Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information is summarized as follows: 

	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net sales
Electronics	$	343,933	$	397,629	$	1,052,673	$	1,121,626
Transportation	177,019		181,735		515,708		548,266
Industrial	86,119		79,516		260,469		230,754
Total net sales	$	607,071	$	658,880	$	1,828,850	$	1,900,646
Depreciation and amortization
Electronics	$	19,623	$	19,080	$	59,219	48,984
Transportation	10,193		11,331		32,547		32,703
Industrial	4,093		2,180		11,517		6,522
Total depreciation and amortization	$	33,909	$	32,591	$	103,283	$	88,209
Operating income
Electronics	$	77,022	$	113,140	$	247,028	$	339,675
Transportation	9,694		12,987		26,015		57,604
Industrial	13,201		12,178		45,450		39,968
Other (a)	(6,272)		(16,435)		(22,154)		(30,623)
Total operating income	93,645		121,870		296,339		406,624
Interest expense	10,101		8,399		29,803		17,069
Foreign exchange loss	11,776		18,191		8,697		40,051
Other (income) expense, net	(3,527)		(698)		(11,810)		9,789
Income before income taxes	$	75,295	$	95,978	$	269,649	$	339,715

(a) Included in “Other” Operating income for the third quarter of 2023 was $3.7 million ($8.5 million year-to-date) of restructuring charges, primarily related to employee termination costs, and $1.8 million ($9.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the third quarter of 2023, the Company recognized a $0.8 million impairment charge substantially related to certain patents in a business within the Industrial segment. In addition, during the second quarter of 2023, the Company recognized a $3.9 million impairment charge related to the land and building in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country

The Company’s net sales by country were as follows: 

	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Net sales
United States	$	217,904	$	244,907	$	635,892	$	689,888
China	138,393		165,091		415,430		492,195
Other countries (a)	250,774		248,882		777,528		718,563
Total net sales	$	607,071	$	658,880	$	1,828,850	$	1,900,646

 The Company’s long-lived assets by country were as follows:

(in thousands)	September 30, 2023		December 31, 2022
Long-lived assets
United States	$	73,902	$	76,325
China	131,438		129,094
Mexico	102,896		107,119
Germany	42,712		39,635
Philippines	74,004		77,240
Other countries	53,954		51,697
Total long-lived assets	$	478,906	$	481,110

The Company’s additions to long-lived assets by country were as follows:

	Nine Months Ended
(in thousands)	September 30, 2023		October 1, 2022
Additions to long-lived assets
United States	$	7,407	$	9,761
China	22,558		23,449
Mexico	11,339		21,169
Germany	6,534		3,246
Philippines	5,245		13,118
Other countries	8,138		4,269
Total additions to long-lived assets	$	61,221	$	75,012

(a)Each country included in other countries is less than 10% of net sales.