v3.26.1
Segment Information
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
 
The Company and its subsidiaries design, manufacture and sell components, modules and subassemblies to empower the long-term structural themes of sustainability, connectivity and safety. The Company aggregated its operating segments into the reportable segments: Electronics, Transportation, and Industrial. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”). The CODM allocates resources to and assesses the performance of each operating segment using information about its revenue and operating income (loss) before interest and taxes, but does not evaluate the operating segments using discrete balance sheet information and as such, segment asset information is not disclosed. The CODM’s key decisions involve the allocation of resources, such as acquisitions, divestitures, investments, capital expenditures, significant customer contracts, and other key management resources, and assessment of performance, such as executive officer hiring, promotion, and compensation. The CODM uses operating income as the key metric when establishing targets in the annual budget and in evaluating the allocation of resources to each segment. The CODM regularly reviews each segment's operating income against the forecast, budget and previous quarterly results to assess performance and make decisions about the allocation of operating and capital resources to each segment.
 
Sales, marketing, and research and development expenses are charged directly into each operating segment. Finance, information technology, and human resources are shared functions that are allocated back to the operating segments. The Company does not report inter-segment revenue because the operating segments do not record it. Certain expenses, determined by the CODM to be strategic in nature and not directly related to segments current results, are not allocated but identified as “Other.” Additionally, the Company does not allocate interest and other income, interest expense, or taxes to operating segments. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Except as discussed above, the accounting policies for segment reporting are the same as for the Company as a whole.

•Electronics Segment: Consists of one of the broadest product offerings in the industry, including fuses and fuse accessories, positive temperature coefficient (“PTC”) resettable fuses, electromechanical switches and interconnect solutions, polymer electrostatic discharge (“ESD”) suppressors, varistors, reed switch based magnetic sensing, gas discharge tubes; semiconductor products such as discrete transient voltage suppressor (“TVS”) diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon carbide metal-oxide-semiconductor field effect transistors (“MOSFETs”) and diodes, and insulated gate bipolar transistors (“IGBT”) technologies. The segment covers a broad range of end markets, including data center – computing and communication, data center and communications infrastructure, industrial controls, building controls, aerospace and defense, appliances, consumer electronics solutions, healthcare solutions, industrial equipment, energy storage, diversified industrials, grid and utility infrastructure, renewable energy, passenger vehicles, and commercial vehicles.

•Transportation Segment: Consists of a wide range of circuit protection, power control and sensing technologies for global original equipment manufacturers (“OEMs”), Tier-one suppliers and parts and aftermarket distributors in passenger vehicles, heavy-duty truck and bus, off-road and recreational vehicles, material handling, agricultural equipment, construction equipment and other commercial vehicle end markets. Passenger vehicle products are used in internal combustion engines, hybrid and electric vehicles including blade fuses, battery cable protectors, resettable fuses, high-current fuses, high-voltage fuses, and sensor products designed to monitor the occupant’s safety and environment as well as the vehicle’s powertrain. Commercial vehicle products include fuses, switches, circuit breakers, relays, and power distribution modules and units used in applications serving a number of end markets, including heavy-duty truck and bus, off-road and recreational vehicles, material handling, agriculture equipment, construction equipment, and ship, marine and train.

•Industrial Segment: Consists of industrial circuit protection (industrial fuses), protective and monitoring relays (protection relays, residual current devices and monitors, ground fault circuit interrupters, solid state switches, and arc fault detection devices), and industrial controls and sensors (contactors, transformers, and temperature sensors) for use in various applications such as data center – computing and communication, data center and communications infrastructure, industrial controls, building controls, grid and utility infrastructure, construction, renewable energy, HVAC, processing and extracting, and energy storage.
The Company has provided this segment information for comparable prior periods. Segment information is summarized as follows:
 Three Months Ended
(in thousands)March 28, 2026March 29, 2025
Net sales  
Electronics$362,775 $307,249 
Transportation170,381 161,862 
Industrial123,813 85,196 
Total net sales$656,969 $554,307 
Other segment expenses (b)
Electronics$292,496 $260,483 
Transportation146,278 142,945 
Industrial103,052 72,122 
Total other segment expenses$541,826 $475,550 
Segment operating income
Electronics$70,279 $46,766 
Transportation24,103 18,917 
Industrial20,761 13,074 
Total segment operating income115,143 78,757 
Other (a)
(13,978)(8,607)
Total operating income101,165 70,150 
Interest expense6,977 8,875 
Foreign exchange (gain) loss(2,413)4,843 
Other income, net(130)(3,515)
Income before income taxes$96,731 $59,947 
 
(a) Included in "Other" Operating income for the first fiscal quarter of 2026 was $7.4 million of restructuring charges primarily related to employee termination costs. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. In addition, during the first quarter of 2026, the Company recognized $1.2 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2026, the Company recognized $5.4 million of purchase accounting inventory step-up adjustment related to the Basler acquisition.

Included in "Other" Operating income for the first quarter of 2025 was $8.9 million of restructuring charges primarily related to employee termination costs, and $0.1 million impairment charge related to certain machinery and equipment within the Electronics segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. During the first quarter of 2025, the Company recognized $0.5 million of purchase accounting inventory step-down adjustment related to the Dortmund acquisition, and $0.1 million of legal and professional fees and other integration expenses related to completed and contemplated acquisitions.

(b) Other segment operating expenses include cost of sales, selling, general, and administration expenses, and research and development expenses. Other segment expenses are reconciled to the operating income of each segment. The CODM regularly assesses the performance of each operating segment focusing on each operating segment’s revenue and operating income.
The Company’s depreciation and amortization expenses by segment for the three months ended March 28, 2026 and March 29, 2025 were as follows:
 Three Months Ended
(in thousands)March 28, 2026March 29, 2025
Depreciation
Electronics$11,733 $11,410 
Transportation5,040 5,499 
Industrial2,179 1,521 
Total depreciation$18,952 $18,430 
Amortization
Electronics$8,977 $9,777 
Transportation3,362 3,349 
Industrial4,161 1,205 
Total amortization$16,500 $14,331 

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 
 Three Months Ended
(in thousands)March 28, 2026March 29, 2025
Net sales
United States$229,523 $198,378 
China155,903 129,394 
Other countries (a)
271,543 226,535 
Total net sales$656,969 $554,307 
 
The Company’s long-lived assets represent net property, plant, and equipment, and are classified according to the country where the asset is located. The Company's long-lived assets were as follows:
(in thousands)March 28, 2026December 27, 2025
Long-lived assets
United States$91,352 $95,619 
China128,909 130,047 
Mexico80,712 83,478 
Germany113,798 110,246 
Philippines60,260 61,591 
Other countries 58,497 59,659 
Total long-lived assets$533,528 $540,640 
 
The Company’s additions to net property, plant, and equipment by country were as follows:
 Three Months Ended
(in thousands)March 28, 2026March 29, 2025
Additions to long-lived assets
United States$1,080 $3,493 
China2,009 1,483 
Mexico1,415 1,484 
Germany8,634 7,620 
Philippines1,853 637 
Other countries 2,356 1,610 
Total additions to long-lived assets$17,347 $16,327 

(a)Each country included in other countries was less than 10% of net sales.