,611,783 |  |  | $ | 1,055,938 |  |  | $ | 299,835 |  |  | $ | 2,967,556 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |
Elimination of intersegment sales |  |  |  |  |  |  |  |  |  |  |  | (128,580 | )
Sales |  |  |  |  |  |  |  |  |  |  | $ | 2,838,976 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 1,431,551 |  |  |  | 871,882 |  |  |  | 269,878 |  |  |  |
Selling, general and administrative expenses |  |  | 30,905 |  |  |  | 13,096 |  |  |  | 8,108 |  |  |  |
Other(1) |  |  | 8,047 |  |  |  | 199 |  |  |  | 167 |  |  |  |
Segment income from operations |  | $ | 63,484 |  |  | $ | 124,279 |  |  | $ | 17,380 |  |  | $ | 205,143 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other - corporate and eliminations(2) |  |  |  |  |  |  |  |  |  |  |  | (95,479 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (31,875 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  | 6,256 |
Other (expense) income, net |  |  |  |  |  |  |  |  |  |  |  | (2,825 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 81,220 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Sales from external customers |  | $ | 1,410,954 |  |  | $ | 1,194,377 |  |  | $ | 281,000 |  |  | $ | 2,886,331 |
Intersegment sales |  |  | 64,976 |  |  |  | 57,100 |  |  |  | 3,100 |  |  |  | 125,176 |
|  | $ | 1,475,930 |  |  | $ | 1,251,477 |  |  | $ | 284,100 |  |  | $ | 3,011,507 |
Reconciliation of sales |  |  |  |  |  |  |  |  |  |  |  |
Elimination of intersegment sales |  |  |  |  |  |  |  |  |  |  |  | (125,176 | )
Sales |  |  |  |  |  |  |  |  |  |  | $ | 2,886,331 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  |  | 1,321,316 |  |  |  | 1,047,354 |  |  |  | 257,493 |  |  |  |
Selling, general and administrative expenses |  |  | 29,654 |  |  |  | 12,067 |  |  |  | 6,621 |  |  |  |
Other(1) |  |  | 4,781 |  |  |  | 305 |  |  |  | — |  |  |  |
Segment income from operations |  | $ | 55,203 |  |  | $ | 134,651 |  |  | $ | 16,886 |  |  | $ | 206,740 |
Reconciliation of income before income taxes |  |  |  |  |  |  |  |  |  |  |  |
Other - corporate and eliminations(2) |  |  |  |  |  |  |  |  |  |  |  | (116,671 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (12,894 | )
Interest income |  |  |  |  |  |  |  |  |  |  |  | 1,730 |
Other (expense) income, net |  |  |  |  |  |  |  |  |  |  |  | 5,437 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 84,342 |
(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs. (2) Includes corporate expenses for unallocated expenses, amortization of intangible assets and restructuring charges and other costs and elimination of intersegment cost of sales.
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Americas |  | $ | 21,136 |  |  | $ | 20,940 |  |  | $ | 19,574 |
Asia |  |  | 10,277 |  |  |  | 9,746 |  |  |  | 10,192 |
Europe |  |  | 3,596 |  |  |  | 3,226 |  |  |  | 3,289 |
Corporate |  |  | 11,135 |  |  |  | 11,498 |  |  |  | 11,197 |
Total depreciation and amortization |  | $ | 46,144 |  |  | $ | 45,410 |  |  | $ | 44,252 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Americas |  | $ | 13,692 |  |  | $ | 38,627 |  |  | $ | 30,105 |
Asia |  |  | 14,049 |  |  |  | 25,286 |  |  |  | 10,534 |
Europe |  |  | 3,585 |  |  |  | 7,098 |  |  |  | 4,509 |
Corporate |  |  | 1,927 |  |  |  | 6,728 |  |  |  | 1,626 |
Total capital expenditures |  | $ | 33,253 |  |  | $ | 77,739 |  |  | $ | 46,774 |
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Americas |  | $ | 866,595 |  |  | $ | 1,064,047 |
Asia |  |  | 821,252 |  |  |  | 769,744 |
Europe |  |  | 225,872 |  |  |  | 222,591 |
Corporate |  |  | 225,745 |  |  |  | 218,373 |
Total assets |  | $ | 2,139,464 |  |  | $ | 2,274,755 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Geographic sales: |  |  |  |  |  |  |  |  |
United States |  | $ | 1,488,297 |  |  | $ | 1,737,144 |  |  | $ | 1,569,232 |
Singapore |  |  | 463,553 |  |  |  | 383,914 |  |  |  | 457,889 |
Other Asia |  |  | 215,898 |  |  |  | 210,927 |  |  |  | 332,144 |
Europe |  |  | 406,514 |  |  |  | 402,514 |  |  |  | 387,276 |
Other |  |  | 81,843 |  |  |  | 104,477 |  |  |  | 139,790 |
Total sales |  | $ | 2,656,105 |  |  | $ | 2,838,976 |  |  | $ | 2,886,331 |
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Long-lived assets: |  |  |  |  |  |
United States |  | $ | 215,536 |  |  | $ | 231,740 |
Asia |  |  | 89,249 |  |  |  | 79,203 |
Europe |  |  | 39,936 |  |  |  | 42,934 |
Other |  |  | 64,506 |  |  |  | 66,072 |
Total long-lived assets |  | $ | 409,227 |  |  | $ | 419,949 |
The Company’s customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company’s customers or their products could impact the Company’s overall credit risk. The Company extends credit based on evaluation of its customers’ financial condition and generally does not require collateral or other security from its customers and would incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement. Sales to the Company's ten largest customers represented 50%, 52% and 52% of our consolidated sales for 2024, 2023 and 2022, respectively. The Company had sales to the following customer that exceeded 10% of the Company's consolidated sales:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Applied Materials, Inc. and subsidiaries |  | 14% |  | 12% |  | 15%
Sales attributable to this customer were reported in the Americas and Asia operating segments. As of December 31, 2024 and 2023, the Company had one customer whose gross accounts receivable exceeded 10% of consolidated gross accounts receivable. This customer represented 12% and 16% of consolidated gross accounts receivable as of December 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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