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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s three primary operating segments are as follows:
SegmentKey BrandsDescription 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 DevelopmentDymo, Elmer’s, EXPO, Graco, NUK, Paper Mate, Parker and SharpieBaby gear and infant care products; writing instruments, including markers and highlighters, pens and pencils; art products; activity-based products and labeling solutions
Outdoor and RecreationCampingaz, Coleman, Contigo and MarmotActive lifestyle products for outdoor and outdoor-related activities; technical apparel and on-the-go beverageware
(1) Ball Logo.gif 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
ConsolidatedHome and Commercial Solutions Learning and DevelopmentOutdoor and Recreation
Net sales (1)
$7,582 $4,071 $2,717 $794 
Cost of products sold5,034 2,856 1,537 641 
Segment SG&A1,791 933 623 235 
Other segment costs (2)
372 284 84 4 
Segment operating income (loss)$385 $(2)$473 $(86)
Corporate expenses (3)
318 
Operating income67 
Interest expense, net295 
Loss on extinguishment and modification of debt14 
Other expense, net18 
Loss before income taxes$(260)
Year Ended December 31, 2023
ConsolidatedHome and Commercial SolutionsLearning and DevelopmentOutdoor and Recreation
Net sales (1)
$8,133 $4,428 $2,706 $999 
Cost of products sold5,780 3,347 1,613 820 
Segment SG&A1,766 916 621 229 
Other segment costs (2)
420 128 259 33 
Segment operating income (loss)$167 $37 $213 $(83)
Corporate expenses (3)
252 
Operating loss(85)
Interest expense, net283 
Other expense, net175 
Loss before income taxes$(543)
Year Ended December 31, 2022
Consolidated
Home and Commercial Solutions (3)
Learning and DevelopmentOutdoor and Recreation
Net sales (1)
$9,459 $5,194 $2,950 $1,315 
Cost of products sold6,625 3,920 1,740 965 
Segment SG&A1,879 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 income312 
Interest expense, net235 
Loss on extinguishment and modification of debt1 
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):

 202420232022
Home and Commercial Solutions$153 $163 $145 
Learning and Development70 71 60 
Outdoor and Recreation39 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):
 202420232022
Home and Commercial Solutions$96 $93 $107 
Learning and Development48 60 70 
Outdoor and Recreation16 16 21 
Corporate99 115 114 
$259 $284 $312 

Assets by segment are as follows at (in millions):
 December 31, 2024December 31, 2023
Home and Commercial Solutions $4,110 $4,713 
Learning and Development3,786 4,111 
Outdoor and Recreation541 687 
Corporate2,567 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):
202420232022
United States$4,732 $5,129 $6,144 
Canada319 313 375 
Total North America5,051 5,442 6,519 
Europe, Middle East and Africa1,194 1,283 1,408 
Latin America831 863 837 
Asia Pacific506 545 695 
Total International2,531 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):

202420232022
Commercial$1,361 $1,434 $1,582 
Kitchen2,036 2,244 2,618 
Home Fragrance674 750 885 
Connected Home and Security— — 109 
Home and Commercial Solutions4,071 4,428 5,194 
Baby1,008 989 1,197 
Writing1,709 1,717 1,753 
Learning and Development2,717 2,706 2,950 
Outdoor and Recreation794 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 Development1,980 737 2,717 
Outdoor and Recreation427 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 Development1,937 769 2,706 
Outdoor and Recreation563 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 Development2,156 794 2,950 
Outdoor and Recreation738 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.