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Segment Information & Geographic Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information & Geographic Data Segment Information & Geographic Data
Segment results
Our operations consist of two reportable segments that provide complementary offerings to our customers: Asset Intelligence & Tracking (“AIT”), which includes barcode and card printing, RFID and RTLS offerings, supplies, and services; and Enterprise Visibility & Mobility (“EVM”), which includes mobile computing, data capture, fixed industrial scanning and machine vision, services, and workflow optimization solutions. The reportable segments have been identified based on the financial data utilized by the Company’s Chief Executive Officer (the chief operating decision maker or “CODM”) to assess segment performance and allocate resources among the Company’s segments. The CODM reviews adjusted operating income to assess segment profitability primarily during the Company’s annual budget and forecasting process. The CODM assesses the profitability of each segment relative to its long-term growth objectives in evaluating resource allocation priorities. Segment assets are not reviewed by the Company’s CODM and therefore are not disclosed below.

Financial information by segment is presented as follows (in millions):
 Year Ended December 31,
 202420232022
Net sales:
AIT$1,647 $1,651 $1,837 
EVM3,334 2,933 3,944 
Total Net sales$4,981 $4,584 $5,781 
Cost of sales:
AIT854 864 1,042 
EVM1,714 1,597 2,115 
Operating expenses:
AIT(1)
458 441 434 
EVM(1)
1,086 993 1,118 
Operating income:
AIT(2)
335 346 361 
EVM(2)
534 343 711 
Total segment operating income$869 $689 $1,072 
Corporate (3)
(127)(208)(543)
Total Operating income$742 $481 $529 

(1)AIT and EVM segment operating expenses include Selling and marketing, Research and development, and General and administrative expenses, excluding the amounts classified within Corporate.

(2)AIT and EVM segment operating income includes depreciation and share-based compensation expense. The depreciation and share-based compensation expense amounts are proportionate to each segment’s Net sales.

(3)To the extent applicable, amounts included in Corporate consist of Amortization of intangible assets, Acquisition and integration costs, Exit and restructuring costs, as well as certain other non-recurring costs (such as the Settlement costs in 2022, impairment of goodwill and other intangibles, and business acquisition purchase accounting adjustments).
Sales to significant customers
The Company has three customers, who are distributors of the Company’s offerings, that individually accounted for more than 10% of total Company Net sales during the years ended December 31, 2024, 2023 and 2022. The approximate percentage of Company total Net sales by segment to these customers were as follows:
 Year Ended December 31,
 202420232022
AITEVMTotalAITEVMTotalAITEVMTotal
Customer A5 %16 %21 %5 %13 %18 %7 %14 %21 %
Customer B9 %10 %19 %8 %6 %14 %6 %9 %15 %
Customer C4 %10 %14 %4 %8 %12 %4 %9 %13 %
These customers accounted for 24%, 13% and 11%, respectively, of accounts receivable as of December 31, 2024, and 22%, 10% and 17%, respectively, of accounts receivable as of December 31, 2023. No other customer accounted for more than 10% of total Net sales during the years ended December 31, 2024, 2023 or 2022, or more than 10% of outstanding accounts receivable as of December 31, 2024 or 2023.

Geographic data
Information regarding the Company’s operations by geographic area is contained in the following tables. Net sales amounts are attributed to geographic area based on customer location.

Net sales by region were as follows (in millions):
 Year Ended December 31,
 202420232022
North America$2,547 $2,405 $2,919 
EMEA1,617 1,414 1,920 
Asia-Pacific490 481 609 
Latin America327 284 333 
Total Net sales$4,981 $4,584 $5,781 

The U.S. and Germany were the only countries that accounted for more than 10% of the Company’s net sales in 2024, 2023 and 2022. Net sales during these years were as follows (in millions):
 Year Ended December 31,
202420232022
U.S.$2,486 $2,330 $2,840 
Germany797 682 949 
Other1,698 1,572 1,992 
Total Net sales$4,981 $4,584 $5,781 

Geographic data for long-lived assets is as follows (in millions):
 Year Ended December 31,
 202420232022
North America$341 $338 $336 
EMEA56 61 58 
Asia-Pacific69 73 35 
Latin America6 6 5 
Total long-lived assets$472 $478 $434 

Long-lived assets are defined by the Company as property, plant and equipment and ROU assets. Primarily all of the Company’s long-lived assets in the North America region are located in the U.S.