Segment Information (Tables)

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information is summarized as follows: 

	Three Months Ended
(in thousands)	March 30, 2024		April 1, 2023
Net sales
Electronics	$	291,105	$	358,593
Transportation	170,367		166,641
Industrial	73,913		84,548
Total net sales	$	535,385	$	609,782
Depreciation and amortization
Electronics	$	19,841	$	19,788
Transportation	8,631		11,291
Industrial	4,021		3,403
Total depreciation and amortization	$	32,493	$	34,482
Operating income (loss)
Electronics	$	37,803	$	90,162
Transportation	16,206		8,532
Industrial	4,796		17,141
Other (a)	(3,853)		(5,194)
Total operating income	54,952		110,641
Interest expense	9,611		9,646
Foreign exchange gain	(5,042)		(1,675)
Other income, net	(5,321)		(6,233)
Income before income taxes	$	55,704	$	108,903

(a) Included in “Other” Operating income for the first quarter of 2024 was $2.3 million of restructuring charges primarily related to employee termination costs and a $0.9 million impairment charge related to certain machinery and equipment in the commercial vehicle business within the Transportation segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. In addition, during the first quarter of 2024, the Company recognized $0.9 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, partially offset by a gain of $0.3 million recorded for the sale of a building in the commercial vehicle business within the Transportation segment.

Included in “Other” Operating income for the first quarter of 2023 was $3.3 million of legal and professional fees and other integration expenses related to completed acquisitions, and $1.9 million of restructuring, impairment and other charges, primarily related to employee termination costs. 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, classified according to the country where the customer is located: 

	Three Months Ended
(in thousands)	March 30, 2024		April 1, 2023
Net sales
United States	$	190,433	$	212,195
China	115,169		133,467
Other countries (a)	229,783		264,120
Total net sales	$	535,385	$	609,782

The Company’s long-lived assets represent Net property, plant, and equipment, and are classified according to the country where the asset is located were as follows:

(in thousands)	March 30, 2024		December 30, 2023
Long-lived assets
United States	$	67,614	$	73,126
China	135,255		139,736
Mexico	100,830		102,218
Germany	48,084		47,217
Philippines	71,327		73,217
Other countries	56,325		57,639
Total long-lived assets	$	479,435	$	493,153

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

	Three Months Ended
(in thousands)	March 30, 2024		April 1, 2023
Additions to long-lived assets
United States	$	4,806	$	4,091
China	2,408		8,403
Mexico	2,330		3,744
Germany	3,230		1,234
Philippines	1,338		1,398
Other countries	2,212		2,593
Total additions to long-lived assets	$	16,324	$	21,463

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