Segment Information

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. Our reportable segments coincide with the geographic operating segments which include North America, EMEA, Asia-Pacific and Latin America. The measure of segment profit is income from operations.

Geographic areas in which we operated our reportable segments during the periods presented include North America (the United States and Canada), EMEA, (Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hungary, Ireland, Israel, Italy, Kosovo, Lebanon, Luxembourg, Macedonia, Morocco, Netherlands, Norway, Oman, Pakistan, Poland, Portugal, Qatar, Romania, Saudi Arabia, Serbia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Arab Emirates and the United Kingdom), Asia-Pacific (Australia, Bangladesh, the People’s Republic of China including Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka and Thailand) and Latin America (Brazil, Chile, Colombia, Costa Rica, Mexico, Peru, Uruguay and our Latin American export operations in Miami).

We do not allocate certain Corporate Costs or time-vested and performance-vested cash-based compensation recognized to our reportable segments (see Note 3, “Employee Awards”); therefore, we are reporting these amounts separately. Assets by reportable segment are not presented below as our CODM does not review assets by reportable segment.

Financial information by reportable segment is as follows:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales
North America	$	4,283,677	$	4,551,370	$	12,704,320	$	13,662,409
EMEA	3,470,507		3,474,126		10,194,670		10,355,358
Asia-Pacific	3,153,879		2,899,522		9,161,016		8,236,696
Latin America	854,565		1,000,355		2,578,995		2,766,400
Total	$	11,762,628	$	11,925,373	$	34,639,001	$	35,020,863
Income from operations
North America	$	83,330	$	79,205	$	206,974	$	225,528
EMEA	66,912		72,185		168,558		210,342
Asia-Pacific	58,158		55,885		169,985		170,704
Latin America	27,746		19,998		75,462		59,374
Corporate	(11,885)		(8,814)		(33,224)		(27,141)
Cash-based compensation expense	(6,087)		(6,057)		(18,332)		(25,395)
Total	$	218,174	$	212,402	$	569,423	$	613,412
Capital expenditures
North America	$	29,970	$	52,962	$	93,158	$	140,358
EMEA	3,948		2,191		9,462		12,413
Asia-Pacific	2,324		3,140		3,455		6,934
Latin America	730		2,486		2,570		5,281
Total	$	36,972	$	60,779	$	108,645	$	164,986
Depreciation
North America	$	19,688	$	15,357	$	54,547	$	49,685
EMEA	3,854		4,106		11,520		13,321
Asia-Pacific	1,646		1,938		4,948		5,857
Latin America	1,482		1,341		4,622		4,594
Total	$	26,670	$	22,742	$	75,637	$	73,457
Amortization of intangible assets
North America	$	10,537	$	10,547	$	31,619	$	31,636
EMEA	6,055		5,994		18,009		17,852
Asia-Pacific	4,367		4,368		13,093		13,241
Latin America	812		881		2,544		2,584
Total	$	21,771	$	21,790	$	65,265	$	65,313
Integration, transition and other costs (a)
North America	$	1,170	$	2,978	$	3,249	$	2,994
EMEA	1,756		(1,672)		2,785		(1,095)
Asia-Pacific	(2)		(1)		110		(10)
Latin America	(298)		1,909		(1,650)		3,885
Corporate	11,885		8,814		33,224		27,141
Total	$	14,511	$	12,028	$	37,718	$	32,915

(a) Costs are primarily related to (i) an advisory fee paid to Platinum Equity Advisors, LLC (“Platinum Advisors”), ii) professional, consulting and legal costs in connection with our initial public offering and iii) consulting, retention and transition costs associated with our organizational effectiveness program charged to SG&A.