v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Summary of Financial Information for Reportable Segments
Summarized financial information for the Company’s reportable segments is shown in the following tables for the three and six months ended June 28, 2025 and June 29, 2024:
Three months ended
June 28, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$354.9 $439.9 $(2.4)$792.4 
Cost of sales198.1 245.2 (2.4)440.9 
Operating expenses84.3 98.8 — 183.1 
Segment profit$72.5 $95.9 $— $168.4 

Three months ended
June 29, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$342.3 $472.6 $(2.2)$812.7 
Cost of sales184.8 254.3 (2.2)436.9 
Operating expenses87.2 95.7 — 182.9 
Segment profit$70.3 $122.6 $— $192.9 

Six months ended
June 28, 2025
(In millions)MSAPSInter-segmentTotal
Net sales$696.3 $873.8 $(4.5)$1,565.6 
Cost of sales381.5 480.6 (4.5)857.6 
Operating expenses167.3 189.2 — 356.5 
Segment profit$147.5 $204.0 $— $351.5 

Six months ended
June 29, 2024
(In millions)MSAPSInter-segmentTotal
Net sales$692.3 $895.9 $(4.5)$1,583.7 
Cost of sales380.3 480.3 (4.5)856.1 
Operating expenses174.6 181.8 — 356.4 
Segment profit$137.4 $233.8 $— $371.2 
Reconciliation of Total Segment Profit to Operating Income
The following table reconciles total segment profit to income before income tax expense for the three and six months ended June 28, 2025 and June 29, 2024:
Three months endedSix months ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Total segment profit$168.4 $192.9 $351.5 $371.2 
Less:
Amortization of intangible assets46.0 47.5 92.1 97.7 
Unallocated general and administrative expenses16.3 15.3 31.0 25.8 
Operating income106.1 130.1 228.4 247.7 
Interest expense52.4 53.7 103.4 111.1 
Interest income(1.9)(1.2)(3.3)(4.2)
Other (income) expense, net(0.2)3.0 1.1 17.3 
Income before income tax expense$55.8 $74.6 $127.2 $123.5 
The following tables summarize depreciation and capital expenditures for the Company’s reportable segments for the three and six months ended June 28, 2025 and June 29, 2024:
Three months endedSix months ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Depreciation:
MS$23.0 $23.6 $45.4 $45.9 
APS28.3 23.8 55.846.8 
Total depreciation $51.3 $47.4 $101.2 $92.7 

Three months endedSix months ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Capital expenditures:
MS$25.4 $15.7 $61.1 $38.9 
APS41.1 43.6 113.4 87.0 
Total capital expenditures$66.5 $59.3 $174.5 $125.9 
Schedule of Revenue from External Customers, by Geographical Areas
In the following tables, net sales are disaggregated by customers’ country or region based on the ship to location of the customer for the three and six months ended June 28, 2025 and June 29, 2024, respectively.
Three months ended June 28, 2025
(In millions)MS APSInter-segment Total
North America$69.6 $76.7 $(2.4)$143.9 
Taiwan70.6 104.6 — 175.2 
China71.5 93.5 — 165.0 
South Korea52.5 55.6 — 108.1 
Japan32.3 50.0 — 82.3 
Europe23.7 33.8 — 57.5 
Southeast Asia34.7 25.7 — 60.4 
$354.9 $439.9 $(2.4)$792.4 

Three months ended June 29, 2024
(In millions)MS APSInter-segmentTotal
North America$78.9 $104.6 $(2.2)$181.3 
Taiwan58.6 101.5 — 160.1 
China63.7 105.4 — 169.1 
South Korea50.4 52.2 — 102.6 
Japan28.6 44.3 — 72.9 
Europe27.9 41.2 — 69.1 
Southeast Asia34.2 23.4 — 57.6 
$342.3 $472.6 $(2.2)$812.7 
Six months ended June 28, 2025
(In millions)MS APSInter-segment Total
North America$135.8 $161.6 $(4.5)$292.9 
Taiwan132.6 218.3 — 350.9 
China142.9 175.5 — 318.4 
South Korea102.0 108.1 — 210.1 
Japan64.2 88.3 — 152.5 
Europe48.5 71.0 — 119.5 
Southeast Asia70.3 51.0 — 121.3 
$696.3 $873.8 $(4.5)$1,565.6 

Six months ended June 29, 2024
(In millions)MS APSInter-segmentTotal
North America$175.6 $183.5 $(4.5)$354.6 
Taiwan113.5 201.7 — 315.2 
China118.9 200.0 — 318.9 
South Korea97.3 104.9 — 202.2 
Japan59.0 83.3 — 142.3 
Europe62.2 80.2 — 142.4 
Southeast Asia65.8 42.3 — 108.1 
$692.3 $895.9 $(4.5)$1,583.7