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Segment Information
 12 Months Ended
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
202420232022
AMSEAAATOTALAMSEAAATOTALAMSEAAATOTAL
(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 AOI106,594 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, net2,530 5,631 8,189 
Purchasing accounting amortization5,172 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 expense23,205 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
202420232022
(in thousands)
Depreciation and amortization
AMS$17,804 $17,989 $16,827 
EAAA21,529 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
20242023
(in thousands)
Assets
AMS$644,085 $627,782 
EAAA587,639 630,939 
Total segment assets1,231,724 1,258,721 
Corporate assets111,761 108,673 
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)
202420232022
 (in thousands)
United States$744,407 $677,342 $694,299 
Other foreign countries571,251 584,156 603,620 
Total net sales$1,315,658 $1,261,498 $1,297,919 
 
End of Fiscal Year
Long-Lived Assets(2)
20242023
(in thousands)
United States$151,130 $146,106 
Germany60,391 66,740 
Netherlands36,350 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.