Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Reconciliation of Revenue from Segments to Consolidated

Operating information for the two reportable segments is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
	(in millions)
Net sales:
Primary Reporting Segment	$	1,294.6	$	1,202.4	$	3,821.2		$	3,538.4
China		55.6		71.3		173.0			216.1
Total net sales	$	1,350.2	$	1,273.7	$	3,994.2		$	3,754.5
Significant segment expenses
Cost of Sales (4):
Primary Reporting Segment	$	298.9	$	276.1	$	869.1		$	797.5
China		7.2		8.1		24.4			28.8
Total cost of sales	$	306.1	$	284.2	$	893.5		$	826.3
Selling expenses (4):
Primary Reporting Segment (2)	$	445.5	$	415.7	$	1,314.7		$	1,222.8
China (3)		28.0		35.0		86.6			107.2
Total selling expenses	$	473.5	$	450.7	$	1,401.3		$	1,330.0
Contribution margin(1):
Primary Reporting Segment	$	550.2	$	510.6	$	1,637.4		$	1,518.1
China		20.4		28.2		62.0			80.1
Total contribution margin	$	570.6	$	538.8	$	1,699.4		$	1,598.2
General and administrative expenses		432.1		413.0		1,299.7			1,221.8
Other operating income		—		—		(5.5	)		(4.8	)
Interest expense, net		31.9		51.0		116.1			156.6
Other expense, net		—		—		94.6			—
Income before income taxes		106.6		74.8		194.5			224.6
Income taxes		49.5		31.7		102.7			81.9
Net income	$	57.1	$	43.1	$	91.8		$	142.7

(1)

Contribution margin consists of net sales less cost of sales and selling expenses.

(2)

For the Primary Reporting Segment, selling expenses consist of Member compensation, which was previously presented as Royalty Overrides, as described further in Note 2, Significant Accounting Policies.

(3)

In China, selling expenses primarily consist of service fees to China independent service providers, which totaled $27.6 million and $34.6 million for the three months ended September 30, 2026 and 2025, respectively, and $85.0 million and $105.6 million for the nine months ended September 30, 2026 and 2025, respectively, as described further in Note 2, Significant Accounting Policies.

(4)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

The following table sets forth net sales by geographic area:


	Three Months Ended				Nine Months Ended
	September 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
	(in millions)
Net sales:
India	$	313.5	$	226.4	$	859.5	$	639.3
United States		261.8		256.4		769.4		769.4
Mexico		160.3		146.8		475.4		410.5
Vietnam		75.5		71.5		217.6		207.1
China		55.6		71.3		173.0		216.1
Others		483.5		501.3		1,499.3		1,512.1
Total net sales	$	1,350.2	$	1,273.7	$	3,994.2	$	3,754.5