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Segment Information | 12 Months Ended
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Dec. 29, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The Company determines that an operating segment exists if a component (i) engages in business activities from which it earns revenues and incurs expenses, (ii) has operating results that are regularly reviewed by the chief operating decision maker (“CODM”) and (iii) has discrete financial information. Additionally, accounting standards require the utilization of a “management approach” to report the financial results of operating segments, which is based on information used by the CODM to assess performance and make operating and resource allocation decisions. The Company determined that it has two operating segments organized by geographical area – namely (a) Americas (“AMS”) and (b) Europe, Africa, Asia and Australia (collectively “EAAA”). The AMS operating segment includes the United States, Canada and Latin America geographic areas. Pursuant to the management approach discussed above, the Company’s CODM, our chief executive officer, evaluates performance at the AMS and EAAA operating segment levels and makes operating and resource allocation decisions based on segment operating income (“AOI”). The CODM uses AOI to evaluate segment operating results compared to expectations. AOI is also used by the CODM to develop variable compensation targets and make capital spend decisions. AOI includes allocations of corporate selling, general and administrative expenses and global support as discussed below and excludes: nora purchase accounting amortization; Thailand plant closure inventory write-down; Cyber Event impact; goodwill and intangible asset impairment charges; and restructuring, asset impairment, severance, and other, net. Intersegment revenues for 2024, 2023 and 2022 were $91.1 million, $82.8 million and $75.5 million, respectively. Intersegment revenues are eliminated from net sales presented below since these amounts are not included in the information provided to the CODM. The Company has determined that it has two reportable segments – AMS and EAAA, as each operating segment meets the quantitative thresholds defined in the accounting guidance. During fiscal year 2024, the Company implemented a cost center realignment initiative to centralize certain global/shared functions. During 2024, SG&A expenses for these global support functions were allocated to AOI for each reportable segment consistent with the allocation methodology used to allocate corporate overhead in prior periods. Prior year AOI amounts below were not recast as there was no material impact to the measure of segment profit for each reportable segment. There were no changes to the composition of the Company’s operating or reportable segments. The following table outlines information by reportable segment including net sales, significant segment expenses, and AOI. The table also includes a reconciliation to income before taxes for fiscal years 2024, 2023, and 2022.
|  | Fiscal Year
|  | 2024 |  | 2023 |  | 2022
|  | AMS | EAAA | TOTAL |  | AMS | EAAA | TOTAL |  | AMS | EAAA | TOTAL
|  |  |  |  |  | (in thousands) |  |  |  |
Net sales |  | $ | 800,811 |  | $ | 514,847 |  | $ | 1,315,658 |  |  | $ | 736,955 |  | $ | 524,543 |  | $ | 1,261,498 |  |  | $ | 753,740 |  | $ | 544,179 |  | $ | 1,297,919 |
Less: significant segment expenses (1) |  |  |  |  |  |  |  |  |  |  |  |
Adjusted cost of sales (2) |  | 494,185 |  | 333,353 |  |  |  | 458,708 |  | 356,591 |  |  |  | 473,761 |  | 374,106 |  |
Adjusted selling, general, & administrative expenses(3) |  | 200,032 |  | 146,691 |  |  |  | 190,458 |  | 139,344 |  |  |  | 177,609 |  | 140,015 |  |
Segment AOI |  | 106,594 |  | 34,803 |  | 141,397 |  |  | 87,789 |  | 28,608 |  | 116,397 |  |  | 102,370 |  | 30,058 |  | 132,428 |
Reconciliation of AOI to income before taxes |  |  |  |  |  |  |  |  |  |  |  |
Restructuring, severance, asset impairment and other, net |  |  |  | 2,530 |  |  |  |  | 5,631 |  |  |  |  | 8,189 |
Purchasing accounting amortization |  |  |  | 5,172 |  |  |  |  | 5,172 |  |  |  |  | 5,038 |
Cyber Event impact |  |  |  | (711) |  |  |  |  | 1,072 |  |  |  |  | 5,093 |
Goodwill & intangible asset impairment |  |  |  | — |  |  |  |  | — |  |  |  |  | 36,180 |
Thailand plant inventory write down |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,530 |
Interest expense |  |  |  | 23,205 |  |  |  |  | 31,787 |  |  |  |  | 29,929 |
Other (income) expense, net |  |  |  | (2,353) |  |  |  |  | 9,081 |  |  |  |  | 3,552 |
Income before taxes |  |  |  | $ | 113,554 |  |  |  |  | $ | 63,654 |  |  |  |  | $ | 41,917 |
(1) Significant segment expense categories and amounts align with segment level information that is regularly provided to the CODM, included in the measure of segment profit, and considered to be significant. Amounts include allocation of corporate overhead and global support costs. Intersegment expenses are excluded. (2) Adjusted cost of sales excludes purchase accounting amortization, the Cyber Event impact, and Thailand plant inventory write down. (3) Adjusted selling, general, and administrative expenses exclude the cyber event impact and restructuring, asset impairment, severance, and other, net. Segment depreciation and amortization for 2024, 2023 and 2022 is presented in the table below:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Depreciation and amortization |  |  |  |  |
AMS | $ | 17,804 |  |  | $ | 17,989 |  |  | $ | 16,827 |
EAAA | 21,529 |  |  | 22,785 |  |  | 23,510 |
Total depreciation and amortization | $ | 39,333 |  |  | $ | 40,774 |  |  | $ | 40,337 |
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts follows:
| End of Fiscal Year
| 2024 |  | 2023
| (in thousands)
Assets |  |  |
AMS | $ | 644,085 |  |  | $ | 627,782 |
EAAA | 587,639 |  |  | 630,939 |
Total segment assets | 1,231,724 |  |  | 1,258,721 |
Corporate assets | 111,761 |  |  | 108,673 |
Eliminations | (172,669) |  |  | (137,299) |
Total reported assets | $ | 1,170,816 |  |  | $ | 1,230,095 |
The Company has a large and diverse customer base, which includes numerous customers located in foreign countries. No single unaffiliated customer accounted for more than 10% of total sales in any year during the past three years. Sales to customers in foreign markets in 2024, 2023 and 2022 were approximately 43%, 46% and 47%, respectively, of total net sales. These sales were primarily to customers in Europe, Canada, Asia, Australia and Latin America. Net sales and long-lived assets for the United States and other significant countries (that individually represent 10% or greater of consolidated totals for each year presented) are as follows:
| Fiscal Year
Net Sales to Unaffiliated Customers(1) | 2024 |  | 2023 |  | 2022
| (in thousands)
United States | $ | 744,407 |  |  | $ | 677,342 |  |  | $ | 694,299 |
Other foreign countries | 571,251 |  |  | 584,156 |  |  | 603,620 |
Total net sales | $ | 1,315,658 |  |  | $ | 1,261,498 |  |  | $ | 1,297,919 |
|  |  | End of Fiscal Year
Long-Lived Assets(2) |  |  | 2024 |  | 2023
|  |  | (in thousands)
United States |  |  | $ | 151,130 |  |  | $ | 146,106 |
Germany |  |  | 60,391 |  |  | 66,740 |
Netherlands |  |  | 36,350 |  |  | 40,455 |
Other foreign countries |  |  | 34,503 |  |  | 37,839 |
Total long-lived assets |  |  | $ | 282,374 |  |  | $ | 291,140 |
(1) Revenue attributed to geographic areas is based on the location of the customer. (2) Long-lived assets attributed to geographic areas are based on the physical location of the asset. 2024 includes $3.1 million and $5.0 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively. 2023 includes $2.2 million and $5.0 million of leased equipment, net of accumulated amortization, in the United States and foreign countries, respectively.

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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