Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 27, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 27, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TTMI | |
Entity Registrant Name | TTM TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001116942 | |
Current Fiscal Year End Date | --01-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 104,358,560 | |
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 | Sep. 27, 2021 | Dec. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 529,816 | $ 451,565 |
Accounts receivable, net | 388,233 | 381,105 |
Contract assets | 325,774 | 273,256 |
Inventories | 140,055 | 115,651 |
Prepaid expenses and other current assets | 39,470 | 27,181 |
Total current assets | 1,423,348 | 1,248,758 |
Property, plant and equipment, net | 669,736 | 650,435 |
Operating lease right-of-use assets | 16,794 | 24,340 |
Goodwill | 637,324 | 637,324 |
Definite-lived intangibles, net | 250,319 | 281,307 |
Deposits and other non-current assets | 50,110 | 53,780 |
Total assets | 3,047,631 | 2,895,944 |
Current liabilities: | ||
Accounts payable | 386,705 | 327,102 |
Contract liabilities | 2,376 | 4,254 |
Accrued salaries, wages and benefits | 85,104 | 97,268 |
Other current liabilities | 93,257 | 89,422 |
Total current liabilities | 567,442 | 518,046 |
Long-term debt, net of discount and issuance costs | 926,922 | 842,853 |
Operating lease liabilities | 12,077 | 17,211 |
Other long-term liabilities | 74,601 | 73,825 |
Total long-term liabilities | 1,013,600 | 933,889 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Common stock, $0.001 par value; 300,000 shares authorized; 108,165 and 106,770 shares issued as of September 27, 2021 and December 28, 2020, respectively; 105,692 and 106,770 shares outstanding as of September 27, 2021 and December 28, 2020, respectively | 108 | 107 |
Treasury stock – common stock at cost; 2,473 shares as of September 27, 2021 | (34,349) | |
Additional paid-in capital | 835,662 | 830,971 |
Retained earnings | 697,871 | 651,844 |
Accumulated other comprehensive loss | (32,703) | (38,913) |
Total stockholders’ equity | 1,466,589 | 1,444,009 |
Total liabilities and stockholders' equity | $ 3,047,631 | $ 2,895,944 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 27, 2021 | Dec. 28, 2020 |
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 | 108,165,000 | 106,770,000 |
Common stock, shares outstanding | 105,692,000 | 106,770,000 |
Treasury stock, common shares | 2,473,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 556,784 | $ 513,576 | $ 1,650,599 | $ 1,581,520 |
Cost of goods sold | 463,605 | 424,298 | 1,375,910 | 1,310,470 |
Gross profit | 93,179 | 89,278 | 274,689 | 271,050 |
Operating expenses: | ||||
Selling and marketing | 15,858 | 15,895 | 46,745 | 48,033 |
General and administrative | 32,389 | 29,086 | 95,109 | 110,476 |
Research and development | 4,423 | 5,223 | 13,075 | 15,166 |
Amortization of definite-lived intangibles | 8,274 | 10,126 | 26,837 | 29,249 |
Impairment of goodwill | 69,200 | 69,200 | ||
Total operating expenses | 60,944 | 129,530 | 181,766 | 272,124 |
Operating income (loss) | 32,235 | (40,252) | 92,923 | (1,074) |
Other (expense) income: | ||||
Interest expense | (11,147) | (20,204) | (33,615) | (58,557) |
Loss on extinguishment of debt | (15,217) | |||
Other, net | 2,525 | (2,316) | 5,338 | 641 |
Total other expense, net | (8,622) | (22,520) | (43,494) | (57,916) |
Income (loss) from continuing operations before income taxes | 23,613 | (62,772) | 49,429 | (58,990) |
Income tax (provision) benefit | (2,655) | 1,300 | (3,402) | 3,644 |
Net income (loss) from continuing operations | 20,958 | (61,472) | 46,027 | (55,346) |
Income from discontinued operations, net of income taxes | 20,021 | 193,921 | ||
Net income (loss) | $ 20,958 | $ (41,451) | $ 46,027 | $ 138,575 |
Earnings (loss) per share: | ||||
Basic earnings (loss) per share from continuing operations | $ 0.20 | $ (0.58) | $ 0.43 | $ (0.52) |
Basic earnings per share from discontinued operations | 0.19 | 1.83 | ||
Basic earnings (loss) per share | 0.20 | (0.39) | 0.43 | 1.31 |
Diluted earnings (loss) per share from continuing operations | 0.19 | (0.58) | 0.42 | (0.52) |
Diluted earnings per share from discontinued operations | 0.19 | 1.83 | ||
Diluted earnings (loss) per share | $ 0.19 | $ (0.39) | $ 0.42 | $ 1.31 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 20,958 | $ (41,451) | $ 46,027 | $ 138,575 |
Other comprehensive income (loss), net of tax: | ||||
Pension obligation adjustments, net | 30 | (17) | 59 | 4 |
Reclassification adjustment for foreign currency translation | 346 | 346 | ||
Derecognition of foreign currency translation adjustments due to sale of Mobility business unit | (27,341) | |||
Foreign currency translation adjustments, net | (51) | 1,049 | 363 | 778 |
Derecognition of unrealized losses on cash flow hedge due to sale of Mobility business unit | 384 | |||
Net unrealized gain (loss) on cash flow hedges: | ||||
Unrealized gain (loss) on effective cash flow hedges during the period, net | 116 | (655) | (87) | (8,667) |
Loss realized in the statement of operations, net | 1,891 | 2,098 | 5,875 | 4,727 |
Net | 2,007 | 1,443 | 5,788 | (3,940) |
Other comprehensive income (loss), net of tax | 1,986 | 2,129 | 6,210 | (30,461) |
Comprehensive income (loss), net of tax | $ 22,944 | $ (39,322) | $ 52,237 | $ 108,114 |
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 |
Beginning balance at Dec. 30, 2019 | $ 1,279,037 | $ 106 | $ 814,708 | $ 474,309 | $ (10,086) | |
Beginning balance (in shares) at Dec. 30, 2019 | 105,510 | |||||
Net income (loss) | (1,174) | (1,174) | ||||
Other comprehensive income (loss) | (5,498) | (5,498) | ||||
Issuance of common stock for performance-based restricted stock units (in shares) | 187 | |||||
Issuance of common stock for restricted stock units (in shares) | 520 | |||||
Stock-based compensation | 4,835 | 4,835 | ||||
Ending balance at Mar. 30, 2020 | 1,277,200 | $ 106 | 819,543 | 473,135 | (15,584) | |
Ending balance (in shares) at Mar. 30, 2020 | 106,217 | |||||
Beginning balance at Dec. 30, 2019 | 1,279,037 | $ 106 | 814,708 | 474,309 | (10,086) | |
Beginning balance (in shares) at Dec. 30, 2019 | 105,510 | |||||
Net income (loss) | 138,575 | |||||
Other comprehensive income (loss) | (30,461) | |||||
Ending balance at Sep. 28, 2020 | 1,399,303 | $ 107 | 826,859 | 612,884 | (40,547) | |
Ending balance (in shares) at Sep. 28, 2020 | 106,742 | |||||
Beginning balance at Mar. 30, 2020 | 1,277,200 | $ 106 | 819,543 | 473,135 | (15,584) | |
Beginning balance (in shares) at Mar. 30, 2020 | 106,217 | |||||
Net income (loss) | 181,200 | 181,200 | ||||
Other comprehensive income (loss) | (27,092) | (27,092) | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | ||||
Issuance of common stock for restricted stock units (in shares) | 484 | |||||
Stock-based compensation | 2,647 | 2,647 | ||||
Ending balance at Jun. 29, 2020 | 1,433,955 | $ 107 | 822,189 | 654,335 | (42,676) | |
Ending balance (in shares) at Jun. 29, 2020 | 106,701 | |||||
Net income (loss) | (41,451) | (41,451) | ||||
Other comprehensive income (loss) | 2,129 | 2,129 | ||||
Exercise of stock options | 191 | 191 | ||||
Exercise of stock options (in shares) | 20 | |||||
Issuance of common stock for restricted stock units (in shares) | 21 | |||||
Stock-based compensation | 4,479 | 4,479 | ||||
Ending balance at Sep. 28, 2020 | 1,399,303 | $ 107 | 826,859 | 612,884 | (40,547) | |
Ending balance (in shares) at Sep. 28, 2020 | 106,742 | |||||
Beginning balance at Dec. 28, 2020 | 1,444,009 | $ 107 | 830,971 | 651,844 | (38,913) | |
Beginning balance (in shares) at Dec. 28, 2020 | 106,770 | |||||
Net income (loss) | (3,192) | (3,192) | ||||
Other comprehensive income (loss) | 1,786 | 1,786 | ||||
Issuance of common stock for performance-based restricted stock units (in shares) | 135 | |||||
Issuance of common stock for restricted stock units (in shares) | 203 | |||||
Fair value of warrants reclassified to warrant liabilities | (4,345) | (4,345) | ||||
Issuance of common stock from warrant exercises (in shares) | 5 | |||||
Stock-based compensation | 4,209 | 4,209 | ||||
Ending balance at Mar. 29, 2021 | 1,442,467 | $ 107 | 830,835 | 648,652 | (37,127) | |
Ending balance (in shares) at Mar. 29, 2021 | 107,113 | |||||
Beginning balance at Dec. 28, 2020 | 1,444,009 | $ 107 | 830,971 | 651,844 | (38,913) | |
Beginning balance (in shares) at Dec. 28, 2020 | 106,770 | |||||
Net income (loss) | 46,027 | |||||
Other comprehensive income (loss) | 6,210 | 6,210 | ||||
Repurchases of common stock | $ (35,116) | |||||
Repurchases of common stock (in shares) | (2,525) | |||||
Ending balance at Sep. 27, 2021 | $ 1,466,589 | $ 108 | $ (34,349) | 835,662 | 697,871 | (32,703) |
Ending balance (in shares) at Sep. 27, 2021 | 108,165 | (2,473) | ||||
Beginning balance at Mar. 29, 2021 | 1,442,467 | $ 107 | 830,835 | 648,652 | (37,127) | |
Beginning balance (in shares) at Mar. 29, 2021 | 107,113 | |||||
Net income (loss) | 28,261 | 28,261 | ||||
Other comprehensive income (loss) | 2,438 | 2,438 | ||||
Issuance of common stock for restricted stock units | $ 1 | (1) | ||||
Issuance of common stock for restricted stock units (in shares) | 947 | |||||
Repurchases of common stock | (6,145) | $ (6,145) | ||||
Repurchases of common stock (in shares) | (411) | |||||
Issuance of common stock from warrant exercises | $ 745 | (745) | ||||
Issuance of common stock from warrant exercises (in shares) | 86 | 50 | ||||
Stock-based compensation | 3,350 | 3,350 | ||||
Ending balance at Jun. 28, 2021 | 1,470,371 | $ 108 | $ (5,400) | 833,439 | 676,913 | (34,689) |
Ending balance (in shares) at Jun. 28, 2021 | 108,145 | (361) | ||||
Net income (loss) | 20,958 | 20,958 | ||||
Other comprehensive income (loss) | 1,986 | 1,986 | ||||
Issuance of common stock for restricted stock units (in shares) | 20 | |||||
Repurchases of common stock | $ (28,971) | $ (28,971) | ||||
Repurchases of common stock (in shares) | (2,114) | (2,114) | ||||
Fair value of warrants reclassified to warrant liabilities | $ (2,699) | (2,699) | ||||
Issuance of common stock from warrant exercises | $ 22 | (22) | ||||
Issuance of common stock from warrant exercises (in shares) | 2 | |||||
Stock-based compensation | 4,944 | 4,944 | ||||
Ending balance at Sep. 27, 2021 | $ 1,466,589 | $ 108 | $ (34,349) | $ 835,662 | $ 697,871 | $ (32,703) |
Ending balance (in shares) at Sep. 27, 2021 | 108,165 | (2,473) |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2021 | Sep. 28, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 46,027 | $ 138,575 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 63,711 | 97,172 |
Amortization of definite-lived intangible assets | 30,988 | 34,209 |
Amortization of debt discount and issuance costs | 1,613 | 14,488 |
Loss on extinguishment of debt | 15,217 | |
Deferred income taxes | 3,704 | 8,039 |
Stock-based compensation | 12,503 | 11,961 |
Impairment of goodwill | 69,200 | |
Gain on sale of the Mobility business unit | (237,253) | |
Other | (4,005) | (242) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (7,128) | 128,681 |
Contract assets | (52,518) | (33,500) |
Inventories | (24,404) | (10,557) |
Prepaid expenses and other current assets | (12,440) | (15,008) |
Accounts payable | 59,686 | 15,902 |
Contract liabilities | (1,878) | (839) |
Accrued salaries, wages and benefits | (12,164) | (11,804) |
Other current liabilities | (4,649) | 22,661 |
Net cash provided by operating activities | 114,263 | 231,685 |
Cash flows from investing activities: | ||
Proceeds from sale of the Mobility business unit, net of cash disposed | 507,466 | |
Purchase of property, plant and equipment and other assets | (62,086) | (84,042) |
Proceeds from sale of property, plant and equipment and other assets | 1,017 | 154 |
Other | (623) | |
Net cash (used in) provided by investing activities | (61,069) | 422,955 |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowing | 500,000 | |
Repayment of long-term debt borrowings | (425,838) | (400,000) |
Payment of debt issuance costs | (5,864) | |
Proceeds from exercise of stock options | 191 | |
Repurchases of common stock | (33,262) | |
Cash used to settle warrants | (3,177) | |
Other | (7,071) | 7,321 |
Net cash provided by (used in) financing activities | 24,788 | (392,488) |
Effect of foreign currency exchange rates on cash and cash equivalents | 269 | 979 |
Net increase in cash and cash equivalents | 78,251 | 263,131 |
Cash and cash equivalents at beginning of period | 451,565 | 400,154 |
Cash and cash equivalents at end of period | 529,816 | 663,285 |
Supplemental cash flow information: | ||
Cash paid, net for interest | 36,431 | 40,540 |
Cash paid, net for income taxes | 3,292 | 15,856 |
Net cash provided by operating activities from discontinued operations | 39,462 | |
Net cash provided by investing activities from discontinued operations | 497,916 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Property, plant and equipment recorded in accounts payable | 37,550 | $ 26,914 |
Issuance of common stock for warrant settlement | 2,116 | |
Repurchases of common stock recorded in accounts payable | $ 1,854 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 27, 2021 | |
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 printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering and manufacturing solution to customers. This one-stop design, engineering and manufacturing solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market. The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, data center computing, automotive components, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers. The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due to the coronavirus (COVID-19) global pandemic, the global economy and financial markets have been volatile, have contributed to disruptions in global supply chains and labor shortages, and there is a significant amount of uncertainty about the length and severity of the consequences caused by the on-going pandemic. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. Actual results could differ materially from those estimates. The Company uses a 52/53 week fiscal calendar with the fourth quarter ending on the Monday nearest December 31. Fiscal 2021 ending on January 3, 2022 will be a 53-week year with the additional week included in the fourth quarter. Fiscal 2020 was a 52-week year. On January 19, 2020, the Company entered into a definitive equity interests purchase agreement with AKMMeadville Electronics (Xiamen) Co., Ltd (the Purchaser) for the sale that was completed on April 17, 2020 of the following now former Company subsidiaries: Shanghai Kaiser Electronics Co., Ltd. (SKE), Shanghai Meadville Electronics Co., Ltd. (SME), Shanghai Meadville Science & Technology Co., Ltd. (SP) and Guangzhou Meadville Electronics Co., Ltd. (GME) (collectively, the Mobility business unit). For all periods presented in the consolidated condensed statements of operations, all sales, costs, expenses, income taxes and gain on sale attributable to the Mobility business unit have been aggregated under the caption “Income from discontinued operations, net of income taxes”. Refer to Note 2, Discontinued Operations Unless otherwise noted, amounts and disclosures throughout these notes to consolidated condensed financial statements relate to continuing operations. These consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position, the results of operations and cash flows of the Company for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Reclassifications The Company currently has two reportable segments: PCB and RF and Specialty Components (RF&S Components). On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. In prior periods, the Company’s E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company closed the SH E-MS and SZ facilities at the end of 2020 and integrated the SH BPA facility into its PCB operations. As of March 29, 2021, E-M Solutions no longer met the criteria for segment reporting. As a result of the restructuring of the E-M Solutions business unit, certain prior year amounts have been reclassified to conform to this new presentation. Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 27, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | (2) Discontinued Operations On January 19, 2020, the Company entered into a definitive equity interests purchase agreement for the sale of the Company’s Mobility business unit. The sale was completed on April 17, 2020 for a base purchase price of $550,000, subject to customary purchase price adjustments. The base purchase price did not include certain accounts receivable of the divested business, which were estimated to total approximately $95,000. After the price adjustments, the final purchase price was $569,246, which did not include approximately $83,000 accounts receivable of the divested business. On April 18, 2020, the Company entered into a Transition Services Agreement (TSA) with the Purchaser pursuant to which the Purchaser is receiving certain services (the Services) to enable it to operate the Mobility business unit after the closing of the sale of the Mobility business unit. The Services include finance and accounting, human resources, legal and compliance, sales, information technology, and other corporate support services. Under the TSA, the Services are being provided at cost for a period of up to 24 months. In addition, the Company entered into a Manufacturing Supply Agreement with the Purchaser pursuant to which the Purchaser will supply products to a few customers of the Company. There was no material impact on the Company’s consolidated condensed financial statements. Further, on June 29, 2020, the Company entered into a Sales Force Agreement with the Purchaser pursuant to which the Company’s sales representatives assist the Purchaser in selling PCBs manufactured by the Purchaser to certain customers for a commission for a period up to April 17, 2021. There was no material impact on the Company’s consolidated condensed financial statements. As the sale of the Company’s Mobility business unit represented a strategic shift that had a major effect on the Company’s operations and financial results, in accordance with the provisions of FASB authoritative guidance on the presentation of financial statements, Mobility business unit results are classified as discontinued operations in the consolidated condensed statements of operations for all periods presented. The following table summarizes the results of Mobility operations for the quarter and three quarters ended September 28, 2020 prior to sale: Quarter Ended Three Quarters Ended September 28, September 28, 2020 2020 (In thousands, except per share data) Net sales $ — $ 143,951 Cost of goods sold — 136,800 Gross profit — 7,151 Operating expenses: Selling and marketing — 1,461 General and administrative — 2,317 Research and development — 147 Amortization of definite-lived intangibles — 809 Total operating expenses — 4,734 Operating income — 2,417 Other (expense) income: Interest expense — (223 ) Gain on sale of the Mobility business unit — 237,253 Other, net — 1,160 Total other income, net — 238,190 Income from discontinued operations before income taxes — 240,607 Income tax benefit (provision) 20,021 (46,686 ) Income from discontinued operations, net of income taxes $ 20,021 $ 193,921 Earnings per share from discontinued operations: Basic earnings per share $ 0.19 $ 1.83 Diluted earnings per share $ 0.19 $ 1.83 There was no depreciation expense related to the discontinued operations for the quarter ended September 28, 2020. Depreciation expense related to the discontinued operations for the three quarters ended September 28, 2020 was $21,382. During the quarter and three quarters ended September 28, 2020, the Company’s income tax expense related to the discontinued operations was impacted by a net discrete tax benefit of $20,021 and a net discrete tax expense of $46,686, respectively. As a result of the sale of the Mobility business unit, the discrete income tax benefit during the quarter ended September 28, 2020 is due to recognition of additional Internal Revenue Code (IRC) Section 250 deduction and foreign tax credit benefits. The net income tax expense for the three quarters ended September 28, 2020 is related mainly to (i) China withholding tax related to gain on sale, (ii) U.S. income tax related to Global Intangible Low Taxed Income (GILTI) inclusion net of IRC Section 250 deduction and foreign tax credits, offset by (iii) release of U.S. FIN 48 uncertain tax positions. Proceeds from the sale of the Company’s Mobility business unit have been presented in the consolidated condensed statements of cash flows within net cash provided by investing activities from discontinued operations. The following is a reconciliation of the final gain recorded for the sale of the Company’s Mobility business unit ( in thousands Net proceeds from the sale of the Mobility business unit (1) $ 569,246 Mobility business unit assets: Cash and cash equivalents 12,513 Restricted cash 35,412 Accounts receivable, net 12 Contract assets 40,072 Inventories 4,988 Prepaid expenses and other current assets 4,593 Property, plant and equipment, net 328,648 Goodwill 68,267 Definite-lived intangibles, net 5,520 Deposits and other non-current assets 6,291 Total Mobility business unit assets 506,316 Mobility business unit liabilities: Accounts payable 142,636 Accrued salaries, wages and benefits 9,392 Other current liabilities 8,890 Other long-term liabilities 303 Total Mobility business unit liabilities 161,221 Derecognition of foreign currency translation adjustments and unrealized losses on cash flow hedges recorded in accumulated other comprehensive loss 26,957 Other transaction costs incurred as part of the sale of the Mobility business unit (2) 13,855 Gain on sale of the Mobility business unit before income taxes $ 237,253 (1) Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments. (2) Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including bank fees, legal fees, professional fees, and other costs. |
Leases
Leases | 9 Months Ended |
Sep. 27, 2021 | |
Leases [Abstract] | |
Leases | (3) Leases The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases that expire at various dates through 2049 and a manufacturing plant under a finance lease. The majority of the Company’s lease arrangements are comprised of fixed payments, and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the right-of-use (ROU) asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Operating lease cost $ 2,015 $ 2,333 $ 6,147 $ 7,041 Variable lease cost 193 133 567 376 Short-term lease cost 89 84 198 482 Supplemental cash flow information related to leases was as follows: Three Quarters Ended September 27, 2021 September 28, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,321 $ 6,636 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 1,954 6,559 Finance lease 15,256 — Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location September 27, 2021 December 28, 2020 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 16,794 $ 24,340 Finance lease Property, plant and equipment, net 14,743 — Total lease assets $ 31,537 $ 24,340 Liabilities: Current: Operating leases Other current liabilities $ 5,528 $ 8,144 Finance lease Other current liabilities 639 — Long-term: Operating leases Operating lease liabilities 12,077 17,211 Finance lease Other long-term liabilities 14,124 — Total lease liabilities $ 32,368 $ 25,355 As of September 27, 2021 December 28, 2020 Weighted average remaining lease term (years): Operating leases 4.1 4.2 Finance lease 14.9 — Weighted average discount rate: Operating leases 2.89 % 3.31 % Finance lease 2.69 % — Maturities of the Company’s lease liabilities were as follows (1) (In thousands) Less than one year $ 2,573 1 - 2 years 6,360 2 - 3 years 5,152 3 - 4 years 3,946 4 - 5 years 3,574 Thereafter 15,308 Total lease payments 36,913 Less imputed interest (4,545 ) Total $ 32,368 (1) Excludes $851 of legally binding |
Revenues
Revenues | 9 Months Ended |
Sep. 27, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | (4) Revenues As of September 27, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations for long-term contracts was $11,008. The Company expects to recognize revenue on approximately 84% of the remaining performance obligations for the Company’s long-term contracts over the next twelve months. Revenue from products and services transferred to customers over time and at a point in time accounted for 97% and 3%, respectively, of the Company’s revenue for the quarter and three quarters ended September 27, 2021, and 98% and 2%, respectively, of the Company’s revenue for the quarter and three quarters ended September 28, 2020. The following tables represent a disaggregation of revenue by principal end markets with the reportable segments: Quarter Ended September 27, 2021 Quarter Ended September 28, 2020 PCB RF&S Components Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 173,894 $ 12 $ 173,906 $ 182,558 $ 180 $ 18 $ 182,756 Automotive 99,205 — 99,205 63,114 — 10,097 73,211 Cellular Phone — — — 38 — — 38 Data Center Computing (2) 81,202 — 81,202 62,554 186 34 62,774 Medical/Industrial/Instrumentation 108,879 1,467 110,346 91,836 742 2,939 95,517 Networking/Communications 74,316 12,848 87,164 74,366 7,203 8,919 90,488 Other 3,622 1,339 4,961 6,845 3,431 (1,484 ) 8,792 Total $ 541,118 $ 15,666 $ 556,784 $ 481,311 $ 11,742 $ 20,523 $ 513,576 Three Quarters Ended September 27, 2021 Three Quarters Ended September 28, 2020 PCB RF&S Components Other (1) Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 545,585 $ 24 $ — $ 545,609 $ 555,882 $ 189 $ 38 $ 556,109 Automotive 293,890 — 3,642 297,532 182,970 — 28,693 211,663 Cellular Phone — — — — 1,334 — — 1,334 Data Center Computing (2) 235,191 456 — 235,647 192,209 663 124 192,996 Medical/Industrial/Instrumentation 303,661 3,615 25 307,301 298,117 2,336 9,247 309,700 Networking/Communications 216,982 35,451 1 252,434 240,215 19,173 20,560 279,948 Other 9,775 2,713 (412 ) 12,076 21,429 10,913 (2,572 ) 29,770 Total $ 1,605,084 $ 42,259 $ 3,256 $ 1,650,599 $ 1,492,156 $ 33,274 $ 56,090 $ 1,581,520 (1) Other represents results from the now closed SH E-MS and SZ facilities. (2) Beginning in the first quarter of 2021, the Computing/Storage/Peripherals end market was renamed to Data Center Computing to better reflect the customer mix and growth prospects. There was no change to the customers included in this end market. |
Composition of Certain Consolid
Composition of Certain Consolidated Condensed Financial Statement Captions | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 December 28, 2020 (In thousands) Inventories: Raw materials $ 124,772 $ 103,890 Work-in-process 11,763 7,841 Finished goods 3,520 3,920 $ 140,055 $ 115,651 Property, plant and equipment, net: Land and land use rights $ 62,061 $ 61,781 Buildings and improvements 423,313 398,540 Machinery and equipment 875,587 832,723 Furniture and fixtures and other 10,210 10,304 Construction-in-progress 34,528 33,191 1,405,699 1,336,539 Less: Accumulated depreciation (735,963 ) (686,104 ) $ 669,736 $ 650,435 Other current liabilities: Sales returns and allowances $ 13,319 $ 13,015 Income taxes payable 9,877 2,428 Derivative liabilities 7,372 — Interest 3,471 7,157 Operating lease 5,528 8,144 Restructuring 46 7,382 Other 53,644 51,296 $ 93,257 $ 89,422 Other long-term liabilities: Deferred income taxes $ 23,882 $ 23,704 Defined benefit pension plan liability 9,097 9,986 Derivative liabilities — 14,968 Finance lease 14,124 — Other 27,498 25,167 $ 74,601 $ 73,825 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 27, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwill As of September 27, 2021 and December 28, 2020, goodwill by reportable segment was as follows: PCB RF&S Components Total (In thousands) Balance as of September 27, 2021 and December 28, 2020 Goodwill $ 700,724 $ 177,200 $ 877,924 Accumulated impairment losses (171,400 ) (69,200 ) (240,600 ) $ 529,324 $ 108,000 $ 637,324 |
Definite-lived Intangibles
Definite-lived Intangibles | 9 Months Ended |
Sep. 27, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-lived Intangibles | (7) Definite-lived Intangibles As of September 27, 2021 and December 28, 2020, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (In thousands) (In years) September 27, 2021 Customer relationships $ 397,500 $ (176,979 ) $ 220,521 10.9 Technology 47,650 (17,852 ) 29,798 9.5 $ 445,150 $ (194,831 ) $ 250,319 December 28, 2020 Customer relationships $ 397,500 $ (150,142 ) $ 247,358 10.9 Technology 47,650 (13,701 ) 33,949 9.5 $ 445,150 $ (163,843 ) $ 281,307 Definite-lived intangibles are amortized using the straight-line method of amortization over the useful life. Amortization expense was $9,658 and $11,510 for the quarters ended September 27, 2021 and September 28, 2020, respectively, and $30,988 Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2021 $ 10,191 2022 38,631 2023 36,713 2024 29,713 2025 25,397 Thereafter 109,674 $ 250,319 |
Long-term Debt and Letters of C
Long-term Debt and Letters of Credit | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020: Interest Rate as of September 27, 2021 Principal Outstanding as of September 27, 2021 Interest Rate as of December 28, 2020 Principal Outstanding as of December 28, 2020 (In thousands) Senior Notes due March 2029 4.00 % $ 500,000 — % $ — Term Loan due September 2024 2.59 405,879 2.65 405,879 Senior Notes due October 2025 — — 5.63 375,000 U.S. ABL Revolving Loan due June 2024 — — 1.40 40,000 Asia ABL Revolving Loan due June 2024 1.49 30,000 1.55 30,000 935,879 850,879 Less: Long-term debt unamortized discount (660 ) (814 ) Long-term debt unamortized debt issuance costs (8,297 ) (7,212 ) 926,922 842,853 Less: current maturities — — Long-term debt, less current maturities $ 926,922 $ 842,853 Pursuant to the Term Loan Credit Agreement, the Company may reinvest the cash proceeds received from the sale of the Mobility business unit for a period of twelve months commencing September 3, 2020. If the proceeds are not reinvested during that time , the Company is required to use the proceeds to prepay the Term Loan. The Company used a portion of the cash proceeds to repay $ 400,000 of the Term Loan during the year ended December 28, 2020 and used the remaining cash proceeds for reinvestment pursuant to the Term Loan Credit Agreement . Permitted investments, as defined in the Term Loan Credit Agreement, include extensions of trade credit in the ordinary course of business, investments in cash and cash equivalents, permitted acquisitions, investments in assets useful in the business of the Company and its restricted subsidiaries, investments in joint ventures and unrestricted subsidiaries among others . Senior Notes due 2029 On March 10, 2021, the Company issued $500,000 of Senior Notes due 2029, which are included in long-term debt and bear interest at a rate of 4.0% per annum. Interest is payable semiannually in arrears on March 1 and September 1 of each year beginning September 1, 2021. The Senior Notes due 2029 will mature on March 1, 2029. The Company used a portion of the net proceeds from the issuance of the Senior Notes due 2029 during the quarter ended March 29, 2021 to: (i) fund the early retirement of $375,000 Senior Notes due 2025, (ii) fund the repayment of $40,000 outstanding under the U.S. Asset-Based Lending Credit Agreement (U.S. ABL) Revolving credit facility (but not terminate the commitments thereunder), and (iii) pay related premiums, fees and expenses. The Company has and intends to use the remaining net proceeds for general corporate purposes. Asset-Based Lending Agreements As of September 27, 2021, letters of credit in the amount of $12,346 were outstanding under the U.S. ABL and $2,606 were outstanding under the Asia Asset-Based Lending Credit Agreement (Asia ABL) with various expiration dates through September 2021. Available borrowing capacity under the U.S. ABL and the Asia ABL was $137,654 and $117,394, respectively, which considers letters of credit outstanding as of September 27, 2021. Debt Covenants Borrowings under the Term Loan and Senior Notes due 2029 are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and share payments. Under the occurrence of certain events, the U.S. ABL and 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 September 27 , 2021 As of September 27, 2021 As of December 28, 2020 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (In thousands, except interest rates) Senior Notes due March 2029 $ 6,114 $ — 4.19 % $ — $ — — % Term Loan due September 2024 2,183 660 4.66 2,695 814 4.66 Senior Notes due October 2025 — — — 4,517 — 5.92 $ 8,297 $ 660 $ 7,212 $ 814 The above debt discount and debt issuance costs are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the ABL Revolving Loans of $1,496 and $1,919 as of September 27 , 2021 As of September 27 , 2021 Loss on Extinguishment of Debt During the three quarters ended September 27, 2021, the Company recognized losses of $15,217 associated with the premium paid on extinguishment of debt and the write-off of the remaining unamortized debt issuance costs as a result of the repayment of the remaining outstanding balance of the Senior Notes due 2025. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes The Company’s effective tax rate is impacted by tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, generation of credits and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. Additionally, no tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions. During the quarter and three quarters ended September 27, 2021, the Company’s effective tax rate was impacted by a net discrete expense of $1,157 and a net tax benefit of $1,069, respectively. This is related mainly due to an increase in uncertain tax positions in the United States netted against (i) the release of uncertain tax positions due to the expiration of the statute of limitation in foreign jurisdictions, (ii) stock based compensation releases, (iii) the approval of the Company’s renewal application for High and New Tax Enterprise status for two of the Company’s manufacturing subsidiaries in China (including the impact on the respective Company’s deferred tax amounts), and (iv) the reduction in the deferred tax liability for the foreign withholding tax accrual with respect to the Company’s indefinite reinvestment policy outside of the United States. The Company has various foreign subsidiaries formed or acquired to conduct or support its business outside the United States. 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 and the estimated federal/state tax impact. For those other companies with earnings currently being reinvested outside of the U.S., no deferred tax liabilities on undistributed earnings are recorded. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 27, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | (10) Financial Instruments Derivatives Interest Rate Swaps The Company’s business is exposed to risk resulting from fluctuations in interest rates on certain LIBOR-based variable rate debt. Increases in interest rates would increase interest expenses relating to the outstanding variable rate borrowings and increase the cost of debt. Fluctuations in interest rates can also lead to significant fluctuations in the fair value of the debt obligations. On May 15, 2018, the Company entered into a four-year At inception, the Company designated the interest rate swap as a cash flow hedge and the fair value of the interest rate swap was zero. As of September 27, 2021, the fair value of the interest rate swap was recorded as a liability in the amount of $7,372 and included as a component of other current liabilities. The change in the fair value of the interest rate swap is recorded as a component of accumulated other comprehensive loss, net of tax. No ineffectiveness was recognized for the quarter and three quarters ended September 27, 2021 and September 28, 2020. The interest rate swap increased interest expense by $2,775 and $2,707 for the quarters ended September 27, 2021 and September 28, 2020, respectively, and $8,278 and $6,224 for the three quarters ended September 27, 2021 and September 28, 2020, respectively. Foreign Exchange Contracts The Company enters into foreign currency forward contracts to mitigate the impact of changes in foreign currency exchange rates and to reduce the volatility of purchases and other obligations generated in currencies other than its functional currencies. The Company’s foreign subsidiaries may at times purchase forward exchange contracts to manage their foreign currency risks in relation to certain purchases of machinery denominated in foreign currencies other than the Company’s functional currencies. The notional amount of the foreign exchange contracts as of September 27, 2021 and December 28, 2020 was approximately $1,245 (Japanese Yen (JPY) 132.3 million) and $1,181 (JPY 125.0 million), respectively. The Company has designated certain of these foreign exchange contracts as cash flow hedges. Commodity Price Risk Management The Company uses various raw materials in the manufacturing of PCBs. In particular, the Company has been experiencing increasing prices and lead times of copper clad laminates (CCLs), a key raw material for the manufacture of PCBs. CCLs are made from epoxy resin, glass cloth and copper foil, all of which are seeing limited supply and resulting increased prices. The Company only buys a small amount of copper directly. However, copper is a major driver of laminate cost. As such, the Company enters into commodity contracts to hedge copper as a proxy for hedging laminate. As of September 27, 2021, the Company has commodity contracts with a notional quantity of 0.5 metric tonnes each for the periods (i) beginning September 28, 2021 and ending on December 30, 2021, (ii) beginning January 4, 2022 and ending on March 31, 2022, and (iii) beginning April 5, 2022 and ending on June 29, 2022, and 0.6 metric tonnes for the period beginning June 30, 2022 and ending on October 3, 2022. As of September 27, 2021, the fair value of the commodity contracts was recorded as a liability in the amount of $65 and included as a component of other current liabilities. The changes in the fair value of these commodity contracts are recorded in cost of goods sold in the consolidated condensed statements of operations. The commodity contracts increased cost of goods sold by $ 164 and $ 65 for the quarter and three quarters ended September 27 , 2021 , respectively . These commodity contracts are not designated as accounting hedges. The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset/(Liability) Fair Value Balance Sheet Location September 27, 2021 December 28, 2020 (In thousands) Cash flow derivative instruments designated as hedges: Interest rate swap Other current liabilities $ (7,372 ) $ — Interest rate swap Other long-term liabilities — (14,968 ) Foreign exchange contracts Other current liabilities (48 ) — Cash flow derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets — 28 Commodity contracts Other current liabilities (65 ) — The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended September 27, 2021 Quarter Ended September 28, 2020 Financial Statement Caption Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (147 ) $ (2,775 ) $ (586 ) $ (2,707 ) Three Quarters Ended September 27, 2021 Three Quarters Ended September 28, 2020 Financial Statement Caption Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (682 ) $ (8,278 ) $ (11,618 ) $ (6,224 ) The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the three quarters ended September 27, 2021 and September 28, 2020: Three Quarters Ended September 27, September 28, 2021 2020 (In thousands) Beginning balance, net of tax $ (11,231 ) $ (9,617 ) Changes in fair value loss, net of tax (87 ) (8,667 ) Reclassification to earnings 5,875 4,727 Derecognition of unrealized losses on cash flow hedge due to sale of Mobility business unit — 384 Ending balance, net of tax $ (5,443 ) $ (13,173 ) Based on the current yield curve, the Company expects that losses of approximately $6,022 of the accumulated other comprehensive loss will be reclassified into the statement of operations, net of tax, in the next twelve months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020: Foreign Currency Translation Pension Obligation (Losses) Gains on Cash Flow Hedges Total (In thousands) Ending balance as of December 28, 2020 $ (24,827 ) $ (2,855 ) $ (11,231 ) $ (38,913 ) Other comprehensive income (loss) before reclassifications 363 59 (87 ) 335 Amounts reclassified from accumulated other comprehensive loss — — 5,875 5,875 Other comprehensive income 363 59 5,788 6,210 Ending balance as of September 27, 2021 $ (24,464 ) $ (2,796 ) $ (5,443 ) $ (32,703 ) |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 9 Months Ended |
Sep. 27, 2021 | |
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 ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers. There were no customers that accounted for 10% or more of net sales for the quarter ended September 27, 2021. For the three quarters ended September 27, 2021, one customer accounted for approximately 10% of the Company’s net sales. For the quarter and three quarters ended September 28, 2020, one customer accounted for approximately 13% and 10% of the Company’s net sales, respectively. |
Fair Value Measures
Fair Value Measures | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020 were as follows: As of As of September 27, 2021 December 28, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Derivative assets, current $ — $ — $ 28 $ 28 Derivative liabilities, current 7,485 7,485 — — Derivative liabilities, non-current — — 14,968 14,968 Senior Notes due March 2029 493,886 504,565 — — Term Loan due September 2024 403,036 407,150 402,370 407,909 Senior Notes due October 2025 — — 370,483 383,974 ABL Revolving Loans 30,000 30,000 70,000 70,000 The fair value of the derivative instruments was determined using pricing models developed based on the LIBOR swap rate, foreign currency exchange rates, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary. The fair value of the long-term debt was estimated based on quoted market prices or discounting the debt over its life using current market rates for similar debt as of September 27, 2021 and December 28, 2020, which are considered Level 2 inputs. As of September 27 , 2021 and December 28 , 20 20 , the Company’s other financial instruments included cash and cash equivalents, accounts receivable, and accounts payable. Due to short-term maturities, the carrying amount of these instruments approximates fair value. The Company’s cash and cash equivalents as of September 27 , 2021 consisted of $355,243 held in the U.S., with the remaining $174,573 held by foreign subsidiaries. The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets, inventories, and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or are tested at least annually in the case of goodwill) such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020. However, these amounts are not material to the consolidated condensed financial statements of the Company. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 27, 2021 | |
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 from continuing operations for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands, except per share amounts) Net income (loss) from continuing operations $ 20,958 $ (61,472 ) $ 46,027 $ (55,346 ) Basic weighted average shares 107,098 106,729 106,917 106,130 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 1,247 — 1,655 — Dilutive effect of outstanding warrants — — 267 — Diluted shares 108,345 106,729 108,839 106,130 Earnings (loss) per share: Basic $ 0.20 $ (0.58 ) $ 0.43 $ (0.52 ) Diluted $ 0.19 $ (0.58 ) $ 0.42 $ (0.52 ) Performance-based restricted stock units (PRUs), restricted stock units (RSUs), and stock options to purchase 997 and 866 shares of common stock for the quarter and three quarters ended September 27, 2021, respectively, were not included in the computation of diluted earnings per share. The PRUs were not included in the computation of diluted earnings per share because the performance conditions had not been met at September 27, 2021, and for RSUs and stock options, the options’ exercise prices or the total expected proceeds under the treasury stock method was greater than the average market price of common stock during the applicable quarter and three quarters and, as a result, the impact would be anti-dilutive. For the quarter and three quarters ended September 28, 2020, potential shares of common stock, consisting of stock options to purchase approximately 80 shares of common stock at exercise prices ranging from $11.83 to $16.60 per share, 3,187 RSUs, and 216 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. Outstanding warrants for the quarter ended September 27, 2021, and the quarter and three quarters ended September 28, 2020 to purchase common stock were not included in the computation of dilutive earnings per share because the strike price of the warrants to purchase the Company’s common stock was greater than the average market price of common stock during the applicable quarter, and therefore, the effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 27, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (16) Stock-Based Compensation Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Three Quarters Ended September 27, September 28, September 27, September 28, 2021 2020 2021 2020 (In thousands) Cost of goods sold $ 1,284 $ 1,173 $ 3,310 $ 2,643 Selling and marketing 731 557 1,819 1,299 General and administrative 2,542 2,705 6,912 7,872 Research and development 387 44 462 147 Stock-based compensation expense recognized $ 4,944 $ 4,479 $ 12,503 $ 11,961 Summary of Unrecognized Compensation Costs The following is a summary of total unrecognized compensation costs as of September 27, 2021: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 29,156 1.5 PRU awards 2,348 1.1 Stock options 69 0.9 $ 31,573 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 27, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (17) Segment Information The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. In prior periods, the Company’s E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company closed the SH E-MS and SZ facilities at the end of 2020 and integrated the SH BPA facility into its PCB operations. As of March 29, 2021, E-M Solutions no longer met the criteria for segment reporting. As a result of the restructuring of the E-M Solutions business unit, certain prior year amounts have been reclassified to conform to this new presentation. The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated. Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Net Sales: PCB $ 541,118 $ 481,311 $ 1,605,084 $ 1,492,156 RF&S Components 15,666 11,742 42,259 33,274 Other (1) — 20,523 3,256 56,090 Total net sales $ 556,784 $ 513,576 $ 1,650,599 $ 1,581,520 Operating Segment Income (Loss): PCB $ 61,424 $ 65,179 $ 191,711 $ 203,131 RF&S Components 6,537 (66,098 ) 15,129 (59,880 ) Corporate and Other (1) (26,068 ) (27,823 ) (82,929 ) (110,925 ) Total operating segment income (loss) 41,893 (28,742 ) 123,911 32,326 Amortization of definite-lived intangibles (2) (9,658 ) (11,510 ) (30,988 ) (33,400 ) Total operating income (loss) 32,235 (40,252 ) 92,923 (1,074 ) Total other expense (8,622 ) (22,520 ) (43,494 ) (57,916 ) Income (loss) before income taxes $ 23,613 $ (62,772 ) $ 49,429 $ (58,990 ) As of September 27, 2021 December 28, 2020 (In thousands) Segment Assets: PCB $ 1,596,648 $ 1,529,102 RF&S Components 219,294 227,990 Corporate and Other (1) 1,231,689 1,138,852 Total assets $ 3,047,631 $ 2,895,944 (1) Other represents results from the now closed SH E-MS and SZ facilities. (2) Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For both the quarter and three quarters ended September 27, 2021 and September 28, 2020, $1,384 and $4,151, respectively, of amortization expense is included in cost of goods sold. The Corporate category primarily includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, information technology and human resources personnel, as well as global sales and marketing personnel, research and development costs, and acquisition and integration costs associated with acquisitions and divestitures. The Company markets and sells its products in approximately 50 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10% of the Company’s total net sales. Net sales are as follows: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Net Sales: United States $ 245,940 $ 271,050 $ 775,351 $ 802,681 China 77,022 80,696 238,891 252,736 Other 233,822 161,830 636,357 526,103 Total net sales $ 556,784 $ 513,576 $ 1,650,599 $ 1,581,520 Net sales are attributed to countries by country invoiced. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 27, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | (18) Restructuring Charges On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. The E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company ceased operations at the SH E-MS and SZ facilities while integrating the SH BPA facility into its PCB operations. The restructuring is another step in advancing the Company’s stated strategy of increasing its focus on differentiated higher margin products that more fully leverage the Company’s early engagement capabilities and industry leading engineering-based technology solutions. The Company closed the SH E-MS and SZ facilities at the end of 2020. As of September 27, 2021, the Company had incurred approximately $19,868 of restructuring charges and $6,702 of accelerated depreciation expense since the April 29, 2020 announcement. In connection with the restructuring of its E-M Solutions business unit and other global realignment restructuring efforts, the Company recognized employee separation, contract termination and other costs during the quarter and three quarters ended September 27, 2021 and September 28, 2020. Contract termination and other costs primarily represented plant closure costs. The table below summarizes such restructuring costs by reportable segment, which are included as a component of general and administrative expenses in the consolidated condensed statements of operations, for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended September 27, 2021 Three Quarters Ended September 27, 2021 Employee Separation/ Severance Contract Termination and Other Costs Total Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Reportable Segment: PCB $ — $ — $ — $ 470 $ 123 $ 593 Corporate and Other (1) — 243 243 415 3,026 3,441 $ — $ 243 $ 243 $ 885 $ 3,149 $ 4,034 Quarter Ended September 28, 2020 Three Quarters Ended September 28, 2020 Employee Separation/ Severance Contract Termination and Other Costs Total Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Reportable Segment: PCB $ — $ — $ — $ (8 ) $ 14 $ 6 Corporate and Other (1) 979 109 1,088 14,373 451 14,824 $ 979 $ 109 $ 1,088 $ 14,365 $ 465 $ 14,830 (1) Other represents results from the now closed SH E-MS and SZ facilities. Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The table below shows the utilization of the accrued restructuring costs during the three quarters ended September 27, 2021: Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Accrued as of December 28, 2020 $ 7,063 $ 319 $ 7,382 Charged to expense 885 3,149 4,034 Amount paid (7,940 ) (3,430 ) (11,370 ) Accrued as of September 27, 2021 $ 8 $ 38 $ 46 |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Sep. 27, 2021 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | (19) Share Repurchase Program On February 3, 2021, 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 February 3, 2023. 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 (the Exchange Act) which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. In addition, the Company adopted a trading plan, which may be amended from time to time, 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. During the quarter ended September 27, 2021, the Company repurchased 2,114 shares of common stock for a total cost of $28,971 and during the three quarters ended September 27, 2021, the Company has repurchased a total of 2,525 shares of common stock for a total cost of $35,116. As of September 27, 2021, the remaining amount available to be repurchased under the Company’s share repurchase program was $64,884. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 27, 2021 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications The Company currently has two reportable segments: PCB and RF and Specialty Components (RF&S Components). On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. In prior periods, the Company’s E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company closed the SH E-MS and SZ facilities at the end of 2020 and integrated the SH BPA facility into its PCB operations. As of March 29, 2021, E-M Solutions no longer met the criteria for segment reporting. As a result of the restructuring of the E-M Solutions business unit, certain prior year amounts have been reclassified to conform to this new presentation. |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Components of Discontinued Operations | The following table summarizes the results of Mobility operations for the quarter and three quarters ended September 28, 2020 prior to sale: Quarter Ended Three Quarters Ended September 28, September 28, 2020 2020 (In thousands, except per share data) Net sales $ — $ 143,951 Cost of goods sold — 136,800 Gross profit — 7,151 Operating expenses: Selling and marketing — 1,461 General and administrative — 2,317 Research and development — 147 Amortization of definite-lived intangibles — 809 Total operating expenses — 4,734 Operating income — 2,417 Other (expense) income: Interest expense — (223 ) Gain on sale of the Mobility business unit — 237,253 Other, net — 1,160 Total other income, net — 238,190 Income from discontinued operations before income taxes — 240,607 Income tax benefit (provision) 20,021 (46,686 ) Income from discontinued operations, net of income taxes $ 20,021 $ 193,921 Earnings per share from discontinued operations: Basic earnings per share $ 0.19 $ 1.83 Diluted earnings per share $ 0.19 $ 1.83 in thousands Net proceeds from the sale of the Mobility business unit (1) $ 569,246 Mobility business unit assets: Cash and cash equivalents 12,513 Restricted cash 35,412 Accounts receivable, net 12 Contract assets 40,072 Inventories 4,988 Prepaid expenses and other current assets 4,593 Property, plant and equipment, net 328,648 Goodwill 68,267 Definite-lived intangibles, net 5,520 Deposits and other non-current assets 6,291 Total Mobility business unit assets 506,316 Mobility business unit liabilities: Accounts payable 142,636 Accrued salaries, wages and benefits 9,392 Other current liabilities 8,890 Other long-term liabilities 303 Total Mobility business unit liabilities 161,221 Derecognition of foreign currency translation adjustments and unrealized losses on cash flow hedges recorded in accumulated other comprehensive loss 26,957 Other transaction costs incurred as part of the sale of the Mobility business unit (2) 13,855 Gain on sale of the Mobility business unit before income taxes $ 237,253 (1) Net proceeds from the sale of the Mobility business unit are net of customary purchase price adjustments. (2) Costs directly incurred as a result of the sale of the Company’s Mobility business unit, including bank fees, legal fees, professional fees, and other costs. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Operating lease cost $ 2,015 $ 2,333 $ 6,147 $ 7,041 Variable lease cost 193 133 567 376 Short-term lease cost 89 84 198 482 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Quarters Ended September 27, 2021 September 28, 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,321 $ 6,636 Right-of-use assets obtained in exchange for new lease obligations: Operating leases 1,954 6,559 Finance lease 15,256 — |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: As of Balance Sheet Location September 27, 2021 December 28, 2020 (In thousands) Assets: Operating leases Operating lease right-of-use assets $ 16,794 $ 24,340 Finance lease Property, plant and equipment, net 14,743 — Total lease assets $ 31,537 $ 24,340 Liabilities: Current: Operating leases Other current liabilities $ 5,528 $ 8,144 Finance lease Other current liabilities 639 — Long-term: Operating leases Operating lease liabilities 12,077 17,211 Finance lease Other long-term liabilities 14,124 — Total lease liabilities $ 32,368 $ 25,355 As of September 27, 2021 December 28, 2020 Weighted average remaining lease term (years): Operating leases 4.1 4.2 Finance lease 14.9 — Weighted average discount rate: Operating leases 2.89 % 3.31 % Finance lease 2.69 % — |
Maturities of Lease Liabilities | Maturities of the Company’s lease liabilities were as follows (1) (In thousands) Less than one year $ 2,573 1 - 2 years 6,360 2 - 3 years 5,152 3 - 4 years 3,946 4 - 5 years 3,574 Thereafter 15,308 Total lease payments 36,913 Less imputed interest (4,545 ) Total $ 32,368 (1) Excludes $851 of legally binding |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 Quarter Ended September 28, 2020 PCB RF&S Components Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 173,894 $ 12 $ 173,906 $ 182,558 $ 180 $ 18 $ 182,756 Automotive 99,205 — 99,205 63,114 — 10,097 73,211 Cellular Phone — — — 38 — — 38 Data Center Computing (2) 81,202 — 81,202 62,554 186 34 62,774 Medical/Industrial/Instrumentation 108,879 1,467 110,346 91,836 742 2,939 95,517 Networking/Communications 74,316 12,848 87,164 74,366 7,203 8,919 90,488 Other 3,622 1,339 4,961 6,845 3,431 (1,484 ) 8,792 Total $ 541,118 $ 15,666 $ 556,784 $ 481,311 $ 11,742 $ 20,523 $ 513,576 Three Quarters Ended September 27, 2021 Three Quarters Ended September 28, 2020 PCB RF&S Components Other (1) Total PCB RF&S Components Other (1) Total End Markets (In thousands) Aerospace and Defense $ 545,585 $ 24 $ — $ 545,609 $ 555,882 $ 189 $ 38 $ 556,109 Automotive 293,890 — 3,642 297,532 182,970 — 28,693 211,663 Cellular Phone — — — — 1,334 — — 1,334 Data Center Computing (2) 235,191 456 — 235,647 192,209 663 124 192,996 Medical/Industrial/Instrumentation 303,661 3,615 25 307,301 298,117 2,336 9,247 309,700 Networking/Communications 216,982 35,451 1 252,434 240,215 19,173 20,560 279,948 Other 9,775 2,713 (412 ) 12,076 21,429 10,913 (2,572 ) 29,770 Total $ 1,605,084 $ 42,259 $ 3,256 $ 1,650,599 $ 1,492,156 $ 33,274 $ 56,090 $ 1,581,520 (1) Other represents results from the now closed SH E-MS and SZ facilities. (2) Beginning in the first quarter of 2021, the Computing/Storage/Peripherals end market was renamed to Data Center Computing to better reflect the customer mix and growth prospects. There was no change to the customers included in this end market. |
Composition of Certain Consol_2
Composition of Certain Consolidated Condensed Financial Statement Captions (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions | As of September 27, 2021 December 28, 2020 (In thousands) Inventories: Raw materials $ 124,772 $ 103,890 Work-in-process 11,763 7,841 Finished goods 3,520 3,920 $ 140,055 $ 115,651 Property, plant and equipment, net: Land and land use rights $ 62,061 $ 61,781 Buildings and improvements 423,313 398,540 Machinery and equipment 875,587 832,723 Furniture and fixtures and other 10,210 10,304 Construction-in-progress 34,528 33,191 1,405,699 1,336,539 Less: Accumulated depreciation (735,963 ) (686,104 ) $ 669,736 $ 650,435 Other current liabilities: Sales returns and allowances $ 13,319 $ 13,015 Income taxes payable 9,877 2,428 Derivative liabilities 7,372 — Interest 3,471 7,157 Operating lease 5,528 8,144 Restructuring 46 7,382 Other 53,644 51,296 $ 93,257 $ 89,422 Other long-term liabilities: Deferred income taxes $ 23,882 $ 23,704 Defined benefit pension plan liability 9,097 9,986 Derivative liabilities — 14,968 Finance lease 14,124 — Other 27,498 25,167 $ 74,601 $ 73,825 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | As of September 27, 2021 and December 28, 2020, goodwill by reportable segment was as follows: PCB RF&S Components Total (In thousands) Balance as of September 27, 2021 and December 28, 2020 Goodwill $ 700,724 $ 177,200 $ 877,924 Accumulated impairment losses (171,400 ) (69,200 ) (240,600 ) $ 529,324 $ 108,000 $ 637,324 |
Definite-lived Intangibles (Tab
Definite-lived Intangibles (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite Lived Intangibles | As of September 27, 2021 and December 28, 2020, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Net Carrying Amount Weighted Average Amortization Period (In thousands) (In years) September 27, 2021 Customer relationships $ 397,500 $ (176,979 ) $ 220,521 10.9 Technology 47,650 (17,852 ) 29,798 9.5 $ 445,150 $ (194,831 ) $ 250,319 December 28, 2020 Customer relationships $ 397,500 $ (150,142 ) $ 247,358 10.9 Technology 47,650 (13,701 ) 33,949 9.5 $ 445,150 $ (163,843 ) $ 281,307 |
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 2021 $ 10,191 2022 38,631 2023 36,713 2024 29,713 2025 25,397 Thereafter 109,674 $ 250,319 |
Long-term Debt and Letters of_2
Long-term Debt and Letters of Credit (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes the long-term debt of the Company as of September 27, 2021 and December 28, 2020: Interest Rate as of September 27, 2021 Principal Outstanding as of September 27, 2021 Interest Rate as of December 28, 2020 Principal Outstanding as of December 28, 2020 (In thousands) Senior Notes due March 2029 4.00 % $ 500,000 — % $ — Term Loan due September 2024 2.59 405,879 2.65 405,879 Senior Notes due October 2025 — — 5.63 375,000 U.S. ABL Revolving Loan due June 2024 — — 1.40 40,000 Asia ABL Revolving Loan due June 2024 1.49 30,000 1.55 30,000 935,879 850,879 Less: Long-term debt unamortized discount (660 ) (814 ) Long-term debt unamortized debt issuance costs (8,297 ) (7,212 ) 926,922 842,853 Less: current maturities — — Long-term debt, less current maturities $ 926,922 $ 842,853 |
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs | As of September 27 , 2021 As of September 27, 2021 As of December 28, 2020 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (In thousands, except interest rates) Senior Notes due March 2029 $ 6,114 $ — 4.19 % $ — $ — — % Term Loan due September 2024 2,183 660 4.66 2,695 814 4.66 Senior Notes due October 2025 — — — 4,517 — 5.92 $ 8,297 $ 660 $ 7,212 $ 814 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments in Consolidated Condensed Balance Sheets | The fair values of derivative instruments in the consolidated condensed balance sheets are as follows: Asset/(Liability) Fair Value Balance Sheet Location September 27, 2021 December 28, 2020 (In thousands) Cash flow derivative instruments designated as hedges: Interest rate swap Other current liabilities $ (7,372 ) $ — Interest rate swap Other long-term liabilities — (14,968 ) Foreign exchange contracts Other current liabilities (48 ) — Cash flow derivative instruments not designated as hedges: Foreign exchange contracts Prepaid expenses and other current assets — 28 Commodity contracts Other current liabilities (65 ) — |
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges | The following table provides information about the amounts recorded in accumulated other comprehensive loss related to derivatives designated as cash flow hedges, as well as the amounts recorded in each caption in the consolidated condensed statements of operations when derivative amounts are reclassified out of accumulated other comprehensive loss for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended September 27, 2021 Quarter Ended September 28, 2020 Financial Statement Caption Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (147 ) $ (2,775 ) $ (586 ) $ (2,707 ) Three Quarters Ended September 27, 2021 Three Quarters Ended September 28, 2020 Financial Statement Caption Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income Loss Recognized in Other Comprehensive Loss Loss Reclassified into Income (In thousands) Cash flow hedge: Interest rate swap Interest expense $ (682 ) $ (8,278 ) $ (11,618 ) $ (6,224 ) |
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss | The following table provides a summary of the activity associated with the designated cash flow hedges reflected in accumulated other comprehensive loss for the three quarters ended September 27, 2021 and September 28, 2020: Three Quarters Ended September 27, September 28, 2021 2020 (In thousands) Beginning balance, net of tax $ (11,231 ) $ (9,617 ) Changes in fair value loss, net of tax (87 ) (8,667 ) Reclassification to earnings 5,875 4,727 Derecognition of unrealized losses on cash flow hedge due to sale of Mobility business unit — 384 Ending balance, net of tax $ (5,443 ) $ (13,173 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020: Foreign Currency Translation Pension Obligation (Losses) Gains on Cash Flow Hedges Total (In thousands) Ending balance as of December 28, 2020 $ (24,827 ) $ (2,855 ) $ (11,231 ) $ (38,913 ) Other comprehensive income (loss) before reclassifications 363 59 (87 ) 335 Amounts reclassified from accumulated other comprehensive loss — — 5,875 5,875 Other comprehensive income 363 59 5,788 6,210 Ending balance as of September 27, 2021 $ (24,464 ) $ (2,796 ) $ (5,443 ) $ (32,703 ) |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
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 September 27, 2021 and December 28, 2020 were as follows: As of As of September 27, 2021 December 28, 2020 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Derivative assets, current $ — $ — $ 28 $ 28 Derivative liabilities, current 7,485 7,485 — — Derivative liabilities, non-current — — 14,968 14,968 Senior Notes due March 2029 493,886 504,565 — — Term Loan due September 2024 403,036 407,150 402,370 407,909 Senior Notes due October 2025 — — 370,483 383,974 ABL Revolving Loans 30,000 30,000 70,000 70,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
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 from continuing operations for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands, except per share amounts) Net income (loss) from continuing operations $ 20,958 $ (61,472 ) $ 46,027 $ (55,346 ) Basic weighted average shares 107,098 106,729 106,917 106,130 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 1,247 — 1,655 — Dilutive effect of outstanding warrants — — 267 — Diluted shares 108,345 106,729 108,839 106,130 Earnings (loss) per share: Basic $ 0.20 $ (0.58 ) $ 0.43 $ (0.52 ) Diluted $ 0.19 $ (0.58 ) $ 0.42 $ (0.52 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan | Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended Three Quarters Ended September 27, September 28, September 27, September 28, 2021 2020 2021 2020 (In thousands) Cost of goods sold $ 1,284 $ 1,173 $ 3,310 $ 2,643 Selling and marketing 731 557 1,819 1,299 General and administrative 2,542 2,705 6,912 7,872 Research and development 387 44 462 147 Stock-based compensation expense recognized $ 4,944 $ 4,479 $ 12,503 $ 11,961 |
Summary of Unrecognized Compensation Costs | The following is a summary of total unrecognized compensation costs as of September 27, 2021: Unrecognized Stock-Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 29,156 1.5 PRU awards 2,348 1.1 Stock options 69 0.9 $ 31,573 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Income from Segments to Consolidated | Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Net Sales: PCB $ 541,118 $ 481,311 $ 1,605,084 $ 1,492,156 RF&S Components 15,666 11,742 42,259 33,274 Other (1) — 20,523 3,256 56,090 Total net sales $ 556,784 $ 513,576 $ 1,650,599 $ 1,581,520 Operating Segment Income (Loss): PCB $ 61,424 $ 65,179 $ 191,711 $ 203,131 RF&S Components 6,537 (66,098 ) 15,129 (59,880 ) Corporate and Other (1) (26,068 ) (27,823 ) (82,929 ) (110,925 ) Total operating segment income (loss) 41,893 (28,742 ) 123,911 32,326 Amortization of definite-lived intangibles (2) (9,658 ) (11,510 ) (30,988 ) (33,400 ) Total operating income (loss) 32,235 (40,252 ) 92,923 (1,074 ) Total other expense (8,622 ) (22,520 ) (43,494 ) (57,916 ) Income (loss) before income taxes $ 23,613 $ (62,772 ) $ 49,429 $ (58,990 ) As of September 27, 2021 December 28, 2020 (In thousands) Segment Assets: PCB $ 1,596,648 $ 1,529,102 RF&S Components 219,294 227,990 Corporate and Other (1) 1,231,689 1,138,852 Total assets $ 3,047,631 $ 2,895,944 (1) Other represents results from the now closed SH E-MS and SZ facilities. (2) Amortization of definite-lived intangibles primarily relates to the PCB and RF&S Components reportable segments. For both the quarter and three quarters ended September 27, 2021 and September 28, 2020, $1,384 and $4,151, respectively, of amortization expense is included in cost of goods sold. |
Net Sales | The Company markets and sells its products in approximately 50 countries. Other than in the United States and China, the Company does not conduct business in any country in which its net sales in that country exceed 10% of the Company’s total net sales. Net sales are as follows: Quarter Ended Three Quarters Ended September 27, 2021 September 28, 2020 September 27, 2021 September 28, 2020 (In thousands) Net Sales: United States $ 245,940 $ 271,050 $ 775,351 $ 802,681 China 77,022 80,696 238,891 252,736 Other 233,822 161,830 636,357 526,103 Total net sales $ 556,784 $ 513,576 $ 1,650,599 $ 1,581,520 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 27, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Costs by Reportable Segment | The table below summarizes such restructuring costs by reportable segment, which are included as a component of general and administrative expenses in the consolidated condensed statements of operations, for the quarter and three quarters ended September 27, 2021 and September 28, 2020: Quarter Ended September 27, 2021 Three Quarters Ended September 27, 2021 Employee Separation/ Severance Contract Termination and Other Costs Total Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Reportable Segment: PCB $ — $ — $ — $ 470 $ 123 $ 593 Corporate and Other (1) — 243 243 415 3,026 3,441 $ — $ 243 $ 243 $ 885 $ 3,149 $ 4,034 Quarter Ended September 28, 2020 Three Quarters Ended September 28, 2020 Employee Separation/ Severance Contract Termination and Other Costs Total Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Reportable Segment: PCB $ — $ — $ — $ (8 ) $ 14 $ 6 Corporate and Other (1) 979 109 1,088 14,373 451 14,824 $ 979 $ 109 $ 1,088 $ 14,365 $ 465 $ 14,830 (1) Other represents results from the now closed SH E-MS and SZ facilities. |
Accrued Restructuring Costs | Accrued restructuring costs are included as a component of other current liabilities in the consolidated condensed balance sheet. The table below shows the utilization of the accrued restructuring costs during the three quarters ended September 27, 2021: Employee Separation/ Severance Contract Termination and Other Costs Total (In thousands) Accrued as of December 28, 2020 $ 7,063 $ 319 $ 7,382 Charged to expense 885 3,149 4,034 Amount paid (7,940 ) (3,430 ) (11,370 ) Accrued as of September 27, 2021 $ 8 $ 38 $ 46 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Apr. 29, 2020Facility | Sep. 27, 2021Segment |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Number of reportable segments | Segment | 2 | |
ASU 2019-12 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Dec. 29, 2020 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
E-M Solutions | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Number of manufacturing facilities | 3 | |
E-M Solutions | Shanghai | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Number of manufacturing facilities | 2 | |
E-M Solutions | Shenzhen | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Number of manufacturing facilities | 1 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Apr. 18, 2020 | Apr. 17, 2020 | Sep. 28, 2020 | Sep. 28, 2020 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Depreciation expense related to the discontinued operations | $ 0 | $ 21,382 | ||
Net discrete tax expense (benefit) related to discontinued operations | $ (20,021) | 46,686 | ||
Definitive Equity Interests Purchase Agreement | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of subsidiaries of mobility business unit | $ 550,000 | |||
Estimated additional cash from sale of subsidiaries of mobility business unit | $ 95,000 | |||
Final purchase price from sale of subsidiaries of mobility business unit | 569,246 | |||
Additional cash from sale of subsidiaries of mobility business unit | $ 83,000 | |||
Transition Services Agreement | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Services provided period | 24 months |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Components of Discontinued Operations of Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 28, 2020 | Sep. 28, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net sales | $ 143,951 | |
Cost of goods sold | 136,800 | |
Gross profit | 7,151 | |
Operating expenses: | ||
Selling and marketing | 1,461 | |
General and administrative | 2,317 | |
Research and development | 147 | |
Amortization of definite-lived intangibles | 809 | |
Total operating expenses | 4,734 | |
Operating income | 2,417 | |
Other (expense) income: | ||
Interest expense | (223) | |
Gain on sale of the Mobility business unit | 237,253 | |
Other, net | 1,160 | |
Total other income, net | 238,190 | |
Income from discontinued operations before income taxes | 240,607 | |
Income tax benefit (provision) | $ 20,021 | (46,686) |
Income from discontinued operations, net of income taxes | $ 20,021 | $ 193,921 |
Earnings per share from discontinued operations: | ||
Basic earnings per share | $ 0.19 | $ 1.83 |
Diluted earnings per share | $ 0.19 | $ 1.83 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Components of Discontinued Operations of Reconciliation of Final Gain Recorded for Sale (Details) $ in Thousands | 9 Months Ended |
Sep. 28, 2020USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net proceeds from the sale of the Mobility business unit (1) | $ 569,246 |
Mobility business unit assets: | |
Cash and cash equivalents | 12,513 |
Restricted cash | 35,412 |
Accounts receivable, net | 12 |
Contract assets | 40,072 |
Inventories | 4,988 |
Prepaid expenses and other current assets | 4,593 |
Property, plant and equipment, net | 328,648 |
Goodwill | 68,267 |
Definite-lived intangibles, net | 5,520 |
Deposits and other non-current assets | 6,291 |
Total Mobility business unit assets | 506,316 |
Mobility business unit liabilities: | |
Accounts payable | 142,636 |
Accrued salaries, wages and benefits | 9,392 |
Other current liabilities | 8,890 |
Other long-term liabilities | 303 |
Total Mobility business unit liabilities | 161,221 |
Derecognition of foreign currency translation adjustments and unrealized losses on cash flow hedges recorded in accumulated other comprehensive loss | 26,957 |
Other transaction costs incurred as part of the sale of the Mobility business unit | 13,855 |
Gain on sale of the Mobility business unit | $ 237,253 |
Components of Lease Expense (De
Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,015 | $ 2,333 | $ 6,147 | $ 7,041 |
Variable lease cost | 193 | 133 | 567 | 376 |
Short-term lease cost | $ 89 | $ 84 | $ 198 | $ 482 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2021 | Sep. 28, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 6,321 | $ 6,636 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | 1,954 | $ 6,559 |
Finance lease | $ 15,256 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Assets: | ||
Operating lease right-of-use assets | $ 16,794 | $ 24,340 |
Finance lease | $ 14,743 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Total lease assets | $ 31,537 | $ 24,340 |
Current: | ||
Operating leases | $ 5,528 | $ 8,144 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance lease | $ 639 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Long-term: | ||
Operating lease liabilities | $ 12,077 | $ 17,211 |
Finance lease | $ 14,124 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Total lease liabilities | $ 32,368 | $ 25,355 |
Operating leases | 4 years 1 month 6 days | 4 years 2 months 12 days |
Finance lease | 14 years 10 months 24 days | 0 years |
Operating leases | 2.89% | 3.31% |
Finance lease | 2.69% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Leases [Abstract] | ||
Less than one year | $ 2,573 | |
1 - 2 years | 6,360 | |
2 - 3 years | 5,152 | |
3 - 4 years | 3,946 | |
4 - 5 years | 3,574 | |
Thereafter | 15,308 | |
Total lease payments | 36,913 | |
Less imputed interest | (4,545) | |
Total | $ 32,368 | $ 25,355 |
Maturities of Lease Liabiliti_2
Maturities of Lease Liabilities (Parenthetical) (Detail) | Sep. 27, 2021USD ($) |
Leases [Abstract] | |
Legally binding lease payments for leases signed but not yet commenced | $ 851,000 |
Revenues - Additional Informati
Revenues - Additional Information (Detail 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-06-30 $ in Thousands | Sep. 27, 2021USD ($) |
Revenue From Contract With Customer [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 11,008 |
Remaining performance obligation period | 12 months |
Revenues - Additional Informa_2
Revenues - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Revenue From Contract With Customer [Line Items] | ||||
Remaining revenue performance obligation, percentage | 84.00% | 84.00% | ||
Transferred over Time | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue from products and services transferred to customers, percentage | 97.00% | 98.00% | 97.00% | 98.00% |
Transferred at Point in Time | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue from products and services transferred to customers, percentage | 3.00% | 2.00% | 3.00% | 2.00% |
Disaggregation of Revenue by Pr
Disaggregation of Revenue by Principal End Markets with the Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 556,784 | $ 513,576 | $ 1,650,599 | $ 1,581,520 |
Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 173,906 | 182,756 | 545,609 | 556,109 |
Automotive | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 99,205 | 73,211 | 297,532 | 211,663 |
Cellular Phone | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 38 | 1,334 | ||
Data Center Computing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 81,202 | 62,774 | 235,647 | 192,996 |
Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 110,346 | 95,517 | 307,301 | 309,700 |
Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 87,164 | 90,488 | 252,434 | 279,948 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 4,961 | 8,792 | 12,076 | 29,770 |
Printed Circuit Board | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 541,118 | 481,311 | 1,605,084 | 1,492,156 |
Printed Circuit Board | Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 173,894 | 182,558 | 545,585 | 555,882 |
Printed Circuit Board | Automotive | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 99,205 | 63,114 | 293,890 | 182,970 |
Printed Circuit Board | Cellular Phone | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 38 | 1,334 | ||
Printed Circuit Board | Data Center Computing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 81,202 | 62,554 | 235,191 | 192,209 |
Printed Circuit Board | Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 108,879 | 91,836 | 303,661 | 298,117 |
Printed Circuit Board | Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 74,316 | 74,366 | 216,982 | 240,215 |
Printed Circuit Board | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 3,622 | 6,845 | 9,775 | 21,429 |
RF&S Components | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 15,666 | 11,742 | 42,259 | 33,274 |
RF&S Components | Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 12 | 180 | 24 | 189 |
RF&S Components | Data Center Computing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 186 | 456 | 663 | |
RF&S Components | Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 1,467 | 742 | 3,615 | 2,336 |
RF&S Components | Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 12,848 | 7,203 | 35,451 | 19,173 |
RF&S Components | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 1,339 | 3,431 | 2,713 | 10,913 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 20,523 | 3,256 | 56,090 | |
Other | Aerospace and Defense | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 18 | 38 | ||
Other | Automotive | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 10,097 | 3,642 | 28,693 | |
Other | Data Center Computing | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 34 | 124 | ||
Other | Medical/Industrial/Instrumentation | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 2,939 | 25 | 9,247 | |
Other | Networking/Communications | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 8,919 | 1 | 20,560 | |
Other | Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ (1,484) | $ (412) | $ (2,572) |
Schedule of Composition of Cert
Schedule of Composition of Certain Consolidated Condensed Financial Statement Captions (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Inventories: | ||
Raw materials | $ 124,772 | $ 103,890 |
Work-in-process | 11,763 | 7,841 |
Finished goods | 3,520 | 3,920 |
Inventories | 140,055 | 115,651 |
Property, plant and equipment, net: | ||
Land and land use rights | 62,061 | 61,781 |
Buildings and improvements | 423,313 | 398,540 |
Machinery and equipment | 875,587 | 832,723 |
Furniture and fixtures and other | 10,210 | 10,304 |
Construction-in-progress | 34,528 | 33,191 |
Property, plant and equipment, gross | 1,405,699 | 1,336,539 |
Less: Accumulated depreciation | (735,963) | (686,104) |
Property, plant and equipment, net | 669,736 | 650,435 |
Other current liabilities: | ||
Sales returns and allowances | 13,319 | 13,015 |
Income taxes payable | 9,877 | 2,428 |
Derivative liabilities | 7,372 | |
Interest | 3,471 | 7,157 |
Operating lease | 5,528 | 8,144 |
Restructuring | 46 | 7,382 |
Other | 53,644 | 51,296 |
Other current liabilities | 93,257 | 89,422 |
Other long-term liabilities: | ||
Deferred income taxes | 23,882 | 23,704 |
Defined benefit pension plan liability | 9,097 | 9,986 |
Derivative liabilities | 14,968 | |
Finance lease | 14,124 | |
Other | 27,498 | 25,167 |
Other long-term liabilities | $ 74,601 | $ 73,825 |
Goodwill by Reportable Segment
Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Goodwill [Line Items] | ||
Goodwill | $ 877,924 | |
Accumulated impairment losses | (240,600) | |
Goodwill, net | 637,324 | $ 637,324 |
Printed Circuit Board | ||
Goodwill [Line Items] | ||
Goodwill | 700,724 | |
Accumulated impairment losses | (171,400) | |
Goodwill, net | 529,324 | |
RF&S Components | ||
Goodwill [Line Items] | ||
Goodwill | 177,200 | |
Accumulated impairment losses | (69,200) | |
Goodwill, net | $ 108,000 |
Definite-lived Intangibles (Det
Definite-lived Intangibles (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 27, 2021 | Dec. 28, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 445,150 | $ 445,150 |
Accumulated Amortization | (194,831) | (163,843) |
Net Carrying Amount | 250,319 | 281,307 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 397,500 | 397,500 |
Accumulated Amortization | (176,979) | (150,142) |
Net Carrying Amount | $ 220,521 | $ 247,358 |
Weighted Average Amortization Period | 10 years 10 months 24 days | 10 years 10 months 24 days |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 47,650 | $ 47,650 |
Accumulated Amortization | (17,852) | (13,701) |
Net Carrying Amount | $ 29,798 | $ 33,949 |
Weighted Average Amortization Period | 9 years 6 months | 9 years 6 months |
Definite-lived Intangibles - Ad
Definite-lived Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of definite-lived intangibles | $ 9,658 | $ 11,510 | $ 30,988 | $ 33,400 |
Amortization of definite-lived intangibles included in cost of goods sold | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Estimated Aggregate Amortizatio
Estimated Aggregate Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remaining 2021 | $ 10,191 | |
2022 | 38,631 | |
2023 | 36,713 | |
2024 | 29,713 | |
2025 | 25,397 | |
Thereafter | 109,674 | |
Net Carrying Amount | $ 250,319 | $ 281,307 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 27, 2021 | Dec. 28, 2020 | Mar. 10, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 935,879 | $ 850,879 | |
Less: Long-term debt unamortized discount | (660) | (814) | |
Long-term debt unamortized debt issuance costs | (8,297) | (7,212) | |
Long-term debt, Carrying Amount | 926,922 | 842,853 | |
Long-term debt, less current maturities | 926,922 | 842,853 | |
Senior Notes Due March 2029 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 500,000 | $ 500,000 | |
Debt instrument, interest rate | 4.00% | 4.00% | |
Term Loan Due September 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 405,879 | 405,879 | |
Less: Long-term debt unamortized discount | $ (660) | $ (814) | |
Interest rate at period end | 2.59% | 2.65% | |
Senior Notes Due October 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 375,000 | ||
Debt instrument, interest rate | 5.63% | ||
U.S. Asset Based Lending Revolving Loan Due June 2024 | |||
Debt Instrument [Line Items] | |||
Revolving loan | $ 40,000 | ||
Long-term debt unamortized debt issuance costs | $ (1,496) | $ (1,919) | |
Interest rate at period end | 1.40% | ||
Asia Asset Based Lending Revolving Loan Due June 2024 | |||
Debt Instrument [Line Items] | |||
Revolving loan | $ 30,000 | $ 30,000 | |
Interest rate at period end | 1.49% | 1.55% |
Long-term Debt (Parenthetical)
Long-term Debt (Parenthetical) (Detail) | 9 Months Ended |
Sep. 27, 2021 | |
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 |
Senior Notes Due October 2025 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2025-10 |
U.S. Asset Based Lending Revolving Loan Due June 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-06 |
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 - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 10, 2021 | Mar. 29, 2021 | Sep. 27, 2021 | Dec. 28, 2020 |
Debt Instrument [Line Items] | ||||
Debt instrument amount | $ 935,879 | $ 850,879 | ||
Remaining unamortized debt issuance costs | 8,297 | 7,212 | ||
Loss on extinguishment of debt | $ 15,217 | |||
Maximum | Letters of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding under U.S. ABL and Asia ABL, expiration period | 2021-09 | |||
Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt discount and debt issuance costs, amortization period | 5 years 6 months | |||
Term Loan Due September 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt principal prepayment | 400,000 | |||
Debt instrument amount | $ 405,879 | 405,879 | ||
Senior Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | $ 500,000 | $ 500,000 | ||
Debt instrument, interest rate | 4.00% | 4.00% | ||
Long-term debt, maturity date | Mar. 1, 2029 | |||
Senior Notes Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | $ 375,000 | |||
Debt instrument, interest rate | 5.63% | |||
Early retirement of debt | $ 375,000 | |||
Loss on extinguishment of debt | $ 15,217 | |||
U.S. ABL Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Repayment of debt | $ 40,000 | |||
U.S. Asset Based Lending Revolving Loan Due June 2024 | ||||
Debt Instrument [Line Items] | ||||
Remaining unamortized debt issuance costs | 1,496 | $ 1,919 | ||
U.S. Asset Based Lending Revolving Loan Due June 2024 | Letters of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letter of credit outstanding | 12,346 | |||
Debt instrument, available borrowing capacity | 137,654 | |||
Asia Asset Based Lending Revolving Loan Due June 2024 | Letters of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Letter of credit outstanding | 2,606 | |||
Debt instrument, available borrowing capacity | $ 117,394 |
Long-term Debt and Letters of_4
Long-term Debt and Letters of Credit - Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 8,297 | $ 7,212 |
Debt Discount | 660 | 814 |
Senior Notes Due March 2029 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 6,114 | |
Effective Interest Rate | 4.19% | |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 2,183 | 2,695 |
Debt Discount | $ 660 | $ 814 |
Effective Interest Rate | 4.66% | 4.66% |
Senior Notes Due October 2025 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 4,517 | |
Effective Interest Rate | 5.92% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 27, 2021USD ($) | Sep. 27, 2021USD ($) | |
Income Tax Disclosure [Abstract] | ||
Change in valuation allowance | $ 0 | |
Effective tax rate impacted by net discrete tax expense (benefit) | $ 1,157,000 | (1,069,000) |
Tax on undistributed earnings | $ 0 | $ 0 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | May 15, 2018USD ($) | Oct. 03, 2022t | Jun. 29, 2022t | Mar. 31, 2022t | Dec. 30, 2021t | Sep. 27, 2021USD ($) | Sep. 28, 2020USD ($) | Sep. 27, 2021USD ($) | Sep. 28, 2020USD ($) | Dec. 28, 2020USD ($) | Dec. 28, 2020JPY (¥) | Sep. 28, 2020JPY (¥) |
Derivative [Line Items] | ||||||||||||
Accumulated other comprehensive income (loss) will be reclassified into the statement of operations, net of tax, in the next 12 months | $ (6,022,000) | |||||||||||
Interest Rate Swap | ||||||||||||
Derivative [Line Items] | ||||||||||||
Interest rate derivatives, at fair value, net | $ 0 | |||||||||||
Derivative, ineffectiveness | $ 0 | $ 0 | 0 | $ 0 | ||||||||
Interest Rate Swap | Other Current Liabilities | ||||||||||||
Derivative [Line Items] | ||||||||||||
Interest rate derivative liability, at fair value | 7,372,000 | 7,372,000 | ||||||||||
Interest Rate Swap | Interest expense | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative instrument, increased interest expense | 2,775,000 | 2,707,000 | 8,278,000 | 6,224,000 | ||||||||
Foreign Exchange Contracts | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative, notional amount | $ 1,245,000 | $ 1,245,000 | $ 1,181,000 | ¥ 125,000,000 | ¥ 132,300,000 | |||||||
Commodity Contracts | Scenario Forecast | ||||||||||||
Derivative [Line Items] | ||||||||||||
Commodity contracts number of notional quantity | t | 0.6 | 0.5 | 0.5 | 0.5 | ||||||||
Commodity contracts with notional quantity beginning date | Jun. 30, 2022 | Apr. 5, 2022 | Jan. 4, 2022 | Sep. 28, 2021 | ||||||||
Commodity contracts with notional quantity ending date | Oct. 3, 2022 | Jun. 29, 2022 | Mar. 31, 2022 | Dec. 30, 2021 | ||||||||
Commodity Contracts | Other Current Liabilities | ||||||||||||
Derivative [Line Items] | ||||||||||||
Commodity contracts, liability fair value | 65,000 | 65,000 | ||||||||||
Commodity Contracts | Cost of Goods Sold | ||||||||||||
Derivative [Line Items] | ||||||||||||
Change in fair value of commodity contracts | $ 164,000 | $ 65,000 | ||||||||||
1-Month LIBOR | Interest Rate Swap | ||||||||||||
Derivative [Line Items] | ||||||||||||
Derivative, maturity period | 4 years | |||||||||||
Derivative, notional amount | $ 400,000,000 | |||||||||||
Derivative, expiration date | Jun. 1, 2022 | |||||||||||
Derivative, fixed rate | 2.84% |
Summary of Fair Values of Deriv
Summary of Fair Values of Derivative Instruments in Consolidated Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Other Current Liabilities | Interest Rate Swap | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | $ (7,372) | |
Other Current Liabilities | Foreign Exchange Contracts | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | (48) | |
Other Current Liabilities | Commodity Contracts | ||
Cash flow derivative instruments not designated as hedges: | ||
Cash flow derivative instruments not designated as hedges, liability fair value | $ (65) | |
Other Long-term Liabilities | Interest Rate Swap | ||
Cash flow derivative instruments designated as hedges: | ||
Cash flow derivative instruments designated as hedges, liability fair value | $ (14,968) | |
Prepaid Expenses and Other Current Assets | Foreign Exchange Contracts | ||
Cash flow derivative instruments not designated as hedges: | ||
Cash flow derivative instruments not designated as hedges, asset fair value | $ 28 |
Summary of Accumulated Other Co
Summary of Accumulated Other Comprehensive Loss Related to Derivatives Designated as Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Loss Recognized in Other Comprehensive Loss | $ 116 | $ (655) | $ (87) | $ (8,667) |
Interest Rate Swap | Interest expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss Recognized in Other Comprehensive Loss | (147) | (586) | (682) | (11,618) |
Loss Reclassified into Income | $ (2,775) | $ (2,707) | $ (8,278) | $ (6,224) |
Summary of Activity of Designat
Summary of Activity of Designated Cash Flow Hedges in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2021 | Sep. 28, 2020 | |
Derivative [Line Items] | ||
Beginning balance | $ 1,444,009 | $ 1,279,037 |
Derecognition of unrealized losses on cash flow hedge due to sale of Mobility business unit | 384 | |
Ending balance | 1,466,589 | 1,399,303 |
Gains (Losses) on Cash Flow Hedges | ||
Derivative [Line Items] | ||
Beginning balance | (11,231) | (9,617) |
Changes in fair value loss, net of tax | (87) | (8,667) |
Reclassification to earnings | 5,875 | 4,727 |
Derecognition of unrealized losses on cash flow hedge due to sale of Mobility business unit | 384 | |
Ending balance | $ (5,443) | $ (13,173) |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 27, 2021 | Jun. 28, 2021 | Mar. 29, 2021 | Sep. 28, 2020 | Jun. 29, 2020 | Mar. 30, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ 1,470,371 | $ 1,442,467 | $ 1,444,009 | $ 1,433,955 | $ 1,277,200 | $ 1,279,037 | $ 1,444,009 | $ 1,279,037 |
Other comprehensive income (loss), net of tax | 1,986 | 2,438 | 1,786 | 2,129 | (27,092) | (5,498) | 6,210 | (30,461) |
Ending balance | 1,466,589 | 1,470,371 | 1,442,467 | 1,399,303 | 1,433,955 | 1,277,200 | 1,466,589 | 1,399,303 |
Foreign Currency Translation | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (24,827) | (24,827) | ||||||
Other comprehensive income (loss) before reclassifications | 363 | |||||||
Other comprehensive income (loss), net of tax | 363 | |||||||
Ending balance | (24,464) | (24,464) | ||||||
Pension Obligation | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (2,855) | (2,855) | ||||||
Other comprehensive income (loss) before reclassifications | 59 | |||||||
Other comprehensive income (loss), net of tax | 59 | |||||||
Ending balance | (2,796) | (2,796) | ||||||
(Losses) Gains on Cash Flow Hedges | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (11,231) | (9,617) | (11,231) | (9,617) | ||||
Other comprehensive income (loss) before reclassifications | (87) | (8,667) | ||||||
Reclassification to earnings | 5,875 | 4,727 | ||||||
Other comprehensive income (loss), net of tax | 5,788 | |||||||
Ending balance | (5,443) | (13,173) | (5,443) | (13,173) | ||||
Accumulated Other Comprehensive (Loss) Income | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (34,689) | (37,127) | (38,913) | (42,676) | (15,584) | (10,086) | (38,913) | (10,086) |
Other comprehensive income (loss) before reclassifications | 335 | |||||||
Reclassification to earnings | 5,875 | |||||||
Other comprehensive income (loss), net of tax | 1,986 | 2,438 | 1,786 | 2,129 | (27,092) | (5,498) | 6,210 | |
Ending balance | $ (32,703) | $ (34,689) | $ (37,127) | $ (40,547) | $ (42,676) | $ (15,584) | $ (32,703) | $ (40,547) |
Significant Customers and Con_2
Significant Customers and Concentration of Credit Risk - Additional Information (Detail) - Net Sales - Customer | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Concentration Risk [Line Items] | ||||
Number of customers contributing to more than ten percent of revenue | 0 | 1 | 1 | 1 |
Customer Concentration Risk | Customer One | ||||
Concentration Risk [Line Items] | ||||
Percentage of net sales, accounted by one customer | 13.00% | 10.00% | 10.00% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities, current | $ 7,372 | |
Derivative liabilities, non-current | $ 14,968 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 28 | |
Derivative liabilities, current | 7,485 | |
Derivative liabilities, non-current | 14,968 | |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets, current | 28 | |
Derivative liabilities, current | 7,485 | |
Derivative liabilities, non-current | 14,968 | |
Term Loan Due September 2024 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 403,036 | 402,370 |
Term Loan Due September 2024 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 407,150 | 407,909 |
Senior Notes Due October 2025 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 370,483 | |
Senior Notes Due October 2025 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 383,974 | |
ABL Revolving Loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 30,000 | 70,000 |
ABL Revolving Loans | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 30,000 | $ 70,000 |
Senior Notes Due March 2029 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 493,886 | |
Senior Notes Due March 2029 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 504,565 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 529,816 | $ 451,565 |
Domestic Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 355,243 | |
Foreign Subsidiaries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 174,573 |
Reconciliation of Numerator and
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings per Share and Diluted Earnings per Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 20,958 | $ (61,472) | $ 46,027 | $ (55,346) |
Basic weighted average shares | 107,098 | 106,729 | 106,917 | 106,130 |
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options | 1,247 | 1,655 | ||
Dilutive effect of outstanding warrants | 267 | |||
Diluted shares | 108,345 | 106,729 | 108,839 | 106,130 |
Earnings (loss) per share: | ||||
Basic | $ 0.20 | $ (0.58) | $ 0.43 | $ (0.52) |
Diluted | $ 0.19 | $ (0.58) | $ 0.42 | $ (0.52) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Share-based payment arrangement, option, exercise price range, lower range limit | $ 11.83 | $ 11.83 | ||
Share-based payment arrangement, option, exercise price range, upper range limit | $ 16.60 | $ 16.60 | ||
Performance-based Restricted Stock Units (PRUs), Restricted Stock Units (RSUs) and Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 997 | 866 | ||
Stock Options | Exercise Prices Ranging from $11.83 to $16.60 Per Share | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 80 | 80 | ||
PRUs | Exercise Prices Ranging from $11.83 to $16.60 Per Share | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 216 | 216 | ||
RSUs | Exercise Prices Ranging from $11.83 to $16.60 Per Share | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares excluded from calculating diluted earnings per share | 3,187 | 3,187 |
Amounts Recognized in Consolida
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 4,944 | $ 4,479 | $ 12,503 | $ 11,961 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 1,284 | 1,173 | 3,310 | 2,643 |
Selling and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 731 | 557 | 1,819 | 1,299 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | 2,542 | 2,705 | 6,912 | 7,872 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense recognized | $ 387 | $ 44 | $ 462 | $ 147 |
Summary of Unrecognized Compens
Summary of Unrecognized Compensation Costs (Detail) $ in Thousands | 9 Months Ended |
Sep. 27, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 31,573 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 29,156 |
Remaining Weighted Average Recognition Period (years) | 1 year 6 months |
Performance-Based Restricted Stock Units (PRUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 2,348 |
Remaining Weighted Average Recognition Period (years) | 1 year 1 month 6 days |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock-Based Compensation Cost | $ 69 |
Remaining Weighted Average Recognition Period (years) | 10 months 24 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | Apr. 29, 2020Facility | Sep. 27, 2021SegmentCountry |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Number of countries the parent company markets and sells its products | Country | 50 | |
Percentage of total net sales, if exceed, the company does not conduct business | 10.00% | |
E-M Solutions | ||
Segment Reporting Information [Line Items] | ||
Number of manufacturing facilities | 3 | |
E-M Solutions | Shanghai | ||
Segment Reporting Information [Line Items] | ||
Number of manufacturing facilities | 2 | |
E-M Solutions | Shenzhen | ||
Segment Reporting Information [Line Items] | ||
Number of manufacturing facilities | 1 |
Reconciliation of Operating Inc
Reconciliation of Operating Income from Segments to Consolidated By Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 556,784 | $ 513,576 | $ 1,650,599 | $ 1,581,520 |
Operating income | 32,235 | (40,252) | 92,923 | (1,074) |
Amortization of definite-lived intangibles | (9,658) | (11,510) | (30,988) | (33,400) |
Total other expense | (8,622) | (22,520) | (43,494) | (57,916) |
Income (loss) from continuing operations before income taxes | 23,613 | (62,772) | 49,429 | (58,990) |
Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 541,118 | 481,311 | 1,605,084 | 1,492,156 |
RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,666 | 11,742 | 42,259 | 33,274 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20,523 | 3,256 | 56,090 | |
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 41,893 | (28,742) | 123,911 | 32,326 |
Operating Segment | Printed Circuit Board | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 541,118 | 481,311 | 1,605,084 | 1,492,156 |
Operating income | 61,424 | 65,179 | 191,711 | 203,131 |
Operating Segment | RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,666 | 11,742 | 42,259 | 33,274 |
Operating income | 6,537 | (66,098) | 15,129 | (59,880) |
Operating Segment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20,523 | 3,256 | 56,090 | |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ (26,068) | $ (27,823) | $ (82,929) | $ (110,925) |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Detail) - USD ($) $ in Thousands | Sep. 27, 2021 | Dec. 28, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,047,631 | $ 2,895,944 |
Operating Segment | Printed Circuit Board | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,596,648 | 1,529,102 |
Operating Segment | RF&S Components | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 219,294 | 227,990 |
Corporate and Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,231,689 | $ 1,138,852 |
Reconciliation of Operating I_2
Reconciliation of Operating Income from Segments to Consolidated By Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Segment Reporting Information [Line Items] | ||||
Amortization of definite-lived intangibles | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Printed Circuit Board and RF&S Components | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of definite-lived intangibles | $ 1,384 | $ 1,384 | $ 4,151 | $ 4,151 |
Net Sales (Detail)
Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 556,784 | $ 513,576 | $ 1,650,599 | $ 1,581,520 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 245,940 | 271,050 | 775,351 | 802,681 |
China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 77,022 | 80,696 | 238,891 | 252,736 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 233,822 | $ 161,830 | $ 636,357 | $ 526,103 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | Apr. 29, 2020Facility | Sep. 27, 2021USD ($) |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ | $ 19,868 | |
Accelerated depreciation expense | $ | $ 6,702 | |
E-M Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of manufacturing facilities | 3 | |
E-M Solutions | Shanghai | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of manufacturing facilities | 2 | |
E-M Solutions | Shenzhen | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of manufacturing facilities | 1 |
Summary of Restructuring Costs
Summary of Restructuring Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2021 | Sep. 28, 2020 | Sep. 27, 2021 | Sep. 28, 2020 | |
Reportable Segment: | ||||
Restructuring charges | $ 19,868 | |||
General and administrative | ||||
Reportable Segment: | ||||
Restructuring charges | $ 243 | $ 1,088 | 4,034 | $ 14,830 |
General and administrative | Employee Separation/ Severance | ||||
Reportable Segment: | ||||
Restructuring charges | 979 | 885 | 14,365 | |
General and administrative | Contract Termination and Other Costs | ||||
Reportable Segment: | ||||
Restructuring charges | 243 | 109 | 3,149 | 465 |
General and administrative | Reportable Segment | Printed Circuit Board | ||||
Reportable Segment: | ||||
Restructuring charges | 593 | 6 | ||
General and administrative | Reportable Segment | Employee Separation/ Severance | Printed Circuit Board | ||||
Reportable Segment: | ||||
Restructuring charges | 470 | (8) | ||
General and administrative | Reportable Segment | Contract Termination and Other Costs | Printed Circuit Board | ||||
Reportable Segment: | ||||
Restructuring charges | 123 | 14 | ||
General and administrative | Corporate and Other | ||||
Reportable Segment: | ||||
Restructuring charges | 243 | 1,088 | 3,441 | 14,824 |
General and administrative | Corporate and Other | Employee Separation/ Severance | ||||
Reportable Segment: | ||||
Restructuring charges | 979 | 415 | 14,373 | |
General and administrative | Corporate and Other | Contract Termination and Other Costs | ||||
Reportable Segment: | ||||
Restructuring charges | $ 243 | $ 109 | $ 3,026 | $ 451 |
Accrued Restructuring Costs (De
Accrued Restructuring Costs (Detail) $ in Thousands | 9 Months Ended |
Sep. 27, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 7,382 |
Charged to expense | 4,034 |
Amount paid | (11,370) |
Ending balance | 46 |
Employee Separation/ Severance | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 7,063 |
Charged to expense | 885 |
Amount paid | (7,940) |
Ending balance | 8 |
Contract Termination and Other Costs | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | 319 |
Charged to expense | 3,149 |
Amount paid | (3,430) |
Ending balance | $ 38 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) shares in Thousands | Feb. 03, 2021 | Sep. 27, 2021 | Jun. 28, 2021 | Sep. 27, 2021 |
Share Repurchase Program [Abstract] | ||||
Share repurchase program, authorized amount | $ 100,000,000 | |||
Share repurchase program, expiration date | Feb. 3, 2023 | |||
Common stock shares, repurchased | 2,114 | 2,525 | ||
Common stock value, repurchased | $ 28,971,000 | $ 6,145,000 | $ 35,116,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 64,884,000 | $ 64,884,000 |