Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 03, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 03, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TTMI | |
Entity Registrant Name | TTM TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001116942 | |
Current Fiscal Year End Date | --01-01 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 102,585,707 | |
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 | Apr. 03, 2023 | Jan. 02, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 417,452 | $ 402,749 |
Accounts receivable, net | 398,898 | 473,225 |
Contract assets | 316,048 | 335,788 |
Inventories | 176,728 | 170,639 |
Receivable from sale of Shanghai E-MS (SH E-MS) property | 34,746 | 69,240 |
Prepaid expenses and other current assets | 34,231 | 41,415 |
Total current assets | 1,378,103 | 1,493,056 |
Property, plant and equipment, net | 714,147 | 724,204 |
Operating lease right-of-use assets | 15,622 | 18,862 |
Goodwill | 746,272 | 760,437 |
Definite-lived intangibles, net | 270,515 | 288,037 |
Deposits and other non-current assets | 51,376 | 39,008 |
Total assets | 3,176,035 | 3,323,604 |
Current liabilities: | ||
Short-term debt, including current portion of long-term debt | 0 | 50,000 |
Accounts payable | 312,823 | 361,788 |
Contract liabilities | 126,705 | 103,981 |
Accrued salaries, wages and benefits | 85,729 | 115,524 |
Other current liabilities | 102,494 | 130,032 |
Total current liabilities | 627,751 | 761,325 |
Long-term debt, net of discount and issuance costs | 879,993 | 879,407 |
Operating lease liabilities | 10,099 | 12,249 |
Other long-term liabilities | 130,458 | 135,044 |
Total long-term liabilities | 1,020,550 | 1,026,700 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, $0.001 par value; 300,000 shares authorized; 109,956 and 109,598 shares issued as of April 3, 2023 and January 2, 2023, respectively; 102,586 and 102,228 shares outstanding as of April 3, 2023 and January 2, 2023, respectively | 110 | 110 |
Treasury stock - common stock at cost; 7,370 shares as of April 3, 2023 and January 2, 2023 | (98,659) | (98,659) |
Additional paid-in capital | 863,317 | 858,077 |
Retained earnings | 795,027 | 800,841 |
Accumulated other comprehensive loss | (32,061) | (24,790) |
Total stockholders’ equity | 1,527,734 | 1,535,579 |
Total liabilities and stockholders' equity | $ 3,176,035 | $ 3,323,604 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Apr. 03, 2023 | Jan. 02, 2023 |
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 | 109,956,000 | 109,598,000 |
Common stock, shares outstanding | 102,586,000 | 102,228,000 |
Treasury stock, common shares | 7,370,000 | 7,370,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 544,437 | $ 581,260 |
Cost of goods sold | 458,314 | 490,337 |
Gross profit | 86,123 | 90,923 |
Operating expenses: | ||
Selling and marketing | 21,302 | 18,272 |
General and administrative | 35,073 | 32,770 |
Research and development | 7,085 | 5,555 |
Amortization of definite-lived intangibles | 21,964 | 8,274 |
Restructuring charges | 4,167 | 184 |
Total operating expenses | 89,591 | 65,055 |
Operating (loss) income | (3,468) | 25,868 |
Other (expense) income: | ||
Interest expense | (12,807) | (11,361) |
Gain on sale of subsidiary | 1,339 | 0 |
Other, net | 1,198 | 1,970 |
Total other expense, net | (10,270) | (9,391) |
(Loss) income before income taxes | (13,738) | 16,477 |
Income tax benefit | 7,924 | 769 |
Net (loss) income | $ (5,814) | $ 17,246 |
(Loss) earnings per share: | ||
Basic (loss) earnings per share | $ (0.06) | $ 0.17 |
Diluted (loss) earnings per share | $ (0.06) | $ 0.17 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (5,814) | $ 17,246 |
Other comprehensive income (loss), net of tax: | ||
Pension obligation adjustments, net | 1 | 0 |
Foreign currency translation adjustments | 30 | (36) |
Derecognition of foreign currency translation adjustments due to sale of subsidiary | (6,627) | 0 |
Net unrealized (loss) gain on cash flow hedges: | ||
Unrealized (loss) gain on effective cash flow hedges during the period, net | (680) | 153 |
Loss realized in the statement of operations, net | 5 | 2,034 |
Net | (675) | 2,187 |
Other comprehensive (loss) income, net of tax | (7,271) | 2,151 |
Comprehensive (loss) income, net of tax | $ (13,085) | $ 19,397 |
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 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 (loss) income | 17,246 | 17,246 | ||||
Other comprehensive (loss) 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 | (6,996,000) | ||||
Beginning balance at Jan. 02, 2023 | 1,535,579 | $ 110 | $ (98,659) | 858,077 | 800,841 | (24,790) |
Beginning balance (in shares) at Jan. 02, 2023 | 109,598 | (7,370) | ||||
Net (loss) income | (5,814) | (5,814) | ||||
Other comprehensive (loss) income | (7,271) | (7,271) | ||||
Issuance of common stock for performance-based restricted stock units (in shares) | 337 | |||||
Issuance of common stock for restricted stock units (in shares) | 21 | |||||
Stock-based compensation | 5,240 | 5,240 | ||||
Ending balance at Apr. 03, 2023 | $ 1,527,734 | $ 110 | $ (98,659) | $ 863,317 | $ 795,027 | $ (32,061) |
Ending balance (in shares) at Apr. 03, 2023 | 109,956 | (7,370) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (5,814) | $ 17,246 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 25,253 | 21,500 |
Amortization of definite-lived intangible assets | 27,772 | 9,658 |
Amortization of debt discount and issuance costs | 726 | 533 |
Deferred income taxes | (1,867) | (3,298) |
Stock-based compensation | 5,240 | 4,234 |
Gain on sale of subsidiary | (1,339) | 0 |
Other | (1,050) | (1,360) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 64,595 | (26,085) |
Contract assets | 18,591 | 6,149 |
Inventories | (9,045) | (9,731) |
Prepaid expenses and other current assets | 1,875 | (15,848) |
Accounts payable | (34,578) | 24,112 |
Contract liabilities | 22,724 | 8,335 |
Accrued salaries, wages and benefits | (29,279) | (454) |
Other current liabilities | (28,726) | 1,000 |
Net cash provided by operating activities | 55,078 | 35,991 |
Cash flows from investing activities: | ||
Proceeds from sale of SH E-MS property | 34,733 | 0 |
Purchase of property, plant and equipment and other assets | (31,002) | (23,445) |
Proceeds from sale of property, plant and equipment and other assets | 295 | 25 |
Proceeds from sale of subsidiary, net of cash disposed | 5,601 | 0 |
Net cash provided by (used in) investing activities | 9,627 | (23,420) |
Cash flows from financing activities: | ||
Repayment of long-term debt borrowings | (50,000) | 0 |
Repurchases of common stock | 0 | (30,232) |
Cash used to settle warrants | 0 | (887) |
Net cash used in financing activities | (50,000) | (31,119) |
Effect of foreign currency exchange rates on cash and cash equivalents | (2) | (51) |
Net increase (decrease) in cash and cash equivalents | 14,703 | (18,599) |
Cash and cash equivalents at beginning of period | 402,749 | 537,678 |
Cash and cash equivalents at end of period | 417,452 | 519,079 |
Supplemental cash flow information: | ||
Cash paid, net for interest | 19,589 | 17,563 |
Cash paid, net for income taxes | 13,207 | 3,259 |
Supplemental disclosure of noncash investing and financing activities: | ||
Property, plant and equipment recorded in accounts payable | 25,418 | 31,656 |
Issuance of common stock for warrant settlement | $ 0 | $ 589 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Apr. 03, 2023 | |
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, medical, industrial and instrumentation related products, as well as networking. The Company’s customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors and government agencies. 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 on-going effects of the coronavirus (COVID-19) global pandemic on the Company 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. The actual results the Company experienced may differ materially and adversely from its 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 September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted ASU 2022-04 as of April 3, 2023 . The Company has agreements with financial institutions to facilitate the payments to certain suppliers. Under the terms of the agreements, the Company confirms the validity of each supplier invoice to the respective financial institution upon receipt. The supplier receives payment from the financial institution, and the Company pays the financial institution based on the terms negotiated, which generally range from 220 days to 360 days , with a weighted average of 290 days . Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $ 3,565 and $ 6,653 as of April 3, 2023 and January 2, 2023, respectively. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which deferred the sunset date of Topic 848 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients and exceptions in Topic 848. On March 23, 2023, the Company entered into a four-year pay-fixed, receive floating (1-month CME Term Secured Overnight Financing Rate (SOFR)), interest rate swap arrangement with a notional amount of $ 250.0 million for the period beginning April 1, 2023 and ending on April 1, 2027. Under the terms of the interest rate swap, the Company pays a fixed rate of 3.49 % against a portion of its LIBOR-based debt and receives a floating 1-month CME Term SOFR during the swap period. The Company elected optional expedients provided in Topic 848 which allow the designation of the interest rate swap as a cash flow hedge. |
Acquisition of Gritel and ISC F
Acquisition of Gritel and ISC Farmingdale Corp. | 3 Months Ended |
Apr. 03, 2023 | |
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. At the time of acquisition, Telephonics Corporation was 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 quarters ended April 3, 2023 and April 4, 2022, bank fees and legal, accounting, and other professional service costs associated with the acquisition of $ 411 and $ 854 , respectively, have been expensed and recorded as general and administrative expense in the consolidated condensed statements of operations. Preliminary Purchase Price Allocation The purchase price was allocated to tangible and intangible assets acquired, and liabilities assumed based on the 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 estimated fair values of net assets acquired: (In thousands) Accounts receivable $ 51,140 Contract assets 26,460 Inventories 38,616 Prepaid expenses and other current assets 5,605 Property, plant and equipment 69,253 Operating lease right-of-use assets 497 Goodwill 111,763 Identifiable intangible assets 101,000 Non-current deferred tax assets 1,476 Deposits and other non-current assets 3,129 Accounts payable ( 16,026 ) Contract liabilities ( 65,262 ) Accrued salaries, wages and benefits ( 10,616 ) Other current liabilities ( 12,751 ) Operating lease liabilities ( 336 ) Other long-term liabilities ( 5,609 ) Total $ 298,339 The components of the preliminary purchase price allocations that are not yet finalized relate to the fair values of identifiable intangible assets, deferred taxes, tax uncertainties, income taxes payable, and goodwill. As such, fair values may change during the allowable measurement period, which is up to the point the Company obtains and analyzes 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 Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. During the quarter ended April 3, 2023, the Company decreased goodwill by $ 11,350 due to an adjustment to the estimate of fair value for identifiable intangible assets and deferred taxes. Additionally, the Company recorded amortization expense of $ 18,114 related to the acquired identifiable intangible assets during the quarter ended April 3, 2023 (of which $ 10,744 corresponded to the year ended January 2, 2023). For the quarter ended April 3, 2023, $ 4,425 of amortization expense is included in cost of goods sold (of which $ 2,950 corresponded to the year ended January 2, 2023). The Company believes that the acquisition of Telephonics will strengthen the Company’s differentiated position in the Aerospace and Defense market. 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 $ 48,639 and $ 6,785 , excluding intercompany sales and amortization of intangibles, of net sales and pre-tax income for the quarter ended April 3, 2023, 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 2022, or January 4, 2022. 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 April 3, 2023 April 4, 2022 (In thousands, except per share amounts) Net sales $ 544,437 $ 637,533 Net (loss) income ( 1,557 ) 11,611 Basic (loss) earnings per share $ ( 0.02 ) $ 0.11 Diluted (loss) earnings per share $ ( 0.02 ) $ 0.11 |
Leases
Leases | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 April 4, 2022 (In thousands) Operating lease cost $ 2,046 $ 1,884 Variable lease cost 278 246 Short-term lease cost 117 140 Finance lease costs: Amortization of right-of-use assets 344 344 Interest on lease liabilities 94 98 Supplemental cash flow information related to leases was as follows: Quarter Ended April 3, 2023 April 4, 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,070 $ 1,861 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 529 421 Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location April 3, 2023 January 2, 2023 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 15,622 $ 18,862 Finance leases Property, plant and equipment, net 13,041 13,384 Total lease assets $ 28,663 $ 32,246 Liabilities: Current: Operating leases Other current liabilities $ 6,257 $ 7,368 Finance leases Other current liabilities 752 736 Long-term: Operating leases Operating lease liabilities 10,099 12,249 Finance leases Other long-term liabilities 13,385 13,579 Total lease liabilities $ 30,493 $ 33,932 As of April 3, 2023 January 2, 2023 Weighted average remaining lease term (years): Operating leases 3.2 3.3 Finance leases 13.4 13.6 Weighted average discount rate: Operating leases 3.31 % 3.09 % Finance leases 2.69 % 2.69 % Maturities of lease liabilities were as follows: Operating (1) Finance (In thousands) Less than one year $ 6,662 $ 1,121 1 - 2 years 5,485 1,131 2 - 3 years 2,867 1,158 3 - 4 years 1,213 1,175 4 - 5 years 438 1,210 Thereafter 657 11,152 Total lease payments 17,322 16,947 Less imputed interest ( 966 ) ( 2,810 ) Total $ 16,356 $ 14,137 (1) Excludes $ 851 of legally binding minimum lease payments for leases signed but not yet commenced. |
Revenues
Revenues | 3 Months Ended |
Apr. 03, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | (4) Revenues As of April 3, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations for long-term contracts was $ 378,829 . The Company expects to recognize revenue on approximately 52 % of the remaining performance obligations for the Company’s long-term contracts over the next twelve months with the remaining amount expected to be recognized thereafter. For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis. The estimated remaining costs to complete for loss contracts as of April 3, 2023 and January 2, 2023 were $ 20,641 and $ 21,632 , respectively. Revenue recognized for the quarter ended April 3, 2023 from amounts recorded as contract liabilities as of January 2, 2023 was $ 18,508 . Revenue from products and services transferred to customers over time and at a point in time accounted for 96 % and 4 %, respectively, of the Company’s revenue for the quarter ended April 3, 2023, and 97 % and 3 %, respectively, of the Company’s revenue for the quarter ended April 4, 2022. The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended April 3, 2023 PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 232,292 $ — $ 232,292 Automotive 93,467 — 93,467 Data Center Computing 57,870 — 57,870 Medical/Industrial/Instrumentation 100,768 917 101,685 Networking 49,714 9,409 59,123 Total $ 534,111 $ 10,326 $ 544,437 Quarter Ended April 4, 2022 PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 172,180 $ — $ 172,180 Automotive 115,236 — 115,236 Data Center Computing 91,784 — 91,784 Medical/Industrial/Instrumentation 120,362 1,538 121,900 Networking 63,643 13,757 77,400 Other 2,865 ( 105 ) 2,760 Total $ 566,070 $ 15,190 $ 581,260 |
Composition of Certain Consolid
Composition of Certain Consolidated Condensed Financial Statement Captions | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 January 2, 2023 (In thousands) Inventories: Raw materials $ 142,205 $ 145,561 Work-in-process 29,201 20,114 Finished goods 5,322 4,964 $ 176,728 $ 170,639 Property, plant and equipment, net: Land and land use rights $ 76,811 $ 76,811 Buildings and improvements 444,990 443,353 Machinery and equipment 994,365 989,935 Furniture and fixtures and other 11,206 11,327 Construction-in-progress 26,899 27,774 1,554,271 1,549,200 Less: Accumulated depreciation ( 840,124 ) ( 824,996 ) $ 714,147 $ 724,204 Other current liabilities: Sales return and allowances $ 10,774 $ 12,319 Income taxes payable 9,142 28,057 Accrued facility operating costs 9,102 9,081 Housing fund 7,572 7,440 Customer deposits 7,500 — Warranty 6,450 8,045 Operating leases 6,257 7,368 Accrued professional fees 5,463 5,123 Restructuring 3,973 2,513 Interest 1,847 9,336 Derivative liabilities 310 1,622 Other 34,104 39,128 $ 102,494 $ 130,032 Other long-term liabilities: Deferred income taxes $ 53,648 $ 54,268 Customer deposits 31,250 38,750 Finance leases 13,385 13,579 Defined benefit pension plan liability 2,473 2,471 Derivative liabilities 901 — Other 28,801 25,976 $ 130,458 $ 135,044 On December 22, 2022, land, building, and relevant ancillary assets related to the Company’s former Shanghai E-MS (SH E-MS) manufacturing facility were expropriated by the Chinese government for a compensation fee of Renminbi (RMB) 477.6 million generating a gain on the sale of $ 51,804 . The Company received 50 % of the proceeds as of April 3, 2023 and will receive the remaining proceeds as follows: 40 % before June 30, 2023 and 10 % before December 30, 2023. As of April 3, 2023 and January 2, 2023, the receivable from sale of SH E-MS property was $ 34,746 and $ 69,240 , respectively. |
Goodwill
Goodwill | 3 Months Ended |
Apr. 03, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwill As of April 3, 2023 and January 2, 2023, goodwill by reportable segment was as follows: PCB RF&S Components Total (In thousands) Balance as of January 2, 2023 Goodwill $ 823,837 $ 177,200 $ 1,001,037 Accumulated impairment losses ( 171,400 ) ( 69,200 ) ( 240,600 ) 652,437 108,000 760,437 Goodwill adjustment during the quarter ended April 3, 2023 ( 11,350 ) — ( 11,350 ) Derecognition of goodwill due to sale of subsidiary ( 2,815 ) — ( 2,815 ) Balance as of April 3, 2023 Goodwill 809,672 177,200 986,872 Accumulated impairment losses ( 171,400 ) ( 69,200 ) ( 240,600 ) $ 638,272 $ 108,000 $ 746,272 During the quarter ended April 3, 2023, the Company decreased goodwill by $ 11,350 due to an adjustment to the estimate of fair value for identifiable intangible assets and deferred taxes. Goodwill recognized as a result of the acquisition of Telephonics is not yet finalized as of April 3, 2023. See Note 2 for additional information. |
Definite-lived Intangibles
Definite-lived Intangibles | 3 Months Ended |
Apr. 03, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-lived Intangibles | (7) Definite-lived Intangibles As of April 3, 2023 and January 2, 2023, the components of definite-lived intangibles were as follows: Gross Accumulated Net Weighted (In thousands) (In years) April 3, 2023 Customer relationships $ 422,071 $ ( 202,833 ) $ 219,238 10.6 Technology 77,150 ( 30,685 ) 46,465 7.8 Backlog 13,000 ( 9,750 ) 3,250 1.0 Trade names 2,500 ( 938 ) 1,562 2.0 $ 514,721 $ ( 244,206 ) $ 270,515 January 2, 2023 Customer relationships $ 366,071 $ ( 187,560 ) $ 178,511 11.3 Technology 47,650 ( 24,876 ) 22,774 9.5 Acquired intangibles from acquisition Customer relationships 82,500 ( 3,173 ) 79,327 13.0 Trade names 8,250 ( 825 ) 7,425 5.0 $ 504,471 $ ( 216,434 ) $ 288,037 The Company has acquired customer relationships, technology, backlog 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 $ 27,772 and $ 9,658 for the quarters ended April 3, 2023 and April 4, 2022, respectively. For the quarters ended April 3, 2023 and April 4, 2022, $ 5,808 and $ 1,384 , 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 2023 $ 42,654 2024 45,375 2025 40,630 2026 40,630 2027 38,348 Thereafter 62,878 $ 270,515 |
Long-term Debt and Letters of C
Long-term Debt and Letters of Credit | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023: 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 7.36 355,879 6.89 405,879 Asia ABL Revolving Loan due June 2024 6.26 30,000 5.79 30,000 885,879 935,879 Less: Long-term debt unamortized debt ( 5,589 ) ( 6,080 ) Long-term debt unamortized discount ( 297 ) ( 392 ) 879,993 929,407 Less: current maturities — ( 50,000 ) Long-term debt, less current maturities $ 879,993 $ 879,407 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 restricted 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 April 3, 2023 and January 2, 2023, remaining unamortized debt discount and debt issuance costs for the Senior Notes due 2029 and Term Loan Facility are as follows: As of April 3, 2023 As of January 2, 2023 Debt Debt Effective Debt Debt Effective (In thousands, except interest rates) Senior Notes due March 2029 $ 4,608 $ — 4.18 % $ 4,779 $ — 4.18 % Term Loan due September 2024 981 297 4.66 1,301 392 4.66 $ 5,589 $ 297 $ 6,080 $ 392 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. The remaining unamortized debt issuance costs for the ABL Revolving Loans of $ 652 and $ 792 as of April 3, 2023 and January 2, 2023, 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 April 3, 2023, the remaining weighted average amortization period for all unamortized debt discount and debt issuance costs was 4.6 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 03, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate is impacted by the mix of foreign and U.S. income, tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, the 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 ended April 3, 2023, the Company’s effective tax rate was impacted by a net discrete expense of $ 356 . This is primarily related to tax on sale of one of the Company’s subsidiaries in China and accrued interest expense on existing uncertain tax position. 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 liability on undistributed earnings has been recorded. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023: Foreign Pension (Losses) Gains Total (In thousands) Ending balance as of January 2, 2023 $ ( 25,984 ) $ 1,279 $ ( 85 ) $ ( 24,790 ) Other comprehensive (loss) income ( 6,597 ) 1 ( 680 ) ( 7,276 ) Amounts reclassified from accumulated — — 5 5 Other comprehensive (loss) income ( 6,597 ) 1 ( 675 ) ( 7,271 ) Ending balance as of April 3, 2023 $ ( 32,581 ) $ 1,280 $ ( 760 ) $ ( 32,061 ) |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 3 Months Ended |
Apr. 03, 2023 | |
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. There were no customers that accounted for 10 % or more of accounts receivable as of April 3, 2023. As of January 2, 2023, there was one customer that accounted for 11 % of the Company’s accounts receivable. 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. For the quarters ended April 3, 2023 and April 4, 2022, one customer accounted for approximately 12 % and 10 % of the Company’s net sales, respectively. |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023 were as follows: As of As of April 3, 2023 January 2, 2023 Carrying Fair Value Carrying Fair Value (In thousands) Derivative assets, current $ 640 $ 640 $ — $ — Derivative liabilities, current 310 310 1,622 1,622 Derivative liabilities, non-current 901 901 — — Senior Notes due March 2029 495,392 436,870 495,221 430,165 Term Loan due September 2024 354,601 355,879 404,186 405,628 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 1-month CME Term SOFR 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 April 3, 2023 and January 2, 2023, which are considered Level 2 inputs. As of April 3, 2023 and January 2, 2023, 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 April 3, 2023 consisted of $ 173,696 held in the U.S., with the remaining $ 243,756 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 | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023. However, these amounts are not material to the consolidated condensed financial statements of the Company. Offset Agreements 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 April 3, 2023, the Company had outstanding offset agreements of approximately $ 20,169 , 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 April 3, 2023, no such penalties have been paid. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 03, 2023 | |
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 quarters ended April 3, 2023 and April 4, 2022: Quarter Ended April 3, April 4, 2023 2022 (In thousands, except per share amounts) Net (loss) income $ ( 5,814 ) $ 17,246 Basic weighted average shares 102,381 102,613 Dilutive effect of performance-based restricted stock — 1,685 Dilutive effect of outstanding warrants — 6 Diluted shares 102,381 104,304 (Loss) earnings per share: Basic $ ( 0.06 ) $ 0.17 Diluted $ ( 0.06 ) $ 0.17 For the quarter ended April 3, 2023, potential shares of common stock, consisting of stock options to purchase approximately 60 shares of common stock at exercise prices ranging from $ 11.83 to $ 16.60 per share, 3,027 restricted stock units (RSUs), and 606 performance-based restricted stock units (PRUs) were not included in the computation of diluted earnings per share because the Company incurred a net loss and as a result, the impact would be anti-dilutive. PRUs, RSUs, and stock options to purchase 975 shares of common stock for the quarter ended April 4, 2022 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 at April 4, 2022, 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, as a result, the impact would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, April 4, 2023 2022 (In thousands) Cost of goods sold $ 1,662 $ 1,276 Selling and marketing 741 650 General and administrative 2,562 2,053 Research and development 275 255 Stock-based compensation expense recognized $ 5,240 $ 4,234 Summary of Unrecognized Compensation Costs The following is a summary of total unrecognized compensation costs as of April 3, 2023: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average (In thousands) (In years) RSU awards $ 24,846 1.4 PRU awards 2,998 1.3 $ 27,844 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 03, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (10) 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. 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 April 3, 2023 April 4, 2022 (In thousands) Net Sales: PCB $ 534,111 $ 566,070 RF&S Components 10,326 15,190 Total net sales $ 544,437 $ 581,260 Operating Segment Income (Loss): PCB $ 51,634 $ 56,540 RF&S Components 2,168 5,750 Corporate and Other ( 29,498 ) ( 26,764 ) Total operating segment income 24,304 35,526 Amortization of definite-lived intangibles (1) ( 27,772 ) ( 9,658 ) Total operating (loss) income ( 3,468 ) 25,868 Total other expense ( 10,270 ) ( 9,391 ) (Loss) income before income taxes $ ( 13,738 ) $ 16,477 As of April 3, 2023 January 2, 2023 (In thousands) Segment Assets: PCB $ 1,831,973 $ 1,890,723 RF&S Components 195,741 202,619 Corporate and Other 1,148,321 1,230,262 Total assets $ 3,176,035 $ 3,323,604 (1) Amortization of definite-lived intangibles relates to the PCB and RF&S Components reportable segments. For the q uarters ended April 3, 2023 and April 4, 2022, $ 5,808 and $ 1,384 , respectively, of amortization expense is included in cost of goods sold. The Corporate and Other category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate and Other 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 50 countries. Other than in the United States, 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 April 3, 2023 April 4, 2022 (In thousands) Net Sales: United States $ 311,441 $ 264,401 China 44,037 77,205 Other 188,959 239,654 Total net sales $ 544,437 $ 581,260 Net sales are attributed to countries by country invoiced. |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Apr. 03, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | (17) Restructuring Charges On February 8, 2023, the Company announced a consolidation plan, which would include closing three of its manufacturing facilities and consolidating the operations of those facilities into other Company facilities. The three manufacturing facilities are PCB operations located in Anaheim and Santa Clara, California, and Hong Kong. As of the end of April 2023, the Company ceased operations at the Hong Kong manufacturing facility and expects to be substantially closed by the end of the second quarter of 2023. The Company expects the Anaheim and Santa Clara facilities to be substantially closed by the end of 2023. As of April 3, 2023, the Company has incurred approximately $ 3,473 of restructuring charges and $ 1,276 of accelerated depreciation expense since the February 8, 2023 announcement. In addition to this consolidation plan, the Company recognized employee separation, contract termination and other costs during the quarters ended April 3, 2023 and April 4, 2022 in connection with other global realignment restructuring efforts. Contract termination and other costs primarily represented plant closure costs. The below table summarizes such restructuring costs by reportable segment for the quarters ended April 3, 2023 and April 4, 2022: Quarter Ended April 3, 2023 Employee Contract Total (In thousands) Reportable Segment: PCB $ 3,757 $ 186 $ 3,943 Corporate and Other 126 98 224 $ 3,883 $ 284 $ 4,167 Quarter Ended April 4, 2022 Employee Contract Total (In thousands) Reportable Segment: Corporate and Other $ 31 $ 153 $ 184 $ 31 $ 153 $ 184 Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The below table shows the utilization of the accrued restructuring costs during the quarter ended April 3, 2023: Employee Contract Total (In thousands) Accrued as of January 2, 2023 $ 2,510 $ 3 $ 2,513 Charged to expense 3,883 284 4,167 Amount paid ( 2,521 ) ( 186 ) ( 2,707 ) Accrued as of April 3, 2023 $ 3,872 $ 101 $ 3,973 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 03, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events On May 3, 2023, the Company announced that its Board of Directors authorized and approved a share repurchase program. Under the program, the Company may repurchase up to $ 100,000 in value of the Company’s outstanding shares of common stock from time to time through May 3, 2025 . The Company may 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 (Exchange Act) which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. In addition, the Company expects to adopt one or more trading plans in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 03, 2023 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted ASU 2022-04 as of April 3, 2023 . The Company has agreements with financial institutions to facilitate the payments to certain suppliers. Under the terms of the agreements, the Company confirms the validity of each supplier invoice to the respective financial institution upon receipt. The supplier receives payment from the financial institution, and the Company pays the financial institution based on the terms negotiated, which generally range from 220 days to 360 days , with a weighted average of 290 days . Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $ 3,565 and $ 6,653 as of April 3, 2023 and January 2, 2023, respectively. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which deferred the sunset date of Topic 848 to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients and exceptions in Topic 848. On March 23, 2023, the Company entered into a four-year pay-fixed, receive floating (1-month CME Term Secured Overnight Financing Rate (SOFR)), interest rate swap arrangement with a notional amount of $ 250.0 million for the period beginning April 1, 2023 and ending on April 1, 2027. Under the terms of the interest rate swap, the Company pays a fixed rate of 3.49 % against a portion of its LIBOR-based debt and receives a floating 1-month CME Term SOFR during the swap period. The Company elected optional expedients provided in Topic 848 which allow the designation of the interest rate swap as a cash flow hedge. |
Acquisition of Gritel and ISC_2
Acquisition of Gritel and ISC Farmingdale Corp. (Tables) - Gritel and ISC Farmingdale Corporation | 3 Months Ended |
Apr. 03, 2023 | |
Summary of Preliminary Estimated Fair Values of Net Assets Acquired | The following summarizes the estimated fair values of net assets acquired: (In thousands) Accounts receivable $ 51,140 Contract assets 26,460 Inventories 38,616 Prepaid expenses and other current assets 5,605 Property, plant and equipment 69,253 Operating lease right-of-use assets 497 Goodwill 111,763 Identifiable intangible assets 101,000 Non-current deferred tax assets 1,476 Deposits and other non-current assets 3,129 Accounts payable ( 16,026 ) Contract liabilities ( 65,262 ) Accrued salaries, wages and benefits ( 10,616 ) Other current liabilities ( 12,751 ) Operating lease liabilities ( 336 ) Other long-term liabilities ( 5,609 ) 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 April 3, 2023 April 4, 2022 (In thousands, except per share amounts) Net sales $ 544,437 $ 637,533 Net (loss) income ( 1,557 ) 11,611 Basic (loss) earnings per share $ ( 0.02 ) $ 0.11 Diluted (loss) earnings per share $ ( 0.02 ) $ 0.11 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Quarter Ended April 3, 2023 April 4, 2022 (In thousands) Operating lease cost $ 2,046 $ 1,884 Variable lease cost 278 246 Short-term lease cost 117 140 Finance lease costs: Amortization of right-of-use assets 344 344 Interest on lease liabilities 94 98 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Quarter Ended April 3, 2023 April 4, 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,070 $ 1,861 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 529 421 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location April 3, 2023 January 2, 2023 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 15,622 $ 18,862 Finance leases Property, plant and equipment, net 13,041 13,384 Total lease assets $ 28,663 $ 32,246 Liabilities: Current: Operating leases Other current liabilities $ 6,257 $ 7,368 Finance leases Other current liabilities 752 736 Long-term: Operating leases Operating lease liabilities 10,099 12,249 Finance leases Other long-term liabilities 13,385 13,579 Total lease liabilities $ 30,493 $ 33,932 As of April 3, 2023 January 2, 2023 Weighted average remaining lease term (years): Operating leases 3.2 3.3 Finance leases 13.4 13.6 Weighted average discount rate: Operating leases 3.31 % 3.09 % Finance leases 2.69 % 2.69 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Operating (1) Finance (In thousands) Less than one year $ 6,662 $ 1,121 1 - 2 years 5,485 1,131 2 - 3 years 2,867 1,158 3 - 4 years 1,213 1,175 4 - 5 years 438 1,210 Thereafter 657 11,152 Total lease payments 17,322 16,947 Less imputed interest ( 966 ) ( 2,810 ) Total $ 16,356 $ 14,137 (1) Excludes $ 851 of legally binding minimum lease payments for leases signed but not yet commenced. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 232,292 $ — $ 232,292 Automotive 93,467 — 93,467 Data Center Computing 57,870 — 57,870 Medical/Industrial/Instrumentation 100,768 917 101,685 Networking 49,714 9,409 59,123 Total $ 534,111 $ 10,326 $ 544,437 Quarter Ended April 4, 2022 PCB RF&S Components Total End Markets (In thousands) Aerospace and Defense $ 172,180 $ — $ 172,180 Automotive 115,236 — 115,236 Data Center Computing 91,784 — 91,784 Medical/Industrial/Instrumentation 120,362 1,538 121,900 Networking 63,643 13,757 77,400 Other 2,865 ( 105 ) 2,760 Total $ 566,070 $ 15,190 $ 581,260 |
Composition of Certain Consol_2
Composition of Certain Consolidated Condensed Financial Statement Captions (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions | As of April 3, 2023 January 2, 2023 (In thousands) Inventories: Raw materials $ 142,205 $ 145,561 Work-in-process 29,201 20,114 Finished goods 5,322 4,964 $ 176,728 $ 170,639 Property, plant and equipment, net: Land and land use rights $ 76,811 $ 76,811 Buildings and improvements 444,990 443,353 Machinery and equipment 994,365 989,935 Furniture and fixtures and other 11,206 11,327 Construction-in-progress 26,899 27,774 1,554,271 1,549,200 Less: Accumulated depreciation ( 840,124 ) ( 824,996 ) $ 714,147 $ 724,204 Other current liabilities: Sales return and allowances $ 10,774 $ 12,319 Income taxes payable 9,142 28,057 Accrued facility operating costs 9,102 9,081 Housing fund 7,572 7,440 Customer deposits 7,500 — Warranty 6,450 8,045 Operating leases 6,257 7,368 Accrued professional fees 5,463 5,123 Restructuring 3,973 2,513 Interest 1,847 9,336 Derivative liabilities 310 1,622 Other 34,104 39,128 $ 102,494 $ 130,032 Other long-term liabilities: Deferred income taxes $ 53,648 $ 54,268 Customer deposits 31,250 38,750 Finance leases 13,385 13,579 Defined benefit pension plan liability 2,473 2,471 Derivative liabilities 901 — Other 28,801 25,976 $ 130,458 $ 135,044 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | As of April 3, 2023 and January 2, 2023, goodwill by reportable segment was as follows: PCB RF&S Components Total (In thousands) Balance as of January 2, 2023 Goodwill $ 823,837 $ 177,200 $ 1,001,037 Accumulated impairment losses ( 171,400 ) ( 69,200 ) ( 240,600 ) 652,437 108,000 760,437 Goodwill adjustment during the quarter ended April 3, 2023 ( 11,350 ) — ( 11,350 ) Derecognition of goodwill due to sale of subsidiary ( 2,815 ) — ( 2,815 ) Balance as of April 3, 2023 Goodwill 809,672 177,200 986,872 Accumulated impairment losses ( 171,400 ) ( 69,200 ) ( 240,600 ) $ 638,272 $ 108,000 $ 746,272 During the quarter ended April 3, 2023, the Company decreased goodwill by $ 11,350 due to an adjustment to the estimate of fair value for identifiable intangible assets and deferred taxes. Goodwill recognized as a result of the acquisition of Telephonics is not yet finalized as of April 3, 2023. See Note 2 for additional information. |
Definite-lived Intangibles (Tab
Definite-lived Intangibles (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite Lived Intangibles | As of April 3, 2023 and January 2, 2023, the components of definite-lived intangibles were as follows: Gross Accumulated Net Weighted (In thousands) (In years) April 3, 2023 Customer relationships $ 422,071 $ ( 202,833 ) $ 219,238 10.6 Technology 77,150 ( 30,685 ) 46,465 7.8 Backlog 13,000 ( 9,750 ) 3,250 1.0 Trade names 2,500 ( 938 ) 1,562 2.0 $ 514,721 $ ( 244,206 ) $ 270,515 January 2, 2023 Customer relationships $ 366,071 $ ( 187,560 ) $ 178,511 11.3 Technology 47,650 ( 24,876 ) 22,774 9.5 Acquired intangibles from acquisition Customer relationships 82,500 ( 3,173 ) 79,327 13.0 Trade names 8,250 ( 825 ) 7,425 5.0 $ 504,471 $ ( 216,434 ) $ 288,037 |
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 2023 $ 42,654 2024 45,375 2025 40,630 2026 40,630 2027 38,348 Thereafter 62,878 $ 270,515 |
Long-term Debt and Letters of_2
Long-term Debt and Letters of Credit (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes the long-term debt of the Company as of April 3, 2023 and January 2, 2023: 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 7.36 355,879 6.89 405,879 Asia ABL Revolving Loan due June 2024 6.26 30,000 5.79 30,000 885,879 935,879 Less: Long-term debt unamortized debt ( 5,589 ) ( 6,080 ) Long-term debt unamortized discount ( 297 ) ( 392 ) 879,993 929,407 Less: current maturities — ( 50,000 ) Long-term debt, less current maturities $ 879,993 $ 879,407 |
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs | As of April 3, 2023 and January 2, 2023, remaining unamortized debt discount and debt issuance costs for the Senior Notes due 2029 and Term Loan Facility are as follows: As of April 3, 2023 As of January 2, 2023 Debt Debt Effective Debt Debt Effective (In thousands, except interest rates) Senior Notes due March 2029 $ 4,608 $ — 4.18 % $ 4,779 $ — 4.18 % Term Loan due September 2024 981 297 4.66 1,301 392 4.66 $ 5,589 $ 297 $ 6,080 $ 392 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023: Foreign Pension (Losses) Gains Total (In thousands) Ending balance as of January 2, 2023 $ ( 25,984 ) $ 1,279 $ ( 85 ) $ ( 24,790 ) Other comprehensive (loss) income ( 6,597 ) 1 ( 680 ) ( 7,276 ) Amounts reclassified from accumulated — — 5 5 Other comprehensive (loss) income ( 6,597 ) 1 ( 675 ) ( 7,271 ) Ending balance as of April 3, 2023 $ ( 32,581 ) $ 1,280 $ ( 760 ) $ ( 32,061 ) |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, 2023 and January 2, 2023 were as follows: As of As of April 3, 2023 January 2, 2023 Carrying Fair Value Carrying Fair Value (In thousands) Derivative assets, current $ 640 $ 640 $ — $ — Derivative liabilities, current 310 310 1,622 1,622 Derivative liabilities, non-current 901 901 — — Senior Notes due March 2029 495,392 436,870 495,221 430,165 Term Loan due September 2024 354,601 355,879 404,186 405,628 ABL Revolving Loans 30,000 30,000 30,000 30,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
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 quarters ended April 3, 2023 and April 4, 2022: Quarter Ended April 3, April 4, 2023 2022 (In thousands, except per share amounts) Net (loss) income $ ( 5,814 ) $ 17,246 Basic weighted average shares 102,381 102,613 Dilutive effect of performance-based restricted stock — 1,685 Dilutive effect of outstanding warrants — 6 Diluted shares 102,381 104,304 (Loss) earnings per share: Basic $ ( 0.06 ) $ 0.17 Diluted $ ( 0.06 ) $ 0.17 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
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 April 3, April 4, 2023 2022 (In thousands) Cost of goods sold $ 1,662 $ 1,276 Selling and marketing 741 650 General and administrative 2,562 2,053 Research and development 275 255 Stock-based compensation expense recognized $ 5,240 $ 4,234 |
Summary of Unrecognized Compensation Costs | The following is a summary of total unrecognized compensation costs as of April 3, 2023: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average (In thousands) (In years) RSU awards $ 24,846 1.4 PRU awards 2,998 1.3 $ 27,844 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Income (Loss) from Segments to Consolidated | Quarter Ended April 3, 2023 April 4, 2022 (In thousands) Net Sales: PCB $ 534,111 $ 566,070 RF&S Components 10,326 15,190 Total net sales $ 544,437 $ 581,260 Operating Segment Income (Loss): PCB $ 51,634 $ 56,540 RF&S Components 2,168 5,750 Corporate and Other ( 29,498 ) ( 26,764 ) Total operating segment income 24,304 35,526 Amortization of definite-lived intangibles (1) ( 27,772 ) ( 9,658 ) Total operating (loss) income ( 3,468 ) 25,868 Total other expense ( 10,270 ) ( 9,391 ) (Loss) income before income taxes $ ( 13,738 ) $ 16,477 As of April 3, 2023 January 2, 2023 (In thousands) Segment Assets: PCB $ 1,831,973 $ 1,890,723 RF&S Components 195,741 202,619 Corporate and Other 1,148,321 1,230,262 Total assets $ 3,176,035 $ 3,323,604 (1) Amortization of definite-lived intangibles relates to the PCB and RF&S Components reportable segments. For the q uarters ended April 3, 2023 and April 4, 2022, $ 5,808 and $ 1,384 , respectively, of amortization expense is included in cost of goods sold. |
Net Sales | Net sales are as follows: Quarter Ended April 3, 2023 April 4, 2022 (In thousands) Net Sales: United States $ 311,441 $ 264,401 China 44,037 77,205 Other 188,959 239,654 Total net sales $ 544,437 $ 581,260 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Apr. 03, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Costs by Reportable Segment | The below table summarizes such restructuring costs by reportable segment for the quarters ended April 3, 2023 and April 4, 2022: Quarter Ended April 3, 2023 Employee Contract Total (In thousands) Reportable Segment: PCB $ 3,757 $ 186 $ 3,943 Corporate and Other 126 98 224 $ 3,883 $ 284 $ 4,167 Quarter Ended April 4, 2022 Employee Contract Total (In thousands) Reportable Segment: Corporate and Other $ 31 $ 153 $ 184 $ 31 $ 153 $ 184 |
Accrued Restructuring Costs | Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The below table shows the utilization of the accrued restructuring costs during the quarter ended April 3, 2023: Employee Contract Total (In thousands) Accrued as of January 2, 2023 $ 2,510 $ 3 $ 2,513 Charged to expense 3,883 284 4,167 Amount paid ( 2,521 ) ( 186 ) ( 2,707 ) Accrued as of April 3, 2023 $ 3,872 $ 101 $ 3,973 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 03, 2023 | Apr. 03, 2023 | Apr. 03, 2022 | Mar. 23, 2023 | Jan. 02, 2023 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Financial institutions, weighted average negotiated period | 290 days | ||||
Accounts payable | $ 312,823 | $ 312,823 | $ 361,788 | ||
1-month Secured Overnight Financing Rate | Interest Rate Swap | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Derivative, notional amount | $ 250,000 | ||||
Derivative, fixed rate | 3.49% | ||||
Finacial Institution Agreements [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Accounts payable | $ 3,565 | $ 3,565 | $ 6,653 | ||
Minimum [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Financial institutions, negotiated period | 220 days | ||||
Maximum [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Financial institutions, negotiated period | 360 days | ||||
ASU 2022-04 | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Apr. 03, 2023 | Apr. 03, 2023 | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true |
Acquisition of Gritel and ISC_3
Acquisition of Gritel and ISC Farmingdale Corp. - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2022 | Apr. 03, 2023 | Apr. 04, 2022 | Jan. 02, 2023 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 746,272 | $ 760,437 | ||
Accumulated amortization expense | 244,206 | 216,434 | ||
Amortization of definite-lived intangibles | 21,964 | $ 8,274 | ||
Amortization of definite-lived intangibles included in cost of goods sold | 5,808 | 1,384 | ||
Net sales | 544,437 | 581,260 | ||
Pre tax income | (13,738) | 16,477 | ||
Gritel and ISC Farmingdale Corporation | ||||
Business Acquisition [Line Items] | ||||
Business acquisition completed date | Jun. 27, 2022 | |||
Total consideration in cash | $ 298,339 | |||
Goodwill | 111,763 | |||
Adjustment for goodwill | 11,350 | |||
Amortization of definite-lived intangibles | 18,114 | 10,744 | ||
Amortization of definite-lived intangibles included in cost of goods sold | 4,425 | $ 2,950 | ||
Net sales | 48,639 | |||
Pre tax income | 6,785 | |||
Gritel and ISC Farmingdale Corporation | General and Administrative Expense | ||||
Business Acquisition [Line Items] | ||||
Business combination, related costs | $ 411 | $ 854 |
Summary of Preliminary Estimate
Summary of Preliminary Estimated Fair Values of Net Assets Acquired (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 746,272 | $ 760,437 |
Gritel and ISC Farmingdale Corporation | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 51,140 | |
Contract assets | 26,460 | |
Inventories | 38,616 | |
Prepaid expenses and other current assets | 5,605 | |
Property, plant and equipment | 69,253 | |
Operating lease right-of-use assets | 497 | |
Goodwill | 111,763 | |
Identifiable intangible assets | 101,000 | |
Non-current deferred tax assets | 1,476 | |
Deposits and other non-current assets | 3,129 | |
Accounts payable | (16,026) | |
Contract liabilities | (65,262) | |
Accrued salaries, wages and benefits | (10,616) | |
Other current liabilities | (12,751) | |
Operating lease liabilities | (336) | |
Other long-term liabilities | (5,609) | |
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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Business Combination Separately Recognized Transactions [Line Items] | ||
Net sales | $ 544,437 | $ 637,533 |
Net (loss) income | $ (1,557) | $ 11,611 |
Basic (loss) earnings per share | $ (0.02) | $ 0.11 |
Diluted (loss) earnings per share | $ (0.02) | $ 0.11 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Apr. 03, 2023 | |
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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,046 | $ 1,884 |
Variable lease cost | 278 | 246 |
Short-term lease cost | 117 | 140 |
Finance lease costs: | ||
Amortization of right-of-use assets | 344 | 344 |
Interest on lease liabilities | $ 94 | $ 98 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 2,070 | $ 1,861 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | $ 529 | $ 421 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Assets: | ||
Operating lease right-of-use assets | $ 15,622 | $ 18,862 |
Finance leases | $ 13,041 | $ 13,384 |
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 | $ 28,663 | $ 32,246 |
Current: | ||
Operating leases | $ 6,257 | $ 7,368 |
Operating Lease Liability Current Statement Of Financial Position Extensible List | Other current liabilities | Other current liabilities |
Finance leases | $ 752 | $ 736 |
Finance Lease Liability Current Statement Of Financial Position Extensible List | Other current liabilities | Other current liabilities |
Long-term: | ||
Operating lease liabilities | $ 10,099 | $ 12,249 |
Finance leases | $ 13,385 | $ 13,579 |
Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List | Other long-term liabilities | Other long-term liabilities |
Total lease liabilities | $ 30,493 | $ 33,932 |
Weighted average remaining lease term (years): | ||
Operating leases | 3 years 2 months 12 days | 3 years 3 months 18 days |
Finance leases | 13 years 4 months 24 days | 13 years 7 months 6 days |
Weighted average discount rate: | ||
Operating leases | 3.31% | 3.09% |
Finance leases | 2.69% | 2.69% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) $ in Thousands | Apr. 03, 2023 USD ($) |
Leases [Abstract] | |
Operating leases Less than one year | $ 6,662 |
Operating leases 1 - 2 years | 5,485 |
Operating leases 2 - 3 years | 2,867 |
Operating leases 3 - 4 years | 1,213 |
Operating leases 4 - 5 years | 438 |
Operating leases Thereafter | 657 |
Total operating lease payments | 17,322 |
Less imputed interest | (966) |
Total operating lease | 16,356 |
Finance leases Less than one year | 1,121 |
Finance leases 1 - 2 years | 1,131 |
Finance leases 2 - 3 years | 1,158 |
Finance leases 3 - 4 years | 1,175 |
Finance leases 4 - 5 years | 1,210 |
Finance leases Thereafter | 11,152 |
Total finance lease payments | 16,947 |
Less imputed interest | (2,810) |
Total finance lease | $ 14,137 |
Maturities of Lease Liabiliti_2
Maturities of Lease Liabilities (Parenthetical) (Detail) $ in Thousands | Apr. 03, 2023 USD ($) |
Leases [Abstract] | |
Legally binding lease payments for leases signed but not yet commenced | $ 851 |
Revenues - Additional Informati
Revenues - Additional Information (Detail 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 03, 2023 | Jan. 02, 2023 | |
Revenue From Contract With Customer [Line Items] | ||
Estimated remaining costs to complete loss contracts | $ 20,641 | $ 21,632 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-04 | ||
Revenue From Contract With Customer [Line Items] | ||
Transaction price allocated to remaining performance obligations | $ 378,829 | |
Remaining performance obligation period | 12 months |
Revenues - Additional Informa_2
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | Jan. 02, 2023 | |
Revenue From Contract With Customer [Line Items] | |||
Remaining revenue performance obligation, percentage | 52% | ||
Estimated remaining costs to complete loss contracts | $ 20,641 | $ 21,632 | |
Revenue Recognized | $ 18,508 | ||
Transferred over Time | |||
Revenue From Contract With Customer [Line Items] | |||
Revenue from products and services transferred to customers, percentage | 96% | 97% | |
Transferred at Point in Time | |||
Revenue From Contract With Customer [Line Items] | |||
Revenue from products and services transferred to customers, percentage | 4% | 3% |
Disaggregation of Revenue by Pr
Disaggregation of Revenue by Principal End Markets with the Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 544,437 | $ 581,260 |
Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 534,111 | 566,070 |
RF&S Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 10,326 | 15,190 |
Aerospace and Defense | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 232,292 | 172,180 |
Aerospace and Defense | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 232,292 | 172,180 |
Automotive | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 93,467 | 115,236 |
Automotive | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 93,467 | 115,236 |
Data Center Computing | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 57,870 | 91,784 |
Data Center Computing | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 57,870 | 91,784 |
Data Center Computing | RF&S Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 0 | 0 |
Medical/Industrial/Instrumentation | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 101,685 | 121,900 |
Medical/Industrial/Instrumentation | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 100,768 | 120,362 |
Medical/Industrial/Instrumentation | RF&S Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 917 | 1,538 |
Networking/Communications | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 59,123 | 77,400 |
Networking/Communications | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 49,714 | 63,643 |
Networking/Communications | RF&S Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 9,409 | 13,757 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 2,760 | |
Other | Printed Circuit Board | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 2,865 | |
Other | RF&S Components | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ (105) |
Schedule of Composition of Cert
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Inventories: | ||
Raw materials | $ 142,205 | $ 145,561 |
Work-in-process | 29,201 | 20,114 |
Finished goods | 5,322 | 4,964 |
Inventories | 176,728 | 170,639 |
Property, plant and equipment, net: | ||
Land and land use rights | 76,811 | 76,811 |
Buildings and improvements | 444,990 | 443,353 |
Machinery and equipment | 994,365 | 989,935 |
Furniture and fixtures and other | 11,206 | 11,327 |
Construction-in-progress | 26,899 | 27,774 |
Property, plant and equipment, gross | 1,554,271 | 1,549,200 |
Less: Accumulated depreciation | (840,124) | (824,996) |
Property, plant and equipment, net | 714,147 | 724,204 |
Other current liabilities: | ||
Sales return and allowances | 10,774 | 12,319 |
Income taxes payable | 9,142 | 28,057 |
Accrued facility operating costs | 9,102 | 9,081 |
Housing fund | 7,572 | 7,440 |
Customer deposits | 7,500 | 0 |
Warranty | 6,450 | 8,045 |
Operating leases | 6,257 | 7,368 |
Accrued professional fees | 5,463 | 5,123 |
Restructuring | 3,973 | 2,513 |
Interest | 1,847 | 9,336 |
Derivative liabilities | 310 | 1,622 |
Other | 34,104 | 39,128 |
Other current liabilities | 102,494 | 130,032 |
Other long-term liabilities: | ||
Deferred income taxes | 53,648 | 54,268 |
Customer deposits | 31,250 | 38,750 |
Finance leases | 13,385 | 13,579 |
Defined benefit pension plan liability | 2,473 | 2,471 |
Derivative liabilities | 901 | 0 |
Other | 28,801 | 25,976 |
Other long-term liabilities | $ 130,458 | $ 135,044 |
Composition of Certain Consol_3
Composition of Certain Consolidated Condensed Financial Statement Captions - Additional Information (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 22, 2022 CNY (¥) | Dec. 22, 2022 USD ($) | Apr. 03, 2023 | Apr. 03, 2023 USD ($) | Jun. 30, 2023 | Dec. 30, 2023 | Jan. 02, 2023 USD ($) | |
Shanghai E-MS compensation fee | ¥ 477.6 | $ 34,746 | $ 69,240 | ||||
Gain on the sale of asset | $ 51,804 | ||||||
Percentage of compensation fee | 50% | ||||||
Scenario Forecast | |||||||
Percentage of compensation fee | 40% | 10% |
Goodwill by Reportable Segment
Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Jan. 02, 2023 | |
Goodwill [Line Items] | ||
Goodwill adjustment | $ (11,350) | |
Derecognition of goodwill due to sale of subsidiary | (2,815) | |
Goodwill | 986,872 | $ 1,001,037 |
Accumulated impairment losses | (240,600) | (240,600) |
Goodwill, net | 746,272 | 760,437 |
Printed Circuit Board | ||
Goodwill [Line Items] | ||
Goodwill adjustment | (11,350) | |
Derecognition of goodwill due to sale of subsidiary | (2,815) | |
Goodwill | 809,672 | 823,837 |
Accumulated impairment losses | (171,400) | (171,400) |
Goodwill, net | 638,272 | 652,437 |
RF&S Components | ||
Goodwill [Line Items] | ||
Goodwill | 177,200 | 177,200 |
Accumulated impairment losses | (69,200) | (69,200) |
Goodwill, net | $ 108,000 | $ 108,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2023 USD ($) | |
Gritel and ISC Farmingdale Corporation | |
Goodwill [Line Items] | |
Adjustment for goodwill | $ 11,350 |
Definite-lived Intangibles (Det
Definite-lived Intangibles (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 03, 2023 | Jan. 02, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 514,721 | $ 504,471 |
Accumulated Amortization | (244,206) | (216,434) |
Net Carrying Amount | 270,515 | 288,037 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 422,071 | 366,071 |
Accumulated Amortization | (202,833) | (187,560) |
Net Carrying Amount | $ 219,238 | $ 178,511 |
Weighted Average Amortization Period | 10 years 7 months 6 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 | (3,173) | |
Net Carrying Amount | $ 79,327 | |
Weighted Average Amortization Period | 13 years | |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 77,150 | $ 47,650 |
Accumulated Amortization | (30,685) | (24,876) |
Net Carrying Amount | $ 46,465 | $ 22,774 |
Weighted Average Amortization Period | 7 years 9 months 18 days | 9 years 6 months |
Backlog | Gritel and ISC Farmingdale Corporation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 13,000 | |
Accumulated Amortization | (9,750) | |
Net Carrying Amount | $ 3,250 | |
Weighted Average Amortization Period | 1 year | |
Trade Names | Gritel and ISC Farmingdale Corporation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 2,500 | $ 8,250 |
Accumulated Amortization | (938) | (825) |
Net Carrying Amount | $ 1,562 | $ 7,425 |
Weighted Average Amortization Period | 2 years | 5 years |
Definite-lived Intangibles - Ad
Definite-lived Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization of definite-lived intangibles | $ 27,772 | $ 9,658 |
Amortization of definite-lived intangibles included in cost of goods sold | $ 5,808 | $ 1,384 |
Estimated Aggregate Amortizatio
Estimated Aggregate Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remaining 2023 | $ 42,654 | |
2024 | 45,375 | |
2025 | 40,630 | |
2026 | 40,630 | |
2027 | 38,348 | |
Thereafter | 62,878 | |
Net Carrying Amount | $ 270,515 | $ 288,037 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 03, 2023 | Jan. 02, 2023 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 885,879 | $ 935,879 |
Less: Long-term debt unamortized debt issuance costs | (5,589) | (6,080) |
Long-term debt unamortized discount | (297) | (392) |
Long-term debt, Carrying Amount | 879,993 | 929,407 |
Less: current maturities | (50,000) | |
Long-term debt, less current maturities | 879,993 | 879,407 |
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 | $ 355,879 | $ 405,879 |
Long-term debt unamortized discount | $ (297) | $ (392) |
Interest rate at period end | 7.36% | 6.89% |
Asia Asset Based Lending Revolving Loan Due June 2024 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 30,000 | $ 30,000 |
Interest rate at period end | 6.26% | 5.79% |
Long-term Debt (Parenthetical)
Long-term Debt (Parenthetical) (Detail) | 3 Months Ended |
Apr. 03, 2023 | |
Senior Notes Due March 2029 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2029-03 |
Term Loan Due September 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-09 |
Asia Asset Based Lending Revolving Loan Due June 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-06 |
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 | Apr. 03, 2023 | Jan. 02, 2023 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 5,589 | $ 6,080 |
Debt Discount | 297 | 392 |
Senior Notes Due March 2029 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 4,608 | $ 4,779 |
Effective Interest Rate | 4.18% | 4.18% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 981 | $ 1,301 |
Debt Discount | $ 297 | $ 392 |
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 | 3 Months Ended | |
Apr. 03, 2023 | Jan. 02, 2023 | |
Debt Instrument [Line Items] | ||
Remaining unamortized debt issuance costs | $ 5,589 | $ 6,080 |
Weighted Average | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount and debt issuance costs, amortization period | 4 years 7 months 6 days | |
U.S. Asset Based Lending Revolving Loan Due June 2024 | ||
Debt Instrument [Line Items] | ||
Remaining unamortized debt issuance costs | $ 652 | $ 792 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Apr. 03, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Change in valuation allowance | $ 0 |
Effective tax rate impacted by net discrete tax expense (benefit) | (356,000) |
Tax on undistributed earnings | $ 0 |
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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Other Comprehensive Income | $ (680) | $ 153 |
Summary of Activity of Designat
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2023 USD ($) | |
Derivative [Line Items] | |
Beginning balance | $ 1,535,579 |
Ending balance | 1,527,734 |
Gains (Losses) on Cash Flow Hedges | |
Derivative [Line Items] | |
Beginning balance | (85) |
Changes in fair value gain (loss), net of tax | (680) |
Reclassification to earnings | 5 |
Ending balance | $ 760 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 1,535,579 | $ 1,455,417 |
Other comprehensive (loss) income | (7,271) | 2,151 |
Ending balance | 1,527,734 | 1,447,829 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (25,984) | |
Other comprehensive (loss) income before reclassifications | (6,597) | |
Other comprehensive (loss) income | (6,597) | |
Ending balance | (32,581) | |
Pension Obligation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,279 | |
Other comprehensive (loss) income before reclassifications | 1 | |
Other comprehensive (loss) income | 1 | |
Ending balance | 1,280 | |
(Losses) Gains on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (85) | |
Other comprehensive (loss) income before reclassifications | (680) | |
Reclassification to earnings | 5 | |
Other comprehensive (loss) income | (675) | |
Ending balance | 760 | |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (24,790) | (27,255) |
Other comprehensive (loss) income before reclassifications | (7,276) | |
Reclassification to earnings | 5 | |
Other comprehensive (loss) income | (7,271) | 2,151 |
Ending balance | $ (32,061) | $ (25,104) |
Significant Customers and Con_2
Significant Customers and Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | 12 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | Jan. 02, 2023 | |
Net Sales | |||
Concentration Risk [Line Items] | |||
Number of customers contributing to more than ten percent of revenue | 1 | 1 | |
Accounts receivable | |||
Concentration Risk [Line Items] | |||
Number of customers contributing to more than ten percent of revenue | 0 | 1 | |
PCB | Net Sales | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Percentage of net sales, accounted by one customer | 12% | 10% | |
PCB | Accounts receivable | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Percentage of net sales, accounted by one customer | 10% | 11% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Assets Current | Assets Current |
Derivative liabilities, current | $ 310 | $ 1,622 |
Derivative liabilities, non-current | 901 | 0 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 640 | 0 |
Derivative liabilities, current | 310 | 1,622 |
Derivative liabilities, non-current | 901 | 0 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 640 | 0 |
Derivative liabilities, current | 310 | 1,622 |
Derivative liabilities, non-current | 901 | 0 |
Term Loan Due September 2024 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 354,601 | 404,186 |
Term Loan Due September 2024 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 355,879 | 405,628 |
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 | 495,392 | 495,221 |
Senior Notes Due March 2029 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 436,870 | $ 430,165 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 417,452 | $ 402,749 |
Domestic Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 173,696 | |
Foreign Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 243,756 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 03, 2023 USD ($) |
Offset Agreement [Member] | |
Loss Contingencies [Line Items] | |
Outstanding offset agreements | $ 20,169 |
Earnings Per Share - Reconcilia
Earnings Per Share - 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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (5,814) | $ 17,246 |
Basic weighted average shares | 102,381 | 102,613 |
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options | 0 | 1,685 |
Dilutive effect of outstanding warrants | 0 | 6 |
Diluted shares | 102,381 | 104,304 |
(Loss) earnings per share: | ||
Basic | $ (0.06) | $ 0.17 |
Diluted | $ (0.06) | $ 0.17 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Maximum [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Diluted shares exercise price | $ 16.60 | |
Minimum [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Diluted shares exercise price | $ 11.83 | |
Stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculating diluted earnings per share | 60 | 975 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculating diluted earnings per share | 3,027 | 975 |
Performance-Based Restricted Stock Units (PRUs) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares excluded from calculating diluted earnings per share | 606 | 975 |
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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | $ 5,240 | $ 4,234 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | 1,662 | 1,276 |
Selling and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | 741 | 650 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | 2,562 | 2,053 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | $ 275 | $ 255 |
Summary of Unrecognized Compens
Summary of Unrecognized Compensation Costs (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 27,844 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 24,846 |
Remaining Weighted Average Recognition Period (years) | 1 year 4 months 24 days |
Performance-Based Restricted Stock Units (PRUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 2,998 |
Remaining Weighted Average Recognition Period (years) | 1 year 3 months 18 days |
Reconciliation of Operating Inc
Reconciliation of Operating Income (Loss) from Segments to Consolidated By Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 544,437 | $ 581,260 |
Operating (loss) income | (3,468) | 25,868 |
Amortization of definite-lived intangibles | (27,772) | (9,658) |
Total other expense | (10,270) | (9,391) |
(Loss) income before income taxes | (13,738) | 16,477 |
Printed Circuit Board | ||
Segment Reporting Information [Line Items] | ||
Net sales | 534,111 | 566,070 |
RF&S Components | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,326 | 15,190 |
Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Operating (loss) income | 24,304 | 35,526 |
Operating Segment | Printed Circuit Board | ||
Segment Reporting Information [Line Items] | ||
Net sales | 534,111 | 566,070 |
Operating (loss) income | 51,634 | 56,540 |
Operating Segment | RF&S Components | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,326 | 15,190 |
Operating (loss) income | 2,168 | 5,750 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Operating (loss) income | $ (29,498) | $ (26,764) |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Detail) - USD ($) $ in Thousands | Apr. 03, 2023 | Jan. 02, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,176,035 | $ 3,323,604 |
Operating Segment | Printed Circuit Board | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,831,973 | 1,890,723 |
Operating Segment | RF&S Components | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 195,741 | 202,619 |
Corporate and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,148,321 | $ 1,230,262 |
Reconciliation of Operating I_2
Reconciliation of Operating Income (Loss) from Segments to Consolidated By Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Segment Reporting Information [Line Items] | ||
Amortization of definite-lived intangibles | $ 5,808 | $ 1,384 |
Printed Circuit Board and RF&S Components | ||
Segment Reporting Information [Line Items] | ||
Amortization of definite-lived intangibles | $ 5,808 | $ 1,384 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Apr. 03, 2023 Country | |
Segment Reporting [Abstract] | |
Number of countries the parent company markets and sells its products | 50 |
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 | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 544,437 | $ 581,260 |
United States | ||
Segment Reporting Information [Line Items] | ||
Net sales | 311,441 | 264,401 |
China | ||
Segment Reporting Information [Line Items] | ||
Net sales | 44,037 | 77,205 |
Other | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 188,959 | $ 239,654 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 04, 2022 USD ($) | |
Share Repurchase Program [Abstract] | |
Common stock value, repurchased | $ 30,232 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Feb. 08, 2023 Facility | Apr. 03, 2023 USD ($) | Apr. 04, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Number of manufacturing facilities | Facility | 3 | ||
Restructuring charges | $ 4,167 | $ 184 | |
Accelerated depreciation expense | 1,276 | ||
PCB | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of manufacturing facilities | Facility | 3 | ||
Restructuring charges | $ 3,473 |
Summary of Restructuring Costs
Summary of Restructuring Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2023 | Apr. 04, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 4,167 | $ 184 |
PCB | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 3,473 | |
General and Administrative Expense | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 4,167 | 184 |
General and Administrative Expense | Operating Segment | PCB | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 3,943 | |
General and Administrative Expense | Corporate and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 224 | 184 |
General and Administrative Expense | Employee Separation/Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 3,883 | 31 |
General and Administrative Expense | Employee Separation/Severance | Operating Segment | PCB | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 3,757 | |
General and Administrative Expense | Employee Separation/Severance | Corporate and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 126 | 31 |
General and Administrative Expense | Contract Termination and Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 284 | 153 |
General and Administrative Expense | Contract Termination and Other Costs | Operating Segment | PCB | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 186 | |
General and Administrative Expense | Contract Termination and Other Costs | Corporate and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 98 | $ 153 |
Accrued Restructuring Costs (De
Accrued Restructuring Costs (Detail) $ in Thousands | 3 Months Ended |
Apr. 03, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Accrued as of January 2, 2023 | $ 2,513 |
Charged to expense | 4,167 |
Amount paid | (2,707) |
Accrued as of April 3, 2023 | 3,973 |
Employee Separation/Severance | |
Restructuring Cost and Reserve [Line Items] | |
Accrued as of January 2, 2023 | 2,510 |
Charged to expense | 3,883 |
Amount paid | (2,521) |
Accrued as of April 3, 2023 | 3,872 |
Contract Termination and Other Costs | |
Restructuring Cost and Reserve [Line Items] | |
Accrued as of January 2, 2023 | 3 |
Charged to expense | 284 |
Amount paid | (186) |
Accrued as of April 3, 2023 | $ 101 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands | May 03, 2023 USD ($) |
Subsequent Event [Line Items] | |
Share repurchase program, authorized amount | $ 100,000 |
Share repurchase program, expiration date | May 03, 2025 |