| Segment Information |
(4) Segment Information During the quarter ended March 30, 2026, the Company strategically realigned RF&S Components within the A&D sector and concluded that the Company now has two reportable segments: A&D and Commercial. In prior periods, the Company had three reportable segments: A&D, Commercial, and RF&S Components following a change during the quarter ended June 30, 2025. As a result, certain prior period amounts have been reclassified to conform with this new presentation. The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the CODM, who is the President and CEO, to assess performance and to allocate resources. The CODM uses segment operating income to allocate resources such as employees and capital resources for each segment during the Company’s annual budgeting and forecasting process. Total sales and operating profit by segment include intersegment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. Amortization of definite-lived intangibles relates to the A&D reportable segment, but is not reviewed separately by the CODM. Separate segment asset measures are not used as a basis for the CODM to evaluate the performance of or to allocate resources to the segments. The A&D reportable segment consists of PCBs, value-added assemblies, microelectronics, RF/microwave components and assemblies, integrated mission systems, and commercial off-the-shelf (COTS) components. These highly engineered electronics products include the manufacture and test of customer‑supplied designs as well as long-term contracts to design, develop, manufacture, and test new products. The products in the A&D reportable segment support surveillance, intelligence, communications, and other critical missions for customers in the aerospace and defense industry as well as commercial customers in the telecommunications, industrial, and instrumentation markets. The Commercial reportable segment consists of PCBs using customer-supplied engineering and design plans supporting customers in the automotive; data center and networking; and medical, industrial, and instrumentation end markets. Reconciliations of net sales and segment operating income were as follows:
|
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|
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For the Quarter Ended |
|
|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
|
Net Sales |
|
|
Intersegment Sales |
|
|
Segment Sales |
|
|
Net Sales |
|
|
Intersegment Sales |
|
|
Segment Sales |
|
|
|
(In thousands) |
|
A&D |
|
$ |
416,261 |
|
|
$ |
279 |
|
|
$ |
416,540 |
|
|
$ |
344,000 |
|
|
$ |
482 |
|
|
$ |
344,482 |
|
Commercial |
|
|
787,594 |
|
|
|
288 |
|
|
|
787,882 |
|
|
|
408,736 |
|
|
|
184 |
|
|
|
408,920 |
|
Eliminations |
|
|
— |
|
|
|
(567 |
) |
|
|
(567 |
) |
|
|
— |
|
|
|
(666 |
) |
|
|
(666 |
) |
Total |
|
$ |
1,203,855 |
|
|
$ |
— |
|
|
$ |
1,203,855 |
|
|
$ |
752,736 |
|
|
$ |
— |
|
|
$ |
752,736 |
|
|
|
|
|
|
|
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|
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|
|
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|
|
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|
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|
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For the Three Quarters Ended |
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|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
|
Net Sales |
|
|
Intersegment Sales |
|
|
Segment Sales |
|
|
Net Sales |
|
|
Intersegment Sales |
|
|
Segment Sales |
|
|
|
(In thousands) |
|
A&D |
|
$ |
1,150,078 |
|
|
$ |
876 |
|
|
$ |
1,150,954 |
|
|
$ |
995,378 |
|
|
$ |
537 |
|
|
$ |
995,915 |
|
Commercial |
|
|
1,903,807 |
|
|
|
723 |
|
|
|
1,904,530 |
|
|
|
1,136,647 |
|
|
|
602 |
|
|
|
1,137,249 |
|
Eliminations |
|
|
— |
|
|
|
(1,599 |
) |
|
|
(1,599 |
) |
|
|
— |
|
|
|
(1,139 |
) |
|
|
(1,139 |
) |
Total |
|
$ |
3,053,885 |
|
|
$ |
— |
|
|
$ |
3,053,885 |
|
|
$ |
2,132,025 |
|
|
$ |
— |
|
|
$ |
2,132,025 |
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For the Quarter Ended September 28, 2026 |
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
|
|
(In thousands, except margin rates) |
A&D |
|
$ |
416,540 |
|
|
$ |
(303,589 |
) |
|
$ |
(35,910 |
) |
|
$ |
77,041 |
|
|
|
18.5 |
|
% |
Commercial |
|
|
787,882 |
|
|
|
(597,799 |
) |
|
|
(23,804 |
) |
|
|
166,279 |
|
|
|
21.1 |
|
|
Total segment |
|
|
1,204,422 |
|
|
|
(901,388 |
) |
|
|
(59,714 |
) |
|
|
243,320 |
|
|
|
20.2 |
|
|
Eliminations |
|
|
(567 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(380 |
) |
|
|
|
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Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(13,564 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(24,090 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(33,809 |
) |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
|
|
|
|
|
|
|
|
(9,224 |
) |
|
|
|
|
Consolidated |
|
$ |
1,203,855 |
|
|
|
|
|
|
|
|
|
162,253 |
|
|
|
13.5 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(12,809 |
) |
|
|
|
|
Realized and unrealized losses on derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
(6,103 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
(1,640 |
) |
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
141,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
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|
For the Quarter Ended September 29, 2025 |
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
|
|
(In thousands, except margin rates) |
A&D |
|
$ |
344,482 |
|
|
$ |
(257,262 |
) |
|
$ |
(31,210 |
) |
|
$ |
56,010 |
|
|
|
16.3 |
|
% |
Commercial |
|
|
408,920 |
|
|
|
(330,183 |
) |
|
|
(18,706 |
) |
|
|
60,031 |
|
|
|
14.7 |
|
|
Total segment |
|
|
753,402 |
|
|
|
(587,445 |
) |
|
|
(49,916 |
) |
|
|
116,041 |
|
|
|
15.4 |
|
|
Eliminations |
|
|
(666 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(509 |
) |
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(15 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(11,611 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(22,775 |
) |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
|
|
|
|
|
|
|
|
(9,225 |
) |
|
|
|
|
Consolidated |
|
$ |
752,736 |
|
|
|
|
|
|
|
|
|
71,906 |
|
|
|
9.6 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(10,399 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
306 |
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
61,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Quarters Ended September 28, 2026 |
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
|
|
(In thousands, except margin rates) |
A&D |
|
$ |
1,150,954 |
|
|
$ |
(853,189 |
) |
|
$ |
(102,084 |
) |
|
$ |
195,681 |
|
|
|
17.0 |
|
% |
Commercial |
|
|
1,904,530 |
|
|
|
(1,478,997 |
) |
|
|
(65,010 |
) |
|
|
360,523 |
|
|
|
18.9 |
|
|
Total segment |
|
|
3,055,484 |
|
|
|
(2,332,186 |
) |
|
|
(167,094 |
) |
|
|
556,204 |
|
|
|
18.2 |
|
|
Eliminations |
|
|
(1,599 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(1,016 |
) |
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(18,510 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(61,738 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(103,511 |
) |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
|
|
|
|
|
|
|
|
(27,672 |
) |
|
|
|
|
Consolidated |
|
$ |
3,053,885 |
|
|
|
|
|
|
|
|
|
343,757 |
|
|
|
11.3 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(33,905 |
) |
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
(747 |
) |
|
|
|
|
Realized and unrealized losses on derivative instruments |
|
|
|
|
|
|
|
|
|
|
|
(20,097 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
(7,535 |
) |
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
281,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Quarters Ended September 29, 2025 |
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
|
|
(In thousands, except margin rates) |
A&D |
|
$ |
995,915 |
|
|
$ |
(751,693 |
) |
|
$ |
(97,698 |
) |
|
$ |
146,524 |
|
|
|
14.7 |
|
% |
Commercial |
|
|
1,137,249 |
|
|
|
(916,920 |
) |
|
|
(56,580 |
) |
|
|
163,749 |
|
|
|
14.4 |
|
|
Total segment |
|
|
2,133,164 |
|
|
|
(1,668,613 |
) |
|
|
(154,278 |
) |
|
|
310,273 |
|
|
|
14.5 |
|
|
Eliminations |
|
|
(1,139 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(2,631 |
) |
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(15 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(29,586 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(66,433 |
) |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
|
|
|
|
|
|
|
|
(27,673 |
) |
|
|
|
|
Consolidated |
|
$ |
2,132,025 |
|
|
|
|
|
|
|
|
|
183,935 |
|
|
|
8.6 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(32,958 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
(2,648 |
) |
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
148,329 |
|
|
|
|
|
Depreciation expense by reportable segment was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
For the Three Quarters Ended |
|
|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
|
(In thousands) |
|
A&D |
|
$ |
9,477 |
|
|
$ |
8,438 |
|
|
$ |
28,297 |
|
|
$ |
27,037 |
|
Commercial |
|
|
22,218 |
|
|
|
17,536 |
|
|
|
59,605 |
|
|
|
50,881 |
|
Segment total |
|
|
31,695 |
|
|
|
25,974 |
|
|
|
87,902 |
|
|
|
77,918 |
|
Corporate |
|
|
2,615 |
|
|
|
1,606 |
|
|
|
6,822 |
|
|
|
4,217 |
|
Total |
|
$ |
34,310 |
|
|
$ |
27,580 |
|
|
$ |
94,724 |
|
|
$ |
82,135 |
|
The Company markets and sells its products in approximately 50 countries. For the three quarters ended September 28, 2026 and the quarter and three quarters ended September 29, 2025, the Company did not conduct business in any country other than the United States in which its net sales in that country exceeded 10% of the Company's total net sales. For the quarter ended September 28, 2026, net sales in Thailand also exceeded 10% of the Company's total net sales. Net sales are attributed to countries by the invoiced location and were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
For the Three Quarters Ended |
|
|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
September 28, 2026 |
|
|
September 29, 2025 |
|
|
|
(In thousands) |
|
United States |
|
$ |
457,798 |
|
|
$ |
407,222 |
|
|
$ |
1,303,471 |
|
|
$ |
1,146,649 |
|
Thailand |
|
|
162,081 |
|
|
|
13,659 |
|
|
|
285,139 |
|
|
|
47,113 |
|
Other |
|
|
583,976 |
|
|
|
331,855 |
|
|
|
1,465,275 |
|
|
|
938,263 |
|
Total net sales |
|
$ |
1,203,855 |
|
|
$ |
752,736 |
|
|
$ |
3,053,885 |
|
|
$ |
2,132,025 |
|
Long-lived assets include property, plant, and equipment, goodwill, and definite-lived intangibles and were as follows:
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 28, 2026 |
|
|
December 29, 2025 |
|
|
|
(In thousands) |
|
United States |
|
$ |
884,610 |
|
|
$ |
876,099 |
|
China |
|
|
932,504 |
|
|
|
732,843 |
|
Other |
|
|
580,680 |
|
|
|
226,825 |
|
Total |
|
$ |
2,397,794 |
|
|
$ |
1,835,767 |
|
|