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Note 10 - Segment and Geographic Information
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

10.

Segment and Geographic Information

 

We applied the provisions of ASC 280, which sets forth a management approach to segment reporting and establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker and for which discrete financial information is available. We have determined that our three identified operating segments are: THG, STG and ISG. Our THG, STG and ISG operating segments qualify for aggregation under ASC 280 due to similarities in their customers, their economic characteristics, and the nature of products and services provided. As a result, we report in one segment, Semiconductor Test & Inspection. All amounts presented in our consolidated balance sheet as of December 31, 2022, and our consolidated statement of operations for the twelve months ended December 31, 2022, represents the financial position and results of our remaining reportable segment. Prior to the sale of our PCB Test Group on June 24, 2021, we reported in two segments, Semiconductor Test & Inspection and PCB Test.

 

(in thousands)

 

2021

  

2020

 

Net sales by segment:

        

Semiconductor Test & Inspection

 $860,454  $585,240 

PCB Test

  26,760   50,767 

Total consolidated net sales for reportable segments

 $887,214  $636,007 

Segment profit (loss) before tax:

        

Semiconductor Test & Inspection

 $138,026  $(2,497)

PCB Test

  3,907   6,971 

Profit for reportable segments

  141,933   4,474 

Other unallocated amounts:

        

Corporate expenses

  (10,819)  (4,384)

Gain on sale of PCB Test business

  70,815   - 

Interest expense

  (6,413)  (13,759)

Interest income

  239   224 

Gain on extinguishment of debt

  (3,411)  268 

Profit (loss) from continuing operations before taxes

 $192,344  $(13,177)

 

(in thousands)

 

2021

  

2020

 

Depreciation and amortization by segment deducted in arriving at profit (loss):

 

Semiconductor Test & Inspection

 $48,129  $51,548 

PCB Test

  439   1,198 

Total depreciation and amortization

 $48,568  $52,746 

Capital expenditures by segment:

        

Semiconductor Test & Inspection

 $11,954  $18,616 

PCB Test

  46   44 

Total consolidated capital expenditures

 $12,000  $18,660 

 

(in thousands)

 

2020

 

Total assets by segment:

    

Semiconductor Test & Inspection

 $968,028 

PCB Test

  66,826 

Total assets for reportable segments

  1,034,854 

Corporate, principally cash and investments

  55,492 

Discontinued operations

  - 

Total consolidated assets

 $1,090,346 

 

During the last three years, the following customers of our Semiconductor Test & Inspection segment that comprised 10% or greater of our consolidated net sales were as follows:

 

  

2022

  

2021

  

2020

 

Analog Devices

  *   14.1%  * 

* Less than 10% of consolidated net sales.

 

 

On June 24, 2021, we completed the divestment of our PCB Test business. Prior to this, no customer of our PCB Test segment exceeded 10% of consolidated net sales for the years ended December 25, 2021 and December 26, 2020.

 

Net sales to customers, attributed to countries based on product shipment destination, were as follows:

 

(in thousands)

 

2022

  

2021

  

2020

 

China

 $146,227  $213,575  $143,360 

Philippines

  111,647   155,070   56,272 

Malaysia

  99,508   79,777   57,893 

United States

  79,093   77,495   108,694 

Taiwan

  59,835   88,152   83,685 

Rest of the world

  316,465   273,145   186,103 

Total, net

 $812,775  $887,214  $636,007 

 

Geographic location of our property, plant and equipment and other long-lived assets was as follows:

 

(in thousands)

 

2022

  

2021

 

Property, plant and equipment:

        

United States

 $18,419  $18,375 

Germany

  15,977   17,419 

Philippines

  14,706   10,384 

Japan

  9,316   11,156 

Malaysia

  4,300   4,082 

Rest of the world

  2,293   2,541 

Total, net

 $65,011  $63,957 
         

Goodwill and other intangible assets:

        

Germany

 $158,401  $181,146 

United States

  131,068   150,477 

Malaysia

  43,571   43,611 

Singapore

  12,512   12,990 

Switzerland

  4,299   4,583 

Japan

  2,641   3,148 

Rest of the world

  1,151   1,156 

Total, net

 $353,643  $397,111