Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.1
Segment Reporting
 3 Months Ended
Apr. 02, 2022
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 three months ended April 2, 2022, the unallocated costs totaled $9,269 and included certain corporate costs not deemed to be allocable to either business segment of $311, amortization of acquisition-related intangible assets of $6,980 and other acquisition and integration-related costs of $1,978. 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

 

 

 

 

April 2, 2022

 

 

April 3, 2021

 

 

Net sales

 

 

 

 

 

 

 

Hydraulics

 

$

137,106

 

 

$

119,106

 

 

Electronics

 

 

103,441

 

 

 

85,738

 

 

Total

 

$

240,547

 

 

$

204,844

 

 

Operating income

 

 

 

 

 

 

 

Hydraulics

 

$

31,633

 

 

$

28,073

 

 

Electronics

 

 

20,523

 

 

 

18,280

 

 

Corporate and other

 

 

(9,269

)

 

 

(11,745

)

 

Total

 

$

42,887

 

 

$

34,608

 

 

Capital expenditures

 

 

 

 

 

 

 

Hydraulics

 

$

2,979

 

 

$

2,635

 

 

Electronics

 

 

2,651

 

 

 

2,401

 

 

Total

 

$

5,630

 

 

$

5,036

 

 

 

 

 

April 2, 2022

 

 

January 1, 2022

 

Total assets

 

 

 

 

 

 

Hydraulics

 

$

822,540

 

 

$

821,836

 

Electronics

 

 

598,719

 

 

 

585,739

 

Corporate

 

 

13,622

 

 

 

7,771

 

Total

 

$

1,434,881

 

 

$

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

 

 

 

 

April 2, 2022

 

 

April 3, 2021

 

 

Net sales

 

 

 

 

 

 

 

Americas

 

$

120,802

 

 

$

99,341

 

 

EMEA

 

 

64,703

 

 

 

52,602

 

 

APAC

 

 

55,042

 

 

 

52,901

 

 

Total

 

$

240,547

 

 

$

204,844

 

 

 

 

 

April 2, 2022

 

 

January 1, 2022

 

Tangible long-lived assets

 

 

 

 

 

 

Americas

 

$

96,190

 

 

$

97,649

 

EMEA

 

 

34,511

 

 

 

35,829

 

APAC

 

 

18,186

 

 

 

17,956

 

Total

 

$

148,887

 

 

$

151,434