XML 50 R38.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SEGMENT INFORMATION (Tables)
 9 Months Ended
Jun. 28, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
Three months ended
 June 28, 2024June 30, 2023
(in thousands)External Net SalesIntersegment SalesAdjusted EBITDAExternal Net SalesIntersegment SalesAdjusted EBITDA
Electrical$605,955 $7 $182,568 $705,603 $14 $266,556 
Safety & Infrastructure216,409 615 30,042 213,514 92 21,493 
Eliminations— (622)— (106)
Consolidated operations$822,364 $— $919,117 $— 

Nine months ended
 June 28, 2024June 30, 2023
(in thousands)External Net SalesIntersegment SalesAdjusted EBITDAExternal Net SalesIntersegment SalesAdjusted EBITDA
Electrical$1,790,426 $17 $582,679 $2,025,263 $24 $767,276 
Safety & Infrastructure623,330 1,239 75,084 623,609 310 88,091 
Eliminations— (1,256)— (334)
Consolidated operations$2,413,756 $— $2,648,872 $— 
Presented below is a reconciliation of operating Segment Adjusted EBITDA to Income before income taxes:
Three months endedNine months ended
(in thousands)June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Operating segment Adjusted EBITDA
Electrical$182,568 $266,556 $582,679 $767,276 
Safety & Infrastructure30,042 21,493 75,084 88,091 
Total$212,610 $288,049 $657,763 $855,367 
Unallocated expenses (a)
(6,485)(17,787)(26,201)(45,218)
Depreciation and amortization(29,932)(30,105)(88,407)(84,671)
Interest expense, net(9,944)(8,682)(26,058)(26,645)
Stock-based compensation(4,488)(5,966)(14,273)(18,100)
Other (b)
(3,813)(5,289)(7,465)(10,906)
Income before income taxes$157,948 $220,219 $495,359 $669,828 
(a) Represents unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, human resources, information technology, business development and communications, as well as certain costs and earnings of employee-related benefits plans, such as stock-based compensation and a portion of self-insured medical costs.
(b) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business. loss on assets held for sale (includes loss on assets held for sale in Russia. See Note 11, “Goodwill and Intangible Assets” in the form 10-Q filed August 3, 2023 for additional information), realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.


The Company’s net sales by geography were as follows for the three months ended and the nine months ended June 28, 2024 and June 30, 2023:

Three months endedNine months ended
(in thousands)June 28, 2024June 30, 2023June 28, 2024June 30, 2023
United States$719,573 $824,356 $2,128,274 $2,374,005 
Other Americas25,036 27,026 69,947 70,643 
Europe65,632 56,568 181,376 170,387 
Asia-Pacific12,123 11,167 34,159 33,837 
Total$822,364 $919,117 $2,413,756 $2,648,872 

The table below shows the amount of net sales from external customers for each of the Company’s product categories which accounted for 10% or more of consolidated net sales in either period for the three months ended and the nine months ended June 28, 2024 and June 30, 2023:
Three months endedNine months ended
(in thousands)June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Metal Electrical Conduit and Fittings$137,057 $148,439 $423,993 $387,919 
Electrical Cable & Flexible Conduit128,249 133,414 358,576 386,925 
Plastic Pipe and Conduit238,800 322,966 716,354 962,270 
Other Electrical products (a)
101,849 100,784 291,503 288,149 
Electrical605,955 705,603 1,790,426 2,025,263 
Mechanical Pipe92,052 98,841 265,416 276,342 
Other Safety & Infrastructure products (b)
124,357 114,672 357,914 347,267 
Safety & Infrastructure216,409 213,514 623,330 623,609 
Net sales$822,364 $919,117 $2,413,756 $2,648,872 
(a) Other Electrical products includes International Cable Management, Fiberglass Conduit and Corrosion Resistant Conduit
(b) Other S&I products includes Metal Framing and Fittings, Construction Services, Perimeter Security and Cable Management