Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company operates in two segments: North America and International. These segments are strategic business units that are managed separately based on geography. The North America segment consists of manufacturing and distribution subsidiaries and licensees located in the U.S., Canada and Mexico. The International segment consists of manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). The Company evaluates segment performance based on net sales, gross profit and operating income.

The Company's North America and International segment assets include investments in subsidiaries that are appropriately eliminated in the Company's accompanying Condensed Consolidated Financial Statements. The remaining inter-segment eliminations are comprised of intercompany accounts receivable and payable.

The following table summarizes total assets by segment:

(in millions)	March 31, 2024		December 31, 2023
North America	$	5,491.1	$	5,291.0
International	1,437.9		1,405.2
Corporate	1,379.8		1,269.5
Inter-segment eliminations	(3,723.0)		(3,411.8)
Total assets	$	4,585.8	$	4,553.9

 The following table summarizes property, plant and equipment, net, by segment:

(in millions)	March 31, 2024		December 31, 2023
North America	$	750.2	$	753.8
International	89.7		91.3
Corporate	35.9		33.2
Total property, plant and equipment, net	$	875.8	$	878.3

The following table summarizes operating lease right-of-use assets by segment:

(in millions)	March 31, 2024		December 31, 2023
North America	$	446.5	$	453.5
International	170.7		180.2
Corporate	2.5		2.8
Total operating lease right-of-use assets	$	619.7	$	636.5

The following table summarizes segment information for the three months ended March 31, 2024:

(in millions)	North America		International		Corporate		Eliminations		Consolidated
Net sales	$	901.1	$	288.3	$	—	$	—	$	1,189.4
Inter-segment sales	$	0.3	$	0.1	$	—	$	(0.4)	$	—
Inter-segment royalty expense (income)	7.4		(7.4)		—		—		—
Gross profit	352.8		159.8		—		—		512.6
Operating income (loss)	134.4		44.8		(47.7)		—		131.5
Income (loss) before income taxes	131.4		47.7		(81.6)		—		97.5
Depreciation and amortization (1)	$	30.7	$	6.5	$	11.2	$	—	$	48.4
Capital expenditures	20.7		6.2		4.6		—		31.5

(1)Depreciation and amortization includes stock-based compensation amortization expense.

The following table summarizes segment information for the three months ended March 31, 2023:

(in millions)	North America		International		Corporate		Eliminations		Consolidated
Net sales	$	919.6	$	288.5	$	—	$	—	$	1,208.1
Inter-segment sales	$	0.3	$	—	$	—	$	(0.3)	$	—
Inter-segment royalty expense (income)	7.4		(7.4)		—		—		—
Gross profit	344.0		155.9		—		—		499.9
Operating income (loss)	136.0		44.2		(36.9)		—		143.3
Income (loss) before income taxes	134.2		43.0		(66.8)		—		110.4
Depreciation and amortization (1)	$	25.5	$	6.5	$	12.6	$	—	$	44.6
Capital expenditures	45.8		4.7		1.6		—		52.1

(1)Depreciation and amortization includes stock-based compensation amortization expense.

The following table summarizes property, plant and equipment, net by geographic region:

(in millions)	March 31, 2024		December 31, 2023
United States	$	763.7	$	764.1
All other	112.1		114.2
Total property, plant and equipment, net	$	875.8	$	878.3

The following table summarizes operating lease right-of-use assets by geographic region:

(in millions)	March 31, 2024		December 31, 2023
United States	$	437.5	$	444.2
United Kingdom	137.5		146.5
All other	44.7		45.8
Total operating lease right-of-use assets	$	619.7	$	636.5