Segment Information (Tables)

6 Months Ended

Jun. 29, 2025

Segment Information

Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals

	For the Second Quarter Ended June 29, 2025
	Americas		Europe		APMEA		Total
	(in millions)
Net sales
Net sales from external customers	$	498.5	$	111.0	$	34.2	$	643.7
Intersegment sales		2.0		10.6		31.3		43.9
Total segment net sales	$	500.5	$	121.6	$	65.5	$	687.6
Reconciliation of net sales
Elimination of intersegment sales								(43.9)
Total consolidated net sales							$	643.7
Less (a)
Segment cost of goods sold		234.7		79.0		48.1
Segment selling, general and administrative		116.1		26.9		10.2
Segment research and development		13.9		2.7		0.7
Segment earnings		135.8		13.0		6.5		155.3
Reconciliation of segment earnings to income before income taxes
Segment special items (b)								(3.8)
Corporate operating loss (c)								(16.2)
Consolidated operating income								135.3
Interest income								(2.3)
Interest expense								2.7
Other expense, net								0.2
Income before income taxes							$	134.7

	For the Second Quarter Ended June 30, 2024
	Americas		Europe		APMEA		Total
	(in millions)
Net sales
Net sales from external customers	$	448.1	$	114.1	$	35.1	$	597.3
Intersegment sales		2.2		6.4		25.1		33.7
Total segment net sales	$	450.3	$	120.5	$	60.2	$	631.0
Reconciliation of net sales
Elimination of intersegment sales								(33.7)
Total consolidated net sales							$	597.3
Less (a)
Segment cost of goods sold		221.0		80.0		42.7
Segment selling, general and administrative		106.2		26.1		10.2
Segment research and development		14.3		3.0		0.7
Segment earnings		108.8		11.4		6.6		126.8
Reconciliation of segment earnings to income before income taxes
Segment special items (b)								(0.6)
Corporate operating loss (c)								(14.7)
Consolidated operating income								111.5
Interest income								(1.9)
Interest expense								4.1
Other income, net								(0.2)
Income before income taxes							$	109.5

	For the Six Months Ended June 29, 2025
	Americas		Europe		APMEA		Total
	(in millions)
Net sales
Net sales from external customers	$	916.6	$	219.4	$	65.7	$	1,201.7
Intersegment sales		4.2		18.7		56.2		79.1
Total segment net sales	$	920.8	$	238.1	$	121.9	$	1,280.8
Reconciliation of net sales
Elimination of intersegment sales								(79.1)
Total consolidated net sales							$	1,201.7
Less (a)
Segment cost of goods sold		438.7		153.5		89.4
Segment selling, general and administrative		220.9		51.5		19.1
Segment research and development		27.6		5.0		1.4
Segment earnings		233.6		28.1		12.0		273.7
Reconciliation of segment earnings to income before income taxes
Segment special items (b)								(22.2)
Corporate operating loss (c)								(28.5)
Consolidated operating income								223.0
Interest income								(4.6)
Interest expense								5.4
Other expense, net								0.6
Income before income taxes							$	221.6

	For the Six Months Ended June 30, 2024
	Americas		Europe		APMEA		Total
	(in millions)
Net sales
Net sales from external customers	$	866.9	$	237.4	$	63.9	$	1,168.2
Intersegment sales		4.8		12.1		46.4		63.3
Total segment net sales	$	871.7	$	249.5	$	110.3	$	1,231.5
Reconciliation of net sales
Elimination of intersegment sales								(63.3)
Total consolidated net sales							$	1,168.2
Less (a)
Segment cost of goods sold		432.0		161.5		78.8
Segment selling, general and administrative		208.8		51.4		18.4
Segment research and development		29.4		5.8		1.2
Segment earnings		201.5		30.8		11.9		244.2
Reconciliation of segment earnings to income before income taxes
Segment special items (b)								(7.1)
Corporate operating loss (c)								(28.9)
Consolidated operating income								208.2
Interest income								(4.0)
Interest expense								8.3
Other income, net								(0.8)
Income before income taxes							$	204.7

(a) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. Significant segment expenses exclude certain expenses incurred and benefits recognized, see footnote (b) below. Intersegment expenses are included within the amounts shown.

(b) Segment special items are excluded from segment earnings and defined as non-recurring and unusual expenses incurred or benefits recognized such as restructuring costs, acquisition-related costs, and gain on sale of assets.

(c) Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. Corporate special items are included within the amounts shown and consist of acquisition-related costs.

	Second Quarter Ended				Six Months Ended
	June 29,		June 30,		June 29,		June 30,
	2025		2024		2025		2024
	(in millions)
Capital expenditures
Americas	$	5.8	$	3.7	$	12.3	$	11.0
Europe		3.0		2.6		5.8		5.0
APMEA		1.4		0.5		1.7		0.9
Consolidated capital expenditures	$	10.2	$	6.8	$	19.8	$	16.9
Depreciation and amortization
Americas	$	11.1	$	10.7	$	21.9	$	21.1
Europe		2.8		2.3		5.2		4.5
APMEA		0.6		0.5		1.1		1.1
Consolidated depreciation and amortization	$	14.5	$	13.5	$	28.2	$	26.7

	June 29,		December 31,
	2025		2024
	(in millions)
Identifiable assets (at end of period)
Americas	$	1,845.8	$	1,728.0
Europe		624.9		534.1
APMEA		174.2		134.9
Consolidated identifiable assets	$	2,644.9	$	2,397.0
Property, plant and equipment, net (at end of period)
Americas	$	182.7	$	182.9
Europe		76.4		67.0
APMEA		6.2		4.9
Consolidated property, plant and equipment, net	$	265.3	$	254.8

Schedule of U.S. net sales and U.S. property, plant and equipment of the Company's Americas segment

	Second Quarter Ended				Six Months Ended
	June 29,		June 30,		June 29,		June 30,
	2025		2024		2025		2024
	(in millions)
U.S. net sales	$	471.0	$	420.6	$	865.0	$	813.1