XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Information | 3 Months Ended
--- | ---
Mar. 30, 2025
Segment Information |
Segment Information | 9. Segment Information ​ The Company adopted ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” for its annual reporting beginning January 1, 2024. The Company discloses segment information on the same basis that the Chief Executive Officer, the Company’s chief operating decision-maker (“CODM”), manages the segments, evaluates financial results and makes key operating decisions to allocate investments and resources. The Company operates in three geographic and reportable segments: Americas, Europe, and APMEA. Each of these segments sells similar products and solutions and has separate financial results that are reviewed by the CODM. Each segment earns revenue and income almost exclusively from the sale of the Company’s products. The Company sells its products into various end markets around the world with sales by region based upon location of the entity recording the sale. See Note 3 for further detail on sales by region of the product categories. The accounting policies for each segment are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. ​ In the fourth quarter of 2024, the Company’s segment performance measure was changed to segment earnings as this is the performance measure used by the CODM in assessing segment performance and deciding how to allocate resources. Prior to the fourth quarter of 2024, the Company’s segment performance measure was operating income (loss). Segment earnings excludes the impact of special items defined as non-recurring and unusual items such as restructuring costs, acquisition-related costs, and gain on sale of assets. The CODM uses segment earnings for insight into underlying trends comparing past financial performance with current performance by reporting segment on a consistent basis. ​ The following is a summary of the Company’s significant accounts and balances by segment, reconciled to its consolidated financial statements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the First Quarter Ended March 30, 2025
​ |  |  | Americas |  | Europe |  | APMEA |  | Total
​ | ​ | ​ | (in millions)
Net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net sales from external customers | ​ | ​ | $ | 418.1 | ​ | $ | 108.4 | ​ | $ | 31.5 | ​ | $ | 558.0
Intersegment sales | ​ | ​ |  | 2.2 | ​ |  | 8.2 | ​ |  | 24.9 | ​ |  | 35.3
Total segment net sales | ​ | ​ | $ | 420.3 | ​ | $ | 116.6 | ​ | $ | 56.4 | ​ | $ | 593.3
Reconciliation of net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Elimination of intersegment sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (35.3)
Total consolidated net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 558.0
Less (a) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Segment cost of goods sold | ​ | ​ | ​ | 204.0 | ​ | ​ | 74.5 | ​ | ​ | 41.3 | ​ | ​ | ​
Segment selling, general and administrative | ​ | ​ |  | 104.8 | ​ |  | 24.7 | ​ |  | 8.9 | ​ | ​ | ​
Segment research and development | ​ | ​ |  | 13.7 | ​ |  | 2.3 | ​ |  | 0.7 | ​ | ​ | ​
Segment earnings | ​ | ​ | ​ | 97.8 | ​ | ​ | 15.1 | ​ | ​ | 5.5 | ​ | ​ | 118.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment earnings to income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment special items (b) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (18.4)
Corporate operating loss (c) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (12.3)
Consolidated operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 87.7
Interest income | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2.3)
Interest expense | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2.7
Other income, net | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 0.4
Income before income taxes | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 86.9
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the First Quarter Ended March 31, 2024
​ |  |  | Americas |  | Europe |  | APMEA |  | Total
​ | ​ | ​ | (in millions)
Net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net sales from external customers | ​ | ​ | $ | 418.8 | ​ | $ | 123.3 | ​ | $ | 28.8 | ​ | $ | 570.9
Intersegment sales | ​ | ​ |  | 2.6 | ​ |  | 5.8 | ​ |  | 21.4 | ​ |  | 29.8
Total segment net sales | ​ | ​ | $ | 421.4 | ​ | $ | 129.1 | ​ | $ | 50.2 | ​ | $ | 600.7
Reconciliation of net sales | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Elimination of intersegment sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (29.8)
Total consolidated net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 570.9
Less (a) | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Segment cost of goods sold | ​ | ​ | ​ | 211.1 | ​ | ​ | 81.5 | ​ | ​ | 36.2 | ​ | ​ | ​
Segment selling, general and administrative | ​ | ​ |  | 102.5 | ​ |  | 25.3 | ​ |  | 8.2 | ​ | ​ | ​
Segment research and development | ​ | ​ |  | 15.1 | ​ |  | 2.9 | ​ |  | 0.6 | ​ | ​ | ​
Segment earnings | ​ | ​ | ​ | 92.7 | ​ | ​ | 19.4 | ​ | ​ | 5.2 | ​ | ​ | 117.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of segment earnings to income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment special items (b) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (6.4)
Corporate operating loss (c) | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (14.2)
Consolidated operating income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 96.7
Interest income | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (2.1)
Interest expense | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 4.2
Other income, net | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (0.6)
Income before income taxes | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 95.2
(a) | The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. Significant segment expenses exclude certain expenses incurred and benefits recognized, see footnote (b) below. Intersegment expenses are included within the amounts shown.
​
(b) | Segment special items are excluded from segment earnings and defined as non-recurring and unusual expenses incurred or benefits recognized such as restructuring costs, acquisition-related costs, and gain on sale of assets.
​
(c) | Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. Corporate special items are included within the amounts shown and consist of acquisition-related costs.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended
​ | ​ | March 30, | ​ | March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Capital expenditures | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | $ | 6.5 | ​ | $ | 7.4
Europe | ​ |  | 2.8 | ​ |  | 2.4
APMEA | ​ |  | 0.3 | ​ |  | 0.3
Consolidated capital expenditures | ​ | $ | 9.6 | ​ | $ | 10.1
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | $ | 10.8 | ​ | $ | 10.4
Europe | ​ |  | 2.4 | ​ |  | 2.3
APMEA | ​ |  | 0.5 | ​ |  | 0.6
Consolidated depreciation and amortization | ​ | $ | 13.7 | ​ | $ | 13.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 30, | ​ | December 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
Identifiable assets (at end of period) | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | $ | 1,765.7 | ​ | $ | 1,728.0
Europe | ​ |  | 579.5 | ​ |  | 534.1
APMEA | ​ |  | 155.5 | ​ |  | 134.9
Consolidated identifiable assets | ​ | $ | 2,500.7 | ​ | $ | 2,397.0
Property, plant and equipment, net (at end of period) | ​ | ​ | ​ | ​ | ​ | ​
Americas | ​ | $ | 182.7 | ​ | $ | 182.9
Europe | ​ |  | 69.9 | ​ |  | 67.0
APMEA | ​ |  | 5.0 | ​ |  | 4.9
Consolidated property, plant and equipment, net | ​ | $ | 257.6 | ​ | $ | 254.8
​ The above summary of the Company’s significant accounts and balances by segment are presented on a basis consistent with the presentation included in Note 18 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. ​ The property, plant and equipment, net, in the U.S. of the Company’s Americas segment was $171.0 million and $170.9 million as of March 30, 2025 and December 31, 2024, respectively. ​ The following includes U.S. net sales of the Company’s Americas segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended
​ | ​ | March 30, | ​ | March 31,
​ |  | 2025 |  | 2024
​ | ​ | (in millions)
U.S. net sales | ​ | $ | 394.1 | ​ | $ | 392.6
​

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration