Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2
Segment Reporting
 6 Months Ended
Jul. 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 six months ended July 2, 2022, the unallocated costs totaled $17,638 and included certain corporate costs not deemed to be allocable to either business segment of $348, amortization of acquisition-related intangible assets of $13,780 and other acquisition and integration-related costs of $3,510. 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 2, 2022

 

 

July 3, 2021

 

 

July 2, 2022

 

 

July 3, 2021

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

142,807

 

 

$

133,039

 

 

$

279,913

 

 

$

252,145

 

Electronics

 

 

98,861

 

 

 

90,374

 

 

 

202,302

 

 

 

176,113

 

Total

 

$

241,668

 

 

$

223,413

 

 

$

482,215

 

 

$

428,258

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

31,053

 

 

$

32,328

 

 

$

62,686

 

 

$

60,401

 

Electronics

 

 

20,292

 

 

 

19,599

 

 

 

40,815

 

 

 

37,879

 

Corporate and other

 

 

(8,368

)

 

 

(9,865

)

 

 

(17,638

)

 

 

(21,609

)

Total

 

$

42,977

 

 

$

42,062

 

 

$

85,863

 

 

$

76,671

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

5,336

 

 

$

3,383

 

 

$

8,315

 

 

$

6,018

 

Electronics

 

 

2,501

 

 

 

1,886

 

 

 

5,152

 

 

 

4,287

 

Total

 

$

7,837

 

 

$

5,269

 

 

$

13,467

 

 

$

10,305

 

 

 

 

July 2, 2022

 

 

January 1, 2022

 

Total assets

 

 

 

 

 

 

Hydraulics

 

$

794,238

 

 

$

821,836

 

Electronics

 

 

592,474

 

 

 

585,739

 

Corporate

 

 

18,952

 

 

 

7,771

 

Total

 

$

1,405,664

 

 

$

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

 

 

Six Months Ended

 

 

 

July 2, 2022

 

 

July 3, 2021

 

 

July 2, 2022

 

 

July 3, 2021

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

130,149

 

 

$

105,762

 

 

$

250,951

 

 

$

205,104

 

EMEA

 

 

61,324

 

 

 

57,629

 

 

 

126,027

 

 

 

110,231

 

APAC

 

 

50,195

 

 

 

60,022

 

 

 

105,237

 

 

 

112,923

 

Total

 

$

241,668

 

 

$

223,413

 

 

$

482,215

 

 

$

428,258

 

 

 

 

 

July 2, 2022

 

 

January 1, 2022

 

Tangible long-lived assets

 

 

 

 

 

 

Americas

 

$

98,194

 

 

$

97,649

 

EMEA

 

 

33,840

 

 

 

35,829

 

APAC

 

 

16,858

 

 

 

17,956

 

Total

 

$

148,892

 

 

$

151,434