Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2022 | Nov. 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 03, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TTMI | |
Entity Registrant Name | TTM TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001116942 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 102,206,175 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-31285 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1033443 | |
Entity Address, Address Line One | 200 East Sandpointe | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Santa Ana | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92707 | |
City Area Code | 714 | |
Local Phone Number | 327-3000 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 335,625 | $ 537,678 |
Accounts receivable, net | 480,838 | 386,347 |
Contract assets | 363,604 | 324,862 |
Inventories | 205,370 | 127,612 |
Prepaid expenses and other current assets | 53,791 | 30,914 |
Total current assets | 1,439,228 | 1,407,413 |
Property, plant and equipment, net | 745,992 | 665,755 |
Operating lease right-of-use assets | 20,464 | 20,802 |
Goodwill | 730,394 | 637,324 |
Definite-lived intangibles, net | 299,695 | 239,918 |
Deposits and other non-current assets | 57,117 | 54,335 |
Total assets | 3,292,890 | 3,025,547 |
Current liabilities: | ||
Accounts payable | 406,816 | 361,484 |
Contract liabilities | 93,841 | 14,189 |
Accrued salaries, wages and benefits | 122,759 | 89,446 |
Other current liabilities | 119,474 | 93,029 |
Total current liabilities | 742,890 | 558,148 |
Long-term debt, net of discount and issuance costs | 929,004 | 927,818 |
Operating lease liabilities | 13,687 | 15,252 |
Other long-term liabilities | 84,840 | 68,912 |
Total long-term liabilities | 1,027,531 | 1,011,982 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, $0.001 par value; 300,000 shares authorized; 109,576 and 108,194 shares issued as of October 3, 2022 and January 3, 2022, respectively; 102,206 and 103,533 shares outstanding as of October 3, 2022 and January 3, 2022, respectively | 109 | 108 |
Treasury stock - common stock at cost; 7,370 and 4,661 shares as of October 3, 2022 and January 3, 2022, respectively | (98,659) | (63,807) |
Additional paid-in capital | 852,684 | 840,113 |
Retained earnings | 794,824 | 706,258 |
Accumulated other comprehensive loss | (26,489) | (27,255) |
Total stockholders’ equity | 1,522,469 | 1,455,417 |
Total liabilities and stockholders' equity | $ 3,292,890 | $ 3,025,547 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Oct. 03, 2022 | Jan. 03, 2022 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 109,576,000 | 108,194,000 |
Common stock, shares outstanding | 102,206,000 | 103,533,000 |
Treasury stock, common shares | 7,370,000 | 4,661,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 671,080 | $ 556,784 | $ 1,877,890 | $ 1,650,599 |
Cost of goods sold | 542,513 | 463,605 | 1,541,327 | 1,375,910 |
Gross profit | 128,567 | 93,179 | 336,563 | 274,689 |
Operating expenses: | ||||
Selling and marketing | 19,824 | 15,858 | 55,653 | 46,745 |
General and administrative | 41,370 | 32,389 | 123,130 | 95,109 |
Research and development | 7,322 | 4,423 | 18,110 | 13,075 |
Amortization of definite-lived intangibles | 10,273 | 8,274 | 26,822 | 26,837 |
Total operating expenses | 78,789 | 60,944 | 223,715 | 181,766 |
Operating income | 49,778 | 32,235 | 112,848 | 92,923 |
Other (expense) income: | ||||
Interest expense | (10,939) | (11,147) | (33,011) | (33,615) |
Loss on extinguishment of debt | (15,217) | |||
Other, net | 10,324 | 2,525 | 19,932 | 5,338 |
Total other expense, net | (615) | (8,622) | (13,079) | (43,494) |
Income before income taxes | 49,163 | 23,613 | 99,769 | 49,429 |
Income tax provision | (5,635) | (2,655) | (11,203) | (3,402) |
Net income | $ 43,528 | $ 20,958 | $ 88,566 | $ 46,027 |
Earnings per share: | ||||
Basic earnings per share | $ 0.43 | $ 0.20 | $ 0.87 | $ 0.43 |
Diluted earnings per share | $ 0.42 | $ 0.19 | $ 0.85 | $ 0.42 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 43,528 | $ 20,958 | $ 88,566 | $ 46,027 |
Other comprehensive (loss) income, net of tax: | ||||
Pension obligation adjustments, net | 0 | 30 | 0 | 59 |
Foreign currency translation adjustments, net | (614) | (51) | (2,350) | 363 |
Net unrealized gain (loss) on cash flow hedges: | ||||
Unrealized gain (loss) on effective cash flow hedges during the period, net | 0 | 116 | 24 | (87) |
Loss realized in the statement of operations, net | 5 | 1,891 | 3,092 | 5,875 |
Net | 5 | 2,007 | 3,116 | 5,788 |
Other comprehensive (loss) income, net of tax | (609) | 1,986 | 766 | 6,210 |
Comprehensive income, net of tax | $ 42,919 | $ 22,944 | $ 89,332 | $ 52,237 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 28, 2020 | $ 1,444,009 | $ 107 | $ 830,971 | $ 651,844 | $ (38,913) | |
Beginning balance (in shares) at Dec. 28, 2020 | 106,770 | |||||
Net income (loss) | (3,192) | (3,192) | ||||
Other comprehensive income | 1,786 | 1,786 | ||||
Issuance of common stock for performance-based restricted stock units (in shares) | 135 | |||||
Issuance of common stock for restricted stock units (in shares) | 203 | |||||
Fair value of warrants reclassified to warrant liabilities | (4,345) | (4,345) | ||||
Issuance of common stock from warrant exercises (in shares) | 5 | |||||
Stock-based compensation | 4,209 | 4,209 | ||||
Ending balance at Mar. 29, 2021 | 1,442,467 | $ 107 | 830,835 | 648,652 | (37,127) | |
Ending balance (in shares) at Mar. 29, 2021 | 107,113 | |||||
Beginning balance at Dec. 28, 2020 | 1,444,009 | $ 107 | 830,971 | 651,844 | (38,913) | |
Beginning balance (in shares) at Dec. 28, 2020 | 106,770 | |||||
Net income (loss) | 46,027 | |||||
Other comprehensive income | 6,210 | |||||
Ending balance at Sep. 27, 2021 | 1,466,589 | $ 108 | $ (34,349) | 835,662 | 697,871 | (32,703) |
Ending balance (in shares) at Sep. 27, 2021 | 108,165 | (2,473) | ||||
Beginning balance at Mar. 29, 2021 | 1,442,467 | $ 107 | 830,835 | 648,652 | (37,127) | |
Beginning balance (in shares) at Mar. 29, 2021 | 107,113 | |||||
Net income (loss) | 28,261 | 28,261 | ||||
Other comprehensive income | 2,438 | 2,438 | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | ||||
Issuance of common stock for restricted stock units (in shares) | 947 | |||||
Repurchases of common stock | (6,145) | $ (6,145) | ||||
Repurchases of common stock (in shares) | (411) | |||||
Issuance of stock from warrant exercises | $ 745 | (745) | ||||
Issuance of common stock from warrant exercises (in shares) | 86 | 50 | ||||
Stock-based compensation | 3,350 | 3,350 | ||||
Ending balance at Jun. 28, 2021 | 1,470,371 | $ 108 | $ (5,400) | 833,439 | 676,913 | (34,689) |
Ending balance (in shares) at Jun. 28, 2021 | 108,145 | (361) | ||||
Net income (loss) | 20,958 | 20,958 | ||||
Other comprehensive income | 1,986 | 1,986 | ||||
Issuance of common stock for restricted stock units (in shares) | 20 | |||||
Repurchases of common stock | (28,971) | $ (28,971) | ||||
Repurchases of common stock (in shares) | (2,114) | |||||
Fair value of warrants reclassified to warrant liabilities | (2,699) | (2,699) | ||||
Issuance of stock from warrant exercises | $ 22 | (22) | ||||
Issuance of common stock from warrant exercises (in shares) | 2 | |||||
Stock-based compensation | 4,944 | 4,944 | ||||
Ending balance at Sep. 27, 2021 | 1,466,589 | $ 108 | $ (34,349) | 835,662 | 697,871 | (32,703) |
Ending balance (in shares) at Sep. 27, 2021 | 108,165 | (2,473) | ||||
Beginning balance at Jan. 03, 2022 | 1,455,417 | $ 108 | $ (63,807) | 840,113 | 706,258 | (27,255) |
Beginning balance (in shares) at Jan. 03, 2022 | 108,194 | (4,661) | ||||
Net income (loss) | 17,246 | 17,246 | ||||
Other comprehensive income | 2,151 | 2,151 | ||||
Issuance of common stock for performance-based restricted stock units (in shares) | 182 | |||||
Issuance of common stock for restricted stock units (in shares) | 7 | |||||
Repurchases of common stock | (30,232) | $ (30,232) | ||||
Repurchases of common stock (in shares) | (2,373) | |||||
Fair value of warrants reclassified to warrant liabilities | (987) | (987) | ||||
Issuance of stock from warrant exercises | $ 572 | (572) | ||||
Issuance of common stock from warrant exercises (in shares) | 38 | |||||
Stock-based compensation | 4,234 | 4,234 | ||||
Ending balance at Apr. 04, 2022 | 1,447,829 | $ 108 | $ (93,467) | 842,788 | 723,504 | (25,104) |
Ending balance (in shares) at Apr. 04, 2022 | 108,383 | (6,996) | ||||
Beginning balance at Jan. 03, 2022 | 1,455,417 | $ 108 | $ (63,807) | 840,113 | 706,258 | (27,255) |
Beginning balance (in shares) at Jan. 03, 2022 | 108,194 | (4,661) | ||||
Net income (loss) | 88,566 | |||||
Other comprehensive income | 766 | 766 | ||||
Repurchases of common stock | $ (35,424) | |||||
Repurchases of common stock (in shares) | (2,747) | |||||
Ending balance at Oct. 03, 2022 | $ 1,522,469 | $ 109 | $ (98,659) | 852,684 | 794,824 | (26,489) |
Ending balance (in shares) at Oct. 03, 2022 | 109,576 | (7,370) | ||||
Beginning balance at Apr. 04, 2022 | 1,447,829 | $ 108 | $ (93,467) | 842,788 | 723,504 | (25,104) |
Beginning balance (in shares) at Apr. 04, 2022 | 108,383 | (6,996) | ||||
Net income (loss) | 27,792 | 27,792 | ||||
Other comprehensive income | (776) | (776) | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | ||||
Issuance of common stock for restricted stock units (in shares) | 1,172 | |||||
Repurchases of common stock | (5,192) | $ (5,192) | ||||
Repurchases of common stock (in shares) | (374) | |||||
Stock-based compensation | 4,427 | 4,427 | ||||
Ending balance at Jul. 04, 2022 | 1,474,080 | $ 109 | $ (98,659) | 847,214 | 751,296 | (25,880) |
Ending balance (in shares) at Jul. 04, 2022 | 109,555 | (7,370) | ||||
Net income (loss) | 43,528 | (43,528) | ||||
Other comprehensive income | $ (609) | (609) | ||||
Issuance of common stock for restricted stock units (in shares) | 21 | |||||
Repurchases of common stock (in shares) | 0 | |||||
Stock-based compensation | $ 5,470 | 5,470 | ||||
Ending balance at Oct. 03, 2022 | $ 1,522,469 | $ 109 | $ (98,659) | $ 852,684 | $ 794,824 | $ (26,489) |
Ending balance (in shares) at Oct. 03, 2022 | 109,576 | (7,370) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2022 | Sep. 27, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 88,566 | $ 46,027 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 67,306 | 63,711 |
Amortization of definite-lived intangible assets | 30,973 | 30,988 |
Amortization of debt discount and issuance costs | 1,608 | 1,613 |
Loss on extinguishment of debt | 15,217 | |
Deferred income taxes | (7,158) | 3,704 |
Stock-based compensation | 14,131 | 12,503 |
Other | (5,194) | (4,005) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (40,605) | (7,128) |
Contract assets | (8,642) | (52,518) |
Inventories | (16,903) | (24,404) |
Prepaid expenses and other current assets | (31,638) | (12,440) |
Accounts payable | 24,337 | 59,686 |
Contract liabilities | 27,842 | (1,878) |
Accrued salaries, wages and benefits | 22,738 | (12,164) |
Other current liabilities | 27,953 | (4,649) |
Net cash provided by operating activities | 195,314 | 114,263 |
Cash flows from investing activities: | ||
Acquisition of Gritel Holding Co., Inc. and ISC Farmingdale Corp. | (298,339) | |
Purchase of property, plant and equipment and other assets | (76,245) | (62,086) |
Proceeds from sale of property, plant and equipment and other assets | 150 | 1,017 |
Other | (245) | |
Net cash used in investing activities | (374,679) | (61,069) |
Cash flows from financing activities: | ||
Proceeds from borrowings of revolving loan | 50,000 | |
Repayment of revolving loan | (50,000) | |
Repurchases of common stock | (35,424) | (33,262) |
Customer deposits | 15,000 | |
Cash used to settle warrants | (887) | (3,177) |
Proceeds from long-term debt borrowing | 500,000 | |
Repayment of long-term debt borrowings | (425,838) | |
Payment of debt issuance costs | (5,864) | |
Other | (7,071) | |
Net cash (used in) provided by financing activities | (21,311) | 24,788 |
Effect of foreign currency exchange rates on cash and cash equivalents | (1,377) | 269 |
Net (decrease) increase in cash and cash equivalents | (202,053) | 78,251 |
Cash and cash equivalents at beginning of period | 537,678 | 451,565 |
Cash and cash equivalents at end of period | 335,625 | 529,816 |
Supplemental cash flow information: | ||
Cash paid, net for interest | 38,405 | 36,431 |
Cash paid, net for income taxes | 3,031 | 3,292 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property, plant and equipment recorded in accounts payable | 37,555 | 37,550 |
Issuance of common stock for warrant settlement | $ 589 | 2,116 |
Repurchases of common stock recorded in accounts payable | $ 1,854 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Oct. 03, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | (1) Nature of Operations and Basis of Presentation TTM Technologies, Inc. (the Company or TTM) is a leading global manufacturer of technology solutions including engineered systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and printed circuit boards (PCB). The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering, and manufacturing solution to customers. This one-stop design, engineering, and manufacturing solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market. The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, data center computing, automotive components, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers. The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due, in part, to the coronavirus (COVID-19) global pandemic and the conflict between Russia and Ukraine, the global economy and financial markets have been volatile, and both the pandemic and conflict has contributed to on-going disruptions in global supply chains, labor shortages, high inflation, and a potential recession, and there is a significant amount of uncertainty about the length and severity of the direct and indirect effects of the pandemic and the conflict. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. Actual results could differ materially from those estimates. The Company uses a 52/53 week fiscal calendar with the fourth quarter ending on the Monday nearest December 31. Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , as if it had originated the contracts. Prior to this ASU, an acquirer generally recognizes contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The ASU is to be applied prospectively to business combinations occurring on or after the effective date of the amendment (or if adopted early as of an interim period, as of the beginning of the fiscal year that includes the interim period of early application). The Company early adopted ASU 2021-08 on April 4, 2022 and did no t have an impact on its consolidated condensed financial statements and related disclosures. The new guidance was applied to the acquisition of Gritel Holding Co., Inc. (Gritel), ISC Farmingdale Corp., and Gritel's wholly owned subsidiary, Telephonics Corporation. Recently Issued Accounting Standards Not Yet Adopted In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations , that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Early adoption is permitted upon issuance of the update. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance , which provides guidance on disclosures for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company does not anticipate the adoption will have a material impact on the consolidated financial statements and related disclosures. |
Acquisition of Gritel and ISC F
Acquisition of Gritel and ISC Farmingdale Corp. | 9 Months Ended |
Oct. 03, 2022 | |
Gritel and ISC Farmingdale Corporation | |
Acquisition of Gritel and ISC Farmingdale Corp. | (2) Acquisition of Gritel and ISC Farmingdale Corp. On June 27, 2022 , the Company completed its acquisition of all of the issued and outstanding capital stock of Gritel and ISC Farmingdale Corp. for a total consideration of $ 298,339 in cash. Telephonics Corporation is wholly-owned by Gritel, and as a result of the acquisition, became an indirect, wholly-owned subsidiary of the Company (collectively with ISC Farmingdale Corp., Telephonics). For the quarter and three quarters ended October 3, 2022, bank fees and legal, accounting, and other professional service costs associated with the acquisition of $ 270 and $ 10,978 , respectively, have been expensed and recorded as general and administrative expense in the consolidated condensed statements of operations. There were no bank fees or legal, accounting, or other professional service costs associated with the acquisition for the quarter and three quarters ended September 27, 2021. Preliminary Purchase Price Allocation The purchase price was allocated to tangible and intangible assets acquired, and liabilities assumed based on preliminary estimates of fair value at the date of the acquisition, June 27, 2022. The excess of the purchase price over the fair value of net assets acquired was allocated to goodwill. The fair values were based on management’s analysis, including work performed by third-party valuation specialists. The fair values assigned are based on reasonable methods applicable to the nature of the assets acquired and liabilities assumed. The following summarizes the preliminary estimated fair values of net assets acquired: (In thousands) Accounts receivable $ 53,886 Contract assets 30,100 Inventories 60,855 Prepaid expenses and other current assets 5,708 Property, plant and equipment 72,230 Operating lease right-of-use assets 2,887 Goodwill 93,070 Identifiable intangible assets 90,750 Deposits and other non-current assets 3,263 Accounts payable ( 16,026 ) Contract liabilities ( 51,810 ) Accrued salaries, wages and benefits ( 10,575 ) Other current liabilities ( 11,143 ) Operating lease liabilities ( 1,874 ) Non-current deferred tax liabilities ( 22,941 ) Other long-term liabilities ( 41 ) Total $ 298,339 The Company’s fair value estimates for all of the acquired assets and liabilities are preliminary and may change during the allowable measurement period, which is up to the point the Company obtains and analyzes the information that existed as of the date of the acquisition necessary to determine the fair values of the assets acquired and liabilities assumed, but in no case to exceed more than one year from the date of acquisition. Any subsequent changes to the purchase price allocation during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in material adjustments to goodwill. Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. During the quarter ended October 3, 2022, the Company increased goodwill by $ 14,803 due to an adjustment to the assessment of fair value for certain acquired inventories, property, plant and equipment, various other assets and liabilities. The adjustments did not have a material impact to the consolidated condensed statements of operations of the Company. The Company believes that the acquisition of Telephonics will strengthen the Company’s differentiated position in the Aerospace and Defense market and complement existing RF and microwave businesses. The Company believes that these factors support the amount of goodwill recognized as a result of the purchase price paid for Telephonics, in relation to other acquired tangible and intangible assets. The goodwill acquired in the acquisition is not deductible for income tax purposes. Results of Operations Included in the consolidated condensed statements of operations are $ 68,255 and $ 6,997 , excluding intercompany sales, of net sales and pre-tax income for both the quarter and three quarters ended October 3, 2022, respectively. Preliminary Pro forma Financial Information The unaudited preliminary pro forma financial information below gives effect to this acquisition as if it had occurred at the beginning of fiscal 2021, or December 29, 2020. The preliminary pro forma financial information presented includes the effects of adjustments related to the amortization of acquired identifiable intangible assets and decrease in inventory markup, depreciation of acquired fixed assets, and other non-recurring transactions costs directly associated with the acquisition such as legal, accounting and banking fees. The preliminary pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the acquisition occurred at the beginning of the earliest period presented, or the results that may be achieved in future periods. Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands, except per share amounts) Net sales $ 671,080 $ 637,352 $ 1,984,958 $ 1,853,892 Net income 43,528 24,718 95,947 50,583 Basic earnings per share $ 0.43 $ 0.23 $ 0.94 $ 0.47 Diluted earnings per share $ 0.42 $ 0.23 $ 0.92 $ 0.46 |
Leases
Leases | 9 Months Ended |
Oct. 03, 2022 | |
Leases [Abstract] | |
Leases | (3) Leases The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases and finance leases that expire at various dates through 2049 . The majority of the Company’s lease arrangements are comprised of fixed payments, and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the right-of-use (ROU) asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Operating lease cost $ 2,080 $ 2,015 $ 5,756 $ 6,147 Variable lease cost 383 193 837 567 Short-term lease cost 199 89 513 198 Finance lease costs: Amortization of right-of-use assets 344 — 1,031 — Interest on lease liabilities 98 — 295 — Supplemental cash flow information related to leases was as follows: Three Quarters Ended October 3, 2022 September 27, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,796 $ 6,321 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 5,196 1,954 Finance leases — 15,256 Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location October 3, 2022 January 3, 2022 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 20,464 $ 20,802 Finance leases Property, plant and equipment, net 13,728 14,759 Total lease assets $ 34,192 $ 35,561 Liabilities: Current: Operating leases Other current liabilities $ 7,434 $ 6,362 Finance leases Other current liabilities 718 698 Long-term: Operating leases Operating lease liabilities 13,687 15,252 Finance leases Other long-term liabilities 13,771 14,317 Total lease liabilities $ 35,610 $ 36,629 As of October 3, 2022 January 3, 2022 Weighted average remaining lease term (years): Operating leases 3.3 3.9 Finance leases 13.9 14.6 Weighted average discount rate: Operating leases 3.01 % 2.56 % Finance leases 2.69 % 2.68 % Maturities of lease liabilities were as follows: Operating (1) Finance (In thousands) Less than one year $ 7,940 $ 1,096 1 - 2 years 6,720 1,137 2 - 3 years 4,482 1,133 3 - 4 years 1,932 1,175 4 - 5 years 598 1,184 Thereafter 582 11,765 Total lease payments 22,254 17,490 Less imputed interest ( 1,133 ) ( 3,001 ) Total $ 21,121 $ 14,489 (1) Excludes $ 851 of legally binding minimum lease payments for leases signed but not yet commenced. |
Revenues
Revenues | 9 Months Ended |
Oct. 03, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | (4) Revenues As of October 3, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations for long-term contracts was $ 303,046 . The Company expects to recognize revenue on approximately 64 % of the remaining performance obligations for the Company’s long-term contracts over the next twelve months . Revenue from products and services transferred to customers over time and at a point in time accounted for 98 % and 2 %, respectively, of the Company’s revenue for the quarter and three quarters ended October 3, 2022, and 97 % and 3 %, respectively, of the Company’s revenue for the quarter and three quarters ended September 27, 2021. The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended October 3, 2022 Quarter Ended September 27, 2021 PCB RF&S Components Other (1) Total PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 186,030 $ — $ 68,255 $ 254,285 $ 173,894 $ 12 $ 173,906 Automotive 100,811 — — 100,811 99,205 — 99,205 Data Center Computing 95,830 13 — 95,843 81,202 — 81,202 Medical/Industrial/Instrumentation 128,444 1,239 — 129,683 108,879 1,467 110,346 Networking/Communications 78,181 12,494 — 90,675 74,316 12,848 87,164 Other ( 376 ) 159 — ( 217 ) 3,622 1,339 4,961 Total $ 588,920 $ 13,905 $ 68,255 $ 671,080 $ 541,118 $ 15,666 $ 556,784 Three Quarters Ended October 3, 2022 Three Quarters Ended September 27, 2021 PCB RF&S Components Other (1) Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 547,886 $ — $ 68,255 $ 616,141 $ 545,585 $ 24 $ — $ 545,609 Automotive 327,825 — — 327,825 293,890 — 3,642 297,532 Data Center Computing 293,802 33 — 293,835 235,191 456 — 235,647 Medical/Industrial/Instrumentation 379,867 5,023 — 384,890 303,661 3,615 25 307,301 Networking/Communications 211,590 41,360 — 252,950 216,982 35,451 1 252,434 Other 3,449 ( 1,200 ) — 2,249 9,775 2,713 ( 412 ) 12,076 Total $ 1,764,419 $ 45,216 $ 68,255 $ 1,877,890 $ 1,605,084 $ 42,259 $ 3,256 $ 1,650,599 (1) Other represents results from Telephonics for the quarter and three quarters ended October 3, 2022 and from the now closed Shanghai (SH E-MS) and Shenzhen (SZ) facilities previously utilized by the Company's former E-M Solutions business unit for the three quarters ended September 27, 2021. |
Composition of Certain Consolid
Composition of Certain Consolidated Condensed Financial Statement Captions | 9 Months Ended |
Oct. 03, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Consolidated Condensed Financial Statement Captions | (5) Composition of Certain Consolidated Condensed Financial Statement Captions As of October 3, 2022 January 3, 2022 (In thousands) Inventories: Raw materials $ 165,205 $ 114,653 Work-in-process 36,329 9,620 Finished goods 3,836 3,339 $ 205,370 $ 127,612 Property, plant and equipment, net: Land and land use rights $ 62,896 $ 62,015 Buildings and improvements 482,873 429,344 Machinery and equipment 1,046,439 891,925 Furniture and fixtures and other 12,268 10,360 Construction-in-progress 33,120 25,554 1,637,596 1,419,198 Less: Accumulated depreciation ( 891,604 ) ( 753,443 ) $ 745,992 $ 665,755 Other current liabilities: Income taxes payable $ 27,832 $ 7,162 Sales return and allowances 12,746 12,853 Operating leases 7,434 6,362 Derivative liabilities 4,951 4,295 Interest 1,792 8,741 Finance leases 718 698 Other 64,001 52,918 $ 119,474 $ 93,029 Other long-term liabilities: Deferred income taxes $ 25,987 $ 28,361 Customer deposits 21,250 — Finance leases 13,771 14,317 Defined benefit pension plan liability 4,481 5,276 Other 19,351 20,958 $ 84,840 $ 68,912 |
Goodwill
Goodwill | 9 Months Ended |
Oct. 03, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwill As of October 3, 2022 and January 3, 2022, goodwill by reportable segment was as follows: PCB RF&S Components Unallocated Telephonics Goodwill Total (In thousands) Balance as of January 3, 2022 Goodwill $ 700,724 $ 177,200 $ — $ 877,924 Accumulated impairment losses ( 171,400 ) ( 69,200 ) — ( 240,600 ) 529,324 108,000 — 637,324 Goodwill recognized during the three quarters ended October 3, 2022 — — 93,070 93,070 Balance as of October 3, 2022 Goodwill 700,724 177,200 93,070 970,994 Accumulated impairment losses ( 171,400 ) ( 69,200 ) — ( 240,600 ) $ 529,324 $ 108,000 $ 93,070 $ 730,394 The assignment of goodwill related to the Telephonics acquisition to the Company’s reporting units has not yet been completed. See Note 2, Acquisition of Gritel and ISC Farmingdale Corp. and Note 17, Segment Information , for further information. |
Definite-lived Intangibles
Definite-lived Intangibles | 9 Months Ended |
Oct. 03, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-lived Intangibles | (7) Definite-lived Intangibles As of October 3, 2022 and January 3, 2022, the components of definite-lived intangibles were as follows: Gross Accumulated Net Weighted (In thousands) (In years) October 3, 2022 Customer relationships $ 366,071 $ ( 179,285 ) $ 186,786 11.3 Technology 47,650 ( 23,492 ) 24,158 9.5 Acquired intangibles from acquisition Customer relationships 82,500 ( 1,587 ) 80,913 13.0 Trade names 8,250 ( 412 ) 7,838 5.0 $ 504,471 $ ( 204,776 ) $ 299,695 January 3, 2022 Customer relationships $ 366,071 $ ( 154,461 ) $ 211,610 11.3 Technology 47,650 ( 19,342 ) 28,308 9.5 $ 413,721 $ ( 173,803 ) $ 239,918 The Company has acquired customer relationships and trade names as a result of the Telephonics acquisition. See Note 2, Acquisition of Gritel and ISC Farmingdale Corp. , for further information. Definite-lived intangibles are amortized using the straight-line method of amortization over the useful life. Amortization expense was $ 11,657 and $ 9,658 for the quarters ended October 3, 2022 and September 27, 2021, respectively, and $ 30,973 and $ 30,988 for the three quarters ended October 3, 2022 and September 27, 2021, respectively. For the quarter and three quarters ended October 3, 2022, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. For the quarter and three quarters ended September 27, 2021, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2022 $ 11,657 2023 44,695 2024 37,513 2025 33,393 2026 33,393 Thereafter 139,044 $ 299,695 |
Long-term Debt and Letters of C
Long-term Debt and Letters of Credit | 9 Months Ended |
Oct. 03, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Letters of Credit | (8) Long-term Debt and Letters of Credit The following table summarizes the long-term debt of the Company as of October 3, 2022 and January 3, 2022: Interest Rate as of Principal Interest Rate as of Principal (In thousands, except interest rates) Senior Notes due March 2029 4.00 % $ 500,000 4.00 % $ 500,000 Term Loan due September 2024 5.67 405,879 2.60 405,879 Asia ABL Revolving Loan due June 2024 4.57 30,000 1.50 30,000 935,879 935,879 Less: Long-term debt unamortized discount ( 448 ) ( 607 ) Long-term debt unamortized debt ( 6,427 ) ( 7,454 ) 929,004 927,818 Less: current maturities — — Long-term debt, less current maturities $ 929,004 $ 927,818 Debt Covenants Borrowings under the Senior Notes due 2029 and Term Loan Facility are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and share payments. Under the occurrence of certain events, the U.S. Asset-Based Lending Credit Agreement (U.S. ABL) and Asia Asset-Based Lending Credit Agreement (Asia ABL) (collectively, the ABL Revolving Loans), are subject to various financial covenants, including leverage and fixed charge coverage ratios. Debt Issuance and Debt Discount As of October 3, 2022 and January 3, 2022, remaining unamortized debt discount and debt issuance costs for the Senior Notes due 2029 and Term Loan Facility are as follows: As of October 3, 2022 As of January 3, 2022 Debt Debt Effective Debt Debt Effective (In thousands, except interest rates) Senior Notes due March 2029 $ 4,947 $ — 4.18 % $ 5,444 $ — 4.18 % Term Loan due September 2024 1,480 448 4.66 2,010 607 4.66 $ 6,427 $ 448 $ 7,454 $ 607 The above debt discount and debt issuance costs are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the ABL Revolving Loans of $ 933 and $ 1,355 as of October 3, 2022 and January 3, 2022, respectively, are included in other non-current assets and are amortized to interest expense over the duration of the ABL Revolving Loans using the straight-line method of amortization. As of October 3, 2022, the remaining weighted average amortization period for all unamortized debt discount and debt issuance costs was 4.8 years. Loss on Extinguishment of Debt During the three quarters ended September 27, 2021, the Company recognized losses of $ 15,217 associated with the premium paid on extinguishment of debt and the write-off of the remaining unamortized debt issuance costs as a result of the repayment of the remaining outstanding balance of the Senior Notes due 2025. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate is impacted by tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, generation of credits and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. No tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions. During the quarter and three quarters ended October 3, 2022, the Company’s effective tax rate was impacted by a net discrete benefit of $ 1,432 and $ 2,257 , respectively. This is primarily related to the approval of the Company’s renewal application for High and New Tax Enterprise status for two of the Company’s manufacturing subsidiaries in China and a windfall tax benefit of the stock-based compensation releases, which were partially offset by accrued interest expense on existing uncertain tax positions. The Company has various foreign subsidiaries formed or acquired to conduct or support its business outside the U.S. The Company expects its earnings attributable to most foreign subsidiaries may be repatriated back to the U.S. and so a deferred tax liability has been recorded for foreign withholding taxes and the estimated federal/state tax impact on any repatriation. For those other companies with earnings currently being reinvested outside of the U.S., no deferred tax liabilities on undistributed earnings are recorded. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Oct. 03, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | (10) Financial Instruments Derivatives Interest Rate Swaps The Company’s business is exposed to risk resulting from fluctuations in interest rates on certain LIBOR-based variable rate debt. Increases in interest rates increase interest expenses relating to the outstanding variable rate borrowings and increase the cost of debt. Fluctuations in interest rates can also lead to significant fluctuations in the fair value of the debt obligations. On May 15, 2018, the Company entered into a four-year pay-fixed, receive floating (1-month LIBOR), interest rate swap arrangement with a notional amount of $ 400,000 for the period beginning June 1, 2018 and ended on June 1, 2022 (the expiration date of the swap). During the term of the interest rate swap, the Company paid a fixed rate of 2.84 % against a portion of its LIBOR-based debt and received floating 1-month LIBOR during the swap period. At inception, the Company designated the interest rate swap as a cash flow hedge and the fair value of the interest rate swap was zero . The change in the fair value of the interest rate swap is recorded as a component of accumulated other comprehensive loss, net of tax, in the Company’s consolidated condensed balance sheets. No ineffectiveness was recognized for the quarter and three quarters ended October 3, 2022 and September 27, 2021. The interest rate swap increased interest expense by $ 0 and $ 4,105 for the quarter and three quarters ended October 3, 2022, respectively, and $ 2,775 and $ 8,278 for the quarter and three quarters ended September 27, 2021, respectively. Foreign Exchange Contracts The Company’s foreign subsidiaries may at times purchase forward exchange contracts to manage their foreign currency risks in relation to certain purchases of machinery denominated in foreign currencies other than the Company’s functional currencies. The notional amount of the foreign exchange contracts as of October 3, 2022 was approximately $ 1,625 (Euro (EUR) 1.4 million). There were no foreign exchange contracts as of January 3, 2022. Commodity Price Risk Management The Company uses various raw materials in the manufacturing of PCBs. In particular, the Company has been experiencing volatility in prices and increasing lead times of copper clad laminates (CCLs), a key raw material for the manufacture of PCBs. CCLs are made from epoxy resin, glass cloth and copper foil, all of which are seeing limited supply and volatility in prices. The Company only buys a small amount of copper directly. However, copper is a major driver of laminate cost. As such, the Company enters into commodity contracts to hedge copper as a proxy for hedging laminate. As of October 3, 2022, the Company has commodity contracts with a notional quantity of 0.7 metric tonnes each for the periods: (i) beginning October 4, 2022 and ending on January 3, 2023 , (ii) beginning January 1, 2023 and ending on March 31, 2023 , (iii) beginning April 1, 2023 and ending on June 30, 2023 , and (iv) beginning July 1, 2023 and ending on September 30, 2023 . As of October 3, 2022, the fair value of the commodity contracts was recorded as a liability in the amount of $ 4,715 and included as a component of other current liabilities. The changes in the fair value of these commodity contracts are recorded in cost of goods sold in the consolidated condensed statements of operations. The commodity contracts increased cost of goods sold by $ 1,204 and $ 5,011 for the quarter and three quarters ended October 3, 2022, respectively. The commodity contracts increased cost of goods sold by $ 164 and $ 65 for the quarter and three quarters ended September 27, 2021, respectively. These commodity contracts are not designated as accounting hedges. The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset/(Liability) Fair Value Balance Sheet Location October 3, 2022 January 3, 2022 (In thousands) Cash flow derivative instruments designated as hedges: Foreign exchange contracts Other current liabilities $ ( 236 ) $ — Interest rate swap Other current liabilities — ( 4,295 ) Cash flow derivative instruments not designated as hedges: Commodity contracts Prepaid expenses and other current assets — 297 Commodity contracts Other current liabilities ( 4,715 ) — The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and three quarters ended October 3, 2022 and September 27, 2021: Quarter Ended October 3, 2022 Quarter Ended September 27, 2021 Financial Loss Recognized in Other Comprehensive Loss Loss Loss Recognized Loss (In thousands) Cash flow hedge: Interest rate swap Interest expense $ — $ — $ ( 147 ) $ ( 2,775 ) Three Quarters Ended October 3, 2022 Three Quarters Ended September 27, 2021 Financial Gain Recognized Loss Loss Recognized Loss (In thousands) Cash flow hedge: Interest rate swap Interest expense $ 190 $ ( 4,105 ) $ ( 682 ) $ ( 8,278 ) The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the three quarters ended October 3, 2022 and September 27, 2021: Three Quarters Ended October 3, September 27, 2022 2021 (In thousands) Beginning balance, net of tax $ ( 3,223 ) $ ( 11,231 ) Changes in fair value gain (loss), net of tax 24 ( 87 ) Reclassification to earnings 3,092 5,875 Ending balance, net of tax $ ( 107 ) $ ( 5,443 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 03, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (11) Accumulated Other Comprehensive Loss The following provides a summary of the components of accumulated other comprehensive loss, net of tax, as of October 3, 2022 and January 3, 2022: Foreign Pension (Losses) Gains Total (In thousands) Ending balance as of January 3, 2022 $ ( 23,899 ) $ ( 133 ) $ ( 3,223 ) $ ( 27,255 ) Other comprehensive (loss) income ( 2,350 ) — 24 ( 2,326 ) Amounts reclassified from accumulated — — 3,092 3,092 Other comprehensive (loss) income ( 2,350 ) — 3,116 766 Ending balance as of October 3, 2022 $ ( 26,249 ) $ ( 133 ) $ ( 107 ) $ ( 26,489 ) |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 9 Months Ended |
Oct. 03, 2022 | |
Risks And Uncertainties [Abstract] | |
Significant Customers and Concentration of Credit Risk | (12) Significant Customers and Concentration of Credit Risk In the normal course of business, the Company extends credit to its customers. Some customers to whom the Company extends credit are located outside the United States. The Company performs on-going credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers. There were no customers that accounted for 10 % or more of net sales for either the quarter ended October 3, 2022 or September 27, 2021. For each of the three quarters ended October 3, 2022 and September 27, 2021, one customer accounted for approximately 10 % of the Company’s net sales. |
Fair Value Measures
Fair Value Measures | 9 Months Ended |
Oct. 03, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures | (13) Fair Value Measures The Company measures at fair value its financial and non-financial assets by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The carrying amount and estimated fair value of the Company’s financial instruments as of October 3, 2022 and January 3, 2022 were as follows: As of As of October 3, 2022 January 3, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Derivative assets, current $ — $ — $ 297 $ 297 Derivative liabilities, current 4,951 4,951 4,295 4,295 Senior Notes due March 2029 495,053 400,120 494,556 498,200 Term Loan due September 2024 403,951 403,091 403,262 406,135 ABL Revolving Loans 30,000 30,000 30,000 30,000 The fair value of the derivative instruments was determined using pricing models developed based on the LIBOR swap rate, foreign currency exchange rates, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary. The fair value of the long-term debt was estimated based on quoted market prices or discounting the debt over its life using current market rates for similar debt as of October 3, 2022 and January 3, 2022, which are considered Level 2 inputs. As of October 3, 2022 and January 3, 2022, the Company’s other financial instruments included cash and cash equivalents, accounts receivable, contract assets, accounts payable, and contract liabilities. The carrying amount of these instruments approximates fair value. The Company’s cash and cash equivalents as of October 3, 2022 consisted of $ 139,358 held in the U.S., with the remaining $ 196,267 held by foreign subsidiaries. The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets, inventories, and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or are tested at least annually in the case of goodwill) such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies Legal Matters The Company is subject to various legal matters, which it considers normal for its business activities. While the Company currently believes that the amount of any reasonably possible loss for known matters would not be material to the Company’s financial condition, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on the Company’s financial condition or results of operations in a particular period. The Company has accrued amounts for its loss contingencies which are probable and estimable as of October 3, 2022 and January 3, 2022. However, these amounts are not material to the consolidated condensed financial statements of the Company. Offset Agreements Following the acquisition of Telephonics on June 27, 2022, the Company has and may continue to enter into industrial cooperation agreements, sometimes referred to as offset agreements, as a condition to obtaining orders for products and services from customers in foreign countries. These agreements are intended to promote investment in the applicable country, and the Company’s obligations under these agreements may be satisfied through activities that do not require the Company to use cash, including transferring technology or providing manufacturing and other consulting support. The obligations under these agreements may also be satisfied through the use of cash for activities such as purchasing supplies from in-country vendors, setting up support centers, research and development investments, acquisitions, and building or leasing facilities for in-country operations, if applicable. The amount of the offset requirement is determined by contract value awarded and negotiated percentages with customers. As of October 3, 2022, the Company had outstanding offset agreements of approximately $ 32,000 , some of which extend through 2028. Offset programs usually extend over several years and in some cases provide for penalties in the event the Company fails to perform in accordance with contract requirements. Historically, the Company has not paid any such penalties, and as of October 3, 2022, no such penalties are estimable or probable. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 03, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (15) Earnings Per Share The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarter and three quarters ended October 3, 2022 and September 27, 2021: Quarter Ended Three Quarters Ended October 3, September 27, October 3, September 27, 2022 2021 2022 2021 (In thousands, except per share amounts) Net income $ 43,528 $ 20,958 $ 88,566 $ 46,027 Basic weighted average shares 102,196 107,098 102,016 106,917 Dilutive effect of performance-based restricted stock 1,524 1,247 1,720 1,655 Dilutive effect of outstanding warrants — — 2 267 Diluted shares 103,720 108,345 103,738 108,839 Earnings per share: Basic $ 0.43 $ 0.20 $ 0.87 $ 0.43 Diluted $ 0.42 $ 0.19 $ 0.85 $ 0.42 Performance-based restricted stock units (PRUs), restricted stock units (RSUs), and stock options to purchase 41 and 690 shares of common stock for the quarter and three quarters ended October 3, 2022, respectively, and 997 and 866 shares of common stock for the quarter and three quarters ended September 27, 2021, respectively, were not included in the computation of diluted earnings per share. The PRUs were not included in the computation of diluted earnings per share because the performance conditions had not been met on October 3, 2022 and September 27, 2021, and for RSUs and stock options, the options’ exercise prices or the total expected proceeds under the treasury stock method was greater than the average market price of common stock during the applicable quarter and three quarters and, as a result, the impact would be anti-dilutive. Outstanding warrants for the quarter ended September 27, 2021 to purchase common stock were not included in the computation of dilutive earnings per share because the strike price of the warrants to purchase the Company’s common stock was greater than the average market price of common stock during the applicable quarter, and therefore, the effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 03, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (16) Stock-Based Compensation Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Three Quarters Ended October 3, September 27, October 3, September 27, 2022 2021 2022 2021 (In thousands) Cost of goods sold $ 1,699 $ 1,284 $ 4,147 $ 3,310 Selling and marketing 762 731 2,032 1,819 General and administrative 2,685 2,542 7,134 6,912 Research and development 324 387 818 462 Stock-based compensation expense recognized $ 5,470 $ 4,944 $ 14,131 $ 12,503 Summary of Unrecognized Compensation Costs The following is a summary of total unrecognized compensation costs as of October 3, 2022: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average (In thousands) (In years) RSU awards $ 33,723 1.5 PRU awards 3,030 1.7 Stock options 2 0.0 $ 36,755 |
Segment Information
Segment Information | 9 Months Ended |
Oct. 03, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | (17) Segment Information 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 chief operating decision maker to assess performance and to allocate resources. On June 27, 2022, the Company completed its acquisition of Telephonics. As of October 3, 2022, the chief operating decision maker is still in the process of determining how to allocate resources and assess performance in relation to the acquisition of Telephonics. The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated . Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Net Sales: PCB $ 588,920 $ 541,118 $ 1,764,419 $ 1,605,084 RF&S Components 13,905 15,666 45,216 42,259 Other (1) 68,255 — 68,255 3,256 Total net sales $ 671,080 $ 556,784 $ 1,877,890 $ 1,650,599 Operating Segment Income (Loss): PCB $ 82,770 $ 61,424 $ 231,218 $ 191,711 RF&S Components 5,984 6,537 18,412 15,129 Corporate and Other (1) ( 27,319 ) ( 26,068 ) ( 105,809 ) ( 82,929 ) Total operating segment income 61,435 41,893 143,821 123,911 Amortization of definite-lived intangibles (2) ( 11,657 ) ( 9,658 ) ( 30,973 ) ( 30,988 ) Total operating income 49,778 32,235 112,848 92,923 Total other expense ( 615 ) ( 8,622 ) ( 13,079 ) ( 43,494 ) Income before income taxes $ 49,163 $ 23,613 $ 99,769 $ 49,429 As of October 3, 2022 January 3, 2022 (In thousands) Segment Assets: PCB $ 1,765,873 $ 1,655,401 RF&S Components 204,620 216,737 Corporate and Other (1) 1,322,397 1,153,409 Total assets $ 3,292,890 $ 3,025,547 (1) Other represents results from Telephonics and the now closed SH E-MS and SZ facilities. (2) Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For the quarter and three quarters ended October 3, 2022, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. For the quarter and three quarters ended September 27, 2021, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology and human resources personnel, as well as global sales and marketing personnel, research and development costs, and acquisition and integration costs associated with acquisitions and divestitures. The Company markets and sells its products in approximately 60 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10 % of the Company’s total net sales. Net sales are as follows: Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Net Sales: United States $ 343,696 $ 245,940 $ 882,577 $ 775,351 China 73,800 77,022 226,776 238,891 Other 253,584 233,822 768,537 636,357 Total net sales $ 671,080 $ 556,784 $ 1,877,890 $ 1,650,599 Net sales are attributed to countries by country invoiced. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Oct. 03, 2022 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | (18) Share Repurchase Program On February 3, 2021, the Company’s Board of Directors authorized and approved a share repurchase program. Under the program, the Company was authorized to repurchase up to $ 100,000 in value of the Company’s outstanding shares of common stock from time to time through February 3, 2023 . The program permitted the Company to repurchase shares through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted a trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases effected under the share repurchase program. The timing, manner, price, and amount of any repurchases were determined at the Company’s discretion. The repurchase program did not obligate the Company to acquire any specific number of shares. During the quarter ended October 3, 2022, the Company did no t make any share repurchases. During the three quarters ended October 3, 2022, the Company has repurchased a total of 2,747 shares of common stock for a total cost of $ 35,424 (including commissions). As of October 3, 2022, there are no amounts authorized for repurchase. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Oct. 03, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , as if it had originated the contracts. Prior to this ASU, an acquirer generally recognizes contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The ASU is to be applied prospectively to business combinations occurring on or after the effective date of the amendment (or if adopted early as of an interim period, as of the beginning of the fiscal year that includes the interim period of early application). The Company early adopted ASU 2021-08 on April 4, 2022 and did no t have an impact on its consolidated condensed financial statements and related disclosures. The new guidance was applied to the acquisition of Gritel Holding Co., Inc. (Gritel), ISC Farmingdale Corp., and Gritel's wholly owned subsidiary, Telephonics Corporation. Recently Issued Accounting Standards Not Yet Adopted In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations , that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Early adoption is permitted upon issuance of the update. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance , which provides guidance on disclosures for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company does not anticipate the adoption will have a material impact on the consolidated financial statements and related disclosures. |
Acquisition of Gritel and ISC_2
Acquisition of Gritel and ISC Farmingdale Corp. (Tables) - Gritel and ISC Farmingdale Corporation | 9 Months Ended |
Oct. 03, 2022 | |
Summary of Preliminary Estimated Fair Values of Net Assets Acquired | The following summarizes the preliminary estimated fair values of net assets acquired: (In thousands) Accounts receivable $ 53,886 Contract assets 30,100 Inventories 60,855 Prepaid expenses and other current assets 5,708 Property, plant and equipment 72,230 Operating lease right-of-use assets 2,887 Goodwill 93,070 Identifiable intangible assets 90,750 Deposits and other non-current assets 3,263 Accounts payable ( 16,026 ) Contract liabilities ( 51,810 ) Accrued salaries, wages and benefits ( 10,575 ) Other current liabilities ( 11,143 ) Operating lease liabilities ( 1,874 ) Non-current deferred tax liabilities ( 22,941 ) Other long-term liabilities ( 41 ) Total $ 298,339 |
Business Acquisition Preliminary Pro Forma Information of Financial Results | The preliminary pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the acquisition occurred at the beginning of the earliest period presented, or the results that may be achieved in future periods. Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands, except per share amounts) Net sales $ 671,080 $ 637,352 $ 1,984,958 $ 1,853,892 Net income 43,528 24,718 95,947 50,583 Basic earnings per share $ 0.43 $ 0.23 $ 0.94 $ 0.47 Diluted earnings per share $ 0.42 $ 0.23 $ 0.92 $ 0.46 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Operating lease cost $ 2,080 $ 2,015 $ 5,756 $ 6,147 Variable lease cost 383 193 837 567 Short-term lease cost 199 89 513 198 Finance lease costs: Amortization of right-of-use assets 344 — 1,031 — Interest on lease liabilities 98 — 295 — |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Quarters Ended October 3, 2022 September 27, 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,796 $ 6,321 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 5,196 1,954 Finance leases — 15,256 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location October 3, 2022 January 3, 2022 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 20,464 $ 20,802 Finance leases Property, plant and equipment, net 13,728 14,759 Total lease assets $ 34,192 $ 35,561 Liabilities: Current: Operating leases Other current liabilities $ 7,434 $ 6,362 Finance leases Other current liabilities 718 698 Long-term: Operating leases Operating lease liabilities 13,687 15,252 Finance leases Other long-term liabilities 13,771 14,317 Total lease liabilities $ 35,610 $ 36,629 As of October 3, 2022 January 3, 2022 Weighted average remaining lease term (years): Operating leases 3.3 3.9 Finance leases 13.9 14.6 Weighted average discount rate: Operating leases 3.01 % 2.56 % Finance leases 2.69 % 2.68 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Operating (1) Finance (In thousands) Less than one year $ 7,940 $ 1,096 1 - 2 years 6,720 1,137 2 - 3 years 4,482 1,133 3 - 4 years 1,932 1,175 4 - 5 years 598 1,184 Thereafter 582 11,765 Total lease payments 22,254 17,490 Less imputed interest ( 1,133 ) ( 3,001 ) Total $ 21,121 $ 14,489 (1) Excludes $ 851 of legally binding minimum lease payments for leases signed but not yet commenced. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Principal End Markets with the Reportable Segment | The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended October 3, 2022 Quarter Ended September 27, 2021 PCB RF&S Components Other (1) Total PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 186,030 $ — $ 68,255 $ 254,285 $ 173,894 $ 12 $ 173,906 Automotive 100,811 — — 100,811 99,205 — 99,205 Data Center Computing 95,830 13 — 95,843 81,202 — 81,202 Medical/Industrial/Instrumentation 128,444 1,239 — 129,683 108,879 1,467 110,346 Networking/Communications 78,181 12,494 — 90,675 74,316 12,848 87,164 Other ( 376 ) 159 — ( 217 ) 3,622 1,339 4,961 Total $ 588,920 $ 13,905 $ 68,255 $ 671,080 $ 541,118 $ 15,666 $ 556,784 Three Quarters Ended October 3, 2022 Three Quarters Ended September 27, 2021 PCB RF&S Components Other (1) Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 547,886 $ — $ 68,255 $ 616,141 $ 545,585 $ 24 $ — $ 545,609 Automotive 327,825 — — 327,825 293,890 — 3,642 297,532 Data Center Computing 293,802 33 — 293,835 235,191 456 — 235,647 Medical/Industrial/Instrumentation 379,867 5,023 — 384,890 303,661 3,615 25 307,301 Networking/Communications 211,590 41,360 — 252,950 216,982 35,451 1 252,434 Other 3,449 ( 1,200 ) — 2,249 9,775 2,713 ( 412 ) 12,076 Total $ 1,764,419 $ 45,216 $ 68,255 $ 1,877,890 $ 1,605,084 $ 42,259 $ 3,256 $ 1,650,599 (1) Other represents results from Telephonics for the quarter and three quarters ended October 3, 2022 and from the now closed Shanghai (SH E-MS) and Shenzhen (SZ) facilities previously utilized by the Company's former E-M Solutions business unit for the three quarters ended September 27, 2021. |
Composition of Certain Consol_2
Composition of Certain Consolidated Condensed Financial Statement Captions (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions | As of October 3, 2022 January 3, 2022 (In thousands) Inventories: Raw materials $ 165,205 $ 114,653 Work-in-process 36,329 9,620 Finished goods 3,836 3,339 $ 205,370 $ 127,612 Property, plant and equipment, net: Land and land use rights $ 62,896 $ 62,015 Buildings and improvements 482,873 429,344 Machinery and equipment 1,046,439 891,925 Furniture and fixtures and other 12,268 10,360 Construction-in-progress 33,120 25,554 1,637,596 1,419,198 Less: Accumulated depreciation ( 891,604 ) ( 753,443 ) $ 745,992 $ 665,755 Other current liabilities: Income taxes payable $ 27,832 $ 7,162 Sales return and allowances 12,746 12,853 Operating leases 7,434 6,362 Derivative liabilities 4,951 4,295 Interest 1,792 8,741 Finance leases 718 698 Other 64,001 52,918 $ 119,474 $ 93,029 Other long-term liabilities: Deferred income taxes $ 25,987 $ 28,361 Customer deposits 21,250 — Finance leases 13,771 14,317 Defined benefit pension plan liability 4,481 5,276 Other 19,351 20,958 $ 84,840 $ 68,912 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | As of October 3, 2022 and January 3, 2022, goodwill by reportable segment was as follows: PCB RF&S Components Unallocated Telephonics Goodwill Total (In thousands) Balance as of January 3, 2022 Goodwill $ 700,724 $ 177,200 $ — $ 877,924 Accumulated impairment losses ( 171,400 ) ( 69,200 ) — ( 240,600 ) 529,324 108,000 — 637,324 Goodwill recognized during the three quarters ended October 3, 2022 — — 93,070 93,070 Balance as of October 3, 2022 Goodwill 700,724 177,200 93,070 970,994 Accumulated impairment losses ( 171,400 ) ( 69,200 ) — ( 240,600 ) $ 529,324 $ 108,000 $ 93,070 $ 730,394 |
Definite-lived Intangibles (Tab
Definite-lived Intangibles (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite Lived Intangibles | As of October 3, 2022 and January 3, 2022, the components of definite-lived intangibles were as follows: Gross Accumulated Net Weighted (In thousands) (In years) October 3, 2022 Customer relationships $ 366,071 $ ( 179,285 ) $ 186,786 11.3 Technology 47,650 ( 23,492 ) 24,158 9.5 Acquired intangibles from acquisition Customer relationships 82,500 ( 1,587 ) 80,913 13.0 Trade names 8,250 ( 412 ) 7,838 5.0 $ 504,471 $ ( 204,776 ) $ 299,695 January 3, 2022 Customer relationships $ 366,071 $ ( 154,461 ) $ 211,610 11.3 Technology 47,650 ( 19,342 ) 28,308 9.5 $ 413,721 $ ( 173,803 ) $ 239,918 |
Estimated Aggregate Amortization for Definite-Lived Intangible Assets | Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2022 $ 11,657 2023 44,695 2024 37,513 2025 33,393 2026 33,393 Thereafter 139,044 $ 299,695 |
Long-term Debt and Letters of_2
Long-term Debt and Letters of Credit (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes the long-term debt of the Company as of October 3, 2022 and January 3, 2022: Interest Rate as of Principal Interest Rate as of Principal (In thousands, except interest rates) Senior Notes due March 2029 4.00 % $ 500,000 4.00 % $ 500,000 Term Loan due September 2024 5.67 405,879 2.60 405,879 Asia ABL Revolving Loan due June 2024 4.57 30,000 1.50 30,000 935,879 935,879 Less: Long-term debt unamortized discount ( 448 ) ( 607 ) Long-term debt unamortized debt ( 6,427 ) ( 7,454 ) 929,004 927,818 Less: current maturities — — Long-term debt, less current maturities $ 929,004 $ 927,818 |
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs | As of October 3, 2022 and January 3, 2022, remaining unamortized debt discount and debt issuance costs for the Senior Notes due 2029 and Term Loan Facility are as follows: As of October 3, 2022 As of January 3, 2022 Debt Debt Effective Debt Debt Effective (In thousands, except interest rates) Senior Notes due March 2029 $ 4,947 $ — 4.18 % $ 5,444 $ — 4.18 % Term Loan due September 2024 1,480 448 4.66 2,010 607 4.66 $ 6,427 $ 448 $ 7,454 $ 607 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments in Consolidated Condensed Balance Sheets | The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset/(Liability) Fair Value Balance Sheet Location October 3, 2022 January 3, 2022 (In thousands) Cash flow derivative instruments designated as hedges: Foreign exchange contracts Other current liabilities $ ( 236 ) $ — Interest rate swap Other current liabilities — ( 4,295 ) Cash flow derivative instruments not designated as hedges: Commodity contracts Prepaid expenses and other current assets — 297 Commodity contracts Other current liabilities ( 4,715 ) — |
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges | The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and three quarters ended October 3, 2022 and September 27, 2021: Quarter Ended October 3, 2022 Quarter Ended September 27, 2021 Financial Loss Recognized in Other Comprehensive Loss Loss Loss Recognized Loss (In thousands) Cash flow hedge: Interest rate swap Interest expense $ — $ — $ ( 147 ) $ ( 2,775 ) Three Quarters Ended October 3, 2022 Three Quarters Ended September 27, 2021 Financial Gain Recognized Loss Loss Recognized Loss (In thousands) Cash flow hedge: Interest rate swap Interest expense $ 190 $ ( 4,105 ) $ ( 682 ) $ ( 8,278 ) |
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss | The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the three quarters ended October 3, 2022 and September 27, 2021: Three Quarters Ended October 3, September 27, 2022 2021 (In thousands) Beginning balance, net of tax $ ( 3,223 ) $ ( 11,231 ) Changes in fair value gain (loss), net of tax 24 ( 87 ) Reclassification to earnings 3,092 5,875 Ending balance, net of tax $ ( 107 ) $ ( 5,443 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | The following provides a summary of the components of accumulated other comprehensive loss, net of tax, as of October 3, 2022 and January 3, 2022: Foreign Pension (Losses) Gains Total (In thousands) Ending balance as of January 3, 2022 $ ( 23,899 ) $ ( 133 ) $ ( 3,223 ) $ ( 27,255 ) Other comprehensive (loss) income ( 2,350 ) — 24 ( 2,326 ) Amounts reclassified from accumulated — — 3,092 3,092 Other comprehensive (loss) income ( 2,350 ) — 3,116 766 Ending balance as of October 3, 2022 $ ( 26,249 ) $ ( 133 ) $ ( 107 ) $ ( 26,489 ) |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments as of October 3, 2022 and January 3, 2022 were as follows: As of As of October 3, 2022 January 3, 2022 Carrying Fair Value Carrying Fair Value (In thousands) Derivative assets, current $ — $ — $ 297 $ 297 Derivative liabilities, current 4,951 4,951 4,295 4,295 Senior Notes due March 2029 495,053 400,120 494,556 498,200 Term Loan due September 2024 403,951 403,091 403,262 406,135 ABL Revolving Loans 30,000 30,000 30,000 30,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings per Share and Diluted Earnings per Share from Continuing Operations | The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarter and three quarters ended October 3, 2022 and September 27, 2021: Quarter Ended Three Quarters Ended October 3, September 27, October 3, September 27, 2022 2021 2022 2021 (In thousands, except per share amounts) Net income $ 43,528 $ 20,958 $ 88,566 $ 46,027 Basic weighted average shares 102,196 107,098 102,016 106,917 Dilutive effect of performance-based restricted stock 1,524 1,247 1,720 1,655 Dilutive effect of outstanding warrants — — 2 267 Diluted shares 103,720 108,345 103,738 108,839 Earnings per share: Basic $ 0.43 $ 0.20 $ 0.87 $ 0.43 Diluted $ 0.42 $ 0.19 $ 0.85 $ 0.42 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan | Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Three Quarters Ended October 3, September 27, October 3, September 27, 2022 2021 2022 2021 (In thousands) Cost of goods sold $ 1,699 $ 1,284 $ 4,147 $ 3,310 Selling and marketing 762 731 2,032 1,819 General and administrative 2,685 2,542 7,134 6,912 Research and development 324 387 818 462 Stock-based compensation expense recognized $ 5,470 $ 4,944 $ 14,131 $ 12,503 |
Summary of Unrecognized Compensation Costs | The following is a summary of total unrecognized compensation costs as of October 3, 2022: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average (In thousands) (In years) RSU awards $ 33,723 1.5 PRU awards 3,030 1.7 Stock options 2 0.0 $ 36,755 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 03, 2022 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Income from Segments to Consolidated | . Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Net Sales: PCB $ 588,920 $ 541,118 $ 1,764,419 $ 1,605,084 RF&S Components 13,905 15,666 45,216 42,259 Other (1) 68,255 — 68,255 3,256 Total net sales $ 671,080 $ 556,784 $ 1,877,890 $ 1,650,599 Operating Segment Income (Loss): PCB $ 82,770 $ 61,424 $ 231,218 $ 191,711 RF&S Components 5,984 6,537 18,412 15,129 Corporate and Other (1) ( 27,319 ) ( 26,068 ) ( 105,809 ) ( 82,929 ) Total operating segment income 61,435 41,893 143,821 123,911 Amortization of definite-lived intangibles (2) ( 11,657 ) ( 9,658 ) ( 30,973 ) ( 30,988 ) Total operating income 49,778 32,235 112,848 92,923 Total other expense ( 615 ) ( 8,622 ) ( 13,079 ) ( 43,494 ) Income before income taxes $ 49,163 $ 23,613 $ 99,769 $ 49,429 As of October 3, 2022 January 3, 2022 (In thousands) Segment Assets: PCB $ 1,765,873 $ 1,655,401 RF&S Components 204,620 216,737 Corporate and Other (1) 1,322,397 1,153,409 Total assets $ 3,292,890 $ 3,025,547 (1) Other represents results from Telephonics and the now closed SH E-MS and SZ facilities. (2) Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For the quarter and three quarters ended October 3, 2022, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. For the quarter and three quarters ended September 27, 2021, $ 1,384 and $ 4,151 , respectively, of amortization expense is included in cost of goods sold. |
Net Sales | The Company markets and sells its products in approximately 60 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10 % of the Company’s total net sales. Net sales are as follows: Quarter Ended Three Quarters Ended October 3, 2022 September 27, 2021 October 3, 2022 September 27, 2021 (In thousands) Net Sales: United States $ 343,696 $ 245,940 $ 882,577 $ 775,351 China 73,800 77,022 226,776 238,891 Other 253,584 233,822 768,537 636,357 Total net sales $ 671,080 $ 556,784 $ 1,877,890 $ 1,650,599 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) - ASU 2021-08 | Oct. 03, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Apr. 04, 2022 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Acquisition of Gritel and ISC_3
Acquisition of Gritel and ISC Farmingdale Corp. - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 27, 2022 | Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | Jan. 03, 2022 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 730,394 | $ 730,394 | $ 637,324 | |||
Net sales | 671,080 | $ 556,784 | 1,877,890 | $ 1,650,599 | ||
Pre tax income | 49,163 | 23,613 | 99,769 | 49,429 | ||
Gritel and ISC Farmingdale Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition completed date | Jun. 27, 2022 | |||||
Total consideration in cash | $ 298,339 | |||||
Goodwill | $ 93,070 | |||||
Adjustment for goodwill | 14,803 | |||||
Net sales | 68,255 | 68,255 | ||||
Pre tax income | 6,997 | 6,997 | ||||
Gritel and ISC Farmingdale Corporation | General and Administrative Expense | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, related costs | $ 270 | $ 0 | $ 10,978 | $ 0 |
Summary of Preliminary Estimate
Summary of Preliminary Estimated Fair Values of Net Assets Acquired (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jun. 27, 2022 | Jan. 03, 2022 |
Business Acquisition [Line Items] | |||
Goodwill | $ 730,394 | $ 637,324 | |
Gritel and ISC Farmingdale Corporation | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 53,886 | ||
Contract assets | 30,100 | ||
Inventories | 60,855 | ||
Prepaid expenses and other current assets | 5,708 | ||
Property, plant and equipment | 72,230 | ||
Operating lease right-of-use assets | 2,887 | ||
Goodwill | 93,070 | ||
Identifiable intangible assets | 90,750 | ||
Deposits and other non-current assets | 3,263 | ||
Accounts payable | (16,026) | ||
Contract liabilities | (51,810) | ||
Accrued salaries, wages and benefits | (10,575) | ||
Other current liabilities | (11,143) | ||
Operating lease liabilities | (1,874) | ||
Non-current deferred tax liabilities | (22,941) | ||
Other long-term liabilities | (41) | ||
Total | $ 298,339 |
Business Acquisition Preliminar
Business Acquisition Preliminary Pro Forma Information of Financial Results (Detail) - Gritel and ISC Farmingdale Corporation - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Business Combination Separately Recognized Transactions [Line Items] | ||||
Net sales | $ 671,080 | $ 637,352 | $ 1,984,958 | $ 1,853,892 |
Net income | $ 43,528 | $ 24,718 | $ 95,947 | $ 50,583 |
Basic earnings per share | $ 0.43 | $ 0.23 | $ 0.94 | $ 0.47 |
Diluted earnings per share | $ 0.42 | $ 0.23 | $ 0.92 | $ 0.46 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Oct. 03, 2022 | |
Leases [Abstract] | |
Operating and finance leases expire | various dates through 2049 |
Components of Lease Expense (De
Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,080 | $ 2,015 | $ 5,756 | $ 6,147 |
Variable lease cost | 383 | 193 | 837 | 567 |
Short-term lease cost | 199 | $ 89 | 513 | $ 198 |
Finance lease costs: | ||||
Amortization of right-of-use assets | 344 | 1,031 | ||
Interest on lease liabilities | $ 98 | $ 295 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2022 | Sep. 27, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 5,796 | $ 6,321 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | $ 5,196 | 1,954 |
Finance leases | $ 15,256 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Assets: | ||
Operating lease right-of-use assets | $ 20,464 | $ 20,802 |
Finance leases | $ 13,728 | $ 14,759 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Total lease assets | $ 34,192 | $ 35,561 |
Current: | ||
Operating leases | $ 7,434 | $ 6,362 |
Operating Lease Liability Current Statement Of Financial Position Extensible List | Other current liabilities | Other current liabilities |
Finance leases | $ 718 | $ 698 |
Finance Lease Liability Current Statement Of Financial Position Extensible List | Other current liabilities | Other current liabilities |
Long-term: | ||
Operating lease liabilities | $ 13,687 | $ 15,252 |
Finance leases | $ 13,771 | $ 14,317 |
Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List | Other long-term liabilities | Other long-term liabilities |
Total lease liabilities | $ 35,610 | $ 36,629 |
Weighted average remaining lease term (years): | ||
Operating leases | 3 years 3 months 18 days | 3 years 10 months 24 days |
Finance leases | 13 years 10 months 24 days | 14 years 7 months 6 days |
Weighted average discount rate: | ||
Operating leases | 3.01% | 2.56% |
Finance leases | 2.69% | 2.68% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) $ in Thousands | Oct. 03, 2022 USD ($) |
Leases [Abstract] | |
Operating leases Less than one year | $ 7,940 |
Operating leases 1 - 2 years | 6,720 |
Operating leases 2 - 3 years | 4,482 |
Operating leases 3 - 4 years | 1,932 |
Operating leases 4 - 5 years | 598 |
Operating leases Thereafter | 582 |
Total operating lease payments | 22,254 |
Less imputed interest | (1,133) |
Total operating lease | 21,121 |
Finance leases Less than one year | 1,096 |
Finance leases 1 - 2 years | 1,137 |
Finance leases 2 - 3 years | 1,133 |
Finance leases 3 - 4 years | 1,175 |
Finance leases 4 - 5 years | 1,184 |
Finance leases Thereafter | 11,765 |
Total finance lease payments | 17,490 |
Less imputed interest | (3,001) |
Total finance lease | $ 14,489 |
Maturities of Lease Liabiliti_2
Maturities of Lease Liabilities (Parenthetical) (Detail) | Oct. 03, 2022 USD ($) |
Leases [Abstract] | |
Legally binding lease payments for leases signed but not yet commenced | $ 851,000 |
Revenues - Additional Informati
Revenues - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-04 $ in Thousands | Oct. 03, 2022 USD ($) |
Revenue From Contract With Customer [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 303,046 |
Remaining performance obligation period | 12 months |
Revenues - Additional Informa_2
Revenues - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Revenue From Contract With Customer [Line Items] | ||||
Remaining revenue performance obligation, percentage | 64% | 64% | ||
Transferred over Time | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue from products and services transferred to customers, percentage | 98% | 97% | ||
Transferred at Point in Time | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue from products and services transferred to customers, percentage | 2% | 3% |
Disaggregation of Revenue by Pr
Disaggregation of Revenue by Principal End Markets with the Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 671,080 | $ 556,784 | $ 1,877,890 | $ 1,650,599 |
Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 588,920 | 541,118 | 1,764,419 | 1,605,084 |
RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 13,905 | 15,666 | 45,216 | 42,259 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 68,255 | 68,255 | 3,256 | |
Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 254,285 | 173,906 | 616,141 | 545,609 |
Aerospace and Defense | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 186,030 | 173,894 | 547,886 | 545,585 |
Aerospace and Defense | RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 12 | 24 | ||
Aerospace and Defense | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 68,255 | 68,255 | ||
Automotive | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 100,811 | 99,205 | 327,825 | 297,532 |
Automotive | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 100,811 | 99,205 | 327,825 | 293,890 |
Automotive | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 0 | 0 | 3,642 | |
Data Center Computing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 95,843 | 81,202 | 293,835 | 235,647 |
Data Center Computing | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 95,830 | 81,202 | 293,802 | 235,191 |
Data Center Computing | RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 13 | 0 | 33 | 456 |
Data Center Computing | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 0 | 0 | ||
Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 129,683 | 110,346 | 384,890 | 307,301 |
Medical/Industrial/Instrumentation | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 128,444 | 108,879 | 379,867 | 303,661 |
Medical/Industrial/Instrumentation | RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 1,239 | 1,467 | 5,023 | 3,615 |
Medical/Industrial/Instrumentation | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 0 | 0 | 25 | |
Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 90,675 | 87,164 | 252,950 | 252,434 |
Networking/Communications | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 78,181 | 74,316 | 211,590 | 216,982 |
Networking/Communications | RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 12,494 | 12,848 | 41,360 | 35,451 |
Networking/Communications | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 0 | 0 | 1 | |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | (217) | 4,961 | 2,249 | 12,076 |
Other | Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | (376) | 3,622 | 3,449 | 9,775 |
Other | RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 159 | $ 1,339 | (1,200) | 2,713 |
Other | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 0 | $ 0 | $ (412) |
Schedule of Composition of Cert
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Inventories: | ||
Raw materials | $ 165,205 | $ 114,653 |
Work-in-process | 36,329 | 9,620 |
Finished goods | 3,836 | 3,339 |
Inventories | 205,370 | 127,612 |
Property, plant and equipment, net: | ||
Land and land use rights | 62,896 | 62,015 |
Buildings and improvements | 482,873 | 429,344 |
Machinery and equipment | 1,046,439 | 891,925 |
Furniture and fixtures and other | 12,268 | 10,360 |
Construction-in-progress | 33,120 | 25,554 |
Property, plant and equipment, gross | 1,637,596 | 1,419,198 |
Less: Accumulated depreciation | (891,604) | (753,443) |
Property, plant and equipment, net | 745,992 | 665,755 |
Other current liabilities: | ||
Income taxes payable | 27,832 | 7,162 |
Sales return and allowances | 12,746 | 12,853 |
Operating leases | 7,434 | 6,362 |
Derivative liabilities | 4,951 | 4,295 |
Interest | 1,792 | 8,741 |
Finance leases | 718 | 698 |
Other | 64,001 | 52,918 |
Other current liabilities | 119,474 | 93,029 |
Other long-term liabilities: | ||
Deferred income taxes | 25,987 | 28,361 |
Customer deposits | 21,250 | 0 |
Finance leases | 13,771 | 14,317 |
Defined benefit pension plan liability | 4,481 | 5,276 |
Other | 19,351 | 20,958 |
Other long-term liabilities | $ 84,840 | $ 68,912 |
Goodwill by Reportable Segment
Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2022 | Jan. 03, 2022 | |
Goodwill [Line Items] | ||
Goodwill recognized | $ 93,070 | |
Goodwill | 970,994 | $ 877,924 |
Accumulated impairment losses | (240,600) | (240,600) |
Goodwill, net | 730,394 | 637,324 |
Printed Circuit Board | ||
Goodwill [Line Items] | ||
Goodwill | 700,724 | 700,724 |
Accumulated impairment losses | (171,400) | (171,400) |
Goodwill, net | 529,324 | 529,324 |
RF&S Components | ||
Goodwill [Line Items] | ||
Goodwill | 177,200 | 177,200 |
Accumulated impairment losses | (69,200) | (69,200) |
Goodwill, net | 108,000 | $ 108,000 |
Unallocated Telephonics Goodwill | ||
Goodwill [Line Items] | ||
Goodwill recognized | 93,070 | |
Goodwill | 93,070 | |
Goodwill, net | $ 93,070 |
Definite-lived Intangibles (Det
Definite-lived Intangibles (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 03, 2022 | Jan. 03, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 504,471 | $ 413,721 |
Accumulated Amortization | (204,776) | (173,803) |
Net Carrying Amount | 299,695 | 239,918 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 366,071 | 366,071 |
Accumulated Amortization | (179,285) | (154,461) |
Net Carrying Amount | $ 186,786 | $ 211,610 |
Weighted Average Amortization Period | 11 years 3 months 18 days | 11 years 3 months 18 days |
Customer Relationships | Gritel and ISC Farmingdale Corporation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 82,500 | |
Accumulated Amortization | (1,587) | |
Net Carrying Amount | $ 80,913 | |
Weighted Average Amortization Period | 13 years | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 47,650 | $ 47,650 |
Accumulated Amortization | (23,492) | (19,342) |
Net Carrying Amount | $ 24,158 | $ 28,308 |
Weighted Average Amortization Period | 9 years 6 months | 9 years 6 months |
Trade Names | Gritel and ISC Farmingdale Corporation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 8,250 | |
Accumulated Amortization | (412) | |
Net Carrying Amount | $ 7,838 | |
Weighted Average Amortization Period | 5 years |
Definite-lived Intangibles - Ad
Definite-lived Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of definite-lived intangibles | $ 11,657 | $ 9,658 | $ 30,973 | $ 30,988 |
Amortization of definite-lived intangibles included in cost of goods sold | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Estimated Aggregate Amortizatio
Estimated Aggregate Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remaining 2022 | $ 11,657 | |
2023 | 44,695 | |
2024 | 37,513 | |
2025 | 33,393 | |
2026 | 33,393 | |
Thereafter | 139,044 | |
Net Carrying Amount | $ 299,695 | $ 239,918 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 03, 2022 | Jan. 03, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 935,879 | $ 935,879 |
Less: Long-term debt unamortized discount | (448) | (607) |
Long-term debt unamortized debt issuance costs | (6,427) | (7,454) |
Long-term debt, Carrying Amount | 929,004 | 927,818 |
Long-term debt, less current maturities | 929,004 | 927,818 |
Senior Notes Due March 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 500,000 | $ 500,000 |
Debt instrument, interest rate | 4% | 4% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 405,879 | $ 405,879 |
Less: Long-term debt unamortized discount | $ (448) | $ (607) |
Interest rate at period end | 5.67% | 2.60% |
Asia Asset Based Lending Revolving Loan Due June 2024 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 30,000 | $ 30,000 |
Interest rate at period end | 4.57% | 1.50% |
Long-term Debt and Letters of_3
Long-term Debt and Letters of Credit - Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 6,427 | $ 7,454 |
Debt Discount | 448 | 607 |
Senior Notes Due March 2029 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 4,947 | $ 5,444 |
Effective Interest Rate | 4.18% | 4.18% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 1,480 | $ 2,010 |
Debt Discount | $ 448 | $ 607 |
Effective Interest Rate | 4.66% | 4.66% |
Long-term Debt and Letters of_4
Long-term Debt and Letters of Credit - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Jan. 03, 2022 | |
Debt Instrument [Line Items] | |||
Remaining unamortized debt issuance costs | $ 6,427 | $ 7,454 | |
Loss on extinguishment of debt | $ 15,217 | ||
Weighted Average | |||
Debt Instrument [Line Items] | |||
Unamortized debt discount and debt issuance costs, amortization period | 4 years 9 months 18 days | ||
U.S. Asset Based Lending Revolving Loan Due June 2024 | |||
Debt Instrument [Line Items] | |||
Remaining unamortized debt issuance costs | $ 933 | $ 1,355 | |
Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 15,217 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 03, 2022 | Oct. 03, 2022 | |
Income Tax Disclosure [Abstract] | ||
Change in valuation allowance | $ 0 | |
Effective tax rate impacted by net discrete tax expense (benefit) | $ 1,432 | $ 2,257 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||||||||
May 15, 2018 USD ($) | Sep. 30, 2023 t | Jun. 30, 2023 t | Mar. 31, 2023 t | Jan. 03, 2023 t | Oct. 03, 2022 USD ($) | Sep. 27, 2021 USD ($) | Oct. 03, 2022 USD ($) | Sep. 27, 2021 USD ($) | Oct. 03, 2022 EUR (€) | Jan. 03, 2022 USD ($) | |
Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Interest rate derivatives, at fair value, net | $ 0 | ||||||||||
Derivative, ineffectiveness | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Derivative instrument, increased interest expense | $ 0 | $ 2,775,000 | $ 4,105,000 | $ 8,278,000 | |||||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense | Interest Expense | Interest Expense | |||||||
Foreign Exchange Contracts | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, notional amount | $ 1,625,000 | $ 1,625,000 | € 1,400,000 | $ 0 | |||||||
Commodity Contracts | Cost of Goods Sold | |||||||||||
Derivative [Line Items] | |||||||||||
Change in fair value of commodity contracts | 1,204,000 | $ 164,000 | 5,011,000 | $ 65,000 | |||||||
Commodity Contracts | Forecast | |||||||||||
Derivative [Line Items] | |||||||||||
Commodity contracts number of notional quantity | t | 0.7 | 0.7 | 0.7 | 0.7 | |||||||
Commodity contracts with notional quantity beginning date | Jul. 01, 2023 | Apr. 01, 2023 | Jan. 01, 2023 | Oct. 04, 2022 | |||||||
Commodity contracts with notional quantity ending date | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 03, 2023 | |||||||
Commodity Contracts | Other Current Liabilities | |||||||||||
Derivative [Line Items] | |||||||||||
Commodity contracts, liability fair value | $ 4,715,000 | $ 4,715,000 | |||||||||
1-Month LIBOR | Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, maturity period | 4 years | ||||||||||
Derivative, notional amount | $ 400,000,000 | ||||||||||
Derivative, expiration date | Jun. 01, 2022 | ||||||||||
Derivative, fixed rate | 2.84% |
Summary of Fair Values of Deriv
Summary of Fair Values of Derivative Instruments in Consolidated Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Interest Rate Swap | Other Current Liabilities | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | $ (4,295) | |
Foreign Exchange Contracts | Other Current Liabilities | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | $ (236) | |
Commodity Contracts | Other Current Liabilities | ||
Cash flow derivative instruments not designated as hedges: | ||
Cash flow derivative instruments not designated as hedges, liability fair value | $ (4,715) | |
Commodity Contracts | Prepaid Expenses and Other Current Assets | ||
Cash flow derivative instruments not designated as hedges: | ||
Cash flow derivative instruments not designated as hedges, asset fair value | $ 297 |
Summary of Accumulated Other Co
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income | $ 0 | $ 116 | $ 24 | $ (87) |
Interest Rate Swap | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income | (147) | 190 | (682) | |
Loss Reclassified into Income | $ 0 | $ (2,775) | $ (4,105) | $ (8,278) |
Derivative Instrument Gain Loss Reclassified From Aoci Into Income Effective Portion Statement Of Income Or Comprehensive Income Extensible Enumeration | Interest Expense | Interest Expense | Interest Expense | Interest Expense |
Summary of Activity of Designat
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2022 | Sep. 27, 2021 | |
Derivative [Line Items] | ||
Beginning balance | $ 1,455,417 | $ 1,444,009 |
Ending balance | 1,522,469 | 1,466,589 |
Gains (Losses) on Cash Flow Hedges | ||
Derivative [Line Items] | ||
Beginning balance | (3,223) | (11,231) |
Changes in fair value gain (loss), net of tax | 24 | (87) |
Reclassification to earnings | 3,092 | 5,875 |
Ending balance | $ (107) | $ (5,443) |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 03, 2022 | Jul. 04, 2022 | Apr. 04, 2022 | Sep. 27, 2021 | Jun. 28, 2021 | Mar. 29, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ 1,474,080 | $ 1,447,829 | $ 1,455,417 | $ 1,470,371 | $ 1,442,467 | $ 1,444,009 | $ 1,455,417 | $ 1,444,009 |
Other comprehensive (loss) income | (609) | (776) | 2,151 | 1,986 | 2,438 | 1,786 | 766 | 6,210 |
Ending balance | 1,522,469 | 1,474,080 | 1,447,829 | 1,466,589 | 1,470,371 | 1,442,467 | 1,522,469 | 1,466,589 |
Foreign Currency Translation | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (23,899) | (23,899) | ||||||
Other comprehensive (loss) income before reclassifications | (2,350) | |||||||
Other comprehensive (loss) income | (2,350) | |||||||
Ending balance | (26,249) | (26,249) | ||||||
Pension Obligation | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (133) | (133) | ||||||
Ending balance | (133) | (133) | ||||||
(Losses) Gains on Cash Flow Hedges | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (3,223) | (11,231) | (3,223) | (11,231) | ||||
Other comprehensive (loss) income before reclassifications | 24 | (87) | ||||||
Reclassification to earnings | 3,092 | 5,875 | ||||||
Other comprehensive (loss) income | 3,116 | |||||||
Ending balance | (107) | (5,443) | (107) | (5,443) | ||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (25,880) | (25,104) | (27,255) | (34,689) | (37,127) | (38,913) | (27,255) | (38,913) |
Other comprehensive (loss) income before reclassifications | (2,326) | |||||||
Reclassification to earnings | 3,092 | |||||||
Other comprehensive (loss) income | (609) | (776) | 2,151 | 1,986 | 2,438 | 1,786 | 766 | |
Ending balance | $ (26,489) | $ (25,880) | $ (25,104) | $ (32,703) | $ (34,689) | $ (37,127) | $ (26,489) | $ (32,703) |
Significant Customers and Con_2
Significant Customers and Concentration of Credit Risk - Additional Information (Detail) - Net Sales - Customer | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Concentration Risk [Line Items] | ||||
Number of customers contributing to more than ten percent of revenue | 0 | 0 | 1 | 1 |
PCB | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Percentage of net sales, accounted by one customer | 10% | 10% | 10% | 10% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities, current | $ 4,951 | $ 4,295 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 297 | |
Derivative liabilities, current | 4,951 | 4,295 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 297 | |
Derivative liabilities, current | 4,951 | 4,295 |
Term Loan Due September 2024 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 403,951 | 403,262 |
Term Loan Due September 2024 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 403,091 | 406,135 |
ABL Revolving Loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 30,000 | 30,000 |
ABL Revolving Loans | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 30,000 | 30,000 |
Senior Notes Due March 2029 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 495,053 | 494,556 |
Senior Notes Due March 2029 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 400,120 | $ 498,200 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 335,625 | $ 537,678 |
Domestic Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 139,358 | |
Foreign Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 196,267 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 03, 2022 USD ($) |
Offset Agreement [Member] | |
Loss Contingencies [Line Items] | |
Outstanding offset agreements | $ 32,000 |
Reconciliation of Numerator and
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings per Share and Diluted Earnings per Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 43,528 | $ 20,958 | $ 88,566 | $ 46,027 |
Basic weighted average shares | 102,196 | 107,098 | 102,016 | 106,917 |
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options | 1,524 | 1,247 | 1,720 | 1,655 |
Dilutive effect of outstanding warrants | 0 | 0 | 2 | 267 |
Diluted shares | 103,720 | 108,345 | 103,738 | 108,839 |
Earnings per share: | ||||
Basic | $ 0.43 | $ 0.20 | $ 0.87 | $ 0.43 |
Diluted | $ 0.42 | $ 0.19 | $ 0.85 | $ 0.42 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
PRUs, RSUs and Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 41 | 997 | 690 | 866 |
Amounts Recognized in Consolida
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 5,470 | $ 4,944 | $ 14,131 | $ 12,503 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 1,699 | 1,284 | 4,147 | 3,310 |
Selling and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 762 | 731 | 2,032 | 1,819 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 2,685 | 2,542 | 7,134 | 6,912 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 324 | $ 387 | $ 818 | $ 462 |
Summary of Unrecognized Compens
Summary of Unrecognized Compensation Costs (Detail) $ in Thousands | 9 Months Ended |
Oct. 03, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 36,755 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 33,723 |
Remaining Weighted Average Recognition Period (years) | 1 year 6 months |
Performance-Based Restricted Stock Units (PRUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 3,030 |
Remaining Weighted Average Recognition Period (years) | 1 year 8 months 12 days |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 2 |
Remaining Weighted Average Recognition Period (years) | 0 years |
Reconciliation of Operating Inc
Reconciliation of Operating Income from Segments to Consolidated By Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 671,080 | $ 556,784 | $ 1,877,890 | $ 1,650,599 |
Operating income | 49,778 | 32,235 | 112,848 | 92,923 |
Amortization of definite-lived intangibles | (11,657) | (9,658) | (30,973) | (30,988) |
Total other expense | (615) | (8,622) | (13,079) | (43,494) |
Income before income taxes | 49,163 | 23,613 | 99,769 | 49,429 |
Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 588,920 | 541,118 | 1,764,419 | 1,605,084 |
RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 13,905 | 15,666 | 45,216 | 42,259 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 68,255 | 68,255 | 3,256 | |
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 61,435 | 41,893 | 143,821 | 123,911 |
Operating Segment | Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 588,920 | 541,118 | 1,764,419 | 1,605,084 |
Operating income | 82,770 | 61,424 | 231,218 | 191,711 |
Operating Segment | RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 13,905 | 15,666 | 45,216 | 42,259 |
Operating income | 5,984 | 6,537 | 18,412 | 15,129 |
Operating Segment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 68,255 | 0 | 68,255 | 3,256 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (27,319) | $ (26,068) | $ (105,809) | $ (82,929) |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Detail) - USD ($) $ in Thousands | Oct. 03, 2022 | Jan. 03, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,292,890 | $ 3,025,547 |
Operating Segment | Printed Circuit Board | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,765,873 | 1,655,401 |
Operating Segment | RF&S Components | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 204,620 | 216,737 |
Corporate and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,322,397 | $ 1,153,409 |
Reconciliation of Operating I_2
Reconciliation of Operating Income from Segments to Consolidated By Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Segment Reporting Information [Line Items] | ||||
Amortization of definite-lived intangibles | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Printed Circuit Board and RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of definite-lived intangibles | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Oct. 03, 2022 Country | |
Segment Reporting [Abstract] | |
Number of countries the parent company markets and sells its products | 60 |
Percentage of total net sales, if exceed, the company does not conduct business | 10% |
Net Sales (Detail)
Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2022 | Sep. 27, 2021 | Oct. 03, 2022 | Sep. 27, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 671,080 | $ 556,784 | $ 1,877,890 | $ 1,650,599 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 343,696 | 245,940 | 882,577 | 775,351 |
China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 73,800 | 77,022 | 226,776 | 238,891 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 253,584 | $ 233,822 | $ 768,537 | $ 636,357 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | |||||
Feb. 03, 2021 | Oct. 03, 2022 | Jul. 04, 2022 | Apr. 04, 2022 | Sep. 27, 2021 | Jun. 28, 2021 | Oct. 03, 2022 | |
Share Repurchase Program [Abstract] | |||||||
Share repurchase program, authorized amount | $ 100,000,000 | ||||||
Share repurchase program, expiration date | Feb. 03, 2023 | ||||||
Common stock shares, repurchased | 0 | 2,747 | |||||
Common stock value, repurchased | $ 5,192,000 | $ 30,232,000 | $ 28,971,000 | $ 6,145,000 | $ 35,424,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 0 | $ 0 |