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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has four operating segments, organized primarily by product, which are also the Company’s reportable segments. These are (i) Connected Technology Solutions, (ii) Essential Dental Solutions, (iii) Orthodontic and Implant Solutions, and (iv) Wellspect Healthcare. These operating segments are identified in accordance with how the Company’s chief operating decision maker (“CODM”) regularly reviews financial results and uses this information to evaluate the Company’s performance and allocate resources. The Company’s CODM is the Chief Executive Officer. The Company’s reportable segment information was as follows:
|  | Three Months Ended June 30, |
(in millions) |  | 2025 |  |  |
|  | Connected Technology Solutions |  | Essential Dental Solutions |  | Orthodontic and Implant Solutions |  | Wellspect Healthcare |  | Total |  |  |
Net sales |  | $ | 243 |  |  | $ | 387 |  |  | $ | 226 |  |  | $ | 80 |  |  | $ | 936 |  |  |  |
Adjusted cost of products sold (a) |  | 140 |  |  | 138 |  |  | 98 |  |  | 33 |  |  |  |  |  |
Adjusted selling expenses (b) |  | 54 |  |  | 72 |  |  | 54 |  |  | 13 |  |  |  |  |  |
Adjusted G&A expenses (b) |  | 20 |  |  | 20 |  |  | 17 |  |  | 7 |  |  |  |  |  |
Adjusted R&D expenses (c) |  | 17 |  |  | 6 |  |  | 12 |  |  | 2 |  |  |  |  |  |
Segment adjusted operating income |  | $ | 12 |  |  | $ | 151 |  |  | $ | 45 |  |  | $ | 25 |  |  | $ | 233 |  |  |  |
Reconciling items (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate costs (d) |  |  |  |  |  |  |  |  |  | $ | 68 |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | 24 |  |  |  |
Other expense (income), net |  |  |  |  |  |  |  |  |  | 1 |  |  |  |
Goodwill and intangible asset impairments |  |  |  |  |  |  |  |  |  | 235 |  |  |  |
Restructuring and other costs |  |  |  |  |  |  |  |  |  | 4 |  |  |  |
Amortization of intangibles |  |  |  |  |  |  |  |  |  | 54 |  |  |  |
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations |  |  |  |  |  |  |  |  |  | — |  |  |  |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (153) |  |  |  |
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
|  | Three Months Ended June 30,
(in millions) |  | 2024
|  | Connected Technology Solutions |  | Essential Dental Solutions |  | Orthodontic and Implant Solutions |  | Wellspect Healthcare |  | Total
Net sales |  | $ | 253 |  |  | $ | 375 |  |  | $ | 276 |  |  | $ | 80 |  |  | $ | 984 |
Adjusted cost of products sold (a) |  | 150 |  |  | 147 |  |  | 106 |  |  | 32 |  |  |
Adjusted selling expenses (b) |  | 61 |  |  | 80 |  |  | 81 |  |  | 14 |  |  |
Adjusted G&A expenses (b) |  | 20 |  |  | 18 |  |  | 33 |  |  | 7 |  |  |
Adjusted R&D expenses (c) |  | 19 |  |  | 5 |  |  | 14 |  |  | 3 |  |  |
Segment adjusted operating income |  | $ | 3 |  |  | $ | 125 |  |  | $ | 42 |  |  | $ | 24 |  |  | $ | 194 |
Reconciling items (income) expense: |  |  |  |  |  |  |  |  |  |
Unallocated corporate costs (d) |  |  |  |  |  |  |  |  |  | $ | 69 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 17 |
Other expense (income), net |  |  |  |  |  |  |  |  |  | (1) |
Goodwill and intangible asset impairments |  |  |  |  |  |  |  |  |  | — |
Restructuring and other costs |  |  |  |  |  |  |  |  |  | 21 |
Amortization of intangibles |  |  |  |  |  |  |  |  |  | 54 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 34 |
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
|  | Six Months Ended June 30, |
(in millions) |  | 2025 |  |  |
|  | Connected Technology Solutions |  | Essential Dental Solutions |  | Orthodontic and Implant Solutions |  | Wellspect Healthcare |  | Total |  |  |
Net sales |  | $ | 478 |  |  | $ | 740 |  |  | $ | 443 |  |  | $ | 154 |  |  | $ | 1,815 |  |  |  |
Adjusted cost of products sold (a) |  | 275 |  |  | 262 |  |  | 191 |  |  | 60 |  |  |  |  |  |
Adjusted selling expenses (b) |  | 112 |  |  | 142 |  |  | 108 |  |  | 26 |  |  |  |  |  |
Adjusted G&A expenses (b) |  | 38 |  |  | 38 |  |  | 39 |  |  | 13 |  |  |  |  |  |
Adjusted R&D expenses (c) |  | 34 |  |  | 11 |  |  | 23 |  |  | 5 |  |  |  |  |  |
Segment adjusted operating income |  | $ | 19 |  |  | $ | 287 |  |  | $ | 82 |  |  | $ | 50 |  |  | $ | 438 |  |  |  |
Reconciling items (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate costs (d) |  |  |  |  |  |  |  |  |  | $ | 155 |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | 43 |  |  |  |
Other expense (income), net |  |  |  |  |  |  |  |  |  | 1 |  |  |  |
Goodwill and intangible asset impairments |  |  |  |  |  |  |  |  |  | 235 |  |  |  |
Restructuring and other costs |  |  |  |  |  |  |  |  |  | 13 |  |  |  |
Amortization of intangibles |  |  |  |  |  |  |  |  |  | 99 |  |  |  |
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations |  |  |  |  |  |  |  |  |  | 1 |  |  |  |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (109) |  |  |  |
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
|  | Six Months Ended June 30,
(in millions) |  | 2024
|  | Connected Technology Solutions |  | Essential Dental Solutions |  | Orthodontic and Implant Solutions |  | Wellspect Healthcare |  | Total
Net sales |  | $ | 500 |  |  | $ | 739 |  |  | $ | 547 |  |  | $ | 151 |  |  | $ | 1,937 |
Adjusted cost of products sold (a) |  | 296 |  |  | 285 |  |  | 206 |  |  | 59 |  |  |
Adjusted selling expenses (b) |  | 122 |  |  | 163 |  |  | 164 |  |  | 27 |  |  |
Adjusted G&A expenses (b) |  | 39 |  |  | 39 |  |  | 67 |  |  | 13 |  |  |
Adjusted R&D expenses (c) |  | 38 |  |  | 12 |  |  | 26 |  |  | 5 |  |  |
Segment adjusted operating income |  | $ | 5 |  |  | $ | 240 |  |  | $ | 84 |  |  | $ | 47 |  |  | $ | 376 |
Reconciling items (income) expense: |  |  |  |  |  |  |  |  |  |
Unallocated corporate costs (d) |  |  |  |  |  |  |  |  |  | $ | 148 |
Interest expense, net |  |  |  |  |  |  |  |  |  | 35 |
Other expense (income), net |  |  |  |  |  |  |  |  |  | (8) |
Goodwill and intangible asset impairments |  |  |  |  |  |  |  |  |  | 6 |
Restructuring and other costs |  |  |  |  |  |  |  |  |  | 22 |
Amortization of intangibles |  |  |  |  |  |  |  |  |  | 108 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 65 |
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
Depreciation and Amortization
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Connected Technology Solutions |  | 46 |  | 43 |  |  | 89 |  | 86
Essential Dental Solutions |  | 8 |  | 8 |  |  | 17 |  | 17
Orthodontic and Implant Solutions |  | 23 |  | 25 |  |  | 42 |  | 50
Wellspect Healthcare |  | 5 |  | 5 |  |  | 7 |  | 9
All other (a) |  | 6 |  | 5 |  |  | 12 |  | 10
Total |  | 88 |  | 86 |  |  | 167 |  | 172
(a) Includes unallocated corporate costs for depreciation and amortization.

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