Reportable Business Segments and International Operations (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Reportable Business Segments and International Operations |
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| Schedule of total sales, intersegment sales and external net sales by segment and a reconciliation by segment of external net sales to segment operating income. |
The following tables (i) summarize, by segment, total sales, intersegment sales and external net sales and (ii) reconcile each segment’s external net sales to their respective segment operating income, including segment operating expenses, for each of the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | Communications Solutions | | Harsh Environment Solutions | | Interconnect and Sensor Systems | | Total | 2025 | | | | | | | | | | | | | Total sales | | $ | 12,160.6 | | $ | 6,001.9 | | $ | 5,216.1 | | $ | 23,378.6 | Less: Intersegment sales | | | 104.6 | | | 120.2 | | | 59.1 | | | 283.9 | External net sales | | | 12,056.0 | | | 5,881.7 | | | 5,157.0 | | | 23,094.7 | | | | | | | | | | | | | | Less: Segment operating expenses (1) | | | 8,309.4 | | | 4,340.3 | | | 4,151.9 | | | 16,801.6 | Segment operating income | | $ | 3,746.6 | | $ | 1,541.4 | | $ | 1,005.1 | | $ | 6,293.1 | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | Total sales | | $ | 6,375.6 | | $ | 4,508.6 | | $ | 4,510.6 | | $ | 15,394.8 | Less: Intersegment sales | | | 51.8 | | | 91.2 | | | 29.1 | | | 172.1 | External net sales | | | 6,323.8 | | | 4,417.4 | | | 4,481.5 | | | 15,222.7 | | | | | | | | | | | | | | Less: Segment operating expenses (1) | | | 4,754.2 | | | 3,324.2 | | | 3,655.6 | | | 11,734.0 | Segment operating income | | $ | 1,569.6 | | $ | 1,093.2 | | $ | 825.9 | | $ | 3,488.7 | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | Total sales | | $ | 4,963.0 | | $ | 3,621.6 | | $ | 4,129.3 | | $ | 12,713.9 | Less: Intersegment sales | | | 50.2 | | | 90.8 | | | 18.2 | | | 159.2 | External net sales | | | 4,912.8 | | | 3,530.8 | | | 4,111.1 | | | 12,554.7 | | | | | | | | | | | | | | Less: Segment operating expenses (1) | | | 3,849.3 | | | 2,586.9 | | | 3,357.4 | | | 9,793.6 | Segment operating income | | $ | 1,063.5 | | $ | 943.9 | | $ | 753.7 | | $ | 2,761.1 |
| The aggregated amount is comprised of cost of sales, selling, general and administrative expenses, and other segment related expenses. |
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| Schedule of the reconciliation of segment operating income to consolidated income before income taxes |
| | | | | | | | | | | | 2025 | | 2024 | | 2023 | Total segment operating income | | $ | 6,293.1 | | $ | 3,488.7 | | $ | 2,761.1 | | | | | | | | | | | Corporate / Other: | | | | | | | | | | Stock-based compensation expense | | | (135.4) | | | (109.5) | | | (99.0) | Amortization of acquisition-related inventory step-up costs | | | (77.8) | | | (18.2) | | | — | Acquisition-related expenses | | | (103.4) | | | (127.4) | | | (34.6) | Other operating expenses | | | (107.9) | | | (76.7) | | | (67.9) | Operating income | | | 5,868.6 | | | 3,156.9 | | | 2,559.6 | | | | | | | | | | | Interest expense | | | (367.8) | | | (217.0) | | | (139.5) | Gain on bargain purchase acquisition | | | — | | | — | | | 5.4 | Other income (expense), net | | | 99.9 | | | 72.0 | | | 29.3 | | | | | | | | | | | Income before income taxes | | $ | 5,600.7 | | $ | 3,011.9 | | $ | 2,454.8 |
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| Schedule of depreciation and amortization expense |
| | | | | | | | | | | | 2025 | | 2024 | | 2023 | Communications Solutions | | $ | 486.9 | | $ | 226.5 | | $ | 177.0 | Harsh Environment Solutions | | | 166.5 | | | 126.7 | | | 91.0 | Interconnect and Sensor Systems | | | 150.0 | | | 136.6 | | | 131.1 | Corporate / Other (1) | | | 119.0 | | | 82.7 | | | 7.3 | Total | | $ | 922.4 | | $ | 572.5 | | $ | 406.4 |
| Amortization of acquired backlog associated with acquisitions for the years ended December 31, 2025 and 2024 is reported under “Corporate / Other”. |
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| Schedule of revenues and long-lived assets by geographical area |
| | | | | | | | | | | | 2025 | | 2024 | | 2023 | Net sales | | | | | | | | | | United States | | $ | 7,987.7 | | $ | 5,272.3 | | $ | 4,405.4 | China | | | 3,673.1 | | | 3,399.9 | | | 2,884.0 | Other foreign locations | | | 11,433.9 | | | 6,550.5 | | | 5,265.3 | Total | | $ | 23,094.7 | | $ | 15,222.7 | | $ | 12,554.7 | | | | | | | | | | | Long-lived assets(1) | | | | | | | | | | United States | | $ | 598.8 | | $ | 576.4 | | $ | 442.6 | China | | | 1,050.4 | | | 617.9 | | | 455.5 | Other foreign locations | | | 1,215.4 | | | 901.9 | | | 718.1 | Total | | $ | 2,864.6 | | $ | 2,096.2 | | $ | 1,616.2 |
| Long-lived assets included in this table are comprised of property, plant and equipment, net, and operating lease right-of-use assets for all years presented. |
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| Schedule of disaggregation of net sales |
| | | | | | | | | | Net sales by sales channel: | | 2025 | | 2024 | | 2023 | End customers and contract manufacturers: | | | | | | | | | | Communications Solutions | | $ | 9,545.8 | | $ | 4,960.9 | | $ | 3,933.2 | Harsh Environment Solutions | | | 4,285.9 | | | 3,172.6 | | | 2,581.6 | Interconnect and Sensor Systems | | | 4,965.8 | | | 4,311.0 | | | 3,947.4 | | | | 18,797.5 | | | 12,444.5 | | | 10,462.2 | | | | | | | | | | | Distributors and resellers: | | | | | | | | | | Communications Solutions | | | 2,510.2 | | | 1,362.9 | | | 979.6 | Harsh Environment Solutions | | | 1,595.8 | | | 1,244.8 | | | 949.2 | Interconnect and Sensor Systems | | | 191.2 | | | 170.5 | | | 163.7 | | | | 4,297.2 | | | 2,778.2 | | | 2,092.5 | | | | | | | | | | | Total Net sales | | $ | 23,094.7 | | $ | 15,222.7 | | $ | 12,554.7 |
| | | | | | | | | | Net sales by geography: | | 2025 | | 2024 | | 2023 | United States: | | | | | | | | | | Communications Solutions | | $ | 3,215.6 | | $ | 1,582.3 | | $ | 1,395.8 | Harsh Environment Solutions | | | 3,211.0 | | | 2,384.7 | | | 1,790.5 | Interconnect and Sensor Systems | | | 1,561.1 | | | 1,305.3 | | | 1,219.1 | | | | 7,987.7 | | | 5,272.3 | | | 4,405.4 | | | | | | | | | | | China: | | | | | | | | | | Communications Solutions | | | 2,205.2 | | | 2,011.6 | | | 1,669.4 | Harsh Environment Solutions | | | 508.5 | | | 402.3 | | | 351.2 | Interconnect and Sensor Systems | | | 959.4 | | | 986.0 | | | 863.4 | | | | 3,673.1 | | | 3,399.9 | | | 2,884.0 | | | | | | | | | | | Other foreign locations: | | | | | | | | | | Communications Solutions | | | 6,635.2 | | | 2,729.9 | | | 1,847.6 | Harsh Environment Solutions | | | 2,162.2 | | | 1,630.4 | | | 1,389.1 | Interconnect and Sensor Systems | | | 2,636.5 | | | 2,190.2 | | | 2,028.6 | | | | 11,433.9 | | | 6,550.5 | | | 5,265.3 | | | | | | | | | | | Total Net sales | | $ | 23,094.7 | | $ | 15,222.7 | | $ | 12,554.7 |
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