Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2.2
Segment Reporting
 9 Months Ended
Oct. 01, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING

13. 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 business 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 October 1, 2022, the unallocated costs totaled $27,270 and included certain corporate costs not deemed to be allocable to either business segment of $348, amortization of acquisition-related intangible assets of $20,554 and other acquisition and integration-related costs of $6,368. 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

 

 

 

October 1, 2022

 

 

October 2, 2021

 

 

October 1, 2022

 

 

October 2, 2021

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

131,204

 

 

$

133,404

 

 

$

411,118

 

 

$

385,549

 

Electronics

 

 

76,001

 

 

 

89,837

 

 

 

278,302

 

 

 

265,950

 

Total

 

$

207,205

 

 

$

223,241

 

 

$

689,420

 

 

$

651,499

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

29,411

 

 

$

31,799

 

 

$

92,097

 

 

$

92,200

 

Electronics

 

 

10,964

 

 

 

18,445

 

 

 

51,778

 

 

 

56,324

 

Corporate and other

 

 

(9,632

)

 

 

(9,495

)

 

 

(27,270

)

 

 

(31,103

)

Total

 

$

30,743

 

 

$

40,749

 

 

$

116,605

 

 

$

117,421

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

5,584

 

 

$

4,187

 

 

$

13,899

 

 

$

10,205

 

Electronics

 

 

2,865

 

 

 

2,562

 

 

 

8,017

 

 

 

6,849

 

Total

 

$

8,449

 

 

$

6,749

 

 

$

21,916

 

 

$

17,054

 

 

 

 

October 1, 2022

 

 

January 1, 2022

 

Total assets

 

 

 

 

 

 

Hydraulics

 

$

822,548

 

 

$

821,836

 

Electronics

 

 

574,606

 

 

 

585,739

 

Corporate

 

 

22,413

 

 

 

7,771

 

Total

 

$

1,419,567

 

 

$

1,415,346

 

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

 

 

 

October 1, 2022

 

 

October 2, 2021

 

 

October 1, 2022

 

 

October 2, 2021

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

114,659

 

 

$

109,365

 

 

$

365,610

 

 

$

314,469

 

EMEA

 

 

49,012

 

 

 

55,952

 

 

 

175,039

 

 

 

166,183

 

APAC

 

 

43,534

 

 

 

57,924

 

 

 

148,771

 

 

 

170,847

 

Total

 

$

207,205

 

 

$

223,241

 

 

$

689,420

 

 

$

651,499

 

 

 

 

October 1, 2022

 

 

January 1, 2022

 

Tangible long-lived assets

 

 

 

 

 

 

Americas

 

$

105,571

 

 

$

97,649

 

EMEA

 

 

30,632

 

 

 

35,829

 

APAC

 

 

16,694

 

 

 

17,956

 

Total

 

$

152,897

 

 

$

151,434