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Segment Information | 12 Months Ended
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Dec. 27, 2024
Segment Reporting, Measurement Disclosures [Abstract] |
Segment Information | Segment Information The Company has five operating segments which are aggregated into three reportable segments: Contractor, Industrial and Process. 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, powder coatings, sealants, adhesives and other fluids. Markets served include automotive and vehicle assembly and components production, including Electro or e-mobility, 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. 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. The Company’s chief operating decision maker is the chief executive officer. The Company’s chief operating decision maker uses operating earnings excluding unallocated corporate expense to assess the operating performance of each segment. Operating earnings is used to make resource allocation decisions amongst segments and to determine compensation for certain employees. Gross profit is additionally used to evaluate product pricing and operating performance. Unallocated corporate expenses include such items as stock compensation, certain acquisition transaction costs, bad debt expense, charitable contributions and certain facility expenses. Asset information by segment is not reported to the chief operating decision maker and therefore is not disclosed. Segment information follows (in thousands):
|  | 2024 |  | 2023 |  | 2022
Contractor |  |  |  |  |  |
Net Sales |  | $ | 988,865 |  |  | $ | 985,675 |  |  | $ | 999,060 |
Cost of products sold |  | 484,926 |  |  | 493,857 |  |  | 555,622 |
Gross Profit |  | 503,939 |  |  | 491,818 |  |  | 443,438 |
Operating Expenses |  | 233,795 |  |  | 206,424 |  |  | 193,605 |
Contractor Operating Earnings |  | $ | 270,144 |  |  | $ | 285,394 |  |  | $ | 249,833 |
Industrial |  |  |  |  |  |
Net Sales |  | $ | 619,653 |  |  | $ | 662,785 |  |  | $ | 649,347 |
Cost of products sold |  | 260,856 |  |  | 279,160 |  |  | 274,660 |
Gross Profit |  | 358,797 |  |  | 383,625 |  |  | 374,687 |
Operating Expenses |  | 157,309 |  |  | 149,571 |  |  | 143,389 |
Industrial Operating Earnings |  | $ | 201,488 |  |  | $ | 234,054 |  |  | $ | 231,298 |
Process |  |  |  |  |  |
Net Sales |  | $ | 504,798 |  |  | $ | 547,146 |  |  | $ | 495,114 |
Cost of products sold |  | 238,195 |  |  | 255,375 |  |  | 250,832 |
Gross Profit |  | 266,603 |  |  | 291,771 |  |  | 244,282 |
Operating Expenses |  | 124,871 |  |  | 126,498 |  |  | 121,938 |
Process Operating Earnings |  | $ | 141,732 |  |  | $ | 165,273 |  |  | $ | 122,344 |
Reportable Segment Operating Earnings Total |  | $ | 613,364 |  |  | $ | 684,721 |  |  | $ | 603,475 |
Unallocated corporate expense |  | 43,266 |  |  | 38,678 |  |  | 30,775 |
Contingent consideration |  | — |  |  | (8,600) |  |  | — |
Impairment |  | — |  |  | 7,800 |  |  | — |
Operating Earnings |  | 570,098 |  |  | 646,843 |  |  | 572,700 |
Interest expense |  | 2,828 |  |  | 5,191 |  |  | 9,897 |
Other (income) expense, net |  | (22,013) |  |  | 32,850 |  |  | (2,921) |
Earnings Before Income Taxes |  | $ | 589,283 |  |  | $ | 608,802 |  |  | $ | 565,724 |
Geographic information follows (in thousands):
| 2024 |  | 2023 |  | 2022
Net Sales (based on customer location) |  |  |  |  |
United States | $ | 1,149,044 |  |  | $ | 1,161,607 |  |  | $ | 1,116,012 |
Other countries | 964,272 |  |  | 1,033,999 |  |  | 1,027,509 |
Total | $ | 2,113,316 |  |  | $ | 2,195,606 |  |  | $ | 2,143,521 |
Long-lived Assets |  |  |  |  |
United States | $ | 635,698 |  |  | $ | 622,430 |  |  |
Other countries | 135,958 |  |  | 119,283 |  |  |
Total | $ | 771,656 |  |  | $ | 741,713 |  |  |
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 2024, 2023 and 2022.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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