Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.1
Segment Reporting
 3 Months Ended
Apr. 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 three months ended April 3, 2021, the unallocated costs totaled $11,745 and included acquisition and integration related expenses of $1,547 and amortization of acquisition-related intangible assets of $10,198. 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 3, 2021

 

 

March 28, 2020

 

 

Net sales

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

119,106

 

 

$

103,818

 

 

Electronics

 

 

85,738

 

 

 

25,665

 

 

Total

 

$

204,844

 

 

$

129,483

 

 

Operating income

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

28,073

 

 

$

21,482

 

 

Electronics

 

 

18,280

 

 

 

4,778

 

 

Corporate and other

 

 

(11,745

)

 

 

(36,293

)

 

Total

 

$

34,608

 

 

$

(10,033

)

 

Capital expenditures

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

2,635

 

 

$

2,394

 

 

Electronics

 

 

2,401

 

 

 

543

 

 

Total

 

$

5,036

 

 

$

2,937

 

 

 

 

 

April 3, 2021

 

 

January 2, 2021

 

Total assets

 

 

 

 

 

 

 

 

Hydraulics

 

$

762,063

 

 

$

765,155

 

Electronics

 

 

541,834

 

 

 

523,502

 

Corporate

 

 

7,651

 

 

 

8,322

 

Total

 

$

1,311,548

 

 

$

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

 

 

 

 

April 3, 2021

 

 

March 28, 2020

 

 

Net sales

 

 

 

 

 

 

 

 

 

Americas

 

$

99,341

 

 

$

58,950

 

 

EMEA

 

 

52,602

 

 

 

35,971

 

 

APAC

 

 

52,901

 

 

 

34,562

 

 

Total

 

$

204,844

 

 

$

129,483

 

 

 

 

 

 

April 3, 2021

 

 

January 2, 2021

 

Tangible long-lived assets

 

 

 

 

 

 

 

 

Americas

 

$

96,888

 

 

$

96,752

 

EMEA

 

 

30,183

 

 

 

31,091

 

APAC

 

 

18,112

 

 

 

18,718

 

Total

 

$

145,183

 

 

$

146,561