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Business Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segments

9. Business Segments

The Company has three reportable segments – United States, Canada and International. These segments were determined primarily based on geographic markets. The Chief Operating Decision Maker (“CODM”) uses operating profit to evaluate segment performance and allocate resources. Operating profit is revenue less cost of products, warehousing, selling and administrative expenses and impairment and other charges. The Company’s Chief Executive Officer has been identified as the CODM. The Company has disclosed for each reportable segment the significant expense categories that are reviewed by the CODM in the tables below and there are no additional significant expenses within the expense categories presented.

The following table presents results of operations of the Company’s reportable segments (in millions):

 

 

United States

 

 

Canada

 

 

International

 

 

Total

 

Three months ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

474

 

 

$

62

 

 

$

63

 

 

$

599

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

363

 

 

 

46

 

 

 

51

 

 

 

460

 

Warehousing, selling and administrative expenses

 

 

89

 

 

 

12

 

 

 

8

 

 

 

109

 

Operating profit

 

$

22

 

 

$

4

 

 

$

4

 

 

 

30

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

—

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

435

 

 

$

66

 

 

$

62

 

 

$

563

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

334

 

 

 

50

 

 

 

50

 

 

 

434

 

Warehousing, selling and administrative expenses

 

 

78

 

 

 

13

 

 

 

10

 

 

 

101

 

Operating profit

 

$

23

 

 

$

3

 

 

$

2

 

 

 

28

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

1

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

29

 

The following table presents depreciation and amortization of the Company’s reportable segments (in millions):

 

Three months ended March 31,

 

 

2025

 

 

2024

 

Depreciation and amortization

 

 

 

 

 

United States

$

10

 

 

$

6

 

Canada

 

1

 

 

 

1

 

International

 

—

 

 

 

—

 

Total

$

11

 

 

$

7

 

The following table presents property, plant and equipment, net and total assets of the Company’s reportable segments (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

Property, plant and equipment, net

 

 

 

 

 

United States

 

$

134

 

 

$

135

 

Canada

 

 

10

 

 

 

11

 

International

 

 

11

 

 

 

11

 

Total

 

$

155

 

 

$

157

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

United States

 

$

1,310

 

 

$

1,299

 

Canada

 

 

177

 

 

 

177

 

International

 

 

164

 

 

 

145

 

Total

 

$

1,651

 

 

$

1,621