v3.25.2
Segment Information
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer. Our reportable segments coincide with the geographic operating segments which include North America, EMEA, Asia-Pacific, and Latin America. The measure of segment profit is income from operations. Our CODM utilizes income from operations to analyze and compare year-over-year and budget-to-actual segment-level operational performance and profitability before non-operational items, ensure optimal alignment with our strategic priorities and make strategic decisions concerning resource allocation across our operating segments.
Geographic areas in which we operated our reportable segments during the periods presented include North America (the United States and Canada), EMEA (Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hungary, Ireland, Israel, Italy, Kosovo, Lebanon, Luxembourg, Macedonia, Morocco, Netherlands, Norway, Oman, Pakistan, Poland, Portugal, Qatar, Romania, Saudi Arabia, Serbia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Arab Emirates and the United Kingdom), Asia-Pacific (Australia, Bangladesh, the People’s Republic of China including Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Sri Lanka, and Thailand) and Latin America (Brazil, Chile, Colombia, Costa Rica, Mexico, Peru, Uruguay and our Latin American export operations in Miami).
We do not allocate stock-based compensation expense or time-vested and performance-vested cash-based compensation recognized to our reportable segments (see Note 3, “Employee Awards”) and certain Corporate costs; therefore, we are reporting these amounts separately. Assets by reportable segment are not presented below as our CODM does not review assets by reportable segment.
Financial information by reportable segment is as follows:
Thirteen Weeks EndedTwenty-Six Weeks Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Net sales
North America$4,982,224 $4,380,304 $9,416,775 $8,420,643 
EMEA3,479,414 3,319,858 6,904,151 6,724,163 
Asia-Pacific3,478,838 2,994,960 7,097,020 6,007,137 
Latin America853,480 846,317 1,656,853 1,724,430 
Total$12,793,956 $11,541,439 $25,074,799 $22,876,373 
Thirteen Weeks EndedTwenty-Six Weeks Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Significant segment expenses
Cost of sales
North America$4,635,787 $4,050,070 $8,717,727 $7,741,815 
EMEA3,214,261 3,065,058 6,383,746 6,209,245 
Asia-Pacific3,332,841 2,836,071 6,808,610 5,702,932 
Latin America771,908 761,810 1,496,795 1,559,013 
Total$11,954,797 $10,713,009 $23,406,878 $21,213,005 
Compensation
North America$215,061 $215,272 $422,254 $437,240 
EMEA137,416 128,393 265,466 255,417 
Asia-Pacific52,969 52,144 103,716 103,580 
Latin America32,698 34,380 64,443 65,736 
Total$438,144 $430,189 $855,879 $861,973 
Depreciation costs
North America$21,739 $17,646 $42,336 $34,859 
EMEA3,830 3,730 7,344 7,666 
Asia-Pacific1,463 1,643 2,988 3,302 
Latin America1,051 1,475 2,016 3,140 
Total$28,083 $24,494 $54,684 $48,967 
Intangible asset amortization
North America$10,529 $10,537 $21,043 $21,082 
EMEA6,234 5,955 12,096 11,954 
Asia-Pacific4,307 4,356 8,584 8,726 
Latin America797 856 1,574 1,732 
Total$21,867 $21,704 $43,297 $43,494 
Other departmental operating expenses (a)
North America$51,034 $47,336 $101,792 $98,259 
EMEA41,738 42,579 81,487 84,413 
Asia-Pacific25,819 21,948 45,537 40,615 
Latin America12,343 13,653 25,688 27,490 
Total$130,934 $125,516 $254,504 $250,777 
Integration and transition costs (b)
North America$33,338 $1,211 $35,177 $2,079 
EMEA40 1,029 356 1,029 
Asia-Pacific38 32 125 112 
Latin America9 68 11 (1,352)
Total$33,425 $2,340 $35,669 $1,868 
Other segment items (c)
North America$(18,109)$(25,542)$(40,781)$(38,335)
EMEA20,181 20,512 40,694 52,793 
Asia-Pacific17,767 17,500 37,493 36,043 
Latin America9,553 10,810 18,235 20,955 
Total$29,392 $23,280 $55,641 $71,456 
Total segment expenses$12,636,642 $11,340,532 $24,706,552 $22,491,540 
Thirteen Weeks EndedTwenty-Six Weeks Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Income from operations
North America$32,845 $63,774 $117,227 $123,644 
EMEA55,714 52,602 112,962 101,646 
Asia-Pacific43,634 61,266 89,967 111,827 
Latin America25,121 23,265 48,091 47,716 
Segment profit$157,314 $200,907 $368,247 $384,833 
Reconciliation of segment profit to income before income taxes
Corporate$(2,698)$(12,974)$(5,510)$(21,339)
Cash-based compensation(5,475)(6,805)(9,968)(12,245)
Stock-based compensation(6,325)— (9,089)— 
Other (income) expense
Interest income$(10,065)$(10,054)$(23,883)$(20,365)
Interest expense72,884 86,924 147,773 171,536 
Net foreign currency exchange loss20,611 6,937 44,328 19,263 
Other expense(499)14,158 15,174 20,971 
Income before income taxes$59,885 $83,163 $160,288 $159,844 
(a) Other Departmental Operating Expenses consist primarily of professional and outside service costs, lease rental and occupancy costs, repair and maintenance costs as well as other miscellaneous operating expenses.
(b) Costs are primarily related to (i) net write-down charges related to assets and liabilities held for sale in the Thirteen and Twenty-Six Weeks Ended June 28, 2025, (ii) professional, consulting and integration costs associated with our acquisitions and (iii) consulting, retention and transition costs associated with our restructuring programs charged to SG&A, expenses.
(c) Other segment items consist primarily of management fees and direct management costs which represent costs that are incurred by the North American segment and allocated to the other segments, as well as bad debt/credit/flooring costs, credit card fees and restructuring costs.