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Segment Information
 6 Months Ended
Jun. 29, 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 six months ended June 29, 2025, were $35.8 million and $63.8 million, respectively, and intersegment revenues for the three and six months ended June 30, 2024, were $24.5 million and $41.3 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 six months ended June 29, 2025 and June 30, 2024.
Three Months Ended
June 29, 2025June 30, 2024
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$239,443 $136,079 $375,522 $215,012 $131,623 $346,635 
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
135,041 91,153 139,425 83,309 
   Adjusted selling, general, & administrative expenses (3)
55,557 37,861 48,640 35,656 
Segment AOI48,845 7,065 55,910 26,947 12,658 39,605 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net2,511 132 
Purchase accounting amortization
1,352 1,287 
Cyber event impact— 35 
Interest expense4,443 6,173 
Other expense (income), net3,411 832 
Income before taxes$44,193 $31,146 
(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.
Six Months Ended
June 29, 2025June 30, 2024
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$419,380 $253,555 $672,935 $384,927 $251,451 $636,378 
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
243,568 167,821 241,031 159,745 
   Adjusted selling, general, & administrative expenses (3)
107,104 73,079 98,869 71,603 
Segment AOI68,708 12,655 81,363 45,027 20,103 65,130 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net3,483 330 
Purchase accounting amortization
2,606 2,584 
Cyber event impact— (381)
Interest expense8,858 12,596 
Other expense (income), net5,114 (144)
Income before taxes$61,302 $50,145 
(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 six months ended June 29, 2025 and June 30, 2024 is presented as follows:
Three Months EndedSix Months Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
(in thousands)(in thousands)
Depreciation and amortization
AMS$4,740 $4,446 $9,327 $8,799 
EAAA5,089 5,282 9,903 10,545 
Total depreciation and amortization$9,829 $9,728 $19,230 $19,344 
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts is presented as follows:
June 29, 2025December 29, 2024
(in thousands)
Assets
AMS$608,894 $644,085 
EAAA643,327 587,639 
Total segment assets1,252,221 1,231,724 
Corporate assets128,906 111,761 
Eliminations(102,905)(172,669)
Total reported assets$1,278,222 $1,170,816