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Segment Financial Data | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Segment Financial Data | Segment Financial Data The Company’s segment information is evaluated by our Chief Executive Officer, who is also the CODM, and is consistent with how management reviews and assesses the performance of the business as well as makes investing and resource allocation decisions. We monitor our operations through our two reportable segments: Products and Solutions and ADI Global Distribution, and report Corporate separately. These operating segments follow the same accounting policies used for the financial statements. We evaluate a segment’s performance on a U.S. GAAP basis, primarily operating income before corporate expenses. Products and Solutions—The Products and Solutions business is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Our offerings include temperature and humidity control, thermal water and air solutions, as well as security panels, sensors, peripherals, communications devices, video cameras, other home-related lifestyle convenience solutions, cloud infrastructure, installation and maintenance tools, and related software. ADI Global Distribution—The ADI Global Distribution business is a leading wholesale distributor of low-voltage security products including security and life safety, access control and video products and participates significantly in the broader related markets of smart home, power, audio, ProAV, networking, communications, wire and cable, and data communications. The Snap One business is included in the ADI Global Distribution segment and expands our distribution into and reach with smart-living products, services, and software. Corporate—On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. Functional expenses related to information technology, finance, tax, business development, and research and development are now recorded within the Products and Solutions and ADI Global Distribution segments. For the three and six months ended July 1, 2023, $13 million and $25 million of corporate expenses have been reclassified into the Products and Solutions segment while $8 million and $16 million of corporate expenses have been reclassified into the ADI Global Distribution segment, respectively, decreasing reported Income from Operations to conform to the current year presentation. Corporate expenses include costs related to the corporate office such as the executive function, legal, accounting, tax, treasury, corporate development, human resources, and information technology. Additionally, unallocated amounts for non-operating items such as Reimbursement Agreement expense, interest income (expense), other income (expense) and provision for income taxes are reported within Corporate. The following table represents summary financial data attributable to the segments:
| Three Months Ended |  | Six Months Ended
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net revenue |  |  |  |  |  |  |
Products and Solutions | $ | 630 |  |  | $ | 677 |  |  | $ | 1,250 |  |  | $ | 1,335 |
ADI Global Distribution | 959 |  |  | 925 |  |  | 1,825 |  |  | 1,816 |
Total net revenue | $ | 1,589 |  |  | $ | 1,602 |  |  | $ | 3,075 |  |  | $ | 3,151 |
| Three Months Ended |  | Six Months Ended
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Income from operations |  |  |  |  |  |  |
Products and Solutions | $ | 130 |  |  | $ | 115 |  |  | $ | 242 |  |  | $ | 220 |
ADI Global Distribution | 62 |  |  | 71 |  |  | 111 |  |  | 135 |
Corporate | (70) |  |  | (33) |  |  | (103) |  |  | (64) |
Total income from operations | $ | 122 |  |  | $ | 153 |  |  | $ | 250 |  |  | $ | 291 |
The Company’s CODM does not use segment assets information to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. 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