Segment Information (Tables)

6 Months Ended

Jul. 02, 2023

Segment Reporting [Abstract]

Schedule of Operating Segment Information

Segment information for the three and six months ended July 2, 2023 and July 3, 2022 is presented in the following table:

	Three Months Ended				Six Months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
	(in thousands)
Net sales
AMS	$	201,281	$	206,810	$	370,522	$	363,319
EAAA	128,301		139,795		254,852		271,288
Total net sales	$	329,582	$	346,605	$	625,374	$	634,607
Segment AOI
AMS	$	24,034	$	28,389	$	35,303	$	49,527
EAAA	3,827		10,131		7,756		19,635
Depreciation and amortization
AMS	$	4,424	$	4,183	$	8,817	$	8,241
EAAA	5,731		5,983		11,329		12,595
Total depreciation and amortization	$	10,155	$	10,166	$	20,146	$	20,836

Reconciliation of Assets from Segment to Consolidated

A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:

	July 2, 2023		January 1, 2023
	(in thousands)
Assets
AMS	$	568,933	$	588,110
EAAA	636,037		652,921
Total segment assets	1,204,970		1,241,031
Corporate assets	106,931		110,495
Eliminations	(91,947)		(85,023)
Total reported assets	$	1,219,954	$	1,266,503

Reconciliation of Operating Income to Income Before Income Tax Expense and Segment AOI

Reconciliations of operating income to income before income tax expense and segment AOI are presented as follows:

	Three Months Ended				Six Months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
	(in thousands)
AMS operating income	$	24,752	$	28,413	$	33,467	$	49,663
EAAA operating income	4,156		6,112		4,918		12,282
Consolidated operating income	28,908		34,525		38,385		61,945
Interest expense	8,318		7,190		16,823		14,040
Other (income) expense, net	(528)		1,394		972		1,564
Income before income tax expense	$	21,118	$	25,941	$	20,590	$	46,341

	Three Months Ended July 2, 2023				Three Months Ended July 3, 2022
	AMS		EAAA		AMS		EAAA
	(in thousands)
Operating income	$	24,752	$	4,156	$	28,413	$	6,112
Purchase accounting amortization	—		1,301		—		1,271
Thailand plant closure inventory write-down	—		—		—		938
Cyber Event impact	264		173		—		—
Property casualty loss(1)	(1,300)		—		—		—
Restructuring, asset impairment, severance and other charges	318		(1,803)		(24)		1,810
AOI	$	24,034	$	3,827	$	28,389	$	10,131

(1) Represents insurance recovery of loss recognized in the first quarter of 2023.

	Six Months Ended July 2, 2023				Six Months Ended July 3, 2022
	AMS		EAAA		AMS		EAAA
	(in thousands)
Operating income	$	33,467	$	4,918	$	49,663	$	12,282
Purchase accounting amortization	—		2,584		—		2,613
Thailand plant closure inventory write-down	—		—		—		2,053
Cyber Event impact	492		373		—		—
Restructuring, asset impairment, severance and other charges	1,344		(119)		(136)		2,687
AOI	$	35,303	$	7,756	$	49,527	$	19,635