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Business Segments
 9 Months Ended
Sep. 30, 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 September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

527

 

 

$

53

 

 

$

54

 

 

$

634

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

407

 

 

 

39

 

 

 

43

 

 

 

489

 

Warehousing, selling and administrative expenses

 

 

92

 

 

 

12

 

 

 

8

 

 

 

112

 

Operating profit (loss)

 

$

28

 

 

$

2

 

 

$

3

 

 

 

33

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,529

 

 

$

163

 

 

$

169

 

 

$

1,861

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

1,177

 

 

 

121

 

 

 

135

 

 

 

1,433

 

Warehousing, selling and administrative expenses

 

 

272

 

 

 

36

 

 

 

25

 

 

 

333

 

Operating profit (loss)

 

$

80

 

 

$

6

 

 

$

9

 

 

 

95

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

482

 

 

$

65

 

 

$

59

 

 

$

606

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

373

 

 

 

49

 

 

 

49

 

 

 

471

 

Warehousing, selling and administrative expenses

 

 

84

 

 

 

13

 

 

 

10

 

 

 

107

 

Impairment and other charges

 

 

—

 

 

 

—

 

 

 

5

 

 

 

5

 

Operating profit (loss)

 

$

25

 

 

$

3

 

 

$

(5

)

 

 

23

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,429

 

 

$

187

 

 

$

186

 

 

$

1,802

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products

 

 

1,107

 

 

 

141

 

 

 

152

 

 

 

1,400

 

Warehousing, selling and administrative expenses

 

 

246

 

 

 

38

 

 

 

29

 

 

 

313

 

Impairment and other charges

 

 

—

 

 

 

—

 

 

 

5

 

 

 

5

 

Operating profit (loss)

 

$

76

 

 

$

8

 

 

$

—

 

 

 

84

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

—

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

84

 

 

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

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2025

 

 

2024

 

2025

 

 

2024

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

United States

$

10

 

 

$

7

 

 

$

30

 

 

$

21

 

Canada

 

—

 

 

 

1

 

 

 

1

 

 

 

2

 

International

 

1

 

 

 

—

 

 

 

1

 

 

 

1

 

Total

$

11

 

 

$

8

 

 

$

32

 

 

$

24

 

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

 

 

September 30, 2025

 

 

December 31, 2024

 

Property, plant and equipment, net

 

 

 

 

 

United States

 

$

129

 

 

$

135

 

Canada

 

 

10

 

 

 

11

 

International

 

 

10

 

 

 

11

 

Total

 

$

149

 

 

$

157

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

 

 

United States

 

$

1,345

 

 

$

1,299

 

Canada

 

 

174

 

 

 

177

 

International

 

 

141

 

 

 

145

 

Total

 

$

1,660

 

 

$

1,621