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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information Since all of our sales centers have similar operations and share similar economic characteristics, we aggregate our sales centers into a single reportable segment and one reportable revenue stream. These similarities include (i) the nature of our products and services, (ii) the types of customers we sell to and (iii) the distribution methods we use. Our chief operating decision maker (CODM) is our president and chief executive officer. Our CODM evaluates each sales center based on individual performance that includes both financial and operational measures. These measures include operating income, accounts receivable and inventory management criteria. A bottom-up approach is used to develop the operating budget for each individual sales center. Our CODM makes resource allocation decisions primarily on a sales center-by-sales center basis. No single sales center meets any of the quantitative thresholds (10% of revenues, profit or assets) for separately reporting information about an operating segment. We do not track sales by product lines and product categories on a consolidated basis. We lack readily available financial information due to the number of our product lines and product categories and the fact that we make ongoing changes to product classifications within these groups, thus making it impracticable to report our sales by product category. Our segment derives revenue from sales centers in North America, Europe and Australia that sell swimming pool supplies, equipment and related leisure products, irrigation and landscape maintenance products and hardscape, tile and stone products to pool builders, retail stores, service companies, landscape contractors and others. No single customer accounted for 10% or more of our sales. The accounting policies for our segment are the same as those described in Note 1. T he table below presents segment revenue, operating expenses and operating income and reconciles segment operating income to consolidated income before taxes and equity in earnings (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Net sales |  | $ | 5,310,953 |  |  | $ | 5,541,595 |  |  | $ | 6,179,727 |
Cost of sales |  | 3,735,606 |  |  | 3,881,551 |  |  | 4,246,315 |
Gross profit |  | 1,575,347 |  |  | 1,660,044 |  |  | 1,933,412 |
Compensation expenses |  | 486,824 |  |  | 477,971 |  |  | 495,860 |
Freight out expenses |  | 90,268 |  |  | 84,932 |  |  | 89,002 |
Other selling and administrative expenses |  | 381,051 |  |  | 350,574 |  |  | 322,767 |
Operating income |  | 617,204 |  |  | 746,567 |  |  | 1,025,783 |
Reconciliation: |  |  |  |  |  |
Interest and other non-operating expenses, net |  | 50,250 |  |  | 58,431 |  |  | 40,911 |
Income before income taxes and equity in earnings |  | $ | 566,954 |  |  | $ | 688,136 |  |  | $ | 984,872 |
The tables below present supplemental information for our segment (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Depreciation |  | $ | 36,784 |  |  | $ | 31,585 |  |  | $ | 30,381 |
Amortization |  | 8,697 |  |  | 8,555 |  |  | 8,644 |
Goodwill impairment |  | — |  |  | 550 |  |  | 605 |
|  | December 31,
|  | 2024 |  | 2023
Receivables, net |  | $ | 115,835 |  |  | $ | 145,723 |
Receivables pledged under receivables facility |  | 199,026 |  |  | 197,187 |
Product inventories, net |  | 1,289,300 |  |  | 1,365,466 |
The table below presents net sales by geographic region, with international sales translated into U.S. dollars at prevailing exchange rates, for the past three years (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 4,936,981 |  |  | $ | 5,126,308 |  |  | $ | 5,674,909 |
International |  | 373,972 |  |  | 415,287 |  |  | 504,818 |
|  | $ | 5,310,953 |  |  | $ | 5,541,595 |  |  | $ | 6,179,727 |
The table below presents net property and equipment by geographic region, with international property and equipment balances translated into U.S. dollars at prevailing exchange rates, for the past three years (in thousands):
|  | December 31,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 241,891 |  |  | $ | 215,109 |  |  | $ | 185,117 |
International |  | 9,433 |  |  | 8,820 |  |  | 8,592 |
|  | $ | 251,324 |  |  | $ | 223,929 |  |  | $ | 193,709 |

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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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