XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.22.2

Business Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
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, joint ventures 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). On August 2, 2021, the Company acquired Dreams, which is included in the International segment. Corporate operating expenses are not included in either of the segments and are presented separately as a reconciling item to consolidated results. 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) | June 30, 2022 |  | December 31, 2021
North America | $ | 4,635.8 |  |  | $ | 4,360.6 |
International | 1,159.0 |  |  | 1,305.9 |
Corporate | 642.5 |  |  | 730.9 |
Inter-segment eliminations | (2,032.9) |  |  | (2,074.0) |
Total assets | $ | 4,404.4 |  |  | $ | 4,323.4 |
The following table summarizes property, plant and equipment, net, by segment:
(in millions) | June 30, 2022 |  | December 31, 2021
North America | $ | 562.4 |  |  | $ | 449.9 |
International | 78.5 |  |  | 82.3 |
Corporate | 31.9 |  |  | 51.3 |
Total property, plant and equipment, net | $ | 672.8 |  |  | $ | 583.5 |
The following table summarizes operating lease right-of-use assets by segment:
(in millions) | June 30, 2022 |  | December 31, 2021
North America | $ | 339.7 |  |  | $ | 280.6 |
International | 167.3 |  |  | 199.0 |
Corporate | 0.7 |  |  | 1.0 |
Total operating lease right-of-use assets | $ | 507.7 |  |  | $ | 480.6 |
The following table summarizes segment information for the three months ended June 30, 2022:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 964.7 |  |  | $ | 246.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,211.0 |
Inter-segment sales | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | — |
Inter-segment royalty expense (income) | 2.4 |  |  | (2.4) |  |  | — |  |  | — |  |  | — |
Gross profit | 365.8 |  |  | 130.7 |  |  | — |  |  | — |  |  | 496.5 |
Operating income (loss) | 146.1 |  |  | 35.8 |  |  | (38.0) |  |  | — |  |  | 143.9 |
Income (loss) from continuing operations before income taxes | 144.8 |  |  | 34.7 |  |  | (60.0) |  |  | — |  |  | 119.5 |
Depreciation and amortization (1) | $ | 23.5 |  |  | $ | 5.9 |  |  | $ | 14.6 |  |  | $ | — |  |  | $ | 44.0 |
Capital expenditures | 61.9 |  |  | 6.8 |  |  | 1.2 |  |  | — |  |  | 69.9 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended June 30, 2021:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 1,013.8 |  |  | $ | 155.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,169.1 |
Inter-segment sales | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | (0.6) |  |  | $ | — |
Inter-segment royalty expense (income) | 2.3 |  |  | (2.3) |  |  | — |  |  | — |  |  | — |
Gross profit | 425.4 |  |  | 92.8 |  |  | — |  |  | — |  |  | 518.2 |
Operating income (loss) | 217.4 |  |  | 43.4 |  |  | (37.5) |  |  | — |  |  | 223.3 |
Income (loss) from continuing operations before income taxes | 216.8 |  |  | 42.8 |  |  | (74.2) |  |  | — |  |  | 185.4 |
Depreciation and amortization (1) | $ | 21.7 |  |  | $ | 3.5 |  |  | $ | 16.9 |  |  | $ | — |  |  | $ | 42.1 |
Capital expenditures | 22.3 |  |  | 2.6 |  |  | 4.2 |  |  | — |  |  | 29.1 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2022:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 1,896.1 |  |  | $ | 554.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,450.5 |
Inter-segment sales | $ | 0.9 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | (1.6) |  |  | $ | — |
Inter-segment royalty expense (income) | 9.4 |  |  | (9.4) |  |  | — |  |  | — |  |  | — |
Gross profit | 718.2 |  |  | 301.1 |  |  | — |  |  | — |  |  | 1,019.3 |
Operating income (loss) | 301.5 |  |  | 102.6 |  |  | (71.6) |  |  | — |  |  | 332.5 |
Income (loss) from continuing operations before income taxes | 300.6 |  |  | 101.1 |  |  | (113.2) |  |  | — |  |  | 288.5 |
Depreciation and amortization (1) | $ | 46.2 |  |  | $ | 11.9 |  |  | $ | 30.1 |  |  | $ | — |  |  | $ | 88.2 |
Capital expenditures | 112.9 |  |  | 14.6 |  |  | 2.7 |  |  | — |  |  | 130.2 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the six months ended June 30, 2021:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 1,897.1 |  |  | $ | 315.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,212.9 |
Inter-segment sales | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | (1.5) |  |  | $ | — |
Inter-segment royalty expense (income) | 4.4 |  |  | (4.4) |  |  | — |  |  | — |  |  | — |
Gross profit | 789.3 |  |  | 187.8 |  |  | — |  |  | — |  |  | 977.1 |
Operating income (loss) | 390.8 |  |  | 89.6 |  |  | (68.7) |  |  | — |  |  | 411.7 |
Income (loss) from continuing operations before income taxes | 389.3 |  |  | 88.9 |  |  | (121.4) |  |  | — |  |  | 356.8 |
Depreciation and amortization (1) | $ | 42.7 |  |  | $ | 7.1 |  |  | $ | 33.9 |  |  | $ | — |  |  | $ | 83.7 |
Capital expenditures | 41.1 |  |  | 4.6 |  |  | 6.9 |  |  | — |  |  | 52.6 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes property, plant and equipment, net by geographic region:
(in millions) | June 30, 2022 |  | December 31, 2021
United States | $ | 573.5 |  |  | $ | 481.1 |
All Other | 99.3 |  |  | 102.4 |
Total property, plant and equipment, net | $ | 672.8 |  |  | $ | 583.5 |
The following table summarizes operating lease right-of-use assets by geographic region:
(in millions) | June 30, 2022 |  | December 31, 2021
United States | $ | 331.8 |  |  | $ | 278.3 |
United Kingdom | 135.4 |  |  | 162.8 |
All Other | 40.5 |  |  | 39.5 |
Total operating lease right-of-use assets | $ | 507.7 |  |  | $ | 480.6 |
The following table summarizes net sales by geographic region:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
United States | $ | 890.3 |  |  | $ | 946.3 |  |  | $ | 1,754.6 |  |  | $ | 1,764.8 |
All Other | 320.7 |  |  | 222.8 |  |  | 695.9 |  |  | 448.1 |
Total net sales | $ | 1,211.0 |  |  | $ | 1,169.1 |  |  | $ | 2,450.5 |  |  | $ | 2,212.9 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration