v3.26.3
Segment Information
 9 Months Ended
Sep. 26, 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 EndedNine Months Ended
(in thousands)September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Net sales
Electronics$426,239 $357,457 $1,195,434 $1,000,372 
Transportation182,643 171,311 535,435 512,573 
Industrial157,847 95,872 431,610 279,415 
Total net sales$766,729 $624,640 $2,162,479 $1,792,360 
Other segment expenses (b)
Electronics$323,889 $293,817 $935,889 $840,105 
Transportation155,313 151,124 458,311 445,395 
Industrial124,502 78,954 350,030 230,560 
Total other segment expenses$603,704 $523,895 $1,744,230 $1,516,060 
Segment operating income
Electronics$102,350 $63,640 $259,545 $160,267 
Transportation27,330 20,187 77,124 67,178 
Industrial33,345 16,918 81,580 48,855 
Total segment operating income163,025 100,745 418,249 276,300 
Other (a)
(9,669)(3,329)(44,004)(15,956)
Total operating income153,356 97,416 374,245 260,344 
Interest expense5,689 8,578 18,405 26,021 
Foreign exchange loss (gain)1,697 175 (876)15,466 
Other income, net(4,244)(6,053)(7,293)(14,020)
Income before income taxes$150,214 $94,716 $364,009 $232,877 
 
(a) Included in "Other" Operating income for the third quarter of 2026 was $4.7 million ($19.0 million year-to-date) of restructuring charges primarily related to employee termination costs and a $1.3 million non-cash impairment charge related to the acquired customer relationships from the acquisition of Dortmund Fab in the semiconductor business within the Electronics segment. In addition, for the third quarter of 2026, the Company recognized fixed asset impairment charges of $0.2 million ($13.4 million year-to-date) 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 third quarter of 2026, the Company recognized $3.5 million ($5.0 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 third quarter of 2025 was $1.6 million ($13.1 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 third quarter of 2025, the Company recognized $1.4 million ($3.0 million year-to-date) of legal and professional fees and other integration expenses related to completed and contemplated acquisitions, and a $0.3 million loss related to the sale of the Marine business within the
Transportation segment. During the first quarter of 2025, the Company recognized a $0.5 million purchase accounting inventory step-down adjustment related to the Dortmund Fab acquisition.

(b) Other segment operating expenses include cost of sales, selling, general, and administrative 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 nine months ended September 26, 2026 and September 27, 2025 were as follows:
Three Months EndedNine Months Ended
(in thousands)September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Depreciation
Electronics$12,004 $11,950 $35,954 $35,912 
Transportation5,630 5,127 16,159 15,944 
Industrial2,174 1,497 6,514 4,523 
Total depreciation$19,808 $18,574 $58,627 $56,379 
Amortization
Electronics$7,610 $10,249 $24,234 $30,124 
Transportation2,748 3,431 8,875 10,186 
Industrial4,290 1,357 12,743 3,910 
Total amortization$14,648 $15,037 $45,852 $44,220 

The Company’s net sales by country were as follows, classified according to the country where the customer is located: 
Three Months EndedNine Months Ended
(in thousands)September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Net sales
United States$289,166 $218,532 $786,093 $636,390 
China197,460 146,045 537,430 421,782 
Other countries (a)
280,103 260,063 838,956 734,188 
Total net sales$766,729 $624,640 $2,162,479 $1,792,360 
 
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)September 26, 2026December 27, 2025
Long-lived assets
United States$74,412 $95,619 
China130,011 130,047 
Mexico75,916 83,478 
Germany108,560 110,246 
Philippines59,378 61,591 
Other countries 59,472 59,659 
Total long-lived assets$507,749 $540,640 
 
The Company’s additions to net property, plant, and equipment by country were as follows:
Nine Months Ended
(in thousands)September 26, 2026September 27, 2025
Additions to long-lived assets
United States$5,022 $8,724 
China9,597 8,385 
Mexico4,616 4,953 
Germany12,133 14,958 
Philippines6,588 3,266 
Other countries 10,678 4,800 
Total additions to long-lived assets$48,634 $45,086 

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