Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
 9 Months Ended
Oct. 02, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING

13. 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 nine months ended October 2, 2021, the unallocated costs totaled $31,103 and included certain corporate costs not deemed to be allocable to either business segment of $630, acquisition and integration-related expenses of $4,630, amortization of the acquisition-related inventory step up to fair value of $558 and amortization of acquisition-related intangible assets of $25,285. 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

 

 

Nine Months Ended

 

 

 

October 2, 2021

 

 

September 26, 2020

 

 

October 2, 2021

 

 

September 26, 2020

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

133,404

 

 

$

98,206

 

 

$

385,549

 

 

$

304,113

 

Electronics

 

 

89,837

 

 

 

24,439

 

 

 

265,950

 

 

 

67,309

 

Total

 

$

223,241

 

 

$

122,645

 

 

$

651,499

 

 

$

371,422

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

31,799

 

 

$

18,942

 

 

$

92,200

 

 

$

62,413

 

Electronics

 

 

18,445

 

 

 

4,683

 

 

 

56,324

 

 

 

10,400

 

Corporate and other

 

 

(9,495

)

 

 

(5,282

)

 

 

(31,103

)

 

 

(47,801

)

Total

 

$

40,749

 

 

$

18,343

 

 

$

117,421

 

 

$

25,012

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Hydraulics

 

$

4,187

 

 

$

1,109

 

 

$

10,205

 

 

$

5,426

 

Electronics

 

 

2,562

 

 

 

831

 

 

 

6,849

 

 

 

1,729

 

Total

 

$

6,749

 

 

$

1,940

 

 

$

17,054

 

 

$

7,155

 

 

 

 

October 2, 2021

 

 

January 2, 2021

 

Total assets

 

 

 

 

 

 

Hydraulics

 

$

849,003

 

 

$

765,155

 

Electronics

 

 

558,614

 

 

 

523,502

 

Corporate

 

 

10,375

 

 

 

8,322

 

Total

 

$

1,417,992

 

 

$

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

 

 

Nine Months Ended

 

 

 

October 2, 2021

 

 

September 26, 2020

 

 

October 2, 2021

 

 

September 26, 2020

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

109,365

 

 

$

49,167

 

 

$

314,469

 

 

$

155,740

 

EMEA

 

 

55,952

 

 

 

33,628

 

 

 

166,183

 

 

 

102,680

 

APAC

 

 

57,924

 

 

 

39,850

 

 

 

170,847

 

 

 

113,002

 

Total

 

$

223,241

 

 

$

122,645

 

 

$

651,499

 

 

$

371,422

 

 

 

 

October 2, 2021

 

 

January 2, 2021

 

Tangible long-lived assets

 

 

 

 

 

 

Americas

 

$

96,059

 

 

$

96,752

 

EMEA

 

 

33,970

 

 

 

31,091

 

APAC

 

 

17,541

 

 

 

18,718

 

Total

 

$

147,570

 

 

$

146,561