SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2024

Segments and Geographic Information [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

SEGMENT AND GEOGRAPHIC INFORMATION     

For all segments, the CODM primarily uses net sales, gross margin and segment operating income in the annual budgeting, forecasting and operating process.

The CODM is also provided, on a quarterly basis, cost of sales as well as components of operating expense such as distribution, research and development, selling, administration, impairment charges, and restructuring expenses to make decisions about allocating capital and personnel to the segments.

Below is a summary of our results by reporting segment (in millions)(1):

	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2024
Net sales	$	2,693.7		$	1,679.6		$	—		$	4,373.4
Cost of sales	1,914.6			916.1			—			2,830.7
Gross profit	779.1			763.5			—			1,542.7
Gross margin	28.9		%	45.5		%	—		%	35.3		%
Operating expenses
Distribution	55.5			42.5			—			98.0
Research and development	60.0			52.2			—			112.2
Selling	202.1			344.5			—			546.6
Administration	124.1			141.1			202.8			468.0
Impairment charges	38.6			50.3			—			88.9
Restructuring	28.9			53.8			27.4			110.1
Other operating (income) expense, net	—			(25.9)			31.9			6.0
Total operating expenses	509.2			658.5			262.1			1,429.8
Operating income (loss)	$	269.9		$	105.0		$	(262.1)		$	112.9
Operating income %	10.0		%	6.3		%	NM			2.6		%
Interest expense, net										187.8
Other (income) expense, net										(0.9)
(Gain) loss on extinguishment of debt										6.7
Income (loss) from continuing operations before income taxes										(80.7)

	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2024
Total assets	$	4,687.6	$	4,960.1	$	—	$	9,647.7
Capital expenditures	$	84.5	$	33.8	$	—	$	118.3
Property, plant and equipment, net	$	769.0	$	148.8	$	—	$	917.8
Depreciation/amortization	$	138.2	$	187.7	$	—	$	325.9

	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2023
Net sales	$	2,962.3		$	1,693.3		$	—		$	4,655.6
Cost of sales	2,053.9			921.3			—			2,975.2
Gross profit	908.4			772.0			—			1,680.4
Gross margin	30.7		%	45.6		%	—		%	36.1		%
Operating expenses
Distribution	62.3			48.2			—			110.5
Research and development	70.4			52.1			—			122.5
Selling	219.2			422.6			—			641.8
Administration	153.9			173.8			194.6			522.3
Impairment charges	—			90.0			—			90.0
Restructuring	13.0			21.4			7.8			42.2
Other operating (income) expense, net	—			(0.8)			—			(0.8)
Total operating expenses	518.8			807.2			202.5			1,528.5
Operating income (loss)	$	389.6		$	(35.2)		$	(202.5)		$	151.9
Operating income %	13.2		%	(2.1)		%	NM			3.3		%
Interest expense, net										173.8
Other (income) expense, net										(10.4)
(Gain) loss on extinguishment of debt										(3.2)
Income (loss) from continuing operations before income taxes										$	(8.3)

	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2023
Total assets	$	4,952.9	$	5,856.2	$	—	$	10,809.1
Capital expenditures	$	66.4	$	35.3	$	—	$	101.7
Property, plant and equipment, net	$	762.8	$	153.6	$	—	$	916.4
Depreciation/amortization	$	133.2	$	226.3	$	—	$	359.5

	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2022
Net sales	$	2,925.9		$	1,525.7		$	—		$	4,451.6
Cost of sales	2,138.7			857.5			—			2,996.2
Gross profit	787.2			668.2			—			1,455.4
Gross margin	26.9		%	43.8		%	—		%	32.7		%
Operating expenses
Distribution	69.7			43.3			—			113.0
Research and development	68.2			54.9			—			123.1
Selling	172.7			412.1			—			584.8
Administration	111.8			158.5			242.0			512.3
Restructuring	2.5			29.4			10.6			42.5
Other operating (income) expense, net	(3.8)			—			4.6			0.8
Total operating expenses	421.1			698.2			257.2			1,376.5
Operating income (loss)	$	366.1		$	(30.0)		$	(257.2)		$	78.9
Operating income %	12.5		%	(2.0)		%	NM			1.8		%
Interest expense, net										156.0
Other (income) expense, net										53.1
(Gain) loss on extinguishment of debt										8.9
Income (loss) from continuing operations before income taxes										$	(139.1)

	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2022
Total assets	$	5,134.1	$	5,883.2	$	—	$	11,017.3
Capital expenditures	$	68.1	$	26.2	$	—	$	94.3
Property, plant and equipment, net	$	772.0	$	154.3	$	—	$	926.3
Depreciation/amortization	$	123.3	$	215.3	$	—	$	338.6

(1) Amounts may not foot due to rounding.

The net book value of property, plant and equipment, net by location was as follows (in millions):

	Year Ended
	December 31, 2024		December 31, 2023
U.S.	$	720.5	$	720.0
Europe(1)	197.2		184.9
All other countries	0.1		11.5
	$	917.8	$	916.4

(1) Includes Ireland property, plant and equipment, net of $1.7 million and $0.2 million, for the years ended December 31, 2024 and December 31, 2023, respectively.

Sales to Walmart as a percentage of Consolidated Net sales (reported primarily in CSCA) were as follows:

Year Ended
December 31, 2024	December 31, 2023	December 31, 2022
11.9%	11.8%	12.5%