Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v3.19.3.a.u2
Segment and Geographic Information
9 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company is organized into three reportable segments: Solid Capacitors, Film and Electrolytic, and Electro-magnetic, Sensors & Actuators (“MSA”) based primarily on product lines.
The reportable segments are responsible for their respective manufacturing sites as well as their research and development (“R&D”) efforts. The Company does not allocate corporate indirect selling, general and administrative or shared R&D expenses to the segments.
Solid Capacitors
Solid Capacitors operates in nine manufacturing sites in the United States, Mexico and Asia, and operates innovation centers in the United States and Japan. Solid Capacitors primarily produces tantalum (polymer, aluminum, and MnO2) and ceramic capacitors, which are sold globally. Solid Capacitors also produces tantalum powder used in the production of tantalum capacitors.
Film and Electrolytic
Film and Electrolytic operates in eight manufacturing sites throughout Europe and Asia, and maintains product innovation centers in Italy and Portugal. Film and Electrolytic primarily produces film, paper, and wet aluminum electrolytic capacitors, which are sold globally. In addition, the Film and Electrolytic reportable segment designs and produces electromagnetic interference filters.
MSA
MSA operates in four sites throughout Asia and operates a product innovation center in Japan. MSA primarily produces electro-magnetic compatible materials and devices, piezo materials and actuators, and various types of sensors, which are sold globally.
In the following tables, revenue is disaggregated by primary geographical market, sales channel, and major product lines. The tables also include reconciliations of the disaggregated revenue with the reportable segments for the three and nine months ended December 31, 2019 and 2018 (amounts in thousands):
 
Three Months Ended December 31, 2019
 
Solid Capacitors
 
Film and Electrolytic
 
MSA
 
Total
 
 
 
 
 
 
 
 
Primary geographical markets
 

 
 
 
 

 
 
Asia and the Pacific Rim ("APAC")
$
102,125

 
$
11,971

 
$
12,886

 
$
126,982

Europe, the Middle East, and Africa ("EMEA")
36,669

 
23,776

 
644

 
61,089

North and South America ("Americas")
55,578

 
6,970

 
1,808

 
64,356

Japan and Korea ("JPKO")
9,521

 
164

 
32,629

 
42,314

 
$
203,893

 
$
42,881

 
$
47,967

 
$
294,741

 
 
 
 
 
 
 
 
Sales channel
 
 
 
 
 
 
 
OEM
$
68,911

 
$
17,405

 
$
44,779

 
$
131,095

Distributor
93,903

 
19,045

 
2,093

 
115,041

EMS
41,079

 
6,431

 
1,095

 
48,605

 
$
203,893

 
$
42,881

 
$
47,967

 
$
294,741

 
 
 
 
 
 
 
 
Major product lines
 

 
 
 
 

 
 
Tantalum
$
116,079

 
$

 
$

 
$
116,079

Ceramics
87,814

 

 

 
87,814

Film and Electrolytic

 
42,881

 

 
42,881

MSA

 

 
47,967

 
47,967

 
$
203,893

 
$
42,881

 
$
47,967

 
$
294,741


 
Three Months Ended December 31, 2018
 
Solid Capacitors
 
Film and Electrolytic
 
MSA
 
Total
 
 
 
 
 
 
 
 
Primary geographical markets
 

 
 
 
 

 
 
APAC
$
101,566

 
$
12,193

 
$
19,233

 
$
132,992

EMEA
47,863

 
28,718

 
517

 
77,098

Americas
79,782

 
9,053

 
2,550

 
91,385

JPKO
9,472

 
207

 
39,021

 
48,700

 
$
238,683

 
$
50,171

 
$
61,321

 
$
350,175

 
 
 
 
 
 
 
 
Sales channel
 
 
 
 
 
 
 
OEM
$
70,426

 
$
18,768

 
$
57,929

 
$
147,123

Distributor
124,467

 
25,277

 
2,022

 
151,766

EMS
43,790

 
6,126

 
1,370

 
51,286

 
$
238,683

 
$
50,171

 
$
61,321

 
$
350,175

 
 
 
 
 
 
 
 
Major product lines
 
 
 
 
 
 
 
Tantalum
$
143,680

 
$

 
$

 
$
143,680

Ceramics
95,003

 

 

 
95,003

Film and Electrolytic

 
50,171

 

 
50,171

MSA

 

 
61,321

 
61,321

 
$
238,683

 
$
50,171

 
$
61,321

 
$
350,175

 
Nine Months Ended December 31, 2019
 
Solid Capacitors
 
Film and Electrolytic
 
MSA
 
Total
 
 
 
 
 
 
 
 
Primary geographical markets
 

 
 
 
 

 
 
APAC
$
312,962

 
$
34,197

 
$
40,315

 
$
387,474

EMEA
135,539

 
74,659

 
2,260

 
212,458

Americas
208,173

 
21,920

 
7,317

 
237,410

JPKO
29,059

 
618

 
100,361

 
130,038

 
$
685,733

 
$
131,394

 
$
150,253

 
$
967,380

 
 
 
 
 
 
 
 
Sales channel
 
 
 
 
 
 
 
OEM
$
226,551

 
$
52,327

 
$
140,479

 
$
419,357

Distributor
326,408

 
60,332

 
7,216

 
393,956

EMS
132,774

 
18,735

 
2,558

 
154,067

 
$
685,733

 
$
131,394

 
$
150,253

 
$
967,380

 
 
 
 
 
 
 
 
Major product lines
 

 
 
 
 

 
 
Tantalum
$
373,571

 
$

 
$

 
$
373,571

Ceramics
312,162

 

 

 
312,162

Film and Electrolytic

 
131,394

 

 
131,394

MSA

 

 
150,253

 
150,253

 
$
685,733

 
$
131,394

 
$
150,253

 
$
967,380

 
Nine Months Ended December 31, 2018
 
Solid Capacitors
 
Film and Electrolytic
 
MSA
 
Total
 
 
 
 
 
 
 
 
Primary geographical markets
 

 
 
 
 

 
 
APAC
$
308,473

 
$
40,490

 
$
55,376

 
$
404,339

EMEA
135,401

 
92,157

 
1,920

 
229,478

Americas
216,231

 
22,546

 
7,048

 
245,825

JPKO
27,872

 
561

 
118,949

 
147,382

 
$
687,977

 
$
155,754

 
$
183,293

 
$
1,027,024

 
 
 
 
 
 
 
 
Sales channel
 
 
 
 
 
 
 
OEM
$
215,365

 
$
61,303

 
$
173,416

 
$
450,084

Distributor
349,046

 
76,607

 
7,215

 
432,868

EMS
123,566

 
17,844

 
2,662

 
144,072

 
$
687,977

 
$
155,754

 
$
183,293

 
$
1,027,024

 
 
 
 
 
 
 
 
Major product lines
 
 
 
 
 
 
 
Tantalum
$
426,047

 
$

 
$

 
$
426,047

Ceramics
261,930

 

 

 
261,930

Film and Electrolytic

 
155,754

 

 
155,754

MSA

 

 
183,293

 
183,293

 
$
687,977

 
$
155,754

 
$
183,293

 
$
1,027,024


The following table reflects each segment’s operating income (loss), depreciation and amortization expense, and restructuring charges for the three and nine months ended December 31, 2019 and 2018 (amounts in thousands):
 
Three Months Ended December 31,
 
Nine Months Ended December 31,
 
2019
 
2018
 
2019
 
2018
Operating income (loss):
 

 
 

 
 

 
 

Solid Capacitors
$
75,306

 
$
95,105

 
$
271,368

 
$
249,456

Film and Electrolytic
(1,732
)
 
3,383

 
(5,683
)
 
8,686

MSA
3,823

 
5,774

 
11,916

 
18,961

Corporate
(48,749
)
 
(42,646
)
 
(141,463
)
 
(130,311
)
 
$
28,648

 
$
61,616

 
$
136,138

 
$
146,792

Depreciation and amortization expense:
 

 
 

 
 

 
 

Solid Capacitors
$
8,549

 
$
6,866

 
$
24,308

 
$
21,401

Film and Electrolytic
2,732

 
2,434

 
7,269

 
7,252

MSA
1,928

 
1,144

 
5,386

 
3,801

Corporate
2,945

 
2,319

 
8,567

 
5,951

 
$
16,154

 
$
12,763

 
$
45,530

 
$
38,405

Restructuring charges:
 
 
 
 
 
 
 
Solid Capacitors
$
669

 
$

 
$
2,283

 
$
(18
)
Film and Electrolytic
138

 
1,025

 
3,053

 
1,026

MSA

 
452

 
170

 
452

Corporate
(5
)
 
241

 
424

 
162

 
$
802

 
$
1,718

 
$
5,930

 
$
1,622