Segment and Geographic Information

12 Months Ended

Mar. 31, 2020

The Company is organized into three reportable segments: Solid Capacitors, Film and Electrolytic, and MSA based primarily on product lines.

The reportable segments are responsible for their respective manufacturing sites as well as their research and development efforts. The Company does not allocate corporate indirect selling, general and administrative (“SG&A”) or shared R&D expenses to the segments.

Solid Capacitors

Solid Capacitors operates in nine manufacturing sites in the United States, Mexico and Asia, and operates innovation centers in the United States and Japan. Solid Capacitors primarily produces tantalum (polymer, aluminum, and MnO2) and ceramic capacitors which are sold globally. Solid Capacitors also produces tantalum powder used in the production of tantalum capacitors.

Film and Electrolytic

Film and Electrolytic operates in eight manufacturing sites throughout Europe and Asia, and maintains product innovation centers in Italy and Portugal. Film and Electrolytic primarily produces film, paper, and wet aluminum electrolytic capacitors, which are sold globally. In addition, the Film and Electrolytic reportable segment designs and produces electromagnetic interference filters.

MSA

MSA operates in four manufacturing sites throughout Asia and operates a product innovation center in Japan. MSA primarily produces electro-magnetic compatible materials and devices, piezo materials and actuators, and various types of sensors, which are sold globally.

In the following tables, revenue is disaggregated by primary geographical market, sales channel, and major product lines. The tables also include reconciliations of the disaggregated revenue with the reportable segments for the fiscal years ended 2020, 2019 and 2018 (amounts in thousands):



	Fiscal Year Ended March 31, 2020
	Solid Capacitors		Film and Electrolytic		MSA		Total

Primary geographical markets
Asia and the Pacific Rim ("APAC")	$	411,359	$	45,696	$	52,106	$	509,161
Europe, the Middle East, and Africa ("EMEA")	173,772		99,820		2,885		276,477
North and South America ("Americas")	258,329		29,180		9,420		296,929
Japan and Korea ("JPKO")	42,603		1,107		134,277		177,987
	$	886,063	$	175,803	$	198,688	$	1,260,554

Sales channel
OEM	$	296,520	$	70,700	$	185,409	$	552,629
Distributor	419,170		79,549		9,817		508,536
EMS	170,373		25,554		3,462		199,389
	$	886,063	$	175,803	$	198,688	$	1,260,554

Major product lines
Tantalum	$	495,695	$	—	$	—	$	495,695
Ceramics	390,368		—		—		390,368
Film and Electrolytic	—		175,803		—		175,803
MSA	—		—		198,688		198,688
	$	886,063	$	175,803	$	198,688	$	1,260,554



	Fiscal Year Ended March 31, 2019
	Solid Capacitors		Film and Electrolytic		MSA		Total

Primary geographical markets
Asia and the Pacific Rim	$	411,183	$	51,923	$	70,234	$	533,340
Europe, the Middle East, and Africa	189,992		122,956		2,587		315,535
North and South America	297,167		30,462		10,213		337,842
Japan and Korea	37,496		899		157,706		196,101
	$	935,838	$	206,240	$	240,740	$	1,382,818

Sales channel
OEM	$	290,058	$	81,704	$	226,544	$	598,306
Distributor	475,190		100,113		9,315		584,618
EMS	170,590		24,423		4,881		199,894
	$	935,838	$	206,240	$	240,740	$	1,382,818

Major product lines
Tantalum	$	563,255	$	—	$	—	$	563,255
Ceramics	372,583		—		—		372,583
Film and Electrolytic	—		206,240		—		206,240
MSA	—		—		240,740		240,740
	$	935,838	$	206,240	$	240,740	$	1,382,818



	Fiscal Year Ended March 31, 2018
	Solid Capacitors		Film and Electrolytic		MSA		Total

Primary geographical markets
Asia and the Pacific Rim	$	350,791	$	58,922	$	70,274	$	479,987
Europe, the Middle East, and Africa	156,169		119,649		2,080		277,898
North and South America	227,582		22,634		8,889		259,105
Japan and Korea	36,698		772		145,721		183,191
	$	771,240	$	201,977	$	226,964	$	1,200,181

Sales channel
OEM	$	262,097	$	86,049	$	215,349	$	563,495
Distributor	366,569		92,708		11,047		470,324
EMS	142,574		23,220		568		166,362
	$	771,240	$	201,977	$	226,964	$	1,200,181

Major product lines
Tantalum	$	495,114	$	—	$	—	$	495,114
Ceramics	276,126		—		—		276,126
Film and Electrolytic	—		201,977		—		201,977
MSA	—		—		226,964		226,964
	$	771,240	$	201,977	$	226,964	$	1,200,181

The following highlights net sales by geographic location (amounts in thousands):



	Fiscal Years Ended March 31,⁽¹⁾
	2020		2019		2018
United States	$	246,821	$	292,980	$	233,133
Hong Kong	195,898		188,102		169,073
China	181,319		173,148		163,016
Japan	157,539		178,502		170,282
Germany	99,166		124,805		105,548
Europe ⁽²⁾	84,504		76,149		64,248
Taiwan	58,364		88,853		78,728
Mexico	49,346		44,267		23,915
Asia Pacific ⁽²⁾	46,455		47,233		36,647
Netherlands	39,329		44,065		39,684
United Kingdom	29,070		42,472		37,038
Malaysia	23,750		33,748		28,165
Singapore	23,047		19,417		17,267
Hungary	12,050		12,245		13,254
Italy	12,031		15,551		17,905
Other Countries ⁽²⁾	1,865		1,281		2,278
Total Non-United States	1,013,733		1,089,838		967,048
	$	1,260,554	$	1,382,818	$	1,200,181

______________________________________________________________________________

⁽¹⁾ Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $154.6 million, $184.3 million and $133.5 million in fiscal years 2020, 2019 and 2018, respectively.

⁽²⁾ No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2020, 2019 and 2018.

The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2020, 2019 and 2018 and total assets by reportable segment for the fiscal years ended 2020 and 2019 (amounts in thousands):



	Fiscal Years Ended March 31,
	2020			2019			2018
Operating income (loss):
Solid Capacitors	$	345,245		$	348,150		$	234,473
Film and Electrolytic	(14,209		)	8,183			3,622
MSA	13,101			22,546			15,694
Corporate	(196,271		)	(178,030		)	(140,937		)
	$	147,866		$	200,849		$	112,852
Depreciation and amortization expense:
Solid Capacitors	$	33,462		$	28,795		$	27,329
Film and Electrolytic	10,142			9,763			10,918
MSA	7,379			5,226			4,407
Corporate	11,836			8,844			8,007
	$	62,819		$	52,628		$	50,661
Restructuring charges:
Solid Capacitors	$	517		$	4,922		$	983
Film and Electrolytic	3,458			2,717			5,788
MSA	3,516			452			3,343
Corporate	1,391			688			4,729
	$	8,882		$	8,779		$	14,843
(Gain) loss on write down and disposal of long-lived assets
Solid Capacitors	$	1,538		$	235		$	689
Film and Electrolytic	7,780			(93		)	(3,356		)
MSA	—			—			1,272
Corporate	10,392			1,518			403
	$	19,710		$	1,660		$	(992	)

Capital expenditures:
Solid Capacitors	$	102,600		$	80,700		$	31,249
Film and Electrolytic	9,900			16,000			12,651
MSA	10,600			13,400			8,481
Corporate	23,231			35,956			12,623
	$	146,331		$	146,056		$	65,004



	March 31,
	2020		2019
Total assets:
Solid Capacitors	$	888,046	$	794,402
Film and Electrolytic	207,601		219,711
MSA	220,107		234,419
Corporate	77,343		69,563
	$	1,393,097	$	1,318,095

The following geographic information includes Property, plant and equipment, net, based on physical location (amounts in thousands):



	March 31,
	2020		2019
United States	$	68,992	$	57,095
Mexico	176,417		121,147
Japan	89,080		89,602
Thailand	82,905		82,389
China	51,120		45,815
Portugal	33,092		31,872
Italy	25,373		35,197
Macedonia	12,135		12,906
Bulgaria	6,014		5,480
Sweden	562		4,800
Other ⁽¹⁾	6,946		8,977
Total Non-United States	483,644		438,185
	$	552,636	$	495,280

______________________________________________________________________________

⁽¹⁾No country included in this caption exceeded 1% of consolidated Property, plant and equipment net for fiscal years 2020 and 2019.