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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s three primary operating segments are as follows:
Segment |  | Key Brands |  | Description of Primary Products
Home and Commercial Solutions |  | Ball(1), Calphalon, Crockpot, FoodSaver, Mapa, Mr. Coffee, Oster, Rubbermaid, Rubbermaid Commercial Products, Sistema, Spontex, Sunbeam, WoodWick and Yankee Candle |  | Commercial cleaning and maintenance solutions; closet and garage organization; hygiene systems and material handling solutions; household products, including kitchen appliances; food and home storage products; fresh preserving products; vacuum sealing products; gourmet cookware, bakeware and cutlery and home fragrance products
Learning and Development |  | Dymo, Elmer’s, EXPO, Graco, NUK, Paper Mate, Parker and Sharpie |  | Baby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based products and labeling solutions
Outdoor and Recreation |  | Campingaz, Coleman, Contigo and Marmot |  | Active lifestyle products for outdoor and outdoor-related activities; technical apparel and on-the-go beverageware
(1) and Ball®, TM of Ball Corporation, used under license. During 2023, the Company implemented a new operating model intended to drive further simplification and unlock additional efficiencies and synergies within the Company. In connection with the new operating model, the President and Chief Executive Officer of the Company, who is the CODM reviews the businesses as three operating segments: Home and Commercial Solutions, Learning and Development and Outdoor and Recreation. This structure reflects the manner in which the CODM regularly assesses information for decision-making purposes, including the allocation of resources. The Company also provides general corporate services to its segments which is reported as a non-operating segment, Corporate. The CODM evaluates the segments’ operating performance based on segment operating income, defined as net sales minus cost of products sold, segment SG&A (including share-based compensation at target for operating segment employees) and other segment costs. Segment SG&A includes an allocation of center-led corporate functions including the bonus for such corporate functions based on achieving a 100% of the respective target. However, the allocation of center-led corporate functions does not include share-based compensation related to such functions. Any variability in expense from such targets, favorable or unfavorable, is retained at corporate, which would be reflected as a corporate expense. The CODM considers budget-to-current forecast and prior actuals-to-current forecast variances for segment operating income on a periodic basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.
The Company’s segment results are as follows (in millions):
| Year Ended December 31, 2024
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation
Net sales (1) | $ | 7,582 |  | $ | 4,071 |  | $ | 2,717 |  | $ | 794 |
Cost of products sold | 5,034 |  | 2,856 |  | 1,537 |  | 641 |
Segment SG&A | 1,791 |  | 933 |  | 623 |  | 235 |
Other segment costs (2) | 372 |  | 284 |  | 84 |  | 4 |
Segment operating income (loss) | $ | 385 |  | $ | (2) |  | $ | 473 |  | $ | (86) |
Corporate expenses (3) | 318 |  |  |  |
Operating income | 67 |  |  |  |
Interest expense, net | 295 |  |  |  |
Loss on extinguishment and modification of debt | 14 |  |  |  |
Other expense, net | 18 |  |  |  |
Loss before income taxes | $ | (260) |  |  |  |
| Year Ended December 31, 2023
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation
Net sales (1) | $ | 8,133 |  | $ | 4,428 |  | $ | 2,706 |  | $ | 999 |
Cost of products sold | 5,780 |  | 3,347 |  | 1,613 |  | 820 |
Segment SG&A | 1,766 |  | 916 |  | 621 |  | 229 |
Other segment costs (2) | 420 |  | 128 |  | 259 |  | 33 |
Segment operating income (loss) | $ | 167 |  | $ | 37 |  | $ | 213 |  | $ | (83) |
Corporate expenses (3) | 252 |  |  |  |
Operating loss | (85) |  |  |  |
Interest expense, net | 283 |  |  |  |
Other expense, net | 175 |  |  |  |
Loss before income taxes | $ | (543) |  |  |  |
| Year Ended December 31, 2022
| Consolidated | Home and Commercial Solutions (3) | Learning and Development | Outdoor and Recreation
Net sales (1) | $ | 9,459 |  | $ | 5,194 |  | $ | 2,950 |  | $ | 1,315 |
Cost of products sold | 6,625 |  | 3,920 |  | 1,740 |  | 965 |
Segment SG&A | 1,879 |  | 1,037 |  | 583 |  | 259 |
Other segment costs (2) | 488 |  | 449 |  | 34 |  | 5 |
Segment operating income (loss) | $ | 467 |  | $ | (212) |  | $ | 593 |  | $ | 86 |
Corporate expenses (3) | 155 |  |  |  |
Operating income | 312 |  |  |  |
Interest expense, net | 235 |  |  |  |
Loss on extinguishment and modification of debt | 1 |  |  |  |
Other income, net | (81) |  |  |  |
Income before income taxes | $ | 157 |  |  |  |
(1)All intercompany transactions have been eliminated. (2)Other segment costs primarily include segment restructuring costs, net and non-cash impairment of goodwill, intangibles and other assets (see Footnotes 4 and 7, respectively for further information). (3)Corporate expenses primarily include costs of operating as a public company including retained costs of center-led corporate functions, corporate restructuring and restructuring-related costs (see Footnote 4 for further information) and non-cash impairment of corporate assets. In addition, corporate expense includes adjustments, favorable or unfavorable, between the actual bonus achieved versus the bonus at target for center-led corporate functions, as well as adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees. Incentive compensation recorded in corporate expenses increased by $85 million in 2024 as compared to 2023 and $93 million in 2023 as compared to 2022, primarily due to improved performance relative to targets under the Company’s Management Bonus Plan and increases in the expected achievements of the specified performance conditions in the Company’s respective outstanding Performance-Based RSUs (see Footnote 15 for further information). (4)Home and Commercial Solutions segment includes the results of operations for CH&S business through March 31, 2022, which was subsequently divested (see Footnote 2 for further information). Depreciation and amortization by segment are as follows for the years ended December 31, (in millions):
|  | 2024 |  | 2023 |  | 2022
Home and Commercial Solutions |  | $ | 153 |  |  | $ | 163 |  |  | $ | 145 |
Learning and Development |  | 70 |  |  | 71 |  |  | 60 |
Outdoor and Recreation |  | 39 |  |  | 35 |  |  | 34 |
Corporate (1) |  | 61 |  |  | 65 |  |  | 57 |
|  | $ | 323 |  |  | $ | 334 |  |  | $ | 296 |
(1)Corporate depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization are included in the segment operating income (loss). Capital expenditures by segment are as follows for the years ended December 31, (in millions):
|  | 2024 |  | 2023 |  | 2022
Home and Commercial Solutions |  | $ | 96 |  |  | $ | 93 |  |  | $ | 107 |
Learning and Development |  | 48 |  |  | 60 |  |  | 70 |
Outdoor and Recreation |  | 16 |  |  | 16 |  |  | 21 |
Corporate |  | 99 |  |  | 115 |  |  | 114 |
|  | $ | 259 |  |  | $ | 284 |  |  | $ | 312 |
Assets by segment are as follows at (in millions):
|  | December 31, 2024 |  | December 31, 2023
Home and Commercial Solutions |  | $ | 4,110 |  |  | $ | 4,713 |
Learning and Development |  | 3,786 |  |  | 4,111 |
Outdoor and Recreation |  | 541 |  |  | 687 |
Corporate |  | 2,567 |  |  | 2,652 |
|  | $ | 11,004 |  |  | $ | 12,163 |
The Company’s geographic net sales (1) (2) are as follows for the years ended December 31, (in millions):
| 2024 |  | 2023 |  | 2022
United States | $ | 4,732 |  |  | $ | 5,129 |  |  | $ | 6,144 |
Canada | 319 |  |  | 313 |  |  | 375 |
Total North America | 5,051 |  |  | 5,442 |  |  | 6,519 |
Europe, Middle East and Africa | 1,194 |  |  | 1,283 |  |  | 1,408 |
Latin America | 831 |  |  | 863 |  |  | 837 |
Asia Pacific | 506 |  |  | 545 |  |  | 695 |
Total International | 2,531 |  |  | 2,691 |  |  | 2,940 |
| $ | 7,582 |  |  | $ | 8,133 |  |  | $ | 9,459 |
(1)All intercompany transactions have been eliminated. (2)Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. The Company’s largest customer in 2024, Amazon, accounted for approximately 15% of net sales in 2024 and 13% in each of 2023 and 2022. Walmart Inc. and subsidiaries (“Walmart”), the Company’s second largest customer in 2024, accounted for approximately 14%, 15% and 14% of net sales in 2024, 2023 and 2022, respectively. The following table disaggregates net sales(1) by major product grouping source for the years ended December 31, (in millions):
|  |  | 2024 |  | 2023 |  | 2022
| Commercial |  | $ | 1,361 |  |  | $ | 1,434 |  |  | $ | 1,582 |
| Kitchen |  | 2,036 |  |  | 2,244 |  |  | 2,618 |
| Home Fragrance |  | 674 |  |  | 750 |  |  | 885 |
| Connected Home and Security |  | — |  |  | — |  |  | 109 |
Home and Commercial Solutions |  | 4,071 |  |  | 4,428 |  |  | 5,194 |
| Baby |  | 1,008 |  |  | 989 |  |  | 1,197 |
| Writing |  | 1,709 |  |  | 1,717 |  |  | 1,753 |
Learning and Development |  | 2,717 |  |  | 2,706 |  |  | 2,950 |
Outdoor and Recreation |  | 794 |  |  | 999 |  |  | 1,315 |
|  | $ | 7,582 |  |  | $ | 8,133 |  |  | $ | 9,459 |
(1)All intercompany transactions have been eliminated. Geographic net sales(1) by segment are as follows (in millions):
|  |  | North America (2) |  | International (2) |  | Total
Year Ended December 31, 2024 |  |  |  |  |  |
| Home and Commercial Solutions |  | $ | 2,644 |  |  | $ | 1,427 |  |  | $ | 4,071 |
| Learning and Development |  | 1,980 |  |  | 737 |  |  | 2,717 |
| Outdoor and Recreation |  | 427 |  |  | 367 |  |  | 794 |
|  |  | $ | 5,051 |  |  | $ | 2,531 |  |  | $ | 7,582 |
Year Ended December 31, 2023 |  |  |  |  |  |
| Home and Commercial Solutions |  | $ | 2,942 |  |  | $ | 1,486 |  |  | $ | 4,428 |
| Learning and Development |  | 1,937 |  |  | 769 |  |  | 2,706 |
| Outdoor and Recreation |  | 563 |  |  | 436 |  |  | 999 |
|  |  | $ | 5,442 |  |  | $ | 2,691 |  |  | $ | 8,133 |
Year Ended December 31, 2022 |  |  |  |  |  |
| Home and Commercial Solutions |  | $ | 3,625 |  |  | $ | 1,569 |  |  | $ | 5,194 |
| Learning and Development |  | 2,156 |  |  | 794 |  |  | 2,950 |
| Outdoor and Recreation |  | 738 |  |  | 577 |  |  | 1,315 |
|  |  | $ | 6,519 |  |  | $ | 2,940 |  |  | $ | 9,459 |
(1)All intercompany transactions have been eliminated. (2)Geographic sales information is based on the region from which the products are shipped and invoiced.

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