v3.26.1
Segment Information
 6 Months Ended
Jul. 05, 2026
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 and restructuring, asset impairment, severance, and other, net. Intersegment revenues for the three and six months ended July 5, 2026, were $35.1 million and $63.1 million, respectively, and intersegment revenues for the three and six months ended June 29, 2025, were $35.8 million and $63.8 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 July 5, 2026 and June 29, 2025.
Three Months Ended
July 5, 2026June 29, 2025
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$247,666 $148,032 $395,698 $239,443 $136,079 $375,522 
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
125,718 91,897 135,041 91,153 
   Adjusted selling, general, & administrative expenses (3)
60,962 42,171 55,557 37,861 
Segment AOI60,986 13,964 74,950 48,845 7,065 55,910 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net34 2,511 
Purchase accounting amortization
— 1,352 
Interest expense, net2,374 4,443 
Other expense, net1,717 3,411 
Income before taxes$70,825 $44,193 
(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 for 2025.
(3) Adjusted selling, general, and administrative expenses exclude restructuring, asset impairment, severance, and other, net.
Six Months Ended
July 5, 2026June 29, 2025
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$443,337 $283,398 $726,735 $419,380 $253,555 $672,935 
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
243,086 178,843 243,568 167,821 
   Adjusted selling, general, & administrative expenses (3)
115,369 81,764 107,104 73,079 
Segment AOI84,882 22,791 107,673 68,708 12,655 81,363 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net427 3,483 
Purchase accounting amortization
— 2,606 
Interest expense, net5,039 8,858 
Other expense, net2,491 5,114 
Income before taxes$99,716 $61,302 
(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 for 2025.
(3) Adjusted selling, general, and administrative expenses exclude restructuring, asset impairment, severance, and other, net.



Segment depreciation and amortization for the three and six months ended July 5, 2026 and June 29, 2025 is presented as follows:
Three Months EndedSix Months Ended
July 5, 2026June 29, 2025July 5, 2026June 29, 2025
(in thousands)(in thousands)
Depreciation and amortization
AMS$4,795 $4,740 $9,599 $9,327 
EAAA5,125 5,089 10,197 9,903 
Total depreciation and amortization$9,920 $9,829 $19,796 $19,230 
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts is presented as follows:
July 5, 2026December 28, 2025
(in thousands)
Assets
AMS$643,056 $660,189 
EAAA639,748 619,663 
Total segment assets1,282,804 1,279,852 
Corporate assets124,142 98,853 
Eliminations(136,706)(172,183)
Total reported assets$1,270,240 $1,206,522