Segment Information (Tables)

3 Months Ended

Mar. 28, 2026

Schedule of Segment Reporting Information, by Segment

The Company has provided this segment information for comparable prior periods. Segment information is summarized as follows:


	Three Months Ended
(in thousands)	March 28, 2026		March 29, 2025
Net sales
Electronics	$	362,775	$	307,249
Transportation	170,381		161,862
Industrial	123,813		85,196
Total net sales	$	656,969	$	554,307

Other segment expenses (b)
Electronics	$	292,496	$	260,483
Transportation	146,278		142,945
Industrial	103,052		72,122
Total other segment expenses	$	541,826	$	475,550

Segment operating income
Electronics	$	70,279	$	46,766
Transportation	24,103		18,917
Industrial	20,761		13,074
Total segment operating income	115,143		78,757
Other (a)	(13,978)		(8,607)
Total operating income	101,165		70,150
Interest expense	6,977		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, 2026		March 29, 2025
Depreciation
Electronics	$	11,733	$	11,410
Transportation	5,040		5,499
Industrial	2,179		1,521
Total depreciation	$	18,952	$	18,430

Amortization
Electronics	$	8,977	$	9,777
Transportation	3,362		3,349
Industrial	4,161		1,205
Total amortization	$	16,500	$	14,331

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

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, 2026		March 29, 2025
Net sales
United States	$	229,523	$	198,378
China	155,903		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, 2026		December 27, 2025
Long-lived assets
United States	$	91,352	$	95,619
China	128,909		130,047
Mexico	80,712		83,478
Germany	113,798		110,246
Philippines	60,260		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, 2026		March 29, 2025
Additions to long-lived assets
United States	$	1,080	$	3,493
China	2,009		1,483
Mexico	1,415		1,484
Germany	8,634		7,620
Philippines	1,853		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.