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Segment Information
 9 Months Ended
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, 2025September 29, 2024
AMSEAAATOTALAMSEAAATOTAL
(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 AOI40,476 13,670 54,146 32,187 11,299 43,486 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net319 — 
Purchase accounting amortization
467 1,311 
Interest expense4,211 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, 2025September 29, 2024
AMSEAAATOTALAMSEAAATOTAL
(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 AOI109,184 26,325 135,509 77,214 31,402 108,616 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net3,802 330 
Purchase accounting amortization
3,073 3,895 
Cyber event impact— (381)
Interest expense13,069 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 EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(in thousands)(in thousands)
Depreciation and amortization
AMS$4,748 $4,453 $14,075 $13,252 
EAAA5,188 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, 2025December 29, 2024
(in thousands)
Assets
AMS$645,906 $644,085 
EAAA644,650 587,639 
Total segment assets1,290,556 1,231,724 
Corporate assets180,361 111,761 
Eliminations(140,394)(172,669)
Total reported assets$1,330,523 $1,170,816