v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s three reportable segments are:
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®, 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, 2025Three Months Ended June 30, 2024
ConsolidatedHome and Commercial SolutionsLearning and DevelopmentOutdoor and RecreationConsolidatedHome and Commercial SolutionsLearning and DevelopmentOutdoor and Recreation
Net sales (1)
$1,935 $892 $809 $234 $2,033 $962 $813 $258 
Cost of products sold1,250 637 442 171 1,334 688 439 207 
Segment SG&A449 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, net82 78 
Loss on extinguishment and modification of debt13 — 
Other expense, net5 1 
Income before income taxes$71 $84 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
ConsolidatedHome and Commercial SolutionsLearning and DevelopmentOutdoor and RecreationConsolidatedHome and Commercial SolutionsLearning and DevelopmentOutdoor and Recreation
Net sales (1)
$3,501 $1,704 $1,381 $416 $3,686 $1,855 $1,372 $459 
Cost of products sold2,313 1,228 776 309 2,483 1,345 767 371 
Segment SG&A858 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, net154 148 
Loss on extinguishment and modification of debt13 1 
Other expense, net9 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,
2025202420252024
Home and Commercial Solutions$38 $37 $71 $79 
Learning and Development17 17 33 33 
Outdoor and Recreation8 9 15 20 
Corporate16 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,
2025202420252024
Home and Commercial Solutions$22 $18 $36 $36 
Learning and Development11 10 21 20 
Outdoor and Recreation6 3 9 6 
Corporate20 22 52 50 
$59 $53 $118 $112 

Assets by segment are as follows at (in millions):
June 30, 2025December 31, 2024
Home and Commercial Solutions$4,285 $4,110 
Learning and Development3,951 3,786 
Outdoor and Recreation590 541 
Corporate2,681 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,
2025202420252024
Commercial$332 $349 $645 $673 
Kitchen439 496 815 934 
Home Fragrance121 117 244 248 
Home and Commercial Solutions 892 962 1,704 1,855 
Baby238 251 476 471 
Writing571 562 905 901 
Learning and Development809 813 1,381 1,372 
Outdoor and Recreation234 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,
20252024
North
America		InternationalTOTALNorth
America		International TOTAL
Home and Commercial Solutions$554 $338 $892 $625 $337 $962 
Learning and Development622 187 809 629 184 813 
Outdoor and Recreation107 127 234 135 123 258 
$1,283 $652 $1,935 $1,389 $644 $2,033 
Six Months Ended June 30,
20252024
North
America		International TOTALNorth
America		InternationalTOTAL
Home and Commercial Solutions $1,064 $640 $1,704 $1,201 $654 $1,855 
Learning and Development1,040 341 1,381 1,021 351 1,372 
Outdoor and Recreation199 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.