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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information Effective beginning the fourth quarter of 2023, the Company reorganized its management and reporting into three segments: Light Duty, Heavy Duty and Specialty Vehicle. These segments realign our business along the three sectors of the motor vehicle aftermarket in which we operate and help support the continued growth of the Company following several acquisitions. The Light Duty segment designs and markets replacement parts and fasteners primarily for passenger cars and light-duty trucks with sales to retailers and wholesale distributors who primarily serve passenger car and light-duty truck customers. The Heavy Duty segment designs and markets replacement parts primarily for medium- and heavy-duty vehicles with sales to independent distributors, independent component specialists and rebuilders, and auto parts stores who focus on the heavy-duty market. The Specialty Vehicle segment designs, markets and manufactures aftermarket parts and accessories for the powersports market with sales through direct-to-consumer, dealers and installers. We measure segment profit based on income from operations excluding acquisition-related intangible assets amortization, acquisition-related transaction and other costs, and other special charges. Segment assets consist of inventories, accounts receivable, and property, plant and equipment, net. Intersegment sales are not material. Segment results are as follows:
| For the Year Ended
(in thousands) | December 31, 2023 |  | December 31, 2022 |  | December 25, 2021
Net Sales: |  |  |  |  |
Light Duty | $ | 1,462,474 |  |  | $ | 1,425,892 |  |  | $ | 1,247,465 |
Heavy Duty | 256,913 |  |  | 258,215 |  |  | 97,784 |
Specialty Vehicle | 210,401 |  |  | 49,642 |  |  | — |
Total | $ | 1,929,788 |  |  | $ | 1,733,749 |  |  | $ | 1,345,249 |
Income from operations: |  |  |  |  |
Light Duty | 187,159 |  |  | 169,579 |  |  | 182,020 |
Heavy Duty | 14,505 |  |  | 29,738 |  |  | 10,942 |
Specialty Vehicle | 31,618 |  |  | 8,537 |  |  | — |
Total | $ | 233,282 |  |  | $ | 207,854 |  |  | $ | 192,962 |
Depreciation: |  |  |  |  |
Light Duty | $ | 25,239 |  |  | $ | 25,062 |  |  | $ | 25,296 |
Heavy Duty | 3,239 |  |  | 2,772 |  |  | 1,034 |
Specialty Vehicle | 3,420 |  |  | 798 |  |  | — |
Total | $ | 31,898 |  |  | $ | 28,632 |  |  | $ | 26,330 |
Capital Expenditures: |  |  |  |  |
Light Duty | $ | 33,445 |  |  | $ | 31,682 |  |  | $ | 19,016 |
Heavy Duty | 3,581 |  |  | 4,769 |  |  | 824 |
Specialty Vehicle | 6,942 |  |  | 1,432 |  |  | — |
Total | $ | 43,968 |  |  | $ | 37,883 |  |  | $ | 19,840 |
Segment Assets: |  |  |  |  |
Light Duty | $ | 1,083,347 |  |  | $ | 1,047,987 |  |  | $ | 988,371 |
Heavy Duty | 162,583 |  |  | 177,557 |  |  | 131,245 |
Specialty Vehicle | 78,424 |  |  | 106,219 |  |  | — |
Total | $ | 1,324,354 |  |  | $ | 1,331,763 |  |  | $ | 1,119,616 |
A reconciliation of segment adjusted operating income to consolidated income before taxes is as follows:
| For the Year Ended
(in thousands) | December 31, 2023 |  | December 31, 2022 |  | December 25, 2021
Segment income from operations | $ | 233,282 |  |  | $ | 207,854 |  |  | $ | 192,962 |
Acquisition-related intangible assets amortization | (21,817) |  |  | (14,070) |  |  | (6,340) |
Acquisition-related transaction and other costs | (15,373) |  |  | (22,736) |  |  | (15,071) |
Fair value adjustment to contingent consideration | 20,469 |  |  | — |  |  | — |
Executive transition services expenses | (1,801) |  |  | — |  |  | — |
Interest expense, net | (48,061) |  |  | (15,582) |  |  | (2,162) |
Other income, net | 1,804 |  |  | 735 |  |  | 377 |
Consolidated income before income taxes | $ | 168,503 |  |  | $ | 156,201 |  |  | $ | 169,766 |
A reconciliation of segment assets to consolidated assets is as follows:
| For the Year Ended
(in thousands) | December 31, 2023 |  | December 31, 2022 |  | December 25, 2021
Segment assets | $ | 1,324,354 |  |  | $ | 1,331,763 |  |  | $ | 1,119,616 |
Other current assets | 69,468 |  |  | 85,834 |  |  | 71,830 |
Other non-current assets | 898,585 |  |  | 924,189 |  |  | 481,673 |
Consolidated assets | $ | 2,292,407 |  |  | $ | 2,341,786 |  |  | $ | 1,673,119 |

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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/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 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -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 5: 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 6: 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 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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
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