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Business Segment Information | 9 Months Ended
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Sep. 30, 2023
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). 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) | September 30, 2023 |  | December 31, 2022
North America | $ | 5,476.1 |  |  | $ | 5,161.7 |
International | 1,336.4 |  |  | 1,181.5 |
Corporate | 1,230.4 |  |  | 1,077.1 |
Inter-segment eliminations | (3,496.8) |  |  | (3,060.5) |
Total assets | $ | 4,546.1 |  |  | $ | 4,359.8 |
The following table summarizes property, plant and equipment, net, by segment:
(in millions) | September 30, 2023 |  | December 31, 2022
North America | $ | 728.6 |  |  | $ | 672.1 |
International | 86.9 |  |  | 87.3 |
Corporate | 33.9 |  |  | 31.7 |
Total property, plant and equipment, net | $ | 849.4 |  |  | $ | 791.1 |
The following table summarizes operating lease right-of-use assets by segment:
(in millions) | September 30, 2023 |  | December 31, 2022
North America | $ | 414.9 |  |  | $ | 349.0 |
International | 167.6 |  |  | 154.1 |
Corporate | 3.0 |  |  | 3.7 |
Total operating lease right-of-use assets | $ | 585.5 |  |  | $ | 506.8 |
The following table summarizes segment information for the three months ended September 30, 2023:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 1,023.7 |  |  | $ | 253.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,277.1 |
Inter-segment sales | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | (0.3) |  |  | $ | — |
Inter-segment royalty expense (income) | 9.5 |  |  | (9.5) |  |  | — |  |  | — |  |  | — |
Gross profit | 430.4 |  |  | 143.3 |  |  | — |  |  | — |  |  | 573.7 |
Operating income (loss) | 195.5 |  |  | 40.0 |  |  | (52.3) |  |  | — |  |  | 183.2 |
Income (loss) before income taxes | 192.5 |  |  | 41.2 |  |  | (83.0) |  |  | — |  |  | 150.7 |
Depreciation and amortization (1) | $ | 25.1 |  |  | $ | 6.3 |  |  | $ | 13.5 |  |  | $ | — |  |  | $ | 44.9 |
Capital expenditures | 28.8 |  |  | 7.7 |  |  | 4.1 |  |  | — |  |  | 40.6 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the three months ended September 30, 2022:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 1,057.7 |  |  | $ | 225.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,283.3 |
Inter-segment sales | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | (0.7) |  |  | $ | — |
Inter-segment royalty expense (income) | 3.4 |  |  | (3.4) |  |  | — |  |  | — |  |  | — |
Gross profit | 420.7 |  |  | 120.4 |  |  | — |  |  | — |  |  | 541.1 |
Operating income (loss) | 205.0 |  |  | 32.6 |  |  | (36.6) |  |  | — |  |  | 201.0 |
Income (loss) from continuing operations before income taxes | 203.0 |  |  | 33.9 |  |  | (61.8) |  |  | — |  |  | 175.1 |
Depreciation and amortization (1) | $ | 24.5 |  |  | $ | 5.8 |  |  | $ | 14.0 |  |  | $ | — |  |  | $ | 44.3 |
Capital expenditures | 75.3 |  |  | 8.5 |  |  | 2.0 |  |  | — |  |  | 85.8 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the nine months ended September 30, 2023:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 2,960.1 |  |  | $ | 794.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,754.9 |
Inter-segment sales | $ | 0.8 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | (1.3) |  |  | $ | — |
Inter-segment royalty expense (income) | 26.2 |  |  | (26.2) |  |  | — |  |  | — |  |  | — |
Gross profit | 1,177.8 |  |  | 438.1 |  |  | — |  |  | — |  |  | 1,615.9 |
Operating income (loss) | 505.6 |  |  | 118.1 |  |  | (138.4) |  |  | — |  |  | 485.3 |
Income (loss) before income taxes | 499.1 |  |  | 116.9 |  |  | (229.5) |  |  | — |  |  | 386.5 |
Depreciation and amortization (1) | $ | 74.9 |  |  | $ | 19.2 |  |  | $ | 41.4 |  |  | $ | — |  |  | $ | 135.5 |
Capital expenditures | 126.9 |  |  | 19.2 |  |  | 7.2 |  |  | — |  |  | 153.3 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the nine months ended September 30, 2022:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 2,953.8 |  |  | $ | 780.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,733.8 |
Inter-segment sales | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | (2.3) |  |  | $ | — |
Inter-segment royalty expense (income) | 12.8 |  |  | (12.8) |  |  | — |  |  | — |  |  | — |
Gross profit | 1,138.9 |  |  | 421.5 |  |  | — |  |  | — |  |  | 1,560.4 |
Operating income (loss) | 506.5 |  |  | 135.2 |  |  | (108.2) |  |  | — |  |  | 533.5 |
Income (loss) from continuing operations before income taxes | 503.6 |  |  | 135.0 |  |  | (175.0) |  |  | — |  |  | 463.6 |
Depreciation and amortization (1) | $ | 70.7 |  |  | $ | 17.7 |  |  | $ | 44.1 |  |  | $ | — |  |  | $ | 132.5 |
Capital expenditures | 188.2 |  |  | 23.1 |  |  | 4.7 |  |  | — |  |  | 216.0 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes property, plant and equipment, net by geographic region:
(in millions) | September 30, 2023 |  | December 31, 2022
United States | $ | 739.8 |  |  | $ | 682.0 |
All other | 109.6 |  |  | 109.1 |
Total property, plant and equipment, net | $ | 849.4 |  |  | $ | 791.1 |
The following table summarizes operating lease right-of-use assets by geographic region:
(in millions) | September 30, 2023 |  | December 31, 2022
United States | $ | 405.6 |  |  | $ | 339.6 |
United Kingdom | 135.7 |  |  | 122.9 |
All other | 44.2 |  |  | 44.3 |
Total operating lease right-of-use assets | $ | 585.5 |  |  | $ | 506.8 |

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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