| 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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Second Quarter Ended June 28, 2020 |
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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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$ |
292,574 |
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$ |
131,471 |
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$ |
424,045 |
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Intersegment sales |
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5,114 |
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|
1,085 |
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|
6,199 |
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Total sales |
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297,688 |
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|
132,556 |
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|
430,244 |
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Operating income |
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22,410 |
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|
6,938 |
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29,348 |
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Second Quarter Ended June 30, 2019 |
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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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$ |
434,275 |
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|
$ |
178,943 |
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|
$ |
613,218 |
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Intersegment sales |
|
8,331 |
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|
1,118 |
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|
9,449 |
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Total sales |
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442,606 |
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|
180,061 |
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|
622,667 |
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Operating income |
|
48,787 |
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|
10,800 |
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|
59,587 |
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Six Months Ended June 28, 2020 |
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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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$ |
711,840 |
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$ |
301,437 |
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$ |
1,013,277 |
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Intersegment sales |
|
12,687 |
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|
2,385 |
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|
15,072 |
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Total sales |
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724,527 |
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|
303,822 |
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|
1,028,349 |
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Operating income |
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68,114 |
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|
16,906 |
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|
85,020 |
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Six Months Ended June 30, 2019 |
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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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$ |
859,959 |
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$ |
361,477 |
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$ |
1,221,436 |
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Intersegment sales |
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16,051 |
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|
2,283 |
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|
18,334 |
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Total sales |
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876,010 |
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|
363,760 |
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|
1,239,770 |
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Operating income |
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93,224 |
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|
19,091 |
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|
112,315 |
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The following table presents a reconciliation of segment operating income to consolidated operating income:
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Second Quarter Ended |
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Six Months Ended |
(thousands) |
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June 28, 2020 |
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June 30, 2019 |
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June 28, 2020 |
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June 30, 2019 |
Operating income for reportable segments |
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$ |
29,348 |
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$ |
59,587 |
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$ |
85,020 |
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$ |
112,315 |
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Unallocated corporate expenses |
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(7,464 |
) |
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(6,090 |
) |
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(14,256 |
) |
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(14,003 |
) |
Amortization |
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(9,778 |
) |
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(8,268 |
) |
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(19,379 |
) |
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(17,257 |
) |
Consolidated operating income |
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$ |
12,106 |
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$ |
45,229 |
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$ |
51,385 |
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$ |
81,055 |
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Unallocated corporate expenses include corporate general and administrative expenses comprised of wages, insurance, taxes, supplies, travel and entertainment, professional fees and other.
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