Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

Our business is aggregated into the following two reportable segments.

•Mobile Solutions. Mobile Solutions is focused on growth in the automotive, general industrial, and medical end markets. We have developed an expertise in manufacturing highly complex, tight tolerance, system critical components. Our technical capabilities can be utilized in numerous applications including for use in battery electric, hybrid electric, and internal combustion engine vehicles. The group currently manufactures components on a high-volume basis for use in power steering, braking, transmissions, and gasoline fuel system applications, along with components utilized in heating, ventilation and air conditioning and diesel injection and diesel emissions treatment applications. This expertise has been gained through investment in technical capabilities, processes and systems, and allows us to provide skilled program management and product launch capabilities.

•Power Solutions. Power Solutions is focused on growth in the electrical, general industrial, automotive, and medical end markets. Within this group we combine materials science expertise with advanced engineering and production capabilities to design and manufacture a broad range of high-precision metal and plastic components, assemblies, and finished devices used in applications ranging from power control to transportation electrification. We manufacture a variety of products including electrical contacts, connectors, contact assemblies, and precision stampings for the electrical end market and high precision products for the aerospace and defense end market utilizing our extensive process technologies for optical grade plastics, thermally conductive plastics, titanium, Inconel, magnesium, and electroplating. Our medical business includes the production of a variety of tools and instruments for the orthopaedics and medical/surgical end markets.

These divisions are considered our two operating segments as each has engaged in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance.

The following table presents our financial performance by reportable segment.

	Year Ended December 31,
	2023		2022		2021
Net sales:
Mobile Solutions	$	303,335	$	293,536	$	285,863
Power Solutions	185,948		205,204		191,800
Intersegment sales eliminations	(13)		(2)		(79)
Total	$	489,270	$	498,738	$	477,584
Income (loss) from operations:
Mobile Solutions	$	(11,749)	$	(2,165)	$	9,039
Power Solutions	11,096		3,536		6,493
Corporate	(21,151)		(22,463)		(24,536)
Total	$	(21,804)	$	(21,092)	$	(9,004)
Depreciation and amortization:
Mobile Solutions	$	29,156	$	28,192	$	28,769
Power Solutions	15,318		17,483		15,892
Corporate	1,646		1,556		1,534
Total	$	46,120	$	47,231	$	46,195
Expenditures for long-lived assets:
Mobile Solutions	$	15,387	$	14,590	$	15,411
Power Solutions	3,643		2,401		2,200
Corporate	1,466		961		610
Total	$	20,496	$	17,952	$	18,221

The following table summarizes total assets by reportable segment.

	As of December 31,
	2023		2022
Mobile Solutions (1)	$	329,610	$	338,338
Power Solutions	147,155		178,129
Corporate	34,120		29,660
Total	$	510,885	$	546,127

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(1)     Total assets in Mobile Solutions includes $32.7 million and $31.8 million as of December 31, 2023 and 2022, respectively, related to our investment in the JV.

The following table summarizes long-lived tangible assets by country.

	As of December 31,
	2023		2022
United States	$	127,186	$	141,652
China	36,188		37,934
France	24,298		24,536
Mexico	14,038		15,235
Brazil	17,088		15,919
Poland	10,371		9,074
All foreign countries	$	101,983	$	102,698
Total	$	229,169	$	244,350

The following table summarizes revenue by country, based on our customers’ shipping destination.

	Year Ended December 31,
	2023		2022		2021
United States	$	294,045	$	301,823	$	293,235
China	58,195		51,556		56,972
Brazil	48,696		48,216		35,455
Mexico	26,683		40,645		35,697
Germany	8,700		5,506		5,776
Poland	6,161		5,042		3,761
Other	46,790		45,950		46,688
Total net sales	$	489,270	$	498,738	$	477,584