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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’s three reportable segments are:
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®, TMs of Ball Corporation, used under license. The President and Chief Executive Officer of the Company, who is the Chief Operating Decision Maker (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 100% of the respective target. However, any variability in expense from such targets, favorable or unfavorable, is retained at corporate, and would be reflected as a corporate expense. Segment SG&A also does not include any allocation of share-based compensation related to such center-led corporate functions or any adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees, which items are also reflected in 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 results by segment are as follows (in millions):
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation |  | Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation
Net sales (1) | $ | 1,935 |  | $ | 892 |  | $ | 809 |  | $ | 234 |  |  | $ | 2,033 |  | $ | 962 |  | $ | 813 |  | $ | 258 |
Cost of products sold | 1,250 |  | 637 |  | 442 |  | 171 |  |  | 1,334 |  | 688 |  | 439 |  | 207 |
Segment SG&A | 449 |  | 230 |  | 165 |  | 54 |  |  | 449 |  | 223 |  | 166 |  | 60 |
Other segment costs (2) | 2 |  | 1 |  | — |  | 1 |  |  | 8 |  | 3 |  | 3 |  | 2 |
Segment operating income (loss) | $ | 234 |  | $ | 24 |  | $ | 202 |  | $ | 8 |  |  | $ | 242 |  | $ | 48 |  | $ | 205 |  | $ | (11) |
Corporate expenses (3) | 63 |  |  |  |  |  | 79 |  |  |  |
Operating income | $ | 171 |  |  |  |  |  | $ | 163 |  |  |  |
Interest expense, net | 82 |  |  |  |  |  | 78 |  |  |  |
Loss on extinguishment and modification of debt | 13 |  |  |  |  |  | — |  |  |  |
Other expense, net | 5 |  |  |  |  |  | 1 |  |  |  |
Income before income taxes | $ | 71 |  |  |  |  |  | $ | 84 |  |  |  |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
| Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation |  | Consolidated | Home and Commercial Solutions | Learning and Development | Outdoor and Recreation
Net sales (1) | $ | 3,501 |  | $ | 1,704 |  | $ | 1,381 |  | $ | 416 |  |  | $ | 3,686 |  | $ | 1,855 |  | $ | 1,372 |  | $ | 459 |
Cost of products sold | 2,313 |  | 1,228 |  | 776 |  | 309 |  |  | 2,483 |  | 1,345 |  | 767 |  | 371 |
Segment SG&A | 858 |  | 452 |  | 304 |  | 102 |  |  | 848 |  | 436 |  | 298 |  | 114 |
Other segment costs (2) | 5 |  | 2 |  | 1 |  | 2 |  |  | 21 |  | 10 |  | 8 |  | 3 |
Segment operating income (loss) | $ | 325 |  | $ | 22 |  | $ | 300 |  | $ | 3 |  |  | $ | 334 |  | $ | 64 |  | $ | 299 |  | $ | (29) |
Corporate expenses (3) | 133 |  |  |  |  |  | 155 |  |  |  |
Operating income | $ | 192 |  |  |  |  |  | $ | 179 |  |  |  |
Interest expense, net | 154 |  |  |  |  |  | 148 |  |  |  |
Loss on extinguishment and modification of debt | 13 |  |  |  |  |  | 1 |  |  |  |
Other expense, net | 9 |  |  |  |  |  | 6 |  |  |  |
Income before income taxes | $ | 16 |  |  |  |  |  | $ | 24 |  |  |  |
(1)All intercompany transactions have been eliminated. (2)Other segment costs primarily include segment restructuring costs, net (see Footnotes 3 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 3 for further information) and impairment of other assets. In addition, corporate expense includes all share-based compensation and all adjustments, favorable or unfavorable, between the actual bonus achieved versus the bonus at target for center-led corporate functions, as well as all adjustments, favorable or unfavorable, between the actual share-based compensation achieved versus the share-based compensation at target for operating segment employees. Depreciation and amortization by segment are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Home and Commercial Solutions | $ | 38 |  |  | $ | 37 |  |  | $ | 71 |  |  | $ | 79 |
Learning and Development | 17 |  |  | 17 |  |  | 33 |  |  | 33 |
Outdoor and Recreation | 8 |  |  | 9 |  |  | 15 |  |  | 20 |
Corporate | 16 |  |  | 16 |  |  | 35 |  |  | 32 |
| $ | 79 |  |  | $ | 79 |  |  | $ | 154 |  |  | $ | 164 |
Capital expenditures by segment are as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Home and Commercial Solutions | $ | 22 |  |  | $ | 18 |  |  | $ | 36 |  |  | $ | 36 |
Learning and Development | 11 |  |  | 10 |  |  | 21 |  |  | 20 |
Outdoor and Recreation | 6 |  |  | 3 |  |  | 9 |  |  | 6 |
Corporate | 20 |  |  | 22 |  |  | 52 |  |  | 50 |
| $ | 59 |  |  | $ | 53 |  |  | $ | 118 |  |  | $ | 112 |
Assets by segment are as follows at (in millions):
| June 30, 2025 |  | December 31, 2024
Home and Commercial Solutions | $ | 4,285 |  |  | $ | 4,110 |
Learning and Development | 3,951 |  |  | 3,786 |
Outdoor and Recreation | 590 |  |  | 541 |
Corporate | 2,681 |  |  | 2,567 |
| $ | 11,507 |  |  | $ | 11,004 |
The following table disaggregates net sales(1) by major product grouping for the periods indicated (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial | $ | 332 |  |  | $ | 349 |  |  | $ | 645 |  |  | $ | 673 |
Kitchen | 439 |  |  | 496 |  |  | 815 |  |  | 934 |
Home Fragrance | 121 |  |  | 117 |  |  | 244 |  |  | 248 |
Home and Commercial Solutions | 892 |  |  | 962 |  |  | 1,704 |  |  | 1,855 |
Baby | 238 |  |  | 251 |  |  | 476 |  |  | 471 |
Writing | 571 |  |  | 562 |  |  | 905 |  |  | 901 |
Learning and Development | 809 |  |  | 813 |  |  | 1,381 |  |  | 1,372 |
Outdoor and Recreation | 234 |  |  | 258 |  |  | 416 |  |  | 459 |
| $ | 1,935 |  |  | $ | 2,033 |  |  | $ | 3,501 |  |  | $ | 3,686 |
(1)All intercompany transactions have been eliminated. The following table disaggregates net sales(1) by geography(2) for the periods indicated (in millions):
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
|  | North America |  | International |  | TOTAL |  | North America |  | International |  | TOTAL
Home and Commercial Solutions |  | $ | 554 |  |  | $ | 338 |  |  | $ | 892 |  |  | $ | 625 |  |  | $ | 337 |  |  | $ | 962 |
Learning and Development |  | 622 |  |  | 187 |  |  | 809 |  |  | 629 |  |  | 184 |  |  | 813 |
Outdoor and Recreation |  | 107 |  |  | 127 |  |  | 234 |  |  | 135 |  |  | 123 |  |  | 258 |
|  | $ | 1,283 |  |  | $ | 652 |  |  | $ | 1,935 |  |  | $ | 1,389 |  |  | $ | 644 |  |  | $ | 2,033 |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | North America |  | International |  | TOTAL |  | North America |  | International |  | TOTAL
Home and Commercial Solutions |  | $ | 1,064 |  |  | $ | 640 |  |  | $ | 1,704 |  |  | $ | 1,201 |  |  | $ | 654 |  |  | $ | 1,855 |
Learning and Development |  | 1,040 |  |  | 341 |  |  | 1,381 |  |  | 1,021 |  |  | 351 |  |  | 1,372 |
Outdoor and Recreation |  | 199 |  |  | 217 |  |  | 416 |  |  | 243 |  |  | 216 |  |  | 459 |
|  | $ | 2,303 |  |  | $ | 1,198 |  |  | $ | 3,501 |  |  | $ | 2,465 |  |  | $ | 1,221 |  |  | $ | 3,686 |
(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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