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SEGMENT INFORMATION | 9 Months Ended
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Oct. 01, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's Chief Operating Decision Maker (CODM) in allocating resources and in assessing performance. The Company has two reportable segments, Manufacturing and Distribution. The operating results of the operating segments are regularly reviewed by the Company’s CODM, the Chief Executive Officer, to assess the performance of the individual operating segments and to make decisions about resources to be allocated to the operating segments. The tables below present information about the sales and operating income of those segments.
Third Quarter Ended October 1, 2023 |  |  |  |  |  |
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Net outside sales |  | $ | 641,185 |  |  | $ | 224,888 |  |  | $ | 866,073 |
Intersegment sales |  | 18,308 |  |  | 1,971 |  |  | 20,279 |
Total sales |  | $ | 659,493 |  |  | $ | 226,859 |  |  | $ | 886,352 |
Operating income |  | $ | 80,777 |  |  | $ | 24,026 |  |  | $ | 104,803 |
Third Quarter Ended September 25, 2022 |  |  |  |  |  |
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Net outside sales |  | $ | 828,410 |  |  | $ | 283,679 |  |  | $ | 1,112,089 |
Intersegment sales |  | 18,481 |  |  | 2,859 |  |  | 21,340 |
Total sales |  | $ | 846,891 |  |  | $ | 286,538 |  |  | $ | 1,133,429 |
Operating income |  | $ | 109,462 |  |  | $ | 27,228 |  |  | $ | 136,690 |
Nine Months Ended October 1, 2023 |  |  |  |  |  |
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Net outside sales |  | $ | 2,021,679 |  |  | $ | 665,179 |  |  | $ | 2,686,858 |
Intersegment sales |  | 50,920 |  |  | 6,585 |  |  | 57,505 |
Total sales |  | $ | 2,072,599 |  |  | $ | 671,764 |  |  | $ | 2,744,363 |
Operating income |  | $ | 263,146 |  |  | $ | 68,172 |  |  | $ | 331,318 |
Nine Months Ended September 25, 2022 |  |  |  |  |  |
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Net outside sales |  | $ | 2,891,994 |  |  | $ | 1,037,963 |  |  | $ | 3,929,957 |
Intersegment sales |  | 62,426 |  |  | 7,943 |  |  | 70,369 |
Total sales |  | $ | 2,954,420 |  |  | $ | 1,045,906 |  |  | $ | 4,000,326 |
Operating income |  | $ | 460,691 |  |  | $ | 116,835 |  |  | $ | 577,526 |
The following table presents a reconciliation of segment operating income to consolidated operating income:
|  | Third Quarter Ended |  | Nine Months Ended
($ in thousands) |  | October 1, 2023 |  | September 25, 2022 |  | October 1, 2023 |  | September 25, 2022
Operating income for reportable segments |  | $ | 104,803 |  |  | $ | 136,690 |  |  | $ | 331,318 |  |  | $ | 577,526 |
Unallocated corporate expenses |  | (14,221) |  |  | (25,160) |  |  | (69,341) |  |  | (94,808) |
Amortization |  | (19,507) |  |  | (18,769) |  |  | (59,093) |  |  | (54,175) |
Consolidated operating income |  | $ | 71,075 |  |  | $ | 92,761 |  |  | $ | 202,884 |  |  | $ | 428,543 |
Unallocated corporate expenses include corporate general and administrative expenses comprised of wages and other compensation, insurance, taxes, supplies, travel and entertainment, professional fees, amortization of inventory step-up adjustments, and other.

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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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