v3.25.2
SEGMENT INFORMATION
 9 Months Ended
Jun. 27, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
17. SEGMENT INFORMATION

The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable and installation accessories. This segment serves contractors in partnership with the electrical wholesale channel.

The Safety & Infrastructure segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers and end users.
Both segments use Adjusted EBITDA as the primary measure of profit and loss. Segment Adjusted EBITDA is income (loss) before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, interest expense, net, stock-based compensation, loss on extinguishment of debt, gains and losses on the divestiture of a business, asset impairment charges, certain legal matters, and other items, such as inventory reserves and adjustments, (gain) loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, gain on purchase of business, loss on assets held for sale, restructuring costs and transaction costs.

Intersegment transactions primarily consist of product sales at designated transfer prices on an arm’s-length basis. Gross profit earned and reported within the segment is eliminated in the Company’s consolidated results. Certain manufacturing and distribution expenses are allocated between the segments on a pro rata basis due to the shared nature of activities. Recorded amounts represent a proportional amount of the quantity of product produced for each segment. Certain assets, such as machinery and equipment and facilities, are not allocated to each segment despite serving both segments. These shared assets are reported within the Safety & Infrastructure segment. The Company allocates certain corporate operating expenses that directly benefit our operating segments, such as insurance and information technology, on a basis that reasonably approximates an estimate of the use of these services.

Three months ended
 June 27, 2025June 28, 2024
(in thousands)External Net SalesIntersegment SalesAdjusted EBITDAExternal Net SalesIntersegment SalesAdjusted EBITDA
Electrical$521,306 $2 $81,235 $605,955 $7 $182,568 
Safety & Infrastructure213,739 224 30,731 216,409 615 30,042 
Eliminations— (226)— (622)
Consolidated operations$735,045 $— $822,364 $— 
Nine months ended
 June 27, 2025June 28, 2024
(in thousands)External Net SalesIntersegment SalesAdjusted EBITDAExternal Net SalesIntersegment SalesAdjusted EBITDA
Electrical$1,479,331 $9 $264,564 $1,790,426 $17 $582,679 
Safety & Infrastructure619,036 924 82,374 623,330 1,239 75,084 
Eliminations— (933)— (1,256)
Consolidated operations$2,098,367 $— $2,413,756 $— 


As described in Note 14 “Fair Value Measurements,” the Company recorded an asset impairment charge of $127,733, which was recorded against the assets of the Electrical segment.

Total Assets
(in thousands)June 27, 2025September 30, 2024
Electrical$1,651,323 $1,773,937 
Safety & Infrastructure769,243 769,527 
Unallocated496,586 477,939 
Consolidated operations$2,917,152 $3,021,403 


Presented below is a reconciliation of operating Segment Adjusted EBITDA to Income before income taxes:
Three months endedNine months ended
(in thousands)June 27, 2025June 28, 2024June 27, 2025June 28, 2024
Operating segment Adjusted EBITDA
Electrical$81,235 $182,568 $264,564 $582,679 
Safety & Infrastructure30,731 30,042 82,374 75,084 
Total$111,966 $212,610 $346,938 $657,763 
Unallocated expenses (a)
(12,045)(6,485)(31,459)(26,201)
Depreciation and amortization(29,033)(29,932)(87,603)(88,407)
Interest expense, net(8,873)(9,944)(25,343)(26,058)
Loss on sale of business— — (6,101)— 
Asset impairment charges— — (127,733)— 
Stock-based compensation(7,246)(4,488)(21,056)(14,273)
Other (b)
321 (3,813)(465)(7,465)
Income before income taxes$55,090 $157,948 $47,178 $495,359 
(a) Represents unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, human resources, information technology, business development and communications, as well as certain costs and earnings of employee-related benefits plans, such as stock-based compensation and a portion of self-insured medical costs.
(b) Represents other items, such as inventory reserves and adjustments, (gain) loss on disposal of property, plant and equipment, (gain) loss on assets held for sale, realized or unrealized (gain) loss on foreign currency impacts of intercompany loans, insurance recoveries, transaction costs and restructuring costs.
The Company’s net sales by geography were as follows for the three and nine months ended June 27, 2025 and June 28, 2024:

Three months endedNine months ended
(in thousands)June 27, 2025June 28, 2024June 27, 2025June 28, 2024
United States$653,392 $719,573 $1,835,544 $2,128,274 
Other Americas19,859 25,036 62,753 69,947 
Europe52,212 65,632 167,240 181,376 
Asia-Pacific9,582 12,123 32,830 34,159 
Total$735,045 $822,364 $2,098,367 $2,413,756 


The table below shows the amount of net sales from external customers for each of the Company’s product categories which accounted for 10% or more of consolidated net sales in either period for the three and nine months ended June 27, 2025 and June 28, 2024:

Three months endedNine months ended
(in thousands)June 27, 2025June 28, 2024June 27, 2025June 28, 2024
Metal Electrical Conduit and Fittings$121,118 $137,057 $335,189 $423,993 
Electrical Cable & Flexible Conduit132,431 128,249 366,889 358,576 
Plastic Pipe and Conduit176,098 238,800 499,123 716,354 
Other Electrical products (a)
91,659 101,849 278,130 291,503 
Electrical521,306 605,955 1,479,331 1,790,426 
Mechanical Pipe82,830 92,052 219,619 265,416 
Other Safety & Infrastructure products (b)
130,909 124,357 399,417 357,914 
Safety & Infrastructure213,739 216,409 619,036 623,330 
Net sales$735,045 $822,364 $2,098,367 $2,413,756 
(a) Other Electrical products includes International Cable Management, Fiberglass Conduit and Corrosion Resistant Conduit
(b) Other S&I products includes Metal Framing and Fittings, Construction Services, Perimeter Security and Cable Management