SEGMENT INFORMATION |
The Company has two reportable segments, Manufacturing and Distribution, which are based on its method of internal reporting, which segregates its businesses based on the manner in which its chief operating decision maker allocates resources, evaluates financial results, and determines compensation.
The tables below present information about the sales and operating income of those segments.
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Third Quarter Ended September 25, 2022 |
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(thousands) |
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Manufacturing |
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Distribution |
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Total |
Net outside sales |
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$ |
828,410
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$ |
283,679
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$ |
1,112,089
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Intersegment sales |
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18,481
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2,859
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21,340
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Total sales |
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846,891
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286,538
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1,133,429
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Operating income |
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109,462
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27,228
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136,690
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Third Quarter Ended September 26, 2021 |
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(thousands) |
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Manufacturing |
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Distribution |
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Total |
Net outside sales |
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$ |
772,235 |
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$ |
287,942 |
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$ |
1,060,177 |
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Intersegment sales |
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20,064 |
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1,880 |
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21,944 |
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Total sales |
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792,299 |
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289,822 |
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1,082,121 |
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Operating income |
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91,370 |
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31,187 |
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122,557 |
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Nine Months Ended September 25, 2022 |
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(thousands) |
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Manufacturing |
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Distribution |
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Total |
Net outside sales |
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$ |
2,891,994
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$ |
1,037,963
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$ |
3,929,957
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Intersegment sales |
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62,426
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7,943
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70,369
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Total sales |
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2,954,420
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1,045,906
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4,000,326
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Operating income |
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460,691
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116,835
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577,526
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Nine Months Ended September 26, 2021 |
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(thousands) |
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Manufacturing |
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Distribution |
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Total |
Net outside sales |
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$ |
2,102,032 |
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$ |
828,581 |
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$ |
2,930,613 |
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Intersegment sales |
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49,914 |
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4,800 |
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54,714 |
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Total sales |
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2,151,946 |
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833,381 |
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2,985,327 |
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Operating income |
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269,227 |
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83,563 |
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352,790 |
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The following table presents a reconciliation of segment operating income to consolidated operating income:
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Third Quarter Ended |
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Nine Months Ended |
(thousands) |
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September 25, 2022 |
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September 26, 2021 |
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September 25, 2022 |
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September 26, 2021 |
Operating income for reportable segments |
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$ |
136,690
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$ |
122,557 |
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$ |
577,526
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$ |
352,790 |
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Unallocated corporate expenses |
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(25,160) |
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(14,526) |
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(94,808) |
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(55,075) |
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Amortization |
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(18,769) |
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(14,758) |
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(54,175) |
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(40,695) |
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Consolidated operating income |
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$ |
92,761
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$ |
93,273 |
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$ |
428,543
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$ |
257,020 |
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Unallocated corporate expenses include corporate general and administrative expenses comprised of wages and other compensation, insurance, taxes, supplies, travel and entertainment, professional fees, amortization of inventory step-up adjustments, and other.
The following table presents an allocation of total assets to the reportable segments of the Company and a reconciliation to consolidated total assets:
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(thousands) |
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September 25, 2022 |
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December 31, 2021 |
Manufacturing assets |
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$ |
2,322,617
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$ |
2,031,465 |
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Distribution assets |
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494,545
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464,575 |
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Assets for reportable segments |
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2,817,162
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2,496,040 |
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Corporate assets unallocated to segments |
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26,219
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31,842 |
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Cash and cash equivalents |
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53,269
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122,849 |
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Consolidated total assets |
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$ |
2,896,650
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$ |
2,650,731 |
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