v3.26.3
Segment Information
 9 Months Ended
Oct. 04, 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 restructuring, asset impairment, severance, and other, net, and nora purchase accounting amortization. Intersegment revenues for the three and nine months ended October 4, 2026, were $43.1 million and $106.2 million, respectively, and intersegment revenues for the three and nine months ended September 28, 2025, were $28.6 million and $92.4 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 October 4, 2026 and September 28, 2025.
Three Months Ended
October 4, 2026September 28, 2025
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$219,364 $147,372 $366,736 $218,614 $145,912 $364,526 
   
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
125,355 92,636 127,566 92,862 
   Adjusted selling, general, & administrative expenses (3)
52,780 38,743 50,572 39,380 
Segment AOI41,229 15,993 57,222 40,476 13,670 54,146 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net913 319 
Purchase accounting amortization
— 467 
Interest expense, net2,246 4,211 
Other expense, net1,131 659 
Income before taxes$52,932 $48,490 
(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
October 4, 2026September 28, 2025
AMSEAAATOTALAMSEAAATOTAL
(in thousands)
Net sales$662,701 $430,770 $1,093,471 $637,994 $399,467 $1,037,461 
    
Less: significant segment expenses (1)
   Adjusted cost of sales (2)
368,441 271,480 371,134 260,683 
   Adjusted selling, general, & administrative expenses (3)
168,149 120,507 157,676 112,459 
Segment AOI126,111 38,783 164,894 109,184 26,325 135,509 
Reconciliation of AOI to income before taxes
Restructuring, severance, asset impairment and other, net1,339 3,802 
Purchase accounting amortization
— 3,073 
Interest expense, net7,285 13,069 
Other expense, net3,622 5,773 
Income before taxes$152,648 $109,792 
(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.



Segment depreciation and amortization for the three and nine months ended October 4, 2026 and September 28, 2025 is presented as follows:
Three Months EndedNine Months Ended
October 4, 2026September 28, 2025October 4, 2026September 28, 2025
(in thousands)(in thousands)
Depreciation and amortization
AMS$4,870 $4,748 $14,469 $14,075 
EAAA5,135 5,188 15,332 15,091 
Total depreciation and amortization$10,005 $9,936 $29,801 $29,166 
A reconciliation of the Company’s total operating segment assets to the corresponding consolidated amounts is presented as follows:
October 4, 2026December 28, 2025
(in thousands)
Assets
AMS$671,121 $660,189 
EAAA662,889 619,663 
Total segment assets1,334,010 1,279,852 
Corporate assets117,581 98,853 
Eliminations(184,048)(172,183)
Total reported assets$1,267,543 $1,206,522