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SEGMENT RESULTS | 6 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT RESULTS | SEGMENT RESULTS The Company operates through strategic business units (SBUs) which are organized into operating segments. Operating segments are then aggregated into four reportable segments: Health and Wellness, Household, Lifestyle and International. Operating segments not aggregated into a reportable segment are reflected in Corporate and Other. Corporate and Other includes certain non-allocated administrative costs and various other non-operating income and expenses. Assets in Corporate and Other include cash and cash equivalents, prepaid expenses and other current assets, property and equipment, operating lease right-of-use assets, other long-term assets and deferred taxes. Corporate and Other includes the results and the Better Health VMS business through the date of divestiture of September 10, 2024. The principal measure of segment profitability used by management is segment adjusted earnings (losses) before interest and income taxes (segment adjusted EBIT). Segment adjusted EBIT is defined as earnings (losses) before income taxes excluding interest income, interest expense and other significant items that are nonrecurring or unusual (such as the pension settlement charge, incremental charges and insurance recoveries related to the August 2023 cyberattack, asset impairments, charges related to the streamlined operating model, charges related to the digital capabilities and productivity enhancements investment, significant losses/(gains) related to acquisitions / divestitures and other nonrecurring or unusual items impacting comparability). The tables below present reportable segment information and a reconciliation of the segment information to the Company’s consolidated net sales and earnings (losses) before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate and Other.
|  | Net sales
|  | Three months ended |  | Six months ended
|  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Health and Wellness |  | $ | 628 |  |  | $ | 720 |  |  | $ | 1,326 |  |  | $ | 1,224 |
Household |  | 446 |  |  | 502 |  |  | 893 |  |  | 827 |
Lifestyle |  | 338 |  |  | 403 |  |  | 658 |  |  | 632 |
International |  | 274 |  |  | 311 |  |  | 533 |  |  | 581 |
Reportable segment total |  | $ | 1,686 |  |  | $ | 1,936 |  |  | $ | 3,410 |  |  | $ | 3,264 |
Corporate and Other |  | — |  |  | 54 |  |  | 38 |  |  | 112 |
Total |  | $ | 1,686 |  |  | $ | 1,990 |  |  | $ | 3,448 |  |  | $ | 3,376 |
|  | Segment adjusted EBIT
|  | Three months ended |  | Six months ended
|  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Health and Wellness |  | $ | 193 |  |  | $ | 259 |  |  | $ | 428 |  |  | $ | 363 |
Household |  | 48 |  |  | 92 |  |  | 108 |  |  | 88 |
Lifestyle |  | 70 |  |  | 109 |  |  | 136 |  |  | 128 |
International |  | 21 |  |  | 32 |  |  | 56 |  |  | 66 |
Reportable segment total |  | $ | 332 |  |  | $ | 492 |  |  | $ | 728 |  |  | $ | 645 |
Corporate and Other |  | (74) |  |  | (106) |  |  | (138) |  |  | (168) |
Total |  | $ | 258 |  |  | $ | 386 |  |  | $ | 590 |  |  | $ | 477 |
Interest income |  | 2 |  |  | 7 |  |  | 5 |  |  | 17 |
Interest expense |  | (22) |  |  | (26) |  |  | (43) |  |  | (47) |
Loss on divestiture (1) |  | — |  |  | — |  |  | (118) |  |  | — |
Pension settlement charge (2) |  | — |  |  | (171) |  |  | — |  |  | (171) |
Cyberattack costs, net of insurance recoveries (3) |  | 25 |  |  | (25) |  |  | 35 |  |  | (49) |
Streamlined operating model (4) |  | — |  |  | (3) |  |  | — |  |  | (3) |
Digital capabilities and productivity enhancements investment (5) |  | (26) |  |  | (32) |  |  | (55) |  |  | (59) |
Earnings before income taxes |  | $ | 237 |  |  | $ | 136 |  |  | $ | 414 |  |  | $ | 165 |
(1)Represents loss on divestiture of the Better Health VMS business corresponding to Corporate and Other. See Note 2 for additional details related to the divestiture. (2)Represents costs related to the settlement of the domestic qualified pension plan corresponding to Corporate and Other. See Note 13 for additional details related to the pension settlement. (3)Represents insurance recoveries of $25 and $35 in the three and six months ended December 31, 2024, respectively, and incurred incrementa l expenses of approximately $25 and $49 in the three and six months ended December 31, 2023, respectively, as a result of the cyberattack. See Note 3 for additional details related to the August 2023 cyberattack. For informational purposes, the following table provides the approximate cyberattack costs and insurance recoveries corresponding to the Company’s reportable segments as a percentage of the total:
| Three months ended |  | Six months ended |  |
| 12/31/2024 |  |  |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023 |  |
Health and Wellness | — | % |  |  |  | 9 | % |  | — | % |  | 15 | % |  |
Household | — |  |  |  |  | 11 |  |  | — |  |  | 11 |  |  |
Lifestyle | — |  |  |  |  | 12 |  |  | — |  |  | 13 |  |  |
International | — |  |  |  |  | 7 |  |  | — |  |  | 4 |  |  |
Corporate and Other | 100 |  |  |  |  | 61 |  |  | 100 |  |  | 57 |  |  |
Total | 100 | % |  |  |  | 100 | % |  | 100 | % |  | 100 | % |  |
(4)Represents restructuring and related implementation costs, net for the streamlined operating model of $3 for both the three and six months ended December 31, 2023, corresponding to Corporate and Other. (5)Represents expenses related to the Company’s digital capabilities and productivity enhancements investment corresponding to Corporate and Other.
All intersegment sales are eliminated and are not included in the Company’s reportable segments’ net sales. Net sales to the Company’s largest customer, Walmart Inc. and its affiliates, as a percentage of consolidated net sales, were 26% for both the three and six months ended December 31, 2024, and 23% and 25% for the three and six months ended December 31, 2023, respectively. The following table provides Net sales as a percentage of the Company’s consolidated net sales, disaggregated by operating segment, for the periods indicated:
| Net sales
| Three months ended |  | Six months ended
| 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
Cleaning | 32 | % |  | 31 | % |  | 33 | % |  | 31 | %
Professional Products | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Health and Wellness | 37 | % |  | 36 | % |  | 38 | % |  | 36 | %
Bags and Wraps | 12 |  |  | 12 |  |  | 12 |  |  | 11 |
Cat Litter | 10 |  |  | 9 |  |  | 9 |  |  | 9 |
Grilling | 5 |  |  | 4 |  |  | 5 |  |  | 4 |
Household | 27 | % |  | 25 | % |  | 26 | % |  | 24 | %
Food | 11 |  |  | 11 |  |  | 11 |  |  | 10 |
Water Filtration | 4 |  |  | 4 |  |  | 4 |  |  | 5 |
Natural Personal Care | 5 |  |  | 5 |  |  | 4 |  |  | 4 |
Lifestyle | 20 | % |  | 20 | % |  | 19 | % |  | 19 | %
International | 16 | % |  | 16 | % |  | 16 | % |  | 17 | %
Corporate and Other | — | % |  | 3 | % |  | 1 | % |  | 4 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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