JELD-WEN Holding, Inc.JELD
JELD-WEN Holding, Inc. Segments Disclosure
Segment Information
We report our segment information in the same way management internally organizes the business to assess performance and make decisions regarding the allocation of resources in accordance with ASC 280-10 - Segment Reporting. Management, inclusive of the CODM, reviews net revenues and Adjusted EBITDA from continuing operations to evaluate segment performance and allocate resources. We define Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges, net; M&A related costs (income); net (gain) loss on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; pension settlement charges; non-cash foreign exchange transaction/translation (gain) loss; and other special items. We use Adjusted EBITDA from continuing operations because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. For each of our segments, our CODM uses Adjusted EBITDA from continuing operations to measure operational performance by comparing historical, actual and forecasted amounts on a regular basis, and to allocate resources in the annual budget and forecasting process. Adjusted EBITDA from continuing operations is also a significant performance measure in our annual incentive compensation.
We have two reportable segments, organized and managed principally in geographic regions: North America and Europe. We report all other business activities in Corporate and unallocated costs. The Company’s two reportable segments are defined as follows:
North America – Within our North America segment, the Company supplies windows and doors for residential and commercial markets, serving both new construction and repair & remodel projects. These products reach builders, repair and replacement contractors, architects, and homebuilders through direct and indirect channels, including dealer and distribution networks.
Europe – Within our Europe segment, the Company manufactures and supplies to retailers, merchants, housebuilders and construction companies’ interior doors, doorsets and door kits, in wood and steel, with both standard and high-performance features.
Factors considered in determining the two reportable segments include the nature of business activities, the management structure accountable directly to the CODM, the discrete financial information regularly provided to the CODM, and information presented to the Board of Directors and investors. The CODM is the CEO. No operating segments have been aggregated for our presentation of reportable segments.
| Year Ended December 31, 2025 | |||||||||||||||||
| (amounts in thousands) | North America | Europe | Total | ||||||||||||||
| Revenues from external customers | $ | 2,154,348 | $ | 1,056,833 | $ | 3,211,181 | |||||||||||
| Intersegment net revenues | 259 | 502 | 761 | ||||||||||||||
| Total segment net revenues | $ | 2,154,607 | $ | 1,057,335 | $ | 3,211,942 | |||||||||||
| Reconciliation of Revenue | |||||||||||||||||
| Elimination of intersegment net revenues | (761) | ||||||||||||||||
| Total consolidated net revenues | $ | 3,211,181 | |||||||||||||||
| Less: | |||||||||||||||||
| Adjusted cost of sales | $ | 1,851,881 | $ | 843,371 | $ | 2,695,252 | |||||||||||
| Adjusted selling, general and administrative | 272,968 | 186,934 | 459,902 | ||||||||||||||
Other segment items(1) | (69,963) | (28,782) | (98,745) | ||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 99,462 | $ | 55,310 | $ | 154,772 | |||||||||||
| Total Reportable Segment Adjusted EBITDA from continuing operations | $ | 154,772 | |||||||||||||||
| Less: | |||||||||||||||||
| Depreciation and amortization | 112,381 | ||||||||||||||||
| Interest expense, net | 67,182 | ||||||||||||||||
| Corporate and unallocated costs | 36,783 | ||||||||||||||||
| Special items: | |||||||||||||||||
| Net legal and professional expenses and settlements | 31,464 | ||||||||||||||||
| Goodwill impairment | 334,617 | ||||||||||||||||
| Restructuring and asset-related charges, net | 44,511 | ||||||||||||||||
| M&A related costs | 9,053 | ||||||||||||||||
| Net gain on sale of business, property, and equipment | (37,149) | ||||||||||||||||
| Loss on extinguishment and refinancing of debt | 237 | ||||||||||||||||
| Share-based compensation expense | 14,994 | ||||||||||||||||
| Pension settlement charge | 6,644 | ||||||||||||||||
Other special items(2) | 8,374 | ||||||||||||||||
| Loss from continuing operations, before tax | $ | (474,319) | |||||||||||||||
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which primarily included:
North America - Pension expense, gain on derivatives, and refund of deposits for antidumping and countervailing duties on wood mouldings and millwork products purchased from China from 2022 to 2023.
Europe - Foreign currency losses and pension expense.
(2)Other special items not core to ongoing business activity included $3.5 million in expenses related to an environmental matter in Corporate and unallocated costs.
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| (amounts in thousands) | North America | Europe | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||||
Depreciation and amortization | $ | 69,418 | $ | 32,895 | $ | 10,068 | $ | 112,381 | |||||||||||||||
| Capital expenditures | 78,488 | 46,026 | 11,426 | 135,940 | |||||||||||||||||||
Segment assets | 1,255,932 | 662,868 | 184,014 | 2,102,814 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||
| (amounts in thousands) | North America | Europe | Total | ||||||||||||||
| Revenues from external customers | $ | 2,708,371 | $ | 1,067,221 | $ | 3,775,592 | |||||||||||
| Intersegment net revenues | 130 | 7,664 | 7,794 | ||||||||||||||
| Total segment net revenues | $ | 2,708,501 | $ | 1,074,885 | $ | 3,783,386 | |||||||||||
| Reconciliation of Revenue | |||||||||||||||||
| Elimination of intersegment net revenues | (7,794) | ||||||||||||||||
| Total consolidated net revenues | $ | 3,775,592 | |||||||||||||||
| Less: | |||||||||||||||||
| Adjusted cost of sales | $ | 2,232,991 | $ | 848,021 | $ | 3,081,012 | |||||||||||
| Adjusted selling, general and administrative | 301,739 | 179,053 | 480,792 | ||||||||||||||
Other segment items(1) | (80,430) | (27,566) | (107,996) | ||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 254,071 | $ | 67,713 | $ | 321,784 | |||||||||||
| Total Reportable Segment Adjusted EBITDA from continuing operations | $ | 321,784 | |||||||||||||||
| Less: | |||||||||||||||||
| Depreciation and amortization | 125,786 | ||||||||||||||||
| Interest expense, net | 67,237 | ||||||||||||||||
| Corporate and unallocated costs | 46,536 | ||||||||||||||||
| Special items: | |||||||||||||||||
| Net legal and professional expenses and settlements | 62,722 | ||||||||||||||||
| Goodwill impairment | 94,801 | ||||||||||||||||
| Restructuring and asset-related charges, net | 68,092 | ||||||||||||||||
| M&A related costs | 15,296 | ||||||||||||||||
| Net gain on sale of business, property, and equipment | (13,752) | ||||||||||||||||
| Loss on extinguishment and refinancing of debt | 1,908 | ||||||||||||||||
| Share-based compensation expense | 15,465 | ||||||||||||||||
| Non-cash foreign exchange transaction/translation gain | (3,101) | ||||||||||||||||
Other special items(2) | 11,612 | ||||||||||||||||
| Loss from continuing operations, before tax | $ | (170,818) | |||||||||||||||
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which primarily included:
North America - Refund of deposits for antidumping and countervailing duties on wood mouldings and millwork products purchased from China from 2022 to 2023 and pension expense.
Europe - Foreign currency losses, pension expense, and energy subsidies.
(2)Other special items not core to ongoing business activity included a loss of $4.8 million of cumulative foreign currency translation adjustments related to the substantial liquidation of a foreign subsidiary in Chile and Mexico in our North America segment.
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| (amounts in thousands) | North America | Europe | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||||
Depreciation and amortization | $ | 73,528 | $ | 30,702 | $ | 21,556 | $ | 125,786 | |||||||||||||||
| Capital expenditures | 127,358 | 39,786 | 6,573 | 173,717 | |||||||||||||||||||
Segment assets | 1,614,239 | 702,053 | 303,877 | 2,620,169 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||
| (amounts in thousands) | North America | Europe | Total | ||||||||||||||
| Revenues from external customers | $ | 3,123,056 | $ | 1,181,278 | $ | 4,304,334 | |||||||||||
| Intersegment net revenues | 214 | 5,840 | 6,054 | ||||||||||||||
| Total segment net revenues | $ | 3,123,270 | $ | 1,187,118 | $ | 4,310,388 | |||||||||||
| Reconciliation of Revenue | |||||||||||||||||
| Elimination of intersegment net revenues | (6,054) | ||||||||||||||||
| Total consolidated net revenues | $ | 4,304,334 | |||||||||||||||
| Less: | |||||||||||||||||
| Adjusted cost of sales | $ | 2,520,427 | $ | 950,962 | $ | 3,471,389 | |||||||||||
| Adjusted selling, general and administrative | 308,333 | 184,168 | 492,501 | ||||||||||||||
Other segment items(1) | (87,893) | (35,307) | (123,200) | ||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 382,189 | $ | 81,455 | $ | 463,644 | |||||||||||
| Total Reportable Segment Adjusted EBITDA from continuing operations | $ | 463,644 | |||||||||||||||
| Less: | |||||||||||||||||
| Depreciation and amortization | 134,996 | ||||||||||||||||
| Interest expense, net | 72,258 | ||||||||||||||||
| Corporate and unallocated costs | 83,205 | ||||||||||||||||
| Special items: | |||||||||||||||||
| Net legal and professional expenses and settlements | 28,184 | ||||||||||||||||
| Restructuring and asset-related charges, net | 35,741 | ||||||||||||||||
| M&A related costs | 6,575 | ||||||||||||||||
| Net gain on sale of business, property, and equipment | (10,523) | ||||||||||||||||
| Loss on extinguishment and refinancing of debt | 6,487 | ||||||||||||||||
| Share-based compensation expense | 17,477 | ||||||||||||||||
| Pension settlement charge | 4,349 | ||||||||||||||||
| Non-cash foreign exchange transaction/translation loss | 595 | ||||||||||||||||
Other special items(2) | (4,274) | ||||||||||||||||
| Income from continuing operations, before tax | $ | 88,574 | |||||||||||||||
(1)Other segment items included depreciation and amortization, which are included as a component of the significant expense categories regularly provided to the CODM above but are not included in the measure of segment profit, as well as other items, which are excluded from the categories regularly provided to the CODM, which included:
North America - Refund of deposits for antidumping and countervailing duties on wood mouldings and millwork products purchased from China from 2020 to 2022, ERC from the U.S government and pension expense.
Europe - Energy subsidies, foreign currency gains, and pension expense.
(2)Other special items not core to ongoing business activity included ($3.1) million in income from short-term investments and forward contracts related to the JW Australia divestiture in Corporate and unallocated costs, ($2.8) million in adjustments to compensation and non-income taxes associated with exercises of legacy equity awards in our Europe segment, and $2.2 million in costs that do not meet the GAAP definition of restructuring, primarily related to the closure of a certain facility in our Europe segment.
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| (amounts in thousands) | North America | Europe | Corporate and Unallocated Costs | Total Consolidated | |||||||||||||||||||
Depreciation and amortization | $ | 79,900 | $ | 30,185 | $ | 24,911 | $ | 134,996 | |||||||||||||||
| Capital expenditures | 72,582 | 25,630 | 6,441 | 104,653 | |||||||||||||||||||
Segment assets | 1,694,201 | 944,963 | 340,961 | 2,980,125 | |||||||||||||||||||
Net revenues by locality are as follows:
| Year Ended December 31, | |||||||||||||||||
| (amounts in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Net revenues by location of external customer | |||||||||||||||||
| U.S. | $ | 1,953,013 | $ | 2,474,170 | $ | 2,841,921 | |||||||||||
| Europe | 1,054,815 | 1,065,250 | 1,180,075 | ||||||||||||||
| Canada | 188,811 | 217,502 | 260,897 | ||||||||||||||
| South America (including Mexico) | 12,490 | 16,763 | 20,212 | ||||||||||||||
| Africa and other | 2,052 | 1,907 | 1,229 | ||||||||||||||
| Total | $ | 3,211,181 | $ | 3,775,592 | $ | 4,304,334 | |||||||||||
Geographic information regarding property, plant, and equipment, net which exceeds 10% of consolidated property, plant, and equipment, net is as follows:
| Year Ended December 31, | |||||||||||||||||
| (amounts in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| North America: | |||||||||||||||||
| U.S. | $ | 459,443 | $ | 452,644 | $ | 412,195 | |||||||||||
| Other | 33,826 | 31,070 | 33,836 | ||||||||||||||
| Total North America | 493,269 | 483,714 | 446,031 | ||||||||||||||
| Europe | 219,700 | 181,088 | 180,822 | ||||||||||||||
| Corporate: | |||||||||||||||||
| U.S. and other | 15,476 | 16,637 | 17,389 | ||||||||||||||
| Total property and equipment, net | $ | 728,445 | $ | 681,439 | $ | 644,242 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 6, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.