v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
Segment results are as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Commercial external sales$658.9 $532.3 $1,268.6 $1,025.9 
Intersegment sales— 0.1 0.1 0.1 
Total Commercial segment sales658.9 532.4 1,268.7 1,026.0 
Segment cost of goods sold(1)
(416.7)(314.7)(796.8)(623.5)
Segment selling, general and administrative expenses(75.8)(70.3)(150.9)(135.9)
Segment EBITDA add-backs(2)
6.7 8.6 13.1 17.8 
Commercial segment adjusted EBITDA173.1 156.0 334.1 284.4 
Residential external sales332.4 287.3 646.4 484.1 
Intersegment sales1.4 — 3.0 0.7 
Total Residential segment sales333.8 287.3 649.4 484.8 
Segment cost of goods sold(1)
(190.7)(183.0)(384.1)(311.0)
Segment selling, general and administrative expenses(50.8)(43.0)(100.2)(73.6)
Segment EBITDA add-backs(2)
6.3 11.4 12.8 15.7 
Residential segment adjusted EBITDA98.6 72.7 177.9 115.9 
Total external net sales991.3 819.6 1,915.0 1,510.0 
Total segment adjusted EBITDA271.7 228.7 512.0 400.3 
Central and other costs(3)
(5.4)(2.7)(13.0)(2.3)
Allocated Madison Industries costs(4)
— (3.8)(10.7)(8.3)
Segment EBITDA add-backs (excluding depreciation and purchase accounting adjustments)— (7.4)— (10.8)
Depreciation(13.0)(12.5)(26.0)(22.6)
Intangible asset amortization(40.7)(34.7)(81.6)(59.9)
Restructuring expenses(0.6)(2.6)(2.9)(2.7)
Equity appreciation rights expense(16.3)(22.1)(26.7)(27.3)
Transaction related expenses(0.4)(11.0)(4.4)(11.8)
Interest and financing expenses(5)
(84.8)(89.1)(175.5)(154.9)
Other income (expense)0.6 6.5 0.2 9.5 
Income (loss) from continuing operations before income taxes$111.1 $49.3 $171.4 $109.2 
(1)Exclusive of intangible amortization shown separately.
(2)Segment EBITDA add-backs primarily include adjustments to remove depreciation and non-recurring items. Commercial segment EBITDA add-backs for depreciation were $6.6 and $6.4 for the three months ended June 30, 2026 and 2025, respectively, and $13.1 and $12.6 for the six months ended June 30, 2026 and 2025, respectively. Residential segment EBITDA add-backs for depreciation were $6.3 and $6.1 for the three months ended June 30, 2026 and 2025, respectively, and $12.8 and $10.0, for the six months ended June 30, 2026 and 2025, respectively. Commercial segment EBITDA add-backs for purchase accounting adjustments were $1.7 and $1.7 for the three and six months ended June 30, 2025, respectively. Residential segment EBITDA add-back for purchase accounting adjustments were $5.3 and $5.3 for the three and six months ended June 30, 2025, respectively.
(3)Primarily includes central selling, general and administrative expenses and gains and losses on foreign currency. For the six months ended June 30, 2025, this includes a $3.9 gain on legal settlement.
(4)Direct and indirect support from Holdings for certain central activities including, but not limited to consolidation accounting, tax services, legal, and other Holdings central and infrastructure related services.
(5)Includes a $27.7 loss on the extinguishment of debt for the three and six months ended June 30, 2026.
Schedule of Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset
The following is a summary of net sales by geographic area, based upon the location of the selling business unit:
Three months ended June 30,Six months ended June 30,
2026202520262025
U.S$915.4 $708.5 $1,735.1 $1,287.2 
Non-U.S
Americas44.3 76.5 115.1 155.3 
Europe16.8 16.6 36.3 34.7 
Asia Pacific14.8 18.0 28.5 32.8 
Total net sales$991.3 $819.6 $1,915.0 $1,510.0 
The following is a summary of property, plant and equipment by geographic area:
June 30, 2026December 31, 2025
U.S$302.6 $309.7 
Non-U.S
Americas46.0 49.1 
Europe4.0 3.9 
Asia Pacific8.9 9.0 
Total property, plant and equipment$361.5 $371.7