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Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information. The Company's reportable segment information below directly aligns with how the Chief Executive Officer, who is also chief operating decision maker (CODM), regularly reviews results to make decisions, allocate resources, and assess performance. Revenue, costs, operating expenses and operating profit (loss), as disclosed herein, is consistent with the segment information used by the CODM and does not include corporate charges, asset impairment, restructuring and saving initiative charges, or other non-routine, unusual or infrequently occurring items, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance. Segment revenue and cost of sales are from sales to external customers. Segment operating profit is defined as segment gross profit less expenses directly attributable to the segments. The Company does not allocate to its segments certain operating expenses which are managed at the headquarters level; that are not used in the management of the segments, not segment-specific, and impractical to allocate. Segment operating profit reconciles to consolidated income before income taxes by deducting items that are not attributed to the segments and which are managed independently of segment results. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated Income before taxes:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Banking | $ | 690.2 |  |  | $ | 690.6 |  |  | $ | 1,999.0 |  |  | $ | 2,046.8 |
Retail | 255.0 |  |  | 236.5 |  |  | 702.5 |  |  | 715.4 |
Total net sales by segment | $ | 945.2 |  |  | $ | 927.1 |  |  | $ | 2,701.5 |  |  | $ | 2,762.2 |
Banking | 505.4 |  |  | 506.9 |  |  | 1,465.9 |  |  | 1,513.1 |
Retail | 191.9 |  |  | 177.9 |  |  | 531.9 |  |  | 537.3 |
Total segment cost of sales | $ | 697.3 |  |  | $ | 684.8 |  |  | $ | 1,997.8 |  |  | $ | 2,050.4 |
Banking | 184.8 |  |  | 183.7 |  |  | 533.1 |  |  | 533.7 |
Retail | 63.1 |  |  | 58.6 |  |  | 170.6 |  |  | 178.1 |
Total segment gross profit | $ | 247.9 |  |  | $ | 242.3 |  |  | $ | 703.7 |  |  | $ | 711.8 |
Banking | 62.0 |  |  | 61.5 |  |  | 188.0 |  |  | 188.8 |
Retail | 30.8 |  |  | 27.2 |  |  | 90.8 |  |  | 85.1 |
Total segment SG&A and other operating expenses | $ | 92.8 |  |  | $ | 88.7 |  |  | $ | 278.8 |  |  | $ | 273.9 |
Banking | $ | 122.8 |  |  | $ | 122.2 |  |  | $ | 345.1 |  |  | $ | 344.9 |
Retail | 32.3 |  |  | 31.4 |  |  | 79.8 |  |  | 93.0 |
Total segment operating profit | $ | 155.1 |  |  | $ | 153.6 |  |  | $ | 424.9 |  |  | $ | 437.9 |
Corporate charges not allocated to segments(1) | $ | (68.4) |  |  | $ | (69.0) |  |  | $ | (217.2) |  |  | $ | (201.9) |
Restructuring and other saving initiative expenses(2) | (12.6) |  |  | (31.8) |  |  | (48.9) |  |  | (79.1) |
Refinancing related costs(3) | — |  |  | (2.1) |  |  | — |  |  | (14.0) |
Net non-routine income (expense)(4) | (0.3) |  |  | (4.3) |  |  | 0.8 |  |  | (2.0) |
| (81.3) |  |  | (107.2) |  |  | (265.3) |  |  | (297.0) |
Operating profit | 73.8 |  |  | 46.4 |  |  | 159.6 |  |  | 140.9 |
Other expense, net | (21.4) |  |  | (36.7) |  |  | (97.3) |  |  | (100.1) |
Income before taxes | $ | 52.4 |  |  | $ | 9.7 |  |  | $ | 62.3 |  |  | $ | 40.8 |
(1) Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions. (2) Refer to Note 8 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and saving initiative costs are not assigned to the segments, and are separately analyzed by the CODM. (3) Refinancing related costs are fees earned by our advisors that have been accounted for as period expense. (4) Net non-routine income (expense) consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. The following table presents information regarding the Company’s segment net sales by service and product solution:
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Services | $ | 402.0 |  |  | $ | 400.5 |  |  | $ | 1,191.7 |  |  | $ | 1,188.6 |
Products | 288.2 |  |  | 290.1 |  |  | 807.3 |  |  | 858.2 |
Total Banking | 690.2 |  |  | 690.6 |  |  | 1,999.0 |  |  | 2,046.8 |
Services | 142.2 |  |  | 141.2 |  |  | 403.6 |  |  | 418.6 |
Products | 112.8 |  |  | 95.3 |  |  | 298.9 |  |  | 296.8 |
Total Retail | 255.0 |  |  | 236.5 |  |  | 702.5 |  |  | 715.4 |
Total revenue | $ | 945.2 |  |  | $ | 927.1 |  |  | $ | 2,701.5 |  |  | $ | 2,762.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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