Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.2
Segment Reporting
 6 Months Ended
Jul. 01, 2023
Segment Reporting [Abstract]  
Segment Reporting
The Company’s segment reporting structure uses the Company’s management reporting structure as the foundation for how the Company manages its business. The Company periodically evaluates its segment reporting structure in accordance with ASC 350-20-55 and has concluded that it has three reportable segments as of July 1, 2023: Hardware and Protective Solutions, Robotics and Digital Solutions, and Canada. The Company evaluates the performance of its segments based on revenue and income (loss) from operations, and does not include segment assets nor non-operating income/expense items for management reporting purposes.
In the first quarter of 2023, the Company realigned its Canada segment to include the Canada-based Protective Solutions and MinuteKey businesses, which are now operating under the Canada segment leadership team. Previously, the results of the Canada-based Protective Solutions business were reported in the Hardware and Protective Solutions segment and the Canada-based MinuteKey business was reported in the Robotics and Digital Solutions segment and were operating under those respective segment leadership teams.
The table below presents revenues and income from operations for our reportable segments for the thirteen and twenty-six weeks ended July 1, 2023 and thirteen and twenty-six weeks ended June 25, 2022. Certain amounts in the prior year presentation between segments were reclassified to conform to the current year’s presentation.
Thirteen Weeks Ended
July 1, 2023		 Thirteen Weeks Ended
June 25, 2022		 Twenty-six Weeks Ended
July 1, 2023		 Twenty-six Weeks Ended
June 25, 2022
Revenues
Hardware and Protective Solutions $ 268,794  $ 277,438  $ 522,645  $ 542,815 
Robotics and Digital Solutions 62,456  63,716  123,522  124,693 
Canada 48,769  52,960  83,559  89,619 
Total revenues $ 380,019  $ 394,114  $ 729,726  $ 757,127 
Segment Income from Operations
Hardware and Protective Solutions $ 4,367  $ 10,079  $ 531  $ 8,132 
Robotics and Digital Solutions 10,374  10,305  14,836  17,707 
Canada 6,056  7,389  6,519  10,783 
Total segment income from operations $ 20,797  $ 27,773  $ 21,886  $ 36,622