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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Total Assets and Long-lived Assets by Segment | The following table summarizes total assets by segment:
| December 31, |  | December 31,
(in millions) | 2024 |  | 2023
North America | $ | 5,575.2 |  |  | $ | 5,291.0 |
International | 1,477.6 |  |  | 1,405.2 |
Corporate | 3,580.0 |  |  | 1,269.5 |
Inter-segment eliminations | (4,652.4) |  |  | (3,411.8) |
Total assets | $ | 5,980.4 |  |  | $ | 4,553.9 |
The following table summarizes property, plant and equipment, net, by segment:
| December 31, |  | December 31,
(in millions) | 2024 |  | 2023
North America | $ | 687.7 |  |  | $ | 753.8 |
International | 89.6 |  |  | 91.3 |
Corporate | 33.8 |  |  | 33.2 |
Total property, plant and equipment, net | $ | 811.1 |  |  | $ | 878.3 |
The following table summarizes operating lease right-of-use assets by segment:
| December 31, |  | December 31,
(in millions) | 2024 |  | 2023
North America | $ | 407.1 |  |  | $ | 453.5 |
International | 188.6 |  |  | 180.2 |
Corporate | 3.1 |  |  | 2.8 |
Total operating lease right-of-use assets | $ | 598.8 |  |  | $ | 636.5 |
Segment Financial Information | The following table summarizes segment information for the year ended December 31, 2024:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 3,788.9 |  |  | $ | 1,142.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,930.9 |
Inter-segment sales | $ | 0.5 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | (0.7) |  |  | $ | — |
Inter-segment royalty expense (income) | 34.3 |  |  | (34.3) |  |  | — |  |  | — |  |  | — |
Gross profit | 1,530.8 |  |  | 649.3 |  |  | — |  |  | — |  |  | 2,180.1 |
Advertising expense | 382.0 |  |  | 88.9 |  |  | — |  |  | — |  |  | 470.9 |
Other selling and marketing expense | 334.7 |  |  | 269.8 |  |  | 16.2 |  |  | — |  |  | 620.7 |
General, administrative and other expenses | 202.0 |  |  | 114.6 |  |  | 156.6 |  |  | — |  |  | 473.2 |
Equity income in earnings of unconsolidated affiliates | — |  |  | (18.9) |  |  | — |  |  | — |  |  | (18.9) |
Operating income (loss) | 612.1 |  |  | 194.9 |  |  | (172.8) |  |  | — |  |  | 634.2 |
Interest expense, net |  |  |  |  |  |  |  |  | 134.8 |
Other (income) expense |  |  |  |  |  |  |  |  | (4.9) |
Income (loss) before income taxes | 542.5 |  |  | 208.1 |  |  | (246.3) |  |  | — |  |  | 504.3 |
Depreciation and amortization (1) | $ | 127.6 |  |  | $ | 28.2 |  |  | $ | 45.7 |  |  | $ | — |  |  | $ | 201.5 |
Capital expenditures | 57.2 |  |  | 30.9 |  |  | 9.2 |  |  | — |  |  | 97.3 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the year ended December 31, 2023:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 3,855.5 |  |  | $ | 1,069.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,925.4 |
Inter-segment sales | $ | 1.2 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | (1.7) |  |  | $ | — |
Inter-segment royalty expense (income) | 33.7 |  |  | (33.7) |  |  | — |  |  | — |  |  | — |
Gross profit | 1,537.5 |  |  | 591.2 |  |  | — |  |  | — |  |  | 2,128.7 |
Advertising expense | 389.9 |  |  | 79.1 |  |  | — |  |  | — |  |  | 469.0 |
Other selling and marketing expense | 319.9 |  |  | 254.0 |  |  | 20.5 |  |  | — |  |  | 594.4 |
General, administrative and other expenses | 184.6 |  |  | 110.2 |  |  | 186.3 |  |  | — |  |  | 481.1 |
Equity income in earnings of unconsolidated affiliates | — |  |  | (23.0) |  |  | — |  |  | — |  |  | (23.0) |
Operating income (loss) | 643.1 |  |  | 170.9 |  |  | (206.8) |  |  | — |  |  | 607.2 |
Interest expense, net |  |  |  |  |  |  |  |  | 129.9 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 3.2 |
Income (loss) before income taxes | 634.2 |  |  | 171.4 |  |  | (331.5) |  |  | — |  |  | 474.1 |
Depreciation and amortization (1) | $ | 102.2 |  |  | $ | 25.6 |  |  | $ | 55.2 |  |  | $ | — |  |  | $ | 183.0 |
Capital expenditures | 158.8 |  |  | 18.1 |  |  | 8.5 |  |  | — |  |  | 185.4 |
(1)Depreciation and amortization includes stock-based compensation amortization expense. The following table summarizes segment information for the year ended December 31, 2022:
(in millions) | North America |  | International |  | Corporate |  | Eliminations |  | Consolidated
Net sales | $ | 3,886.1 |  |  | $ | 1,035.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,921.2 |
Inter-segment sales | $ | 1.7 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | (2.8) |  |  | $ | — |
Inter-segment royalty expense (income) | 15.0 |  |  | (15.0) |  |  | — |  |  | — |  |  | — |
Gross profit | 1,487.3 |  |  | 562.3 |  |  | — |  |  | — |  |  | 2,049.6 |
Advertising expense | 375.1 |  |  | 72.9 |  |  | — |  |  | — |  |  | 448.0 |
Other selling and marketing expense | 288.6 |  |  | 234.8 |  |  | 21.1 |  |  | — |  |  | 544.5 |
General, administrative and other expenses | 181.2 |  |  | 88.5 |  |  | 127.9 |  |  | — |  |  | 397.6 |
Equity income in earnings of unconsolidated affiliates | — |  |  | (21.1) |  |  | — |  |  | — |  |  | (21.1) |
Operating income (loss) | 642.4 |  |  | 187.2 |  |  | (149.0) |  |  | — |  |  | 680.6 |
Interest expense, net |  |  |  |  |  |  |  |  | 103.0 |
Other (income) expense |  |  |  |  |  |  |  |  | 0.4 |
Income (loss) from continuing operations before income taxes | 638.6 |  |  | 183.4 |  |  | (244.8) |  |  | — |  |  | 577.2 |
Depreciation and amortization (1) | $ | 96.9 |  |  | $ | 23.7 |  |  | $ | 59.6 |  |  | $ | — |  |  | $ | 180.2 |
Capital expenditures | 267.4 |  |  | 33.1 |  |  | 6.0 |  |  | — |  |  | 306.5 |
(1)Depreciation and amortization includes stock-based compensation amortization expense.
Long-Lived Assets by Geographic Region | The following table summarizes property, plant and equipment, net, by geographic region:
| December 31, |  | December 31,
(in millions) | 2024 |  | 2023
United States | $ | 704.1 |  |  | $ | 764.1 |
All other | 107.0 |  |  | 114.2 |
Total property, plant and equipment, net | $ | 811.1 |  |  | $ | 878.3 |
The following table summarizes operating lease right-of-use assets by geographic region:
| December 31, |  | December 31,
(in millions) | 2024 |  | 2023
United States | $ | 401.0 |  |  | $ | 444.2 |
United Kingdom | 150.7 |  |  | 146.5 |
All other | 47.1 |  |  | 45.8 |
Total operating lease right-of-use assets | $ | 598.8 |  |  | $ | 636.5 |
Net Sales by Geographic Region | The following table summarizes net sales by geographic region:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
United States | $ | 3,490.1 |  |  | $ | 3,560.8 |  |  | $ | 3,596.0 |
All other | 1,440.8 |  |  | 1,364.6 |  |  | 1,325.2 |
Total net sales | $ | 4,930.9 |  |  | $ | 4,925.4 |  |  | $ | 4,921.2 |

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