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Segment Information | 9 Months Ended
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Sep. 28, 2025
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 adjusted 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 excludes: nora purchase accounting amortization; restructuring, asset impairment, severance, and other, net, and the impact of a cyber event. Intersegment revenues for the three and nine months ended September 28, 2025, were $28.6 million and $92.4 million, respectively, and intersegment revenues for the three and nine months ended September 29, 2024, were $19.1 million and $60.4 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. 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 the three and nine months ended September 28, 2025 and September 29, 2024.
|  | Three Months Ended
|  | September 28, 2025 |  | September 29, 2024
|  | AMS | EAAA | TOTAL |  | AMS | EAAA | TOTAL
|  | (in thousands)
Net sales |  | $ | 218,614 |  | $ | 145,912 |  | $ | 364,526 |  |  | $ | 210,155 |  | $ | 134,115 |  | $ | 344,270 |
Less: significant segment expenses (1) |  |  |  |  |  |  |  |
Adjusted cost of sales (2) |  | 127,566 |  | 92,862 |  |  |  | 128,668 |  | 86,665 |  |
Adjusted selling, general, & administrative expenses (3) |  | 50,572 |  | 39,380 |  |  |  | 49,300 |  | 36,151 |  |
Segment AOI |  | 40,476 |  | 13,670 |  | 54,146 |  |  | 32,187 |  | 11,299 |  | 43,486 |
Reconciliation of AOI to income before taxes |  |  |  |  |  |  |  |
Restructuring, severance, asset impairment and other, net |  |  |  | 319 |  |  |  |  | — |
Purchase accounting amortization |  |  |  | 467 |  |  |  |  | 1,311 |
Interest expense |  |  |  | 4,211 |  |  |  |  | 5,721 |
Other expense, net |  |  |  | 659 |  |  |  |  | 381 |
Income before taxes |  |  |  | $ | 48,490 |  |  |  |  | $ | 36,073 |
(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. (3) Adjusted selling, general, and administrative expenses exclude restructuring, asset impairment, severance, and other, net.
|  | Nine Months Ended
|  | September 28, 2025 |  | September 29, 2024
|  | AMS | EAAA | TOTAL |  | AMS | EAAA | TOTAL
|  | (in thousands)
Net sales |  | $ | 637,994 |  | $ | 399,467 |  | $ | 1,037,461 |  |  | $ | 595,082 |  | $ | 385,566 |  | $ | 980,648 |
Less: significant segment expenses (1) |  |  |  |  |  |  |  |
Adjusted cost of sales (2) |  | 371,134 |  | 260,683 |  |  |  | 369,699 |  | 246,410 |  |
Adjusted selling, general, & administrative expenses (3) |  | 157,676 |  | 112,459 |  |  |  | 148,169 |  | 107,754 |  |
Segment AOI |  | 109,184 |  | 26,325 |  | 135,509 |  |  | 77,214 |  | 31,402 |  | 108,616 |
Reconciliation of AOI to income before taxes |  |  |  |  |  |  |  |
Restructuring, severance, asset impairment and other, net |  |  |  | 3,802 |  |  |  |  | 330 |
Purchase accounting amortization |  |  |  | 3,073 |  |  |  |  | 3,895 |
Cyber event impact |  |  |  | — |  |  |  |  | (381) |
Interest expense |  |  |  | 13,069 |  |  |  |  | 18,317 |
Other expense, net |  |  |  | 5,773 |  |  |  |  | 237 |
Income before taxes |  |  |  | $ | 109,792 |  |  |  |  | $ | 86,218 |
(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. (3) Adjusted selling, general, and administrative expenses exclude restructuring, asset impairment, severance, and other, net, and the impact of a cyber event. Segment depreciation and amortization for the three and nine months ended September 28, 2025 and September 29, 2024 is presented as follows:
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
| (in thousands) |  | (in thousands)
Depreciation and amortization |  |  |  |  |  |  |
AMS | $ | 4,748 |  |  | $ | 4,453 |  |  | $ | 14,075 |  |  | $ | 13,252 |
EAAA | 5,188 |  |  | 5,449 |  |  | 15,091 |  |  | 15,994 |
Total depreciation and amortization | $ | 9,936 |  |  | $ | 9,902 |  |  | $ | 29,166 |  |  | $ | 29,246 |
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts is presented as follows:
| September 28, 2025 |  | December 29, 2024
| (in thousands)
Assets |  |  |
AMS | $ | 645,906 |  |  | $ | 644,085 |
EAAA | 644,650 |  |  | 587,639 |
Total segment assets | 1,290,556 |  |  | 1,231,724 |
Corporate assets | 180,361 |  |  | 111,761 |
Eliminations | (140,394) |  |  | (172,669) |
Total reported assets | $ | 1,330,523 |  |  | $ | 1,170,816 |

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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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