Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.20.2
Segment Reporting
 6 Months Ended
Jun. 27, 2020
Segment Reporting [Abstract]  
SEGMENT REPORTING

12.  SEGMENT REPORTING

The Company has two reportable segments: Hydraulics and Electronics. These segments are organized primarily based on the similar nature of products offered for sale, the types of customers served and the methods of distribution and are consistent with how the segments are managed, how resources are allocated and how information is used by the chief operating decision makers.

The Company evaluates performance and allocates resources based primarily on segment operating income. Certain costs were not allocated to the segments as they are not used in evaluating the results of, or in allocating resources to the Company’s segments. These costs are presented in the Corporate and other line item. For the six months ended June 27, 2020, the unallocated costs totaled $42,519 and included certain corporate costs not deemed to be allocable to either business segment of $1,883, amortization of acquisition-related intangible assets of $8,765, and the goodwill impairment charge of $31,871. The accounting policies of the Company’s operating segments are the same as those used to prepare the accompanying Consolidated, Unaudited Financial Statements.

The following table presents financial information by reportable segment:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 27, 2020

 

 

June 29, 2019

 

 

June 27, 2020

 

 

June 29, 2019

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

102,089

 

 

$

113,710

 

 

$

205,907

 

 

$

230,173

 

Electronics

 

 

17,205

 

 

 

30,132

 

 

 

42,870

 

 

 

60,520

 

Total

 

$

119,294

 

 

$

143,842

 

 

$

248,777

 

 

$

290,693

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

21,989

 

 

$

24,123

 

 

$

43,471

 

 

$

47,885

 

Electronics

 

 

939

 

 

 

6,488

 

 

 

5,717

 

 

 

13,000

 

Corporate and other

 

 

(6,226

)

 

 

(4,238

)

 

 

(42,519

)

 

 

(8,681

)

Total

 

$

16,702

 

 

$

26,373

 

 

$

6,669

 

 

$

52,204

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

1,923

 

 

$

5,686

 

 

$

4,317

 

 

$

13,832

 

Electronics

 

 

355

 

 

 

935

 

 

 

898

 

 

 

1,581

 

Total

 

$

2,278

 

 

$

6,621

 

 

$

5,215

 

 

$

15,413

 

 

 

 

June 27, 2020

 

 

December 28, 2019

 

Total assets

 

 

 

 

 

 

 

 

Hydraulics

 

$

743,129

 

 

$

768,324

 

Electronics

 

 

246,071

 

 

 

251,252

 

Corporate

 

 

12,580

 

 

 

2,175

 

Total

 

$

1,001,780

 

 

$

1,021,751

 

Geographic Region Information

Net sales are measured based on the geographic destination of sales. Tangible long-lived assets are shown based on the physical location of the assets and primarily include net property, plant and equipment and exclude right-of-use assets.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 27, 2020

 

 

June 29, 2019

 

 

June 27, 2020

 

 

June 29, 2019

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

47,623

 

 

$

67,928

 

 

$

106,573

 

 

$

135,634

 

EMEA

 

 

33,081

 

 

 

38,562

 

 

 

69,052

 

 

 

82,782

 

APAC

 

 

38,590

 

 

 

37,352

 

 

 

73,152

 

 

 

72,277

 

Total

 

$

119,294

 

 

$

143,842

 

 

$

248,777

 

 

$

290,693

 

 

 

 

June 27, 2020

 

 

December 28, 2019

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

Americas

 

$

85,231

 

 

$

87,104

 

EMEA

 

 

27,422

 

 

 

28,436

 

APAC

 

 

17,094

 

 

 

18,004

 

Total

 

$

129,747

 

 

$

133,544