Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
 6 Months Ended
Jul. 03, 2021
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 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 six months ended July 3, 2021, the unallocated costs totaled $21,609 and included certain corporate costs not deemed to be allocable to either business segment of $600, acquisition and integration related expenses of $3,131 and amortization of acquisition-related intangible assets of $17,878. 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

 

 

 

July 3, 2021

 

 

June 27, 2020

 

 

July 3, 2021

 

 

June 27, 2020

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

133,039

 

 

$

102,089

 

 

$

252,145

 

 

$

205,907

 

Electronics

 

 

90,374

 

 

 

17,205

 

 

 

176,113

 

 

 

42,870

 

Total

 

$

223,413

 

 

$

119,294

 

 

$

428,258

 

 

$

248,777

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

32,328

 

 

$

21,989

 

 

$

60,401

 

 

$

43,471

 

Electronics

 

 

19,599

 

 

 

939

 

 

 

37,879

 

 

 

5,717

 

Corporate and other

 

 

(9,865

)

 

 

(6,226

)

 

 

(21,609

)

 

 

(42,519

)

Total

 

$

42,062

 

 

$

16,702

 

 

$

76,671

 

 

$

6,669

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

3,383

 

 

$

1,923

 

 

$

6,018

 

 

$

4,317

 

Electronics

 

 

1,886

 

 

 

355

 

 

 

4,287

 

 

 

898

 

Total

 

$

5,269

 

 

$

2,278

 

 

$

10,305

 

 

$

5,215

 

 

 

 

July 3, 2021

 

 

January 2, 2021

 

Total assets

 

 

 

 

 

 

 

 

Hydraulics

 

$

781,052

 

 

$

765,155

 

Electronics

 

 

548,302

 

 

 

523,502

 

Corporate

 

 

11,038

 

 

 

8,322

 

Total

 

$

1,340,392

 

 

$

1,296,979

 

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

 

 

 

July 3, 2021

 

 

June 27, 2020

 

 

July 3, 2021

 

 

June 27, 2020

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

105,762

 

 

$

47,623

 

 

$

205,104

 

 

$

106,573

 

EMEA

 

 

57,629

 

 

 

33,081

 

 

 

110,231

 

 

 

69,052

 

APAC

 

 

60,022

 

 

 

38,590

 

 

 

112,923

 

 

 

73,152

 

Total

 

$

223,413

 

 

$

119,294

 

 

$

428,258

 

 

$

248,777

 

 

 

 

 

July 3, 2021

 

 

January 2, 2021

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

Americas

 

$

96,525

 

 

$

96,752

 

EMEA

 

 

32,515

 

 

 

31,091

 

APAC

 

 

18,086

 

 

 

18,718

 

Total

 

$

147,126

 

 

$

146,561