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Segment Information
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business is aggregated into the following two reportable segments.
Mobile Solutions. Mobile Solutions is focused on growth in the automotive, general industrial, and medical end markets. We have developed an expertise in manufacturing highly complex, tight tolerance, system critical components. Our technical capabilities can be utilized in numerous applications including for use in battery electric, hybrid electric, and internal combustion engine vehicles. The group currently manufactures components on a high-volume basis for use in power steering, braking, transmissions, and gasoline fuel system applications, along with components utilized in heating, ventilation and air conditioning and diesel injection and diesel emissions treatment applications. This expertise has been gained through investment in technical capabilities, processes and systems, and allows us to provide skilled program management and product launch capabilities.
Power Solutions. Power Solutions is focused on growth in the electrical, general industrial, automotive, and medical end markets. Within this group we combine materials science expertise with advanced engineering and production capabilities to design and manufacture a broad range of high-precision metal and plastic components, assemblies, and finished devices used in applications ranging from power control to transportation electrification. We manufacture a variety of products including electrical contacts, connectors, contact assemblies, and precision stampings for the electrical end market and high precision products for the aerospace and defense end market utilizing our extensive process technologies for optical grade plastics, thermally conductive plastics, titanium, Inconel, magnesium, and electroplating. Our medical business includes the production of a variety of tools and instruments for the orthopaedics and medical/surgical end markets.
These divisions are considered our two operating segments as each has engaged in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker (“CODM”) reviews discrete financial information for purposes of allocating resources and assessing performance. The CODM, who is our President and Chief Executive Officer, uses segment operating income (loss) to evaluate the performance of our segments each quarter and for annual forecasting purposes. Operating income (loss) is used to make key operating decisions, such as the amount and timing of capital expenditures, plant optimization actions, and allocation of management resources. In addition to our two reportable segments, we report a Corporate category which includes corporate costs and unallocated expenses.
The following tables reconcile segment revenues to consolidated loss before provision for income taxes and share of net income from joint venture.
Year Ended December 31, 2024Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$283,944 $180,545 (199)$464,290 
Cost of sales251,847 143,197 (232)394,812 
Selling, general, and administrative expense14,672 12,987 21,822 49,481 
Depreciation expense26,027 3,994 1,558 31,579 
Other segment items (1)9,476 7,256 (766)15,966 
Segment operating income (loss)$(18,078)$13,111 $(22,581)$(27,548)
Interest expense22,095 
Loss on extinguishment of debt349 
Other income, net(4,558)
Loss before provision for income taxes and share of net income from joint venture$(45,434)

Year Ended December 31, 2023Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$303,335 $185,948 (13)$489,270 
Cost of sales271,110 148,096 (31)419,175 
Selling, general, and administrative expense14,471 13,104 19,861 47,436 
Depreciation expense25,803 4,504 1,646 31,953 
Other segment items (1)3,700 9,148 (338)12,510 
Segment operating income (loss)$(11,749)$11,096 $(21,151)$(21,804)
Interest expense21,137 
Other expense, net10,730 
Loss before provision for income taxes and share of net income from joint venture$(53,671)

Year Ended December 31, 2022Mobile
Solutions
Power
Solutions
Corporate and EliminationsTotal
Sales$293,536 $205,204 (2)$498,738 
Cost of sales253,906 167,206 (7)421,105 
Selling, general, and administrative expense13,559 15,147 20,929 49,635 
Depreciation expense24,839 5,009 1,556 31,404 
Other segment items (1)3,397 14,306 (17)17,686 
Income (loss) from operations$(2,165)$3,536 $(22,463)$(21,092)
Interest expense15,041 
Other income, net(5,064)
Loss before provision for income taxes and share of net income from joint venture$(31,069)
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(1)    Other segment items includes amortization expense and other operating expenses and income.
The following table presents capital expenditures and depreciation and amortization by reportable segment.
Year Ended December 31,
202420232022
Capital expenditures:
Mobile Solutions$13,438 $15,387 $14,590 
Power Solutions3,252 3,643 2,401 
Corporate1,624 1,466 961 
Total$18,314 $20,496 $17,952 
Depreciation and amortization:
Mobile Solutions$29,381 $29,156 $28,192 
Power Solutions14,363 15,318 17,483 
Corporate1,558 1,646 1,556 
Total$45,302 $46,120 $47,231 
The following table summarizes total assets by reportable segment.
As of December 31,
20242023
Mobile Solutions (1)$294,204 $329,610 
Power Solutions124,460 147,155 
Corporate38,229 34,120 
Total$456,893 $510,885 
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(1)     Total assets in Mobile Solutions includes $35.0 million and $32.7 million as of December 31, 2024 and 2023, respectively, related to our investment in the JV.
The following table summarizes long-lived tangible assets by country.
 As of December 31,
 20242023
United States$113,846 $127,186 
China39,909 36,188 
France20,713 24,298 
Brazil12,585 17,088 
Poland9,131 10,371 
Mexico5,167 14,038 
All foreign countries$87,505 $101,983 
Total$201,351 $229,169 

The following table summarizes revenue by country, based on our customers’ shipping destination.
Year Ended December 31,
202420232022
United States$265,020 $294,045 $301,823 
China67,957 58,195 51,556 
Brazil44,302 48,696 48,216 
Mexico25,663 26,683 40,645 
Germany10,083 8,700 5,506 
Poland4,120 6,161 5,042 
Other47,145 46,790 45,950 
Total net sales$464,290 $489,270 $498,738