Segment and Geographic Data

12 Months Ended

Sep. 27, 2025

Segment and Geographic Data [Abstract]

Segment and Geographic Data

11. Segment and Geographic Data

The Company’s operations are organized into two operating and reportable segments: Americas and Rest of World. The structure is designed to align us with our customers, provide improved service, drive future growth, and to facilitate synergy realization.  Adjusted EBITDA is the primary measure of profit (loss) used by the chief operating decision maker ("CODM"), our CEO, to evaluate the performance of and allocate resources among our reportable segments.  The Company defines Adjusted EBITDA as operating income adjusted to eliminate the impact of certain items that the Company does not consider indicative of its ongoing operating performance. The Company's management, including the CODM, uses Adjusted EBITDA to evaluate segment performance and allocate resources. The accounting policies of the reportable segments are the same as those in the consolidated financial statements. The Company's CODM uses consolidated expense information in the evaluation of segment performance and to allocate resources and is not regularly provided disaggregated expense information for each of the reportable segments.

Selected information by reportable segment is presented in the following tables:

		2025			2024			2023
Net Sales
Americas	$	1,833		$	1,493		$	1,531
Rest of World		1,371			694			744
Total net sales	$	3,204		$	2,187		$	2,275
Segment operating expenses(5)
Americas	$	1,592		$	1,270		$	1,285
Rest of World		1,258			635			678
Total segment operating expenses	$	2,850		$	1,905		$	1,963
Adjusted EBITDA
Americas	$	241		$	223		$	246
Rest of World		113			59			66
Total adjusted EBITDA	$	354		$	282		$	312
Reconciling items:
Depreciation and amortization	$	206		$	175		$	169
Restructuring, transaction, business optimization and other activities(1)		94			30			24
Argentina hyperinflation(2)		4			14			10
Goodwill and other impairment		—			172			—
Corporate expense allocation(3)		3			21			26
Other non-cash charges(4)		42			11			14
Operating Income		5			(141	)		69
Interest expense, net and other expense (income), net		171			(6	)		(3	)
Income (loss) before income taxes	$	(166	)	$	(135	)	$	72

(1)    Includes $84 million, $30 million, and $24 million of Restructuring and other charges in the fiscal year ended 2025, 2024, and 2023, respectively.

(2)    Impact of hyperinflation includes the adverse impact of highly inflationary accounting for subsidiaries in Argentina where the functional currency was the Argentine Peso

(3)    Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process

(4)    Includes stock compensation expense and other non-cash items, including $16 million of inventory step-up charges related to the GLT merger and $5 million of Restructuring and other expenses in the fiscal year ended 2025

(5)   Segment operating expenses include primarily cost of goods sold and selling, general and administrative expenses 

Depreciation and amortization
Americas	$	132	$	123	$	119
Rest of World		74		52		50
Total depreciation and amortization	$	206	$	175	$	169

		2025		2024
Long-lived assets
Americas	$	1,796	$	1,460
Rest of World		770		461
Total long-lived assets	$	2,566	$	1,921

Total assets and capital expenditures by segment are not disclosed as the CODM does not utilize these measures to evaluate segment performance or allocate resources and capital.

Selected information by geographical region is presented in the following tables:

		2025		2024		2023
Net sales
United States and Canada	$	1,398	$	991	$	998
Latin America		435		502		533
Rest of World		1,371		694		744
Total net sales	$	3,204	$	2,187	$	2,275

Selected information by product line is presented in the following tables:

(in percentages)	2025	2024
Net sales
Personal Care	48 %	49 %
Consumer Solutions	52 %	51 %
Total net sales	100 %	100 %