v3.26.1
Segment Information
 6 Months Ended
Jun. 27, 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 EndedSix Months Ended
(in thousands)June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Net sales    
Electronics$406,420 $335,666 $769,195 $642,915 
Transportation182,411 179,400 352,792 341,262 
Industrial149,950 98,347 273,763 183,543 
Total net sales$738,781 $613,413 $1,395,750 $1,167,720 
Other segment expenses (b)
Electronics$319,504 $285,805 $612,000 $546,288 
Transportation156,720 151,326 302,998 294,271 
Industrial122,476 79,484 225,528 151,606 
Total other segment expenses$598,700 $516,615 $1,140,526 $992,165 
Segment operating income
Electronics$86,916 $49,861 $157,195 $96,627 
Transportation25,691 28,074 49,794 46,991 
Industrial27,474 18,863 48,235 31,937 
Total segment operating income140,081 96,798 255,224 175,555 
Other (a)
(20,357)(4,020)(34,335)(12,627)
Total operating income119,724 92,778 220,889 162,928 
Interest expense5,739 8,568 12,716 17,443 
Foreign exchange (gain) loss(160)10,448 (2,573)15,291 
Other income, net(2,919)(4,452)(3,049)(7,967)
Income before income taxes$117,064 $78,214 $213,795 $138,161 
 
(a) Included in "Other" Operating income for the second quarter of 2026 was $6.9 million ($14.3 million year-to-date) of restructuring charges primarily related to employee termination costs. During the second quarter of 2026, the Company recognized fixed asset impairment charges of $13.1 million, primarily related to the announced closure and/or disposition of two manufacturing sites for the semiconductor business within the Electronics segment. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion. In addition, during the second quarter of 2026, the Company recognized $0.4 million ($1.5 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2026, the Company recognized a $5.4 million of purchase accounting inventory step-up adjustment related to the Basler acquisition.

Included in "Other" Operating income for the second quarter of 2025 was $2.5 million ($11.4 million year-to-date) of restructuring charges primarily related to employee termination costs. During the first quarter of 2025, the Company recognized a $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. In addition, during the second quarter of 2025, the Company recognized $1.5 million ($1.6 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions. During the first quarter of 2025, the Company recognized a $0.5 million of purchase accounting inventory step-down adjustment related to the Dortmund Fab acquisition.
(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 and six months ended June 27, 2026 and June 28, 2025 were as follows:
 Three Months EndedSix Months Ended
(in thousands)June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Depreciation
Electronics$12,217 $12,552 $23,950 $23,962 
Transportation5,489 5,318 10,529 10,817 
Industrial2,161 1,505 4,340 3,026 
Total depreciation$19,867 $19,375 $38,819 $37,805 
Amortization
Electronics$7,647 $10,098 $16,624 $19,875 
Transportation2,765 3,406 6,127 6,755 
Industrial4,292 1,348 8,453 2,553 
Total amortization$14,704 $14,852 $31,204 $29,183 

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 
 Three Months EndedSix Months Ended
(in thousands)June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Net sales
United States$267,404 $219,480 $496,927 $417,858 
China184,067 146,343 339,970 275,737 
Other countries (a)
287,310 247,590 558,853 474,125 
Total net sales$738,781 $613,413 $1,395,750 $1,167,720 
 
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)June 27, 2026December 27, 2025
Long-lived assets
United States$77,173 $95,619 
China130,224 130,047 
Mexico78,690 83,478 
Germany110,507 110,246 
Philippines58,871 61,591 
Other countries 57,695 59,659 
Total long-lived assets$513,160 $540,640 
 
The Company’s additions to net property, plant, and equipment by country were as follows:
 Six Months Ended
(in thousands)June 27, 2026June 28, 2025
Additions to long-lived assets
United States$2,480 $5,330 
China6,054 3,996 
Mexico2,865 3,283 
Germany10,471 9,693 
Philippines3,624 1,388 
Other countries 5,919 3,096 
Total additions to long-lived assets$31,413 $26,786 

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