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Segment Information | 6 Months Ended
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Jul. 03, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company conducts its operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, the Middle East, India, Africa and Asia Pacific. The Company’s management considers its Chief Operating Decision Maker (“CODM”) to be Shyam Kambeyanda, President, Chief Executive Officer and Director. The Company’s management and CODM evaluate the operating results of each reportable segment, including assessment of profit or loss, performance and allocation of resources, based upon Net sales and Adjusted EBITDA, which represents Net income from continuing operations excluding the impact of Income tax expense, Interest expense and other, net, Restructuring and other related charges, acquisition transaction, due diligence and integration expenses, amortization of intangibles and fair value step up on acquired inventories, depreciation and other amortization and compensation expense related to the Performance Option Awards. Segment results reflect the allocation of overhead costs, which primarily consist of Selling, general and administrative expense. The Com pany’s segment results were as follows:
| Three Months Ended |  | Six Months Ended
| July 3, 2026 |  | July 4, 2025 |  | July 3, 2026 |  | July 4, 2025
| (In thousands)
Net sales: |  |  |  |  |
Americas | $ | 315,884 |  |  | $ | 282,729 |  |  | $ | 604,249 |  |  | $ | 563,394 |
EMEA & APAC | 491,743 |  |  | 432,857 |  |  | 948,975 |  |  | 830,330 |
| $ | 807,627 |  |  | $ | 715,586 |  |  | $ | 1,553,224 |  |  | $ | 1,393,724 |
Cost of sales: |  |  |  |  |  |  |
Americas | $ | 189,542 |  |  | $ | 171,558 |  |  | $ | 366,412 |  |  | $ | 342,166 |
EMEA & APAC | 310,874 |  |  | 277,981 |  |  | 604,489 |  |  | 530,309 |
| $ | 500,416 |  |  | $ | 449,539 |  |  | $ | 970,901 |  |  | $ | 872,475 |
Allocated operating expense: |  |  |  |  |  |  |
Americas | $ | 15,286 |  |  | $ | 10,077 |  |  | $ | 28,756 |  |  | $ | 27,517 |
EMEA & APAC | 23,795 |  |  | 24,365 |  |  | 45,147 |  |  | 51,159 |
| $ | 39,081 |  |  | $ | 34,442 |  |  | $ | 73,903 |  |  | $ | 78,676 |
Other operating expense: |  |  |  |  |
Americas | $ | 47,021 |  |  | $ | 44,331 |  |  | $ | 89,041 |  |  | $ | 82,428 |
EMEA & APAC | 69,728 |  |  | 43,776 |  |  | 131,447 |  |  | 82,747 |
| $ | 116,749 |  |  | $ | 88,107 |  |  | $ | 220,488 |  |  | $ | 165,175 |
Adjusted EBITDA(1): |  |  |  |  |  |  |
Americas | $ | 64,035 |  |  | $ | 56,763 |  |  | $ | 120,040 |  |  | $ | 111,283 |
EMEA & APAC | 87,338 |  |  | 86,735 |  |  | 167,892 |  |  | 166,115 |
| $ | 151,373 |  |  | $ | 143,498 |  |  | $ | 287,932 |  |  | $ | 277,398 |
Depreciation, amortization and other impairment charges: |  |  |  |  |  |  |
Americas | $ | 12,934 |  |  | $ | 8,644 |  |  | $ | 21,607 |  |  | $ | 16,848 |
EMEA & APAC | 14,934 |  |  | 10,711 |  |  | 30,129 |  |  | 19,998 |
| $ | 27,868 |  |  | $ | 19,355 |  |  | $ | 51,736 |  |  | $ | 36,846 |
Capital expenditures: |  |  |  |  |  |  |
Americas | $ | 7,227 |  |  | $ | 4,381 |  |  | $ | 11,619 |  |  | $ | 8,116 |
EMEA & APAC | 10,518 |  |  | 4,799 |  |  | 19,829 |  |  | 8,358 |
| $ | 17,745 |  |  | $ | 9,180 |  |  | $ | 31,448 |  |  | $ | 16,474 |
(1) The following is a reconciliation of Net income from continuing operations to Adjusted EBITDA.
| Three Months Ended |  | Six Months Ended
| July 3, 2026 |  | July 4, 2025 |  | July 3, 2026 |  | July 4, 2025
| (In thousands)
Net income from continuing operations | $ | 36,401 |  |  | $ | 69,812 |  |  | $ | 88,192 |  |  | $ | 142,376 |
Income tax expense | 11,701 |  |  | 18,283 |  |  | 24,812 |  |  | 38,782 |
Interest expense and other, net | 30,623 |  |  | 20,999 |  |  | 56,200 |  |  | 37,781 |
Restructuring and other related charges(1) | 18,317 |  |  | 1,390 |  |  | 28,478 |  |  | 5,889 |
Acquisition - amortization and other related charges(2) | 41,308 |  |  | 21,592 |  |  | 64,102 |  |  | 31,193 |
Depreciation and other amortization | 12,335 |  |  | 11,422 |  |  | 25,460 |  |  | 21,377 |
Performance option awards compensation expense(3) | 688 |  |  | — |  |  | 688 |  |  | — |
Adjusted EBITDA | $ | 151,373 |  |  | $ | 143,498 |  |  | $ | 287,932 |  |  | $ | 277,398 |
(1) I ncludes severance and other termination benefits, including outplacement services, as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets, costs associated with disposing of discontinued products and other costs in connection with the closure and optimization of facilities and product lines. (2) Includes transaction, diligence and integration expenses totaling $24.8 million and $35.1 million for the three and six months ended July 3, 2026, respectively, and $12.8 million and $14.2 million for the three and six months ended July 4, 2025, respectively. Additionally, it includes amortization of intangibles and fair value step up on acquired inventories totaling $16.5 million and $29.0 million for the three and six months ended July 3, 2026, respectively, and $8.8 million and $17.0 million for the three and six months ended July 4, 2025, respectively. (3) Represents the impact of the Performance Option Awards granted in June and July 2026. These awards were non-cash, one-time, non-recurring grants with a different structure and size than the Company’s annual equity compensation program. Refer to Note 12, “Equity” for further details on these awards. The Com pany’s investments in equity method investees and total assets by segment were as follows:
| July 3, 2026 |  | December 31, 2025
| (In thousands)
Investments in equity method investees: |
Americas | $ | — |  |  | $ | — |
EMEA & APAC | 25,723 |  |  | 29,558 |
| $ | 25,723 |  |  | $ | 29,558 |
Total assets: |  |  |
Americas | $ | 3,169,393 |  |  | $ | 1,717,390 |
EMEA & APAC | 3,393,218 |  |  | 3,048,704 |
| $ | 6,562,611 |  |  | $ | 4,766,094 |
The Com pany’s property, plant and equipment, net by geography were as follows:
| July 3, 2026 |  | December 31, 2025
| (In thousands)
Property, plant and equipment, net(1): |  |  |
United States | $ | 72,020 |  |  | $ | 72,617 |
Czech Republic | 72,862 |  |  | 75,028 |
Germany | 45,409 |  |  | 48,245 |
India | 30,897 |  |  | 31,437 |
Mexico | 26,365 |  |  | 23,464 |
Other foreign countries | 142,295 |  |  | 131,085 |
| $ | 389,848 |  |  | $ | 381,876 |
(1) As the Company does not allocate all long-lived assets, specifically intangible assets, to each individual country, evaluation of long-lived assets in total is impracticable.

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