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Business Segment Information (Tables) | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Net Sales |
| Quarters Ended |  | Six Months Ended
June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales: |  |  |  |  |  |  |
U.S. | $ | 740,154 |  |  | $ | 751,049 |  |  | $ | 1,284,045 |  |  | $ | 1,350,933 |
International | 254,539 |  |  | 264,406 |  |  | 488,088 |  |  | 520,745 |
Other | 700 |  |  | 19,549 |  |  | 1,473 |  |  | 47,356 |
Total net sales | $ | 995,393 |  |  | $ | 1,035,004 |  |  | $ | 1,773,606 |  |  | $ | 1,919,034 |
Segment Operating Profit |
| Quarters Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Segment operating profit: |  |  |  |  |  |  |
U.S. | $ | 158,214 |  |  | $ | 125,154 |  |  | $ | 256,477 |  |  | $ | 191,761 |
International | 30,542 |  |  | 21,701 |  |  | 51,040 |  |  | 44,245 |
Other | (130) |  |  | (1,721) |  |  | 551 |  |  | (212) |
Total segment operating profit | 188,626 |  |  | 145,134 |  |  | 308,068 |  |  | 235,794 |
Items not included in segment operating profit: |  |  |  |  |  |  |
General corporate expenses | (58,222) |  |  | (53,611) |  |  | (118,917) |  |  | (111,329) |
Restructuring and other action-related charges | (189,255) |  |  | (16,695) |  |  | (204,224) |  |  | (19,704) |
Amortization of intangibles | (4,278) |  |  | (4,895) |  |  | (8,948) |  |  | (9,284) |
Total operating profit (loss) | (63,129) |  |  | 69,933 |  |  | (24,021) |  |  | 95,477 |
Other expenses | (10,785) |  |  | (7,239) |  |  | (20,014) |  |  | (21,977) |
Interest expense, net | (50,299) |  |  | (58,718) |  |  | (100,905) |  |  | (103,938) |
Income (loss) from continuing operations before income taxes | $ | (124,213) |  |  | $ | 3,976 |  |  | $ | (144,940) |  |  | $ | (30,438) |
Restructuring and other action-related charges | The Company incurred restructuring and other action-related charges that were reported in the following lines in the Condensed Consolidated Statements of Operations:
| Quarters Ended |  | Six Months Ended
June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Cost of sales | $ | 88,621 |  |  | $ | 236 |  |  | $ | 88,824 |  |  | $ | 1,752 |
Selling, general and administrative expenses | 100,634 |  |  | 16,459 |  |  | 115,400 |  |  | 17,952 |
Total included in operating profit (loss) | 189,255 |  |  | 16,695 |  |  | 204,224 |  |  | 19,704 |
Other expenses | — |  |  | — |  |  | — |  |  | 8,350 |
Interest expense, net | — |  |  | — |  |  | — |  |  | (1,254) |
Total included in income (loss) from continuing operations before income taxes | 189,255 |  |  | 16,695 |  |  | 204,224 |  |  | 26,800 |
Income tax expense | — |  |  | — |  |  | — |  |  | — |
Total restructuring and other action-related charges included in loss from continuing operations | $ | 189,255 |  |  | $ | 16,695 |  |  | $ | 204,224 |  |  | $ | 26,800 |
The components of restructuring and other action-related charges were as follows:
| Quarters Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Restructuring and other action-related charges: |  |  |  |  |  |  |
Supply chain restructuring and consolidation | $ | 156,807 |  |  | $ | 236 |  |  | $ | 158,914 |  |  | $ | 1,752 |
Corporate asset impairment charges | 20,107 |  |  | — |  |  | 20,107 |  |  | — |
Headcount actions and related severance | 6,911 |  |  | 2,760 |  |  | 19,098 |  |  | 1,889 |
Professional services | 3,544 |  |  | 3,608 |  |  | 4,034 |  |  | 3,648 |
Technology | 218 |  |  | 2,881 |  |  | 399 |  |  | 7,102 |
Loss on classification of assets held for sale | — |  |  | 7,338 |  |  | — |  |  | 5,199 |
Other | 1,668 |  |  | (128) |  |  | 1,672 |  |  | 114 |
Total included in operating profit (loss) | 189,255 |  |  | 16,695 |  |  | 204,224 |  |  | 19,704 |
Loss on extinguishment of debt included in other expenses | — |  |  | — |  |  | — |  |  | 8,466 |
Gain on final settlement of cross currency swap contracts included in other expenses | — |  |  | — |  |  | — |  |  | (116) |
Gain on final settlement of cross currency swap contracts included in interest expense, net | — |  |  | — |  |  | — |  |  | (1,254) |
Total included in income (loss) from continuing operations before income taxes | 189,255 |  |  | 16,695 |  |  | 204,224 |  |  | 26,800 |
Tax effect on actions | — |  |  | — |  |  | — |  |  | — |
Total restructuring and other action-related charges included in loss from continuing operations | $ | 189,255 |  |  | $ | 16,695 |  |  | $ | 204,224 |  |  | $ | 26,800 |

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