Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.20.1
Segment Reporting
3 Months Ended
Mar. 28, 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 three months ended March 28, 2020, the unallocated costs totaled $36,293 and primarily relate to amortization of acquisition-related intangible assets and the goodwill impairment charge. 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

 

 

 

March 28, 2020

 

 

March 30, 2019

 

Net sales

 

 

 

 

 

 

 

 

Hydraulics

 

$

103,818

 

 

$

116,463

 

Electronics

 

 

25,665

 

 

 

30,388

 

Total

 

$

129,483

 

 

$

146,851

 

Operating (loss) income

 

 

 

 

 

 

 

 

Hydraulics

 

$

21,482

 

 

$

23,762

 

Electronics

 

 

4,778

 

 

 

6,512

 

Corporate and other

 

 

(36,293

)

 

 

(4,442

)

Total

 

$

(10,033

)

 

$

25,832

 

Capital expenditures

 

 

 

 

 

 

 

 

Hydraulics

 

$

2,394

 

 

$

8,145

 

Electronics

 

 

543

 

 

 

647

 

Total

 

$

2,937

 

 

$

8,792

 

 

 

 

March 28, 2020

 

 

December 28, 2019

 

Total assets

 

 

 

 

 

 

 

 

Hydraulics

 

$

733,632

 

 

$

768,324

 

Electronics

 

 

250,818

 

 

 

251,252

 

Corporate

 

 

9,399

 

 

 

2,175

 

Total

 

$

993,849

 

 

$

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

 

 

 

March 28, 2020

 

 

March 30, 2019

 

Net sales

 

 

 

 

 

 

 

 

Americas

 

$

58,950

 

 

$

67,706

 

EMEA

 

 

35,971

 

 

 

44,220

 

APAC

 

 

34,562

 

 

 

34,925

 

Total

 

$

129,483

 

 

$

146,851

 

 

 

 

March 28, 2020

 

 

December 28, 2019

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

Americas

 

$

86,490

 

 

$

87,104

 

EMEA

 

 

27,842

 

 

 

28,436

 

APAC

 

 

16,739

 

 

 

18,004

 

Total

 

$

131,071

 

 

$

133,544