Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.20.2
Segment Reporting
 9 Months Ended
Sep. 26, 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 nine months ended September 26, 2020, the unallocated costs totaled $47,801 and included certain corporate costs not deemed to be allocable to either business segment of $2,607, amortization of acquisition-related intangible assets of $13,323, 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

 

 

Nine Months Ended

 

 

 

September 26, 2020

 

 

September 28, 2019

 

 

September 26, 2020

 

 

September 28, 2019

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

98,206

 

 

$

110,089

 

 

$

304,113

 

 

$

340,262

 

Electronics

 

 

24,439

 

 

 

27,956

 

 

 

67,309

 

 

 

88,476

 

Total

 

$

122,645

 

 

$

138,045

 

 

$

371,422

 

 

$

428,738

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

18,942

 

 

$

17,867

 

 

$

62,413

 

 

$

65,752

 

Electronics

 

 

4,683

 

 

 

5,977

 

 

 

10,400

 

 

 

18,977

 

Corporate and other

 

 

(5,282

)

 

 

(4,706

)

 

 

(47,801

)

 

 

(13,387

)

Total

 

$

18,343

 

 

$

19,138

 

 

$

25,012

 

 

$

71,342

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

1,109

 

 

$

3,774

 

 

$

5,426

 

 

$

17,606

 

Electronics

 

 

831

 

 

 

397

 

 

 

1,729

 

 

 

1,978

 

Total

 

$

1,940

 

 

$

4,171

 

 

$

7,155

 

 

$

19,584

 

 

 

 

September 26, 2020

 

 

December 28, 2019

 

Total assets

 

 

 

 

 

 

 

 

Hydraulics

 

$

747,708

 

 

$

768,324

 

Electronics

 

 

246,621

 

 

 

251,252

 

Corporate

 

 

4,836

 

 

 

2,175

 

Total

 

$

999,165

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 26, 2020

 

 

September 28, 2019

 

 

September 26, 2020

 

 

September 28, 2019

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

49,167

 

 

$

67,340

 

 

$

155,740

 

 

$

202,974

 

EMEA

 

 

33,628

 

 

 

34,020

 

 

 

102,680

 

 

 

116,802

 

APAC

 

 

39,850

 

 

 

36,685

 

 

 

113,002

 

 

 

108,962

 

Total

 

$

122,645

 

 

$

138,045

 

 

$

371,422

 

 

$

428,738

 

 

 

 

September 26, 2020

 

 

December 28, 2019

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

Americas

 

$

83,877

 

 

$

87,104

 

EMEA

 

 

27,517

 

 

 

28,436

 

APAC

 

 

17,485

 

 

 

18,004

 

Total

 

$

128,879

 

 

$

133,544