v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company has four operating segments, organized primarily by product, which are also the Company’s reportable segments. These are (i) Connected Technology Solutions, (ii) Essential Dental Solutions, (iii) Orthodontic and Implant Solutions, and (iv) Wellspect Healthcare. These operating segments are identified in accordance with how the Company’s chief operating decision maker (“CODM”) regularly reviews financial results and uses this information to evaluate the Company’s performance and allocate resources. The Company’s CODM is the Chief Executive Officer.

The Company’s reportable segment information was as follows:
Three Months Ended June 30,
(in millions)2025
Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal
Net sales$243 $387 $226 $80 $936 
Adjusted cost of products sold (a)
140 138 98 33 
Adjusted selling expenses (b)
54 72 54 13 
Adjusted G&A expenses (b)
20 20 17 7 
Adjusted R&D expenses (c)
17 6 12 2 
Segment adjusted operating income$12 $151 $45 $25 $233 
Reconciling items (income) expense:
Unallocated corporate costs (d)
$68 
Interest expense, net24 
Other expense (income), net1 
Goodwill and intangible asset impairments235 
Restructuring and other costs4 
Amortization of intangibles54 
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations— 
Loss before income taxes$(153)
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
Three Months Ended June 30,
(in millions)2024
Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal
Net sales$253 $375 $276 $80 $984 
Adjusted cost of products sold (a)
150 147 106 32 
Adjusted selling expenses (b)
61 80 81 14 
Adjusted G&A expenses (b)
20 18 33 7 
Adjusted R&D expenses (c)
19 5 14 3 
Segment adjusted operating income$3 $125 $42 $24 $194 
Reconciling items (income) expense:
Unallocated corporate costs (d)
$69 
Interest expense, net17 
Other expense (income), net(1)
Goodwill and intangible asset impairments— 
Restructuring and other costs21 
Amortization of intangibles54 
Income before income taxes$34 
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
Six Months Ended June 30,
(in millions)2025
Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal
Net sales$478 $740 $443 $154 $1,815 
Adjusted cost of products sold (a)
275 262 191 60 
Adjusted selling expenses (b)
112 142 108 26 
Adjusted G&A expenses (b)
38 38 39 13 
Adjusted R&D expenses (c)
34 11 23 5 
Segment adjusted operating income$19 $287 $82 $50 $438 
Reconciling items (income) expense:
Unallocated corporate costs (d)
$155 
Interest expense, net43 
Other expense (income), net1 
Goodwill and intangible asset impairments235 
Restructuring and other costs13 
Amortization of intangibles99 
Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations1 
Loss before income taxes$(109)
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.
Six Months Ended June 30,
(in millions)2024
Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal
Net sales$500 $739 $547 $151 $1,937 
Adjusted cost of products sold (a)
296 285 206 59 
Adjusted selling expenses (b)
122 163 164 27 
Adjusted G&A expenses (b)
39 39 67 13 
Adjusted R&D expenses (c)
38 12 26 5 
Segment adjusted operating income$5 $240 $84 $47 $376 
Reconciling items (income) expense:
Unallocated corporate costs (d)
$148 
Interest expense, net35 
Other expense (income), net(8)
Goodwill and intangible asset impairments6 
Restructuring and other costs22 
Amortization of intangibles108 
Income before income taxes$65 
(a) Adjusted cost of products sold represents expenses adjusted to exclude intangible amortization expense, step-up depreciation expense, and other restructuring costs.
(b) Adjusted selling and adjusted G&A expenses represent expenses adjusted to exclude intangible amortization expense, other acquisition costs, step-up depreciation expense, and other restructuring costs.
(c) Adjusted R&D expenses represent expenses adjusted to exclude other restructuring costs.
(d) Unallocated corporate costs consist of general corporate expenses including corporate headcount costs, depreciation and amortization, certain professional service fees, and other operating costs which are not assigned to a specific segment.

Depreciation and Amortization
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Connected Technology Solutions4643 8986
Essential Dental Solutions88 1717
Orthodontic and Implant Solutions2325 4250
Wellspect Healthcare55 79
All other (a)65 1210
Total8886 167172
(a) Includes unallocated corporate costs for depreciation and amortization.