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Segment Information
 12 Months Ended
Dec. 30, 2022
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Information
B. Segment Information

The Company has five operating segments which are aggregated into three reportable segments: Contractor, Industrial and Process.

Beginning with the first quarter of 2022, our high performance coatings and foam product offerings previously included within the Applied Fluid Technologies division of the Industrial segment were realigned and are now managed under the Contractor segment. This change aligns the types of products offered and markets served within the segments. Prior year segment information has been restated to conform to the current organizational structure.

The Contractor segment markets sprayers and equipment that apply paint to walls and other structures, texture to walls and ceilings, insulation to building walls and other items, highly viscous coatings to roofs, and markings on roads, parking lots, athletic fields and floors.

The Industrial segment includes our Industrial and Powder divisions. The Industrial segment markets equipment and solutions for moving and applying paints, coatings, sealants, adhesives and other fluids. Markets served include automotive and vehicle assembly and components production, wood and metal products, rail, marine, aerospace, farm, construction, bus, recreational vehicles and various other industries.

The Process segment includes our Process and Lubrication divisions. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, wastewater, petroleum, food,
lubricants and other fluids. Markets served include food and beverage, dairy, oil and natural gas, pharmaceutical, cosmetics, electronics, semiconductor fabrication, wastewater, mining, fast oil change facilities, service garages, fleet service centers, automobile dealerships and industrial lubrication applications.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The cost of manufacturing for each segment is based on product cost, and expenses are based on actual costs incurred along with cost allocations of shared and centralized functions based on activities performed, sales or space utilization. Depreciation expense is charged to the manufacturing or operating cost center that utilizes the asset, and is then allocated to segments on the same basis as other expenses within that cost center. Reportable segments are defined by product. Segments are responsible for development, manufacturing, marketing and sales of their products. This allows for focused marketing and efficient product development. The segments share common purchasing, certain manufacturing, distribution and administration functions.

Segment information follows (in thousands):
202220212020
Net Sales
Contractor$999,060 $987,606 $842,525 
Industrial649,347 602,376 481,485 
Process495,114 397,626 326,105 
Total$2,143,521 $1,987,608 $1,650,115 
Operating Earnings
Contractor$249,833 $266,204 $243,185 
Industrial231,298 199,856 147,939 
Process122,344 91,037 64,498 
Unallocated corporate (expense)(30,775)(25,774)(28,675)
Impairment— — (35,229)
Total$572,700 $531,323 $391,718 
Assets
Contractor$752,729 $656,998 
Industrial578,302 544,585 
Process564,539 436,189 
Unallocated corporate543,330 805,426 
Total$2,438,900 $2,443,198 

Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses and asset impairments. Unallocated corporate (expense) includes such items as stock compensation, certain acquisition transaction costs, bad debt expense, charitable contributions and certain facility expenses. Unallocated assets include cash, allowances and valuation reserves, deferred income taxes, certain capital and other assets.

Geographic information follows (in thousands):
202220212020
Net Sales (based on customer location)
United States$1,116,012 $1,004,318 $883,451 
Other countries1,027,509 983,290 766,664 
Total$2,143,521 $1,987,608 $1,650,115 
Long-lived Assets
United States$532,401 $388,835 
Other countries75,208 62,226 
Total$607,609 $451,061 
Sales to Major Customers. Worldwide sales to one customer in the Contractor and Industrial segments individually represented over 10 percent of the Company’s consolidated sales in 2022, 2021 and 2020.