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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 29, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables summarize key financial information by segment:
|  | Second Quarter Ended June 29, 2025
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 776,520 |  |  | $ | 277,488 |  |  | $ | 1,054,008 |
Cost of goods sold |  | 597,232 |  |  | 205,314 |  |  | 802,546 |
Gross profit |  | $ | 179,288 |  |  | $ | 72,174 |  |  | $ | 251,462 |
Operating expenses |  | 76,165 |  |  | 39,756 |  |  | 115,921 |
Operating income |  | $ | 103,123 |  |  | $ | 32,418 |  |  | $ | 135,541 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 24,305 |
Amortization of intangible assets |  |  |  |  |  | 24,515 |
Interest expense, net |  |  |  |  |  | 18,869 |
Elimination of inter-segment profits |  |  |  |  |  | (1) |
Other expense |  |  |  |  |  | 24,420
Consolidated income before income taxes |  |  |  |  |  | $ | 43,433 |
Capital expenditures |  | $ | 12,256 |  |  | $ | 8 |  |  | $ | 12,264 |
Depreciation and amortization |  | $ | 36,413 |  |  | $ | 4,559 |  |  | $ | 40,972 |
|  | Second Quarter Ended June 30, 2024
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 774,231 |  |  | $ | 265,237 |  |  | $ | 1,039,468 |
Cost of goods sold |  | 595,487 |  |  | 207,105 |  |  | 802,592 |
Gross Profit |  | $ | 178,744 |  |  | $ | 58,132 |  |  | $ | 236,876 |
Operating expenses |  | 69,992 |  |  | 27,974 |  |  | 97,966 |
Operating income |  | $ | 108,752 |  |  | $ | 30,158 |  |  | $ | 138,910 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 24,654 |
Amortization of intangible assets |  |  |  |  |  | 24,254 |
Interest expense, net |  |  |  |  |  | 20,343 |
Elimination of inter-segment profits |  |  |  |  |  | 5,313 |
Consolidated income before income taxes |  |  |  |  |  | $ | 64,346 |
Capital expenditures |  | $ | 7,784 |  |  | $ | 2,146 |  |  | $ | 9,930 |
Depreciation and amortization |  | $ | 35,673 |  |  | $ | 4,067 |  |  | $ | 39,740 |
|  | Six Months Ended June 29, 2025
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 1,531,007 |  |  | $ | 531,574 |  |  | $ | 2,062,581 |
Cost of goods sold |  | 1,182,328 |  |  | 397,699 |  |  | 1,580,027 |
Gross profit |  | $ | 348,679 |  |  | $ | 133,875 |  |  | $ | 482,554 |
Operating expenses |  | 147,435 |  |  | 76,457 |  |  | 223,892 |
Operating income |  | $ | 201,244 |  |  | $ | 57,418 |  |  | $ | 258,662 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 55,884 |
Amortization of intangible assets |  |  |  |  |  | 48,976 |
Interest expense, net |  |  |  |  |  | 37,981 |
Elimination of inter-segment profits |  |  |  |  |  | 1,511 |
Other expense |  |  |  |  |  | 24,420
Consolidated income before income taxes |  |  |  |  |  | $ | 89,890 |
Capital expenditures |  | $ | 29,821 |  |  | $ | 554 |  |  | $ | 30,375 |
Depreciation and amortization |  | $ | 72,916 |  |  | $ | 9,131 |  |  | $ | 82,047 |
|  | Six Months Ended June 30, 2024
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 1,488,741 |  |  | $ | 503,739 |  |  | $ | 1,992,480 |
Cost of goods sold |  | 1,153,823 |  |  | 395,550 |  |  | 1,549,373 |
Gross profit |  | $ | 334,918 |  |  | $ | 108,189 |  |  | $ | 443,107 |
Operating expenses |  | 138,716 |  |  | 54,311 |  |  | 193,027 |
Operating income |  | $ | 196,202 |  |  | $ | 53,878 |  |  | $ | 250,080 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 52,577 |
Amortization of intangible assets |  |  |  |  |  | 47,088 |
Interest expense, net |  |  |  |  |  | 40,433 |
Elimination of inter-segment profits |  |  |  |  |  | 6,384 |
Consolidated income before income taxes |  |  |  |  |  | $ | 103,598 |
Capital expenditures |  | $ | 18,280 |  |  | $ | 5,730 |  |  | $ | 24,010 |
Depreciation and amortization |  | $ | 71,090 |  |  | $ | 7,388 |  |  | $ | 78,478 |
Schedule of the Reconciliation of Segment Operations | A reconciliation of certain line items pertaining to the total reportable segments to the condensed consolidated financial statements in the second quarter and first six months ended June 29, 2025 and June 30, 2024, and as of June 29, 2025 and December 31, 2024 is as follows:
|  | Second Quarter Ended |  | Six Months Ended
($ in thousands) |  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Net sales: |  |  |  |  |  |  |  |
Total sales for reportable segments |  | $ | 1,054,008 |  |  | $ | 1,039,468 |  |  | $ | 2,062,581 |  |  | $ | 1,992,480 |
Elimination of inter-segment sales (1) |  | (6,454) |  |  | (22,844) |  |  | (11,607) |  |  | (42,364) |
Consolidated net sales |  | $ | 1,047,554 |  |  | $ | 1,016,624 |  |  | $ | 2,050,974 |  |  | $ | 1,950,116 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Depreciation and amortization for reportable segments |  | $ | 40,972 |  |  | $ | 39,740 |  |  | $ | 82,047 |  |  | $ | 78,478 |
Corporate depreciation and amortization |  | 1,637 |  |  | 1,741 |  |  | 3,208 |  |  | 3,338 |
Consolidated depreciation and amortization |  | $ | 42,609 |  |  | $ | 41,481 |  |  | $ | 85,255 |  |  | $ | 81,816 |
Capital expenditures: |  |  |  |  |  |  |  |
Capital expenditures for reportable segments |  | $ | 12,264 |  |  | $ | 9,930 |  |  | $ | 30,375 |  |  | $ | 24,010 |
Corporate capital expenditures |  | 6,011 |  |  | 6,986 |  |  | 8,071 |  |  | 8,401 |
Consolidated capital expenditures |  | $ | 18,275 |  |  | $ | 16,916 |  |  | $ | 38,446 |  |  | $ | 32,411 |
(1) Eliminations for the second quarter and six months ended June 29, 2025 include only the elimination of inter-segment transactions.
|  | As of
($ in thousands) |  | June 29, 2025 |  | December 31, 2024
Total assets: |  |  |  |
Manufacturing segment assets |  | $ | 2,478,132 |  |  | $ | 2,402,533 |
Distribution segment assets |  | 523,835 |  |  | 524,827 |
Corporate assets unallocated to segments |  | 55,271 |  |  | 60,033 |
Cash and cash equivalents |  | 21,974 |  |  | 33,561 |
Consolidated total assets |  | $ | 3,079,212 |  |  | $ | 3,020,954 |

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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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