SEGMENT AND GEOGRAPHIC INFORMATION

For all segments, the CODM primarily uses net sales, gross margin and segment operating income in the annual budgeting, forecasting and operating process.

The CODM is also provided, on a quarterly basis, cost of sales as well as components of operating expense such as distribution, research and development, selling, administration, impairment charges, and restructuring expenses to make decisions about allocating capital and personnel to the segments.

Below is a summary of our results by reporting segment (in millions)(1):


	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2025
Net sales	$	2,585.3		$	1,667.7		$	—		$	4,253.1
Cost of sales	1,830.4			928.0			—			2,758.6
Gross profit	754.9			739.7			—			1,494.5
Gross margin	29.2		%	44.4		%	—		%	35.1		%
Operating expenses
Distribution	54.0			39.4			—			93.4
Research and development	52.9			42.5			—			95.4
Selling	193.1			332.6			0.8			526.5
Administration	135.4			124.1			176.4			435.9
Impairment charges	952.9			410.2			—			1,363.1
Restructuring	34.0			19.6			18.3			71.9
Other operating (income) expense, net	1.6			0.1			28.8			30.5
Total operating expenses	1,423.9			968.5			224.3			2,616.7

Operating income (loss)	$	(669.0)		$	(228.8)		$	(224.3)		$	(1,122.2)
Operating income (loss) %	(25.9)		%	(13.7)		%	NM			(26.4)		%

Interest expense, net										162.5
Other (income) expense, net										13.2

Income (loss) from continuing operations before income taxes										(1,297.9)


	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2025
Total assets	$	3,491.4	$	5,043.8	$	—	$	8,535.2
Property, plant and equipment, net	$	724.8	$	173.9	$	—	$	898.7
Capital expenditures	$	58.0	$	35.4	$	—	$	93.4
Depreciation/amortization	$	153.8	$	183.7	$	—	$	337.5


	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2024
Net sales	$	2,693.7		$	1,679.6		$	—		$	4,373.4
Cost of sales	1,914.6			916.1			—			2,830.7
Gross profit	779.1			763.5			—			1,542.7
Gross margin	28.9		%	45.5		%	—		%	35.3		%
Operating expenses
Distribution	55.5			42.5			—			98.0
Research and development	60.0			52.2			—			112.2
Selling	202.1			344.5			—			546.6
Administration	124.1			141.1			202.8			468.0
Impairment charges	38.6			50.3			—			88.9
Restructuring	28.9			53.8			27.4			110.1
Other operating (income) expense, net	—			(25.9)			31.9			6.0
Total operating expenses	509.2			658.5			262.1			1,429.8

Operating income (loss)	$	269.9		$	105.0		$	(262.1)		$	112.9
Operating income (loss) %	10.0		%	6.3		%	NM			2.6		%

Interest expense, net										187.8
Other (income) expense, net										(0.9)
Loss on extinguishment of debt										6.7
Income (loss) from continuing operations before income taxes										$	(80.7)


	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2024
Total assets	$	4,687.6	$	4,960.1	$	—	$	9,647.7
Property, plant and equipment, net	$	769.0	$	148.8	$	—	$	917.8
Capital expenditures	$	84.5	$	33.8	$	—	$	118.3
Depreciation/amortization	$	138.2	$	187.7	$	—	$	325.9


	CSCA			CSCI			Unallocated			Total
Year Ended December 31, 2023
Net sales	$	2,962.3		$	1,693.3		$	—		$	4,655.6
Cost of sales	2,053.9			921.3			—			2,975.2
Gross profit	908.4			772.0			—			1,680.4
Gross margin	30.7		%	45.6		%	—		%	36.1		%
Operating expenses
Distribution	62.3			48.2			—			110.5
Research and development	70.4			52.1			—			122.5
Selling	219.2			422.6			—			641.8
Administration	153.9			173.8			194.6			522.3
Impairment charges	—			90.0			—			90.0
Restructuring	13.0			21.4			7.8			42.2
Other operating (income) expense, net	—			(0.8)			—			(0.8)
Total operating expenses	518.8			807.2			202.5			1,528.5

Operating income (loss)	$	389.6		$	(35.2)		$	(202.5)		$	151.9
Operating income (loss) %	13.2		%	(2.1)		%	NM			3.3		%

Interest expense, net										173.8
Other (income) expense, net										(10.4)
Loss on extinguishment of debt										(3.2)
Income (loss) from continuing operations before income taxes										$	(8.3)


	CSCA		CSCI		Unallocated		Total
Year Ended December 31, 2023
Total assets	$	4,952.9	$	5,856.2	$	—	$	10,809.1
Property, plant and equipment, net	$	762.8	$	153.6	$	—	$	916.4
Capital expenditures	$	66.4	$	35.3	$	—	$	101.7
Depreciation/amortization	$	133.2	$	226.3	$	—	$	359.5

(1) Amounts may not foot due to rounding.

The net book value of property, plant and equipment, net by location was as follows (in millions):


	Year Ended
	December 31, 2025		December 31, 2024
U.S.	$	673.9	$	720.5
Europe(1)	224.6		197.2
All other countries	0.2		0.1
	$	898.7	$	917.8

(1) Includes Ireland property, plant and equipment, net of $3.5 million and $1.7 million for the years ended December 31, 2025 and December 31, 2024, respectively.

Sales to Walmart as a percentage of Consolidated Net sales (reported primarily in CSCA) were as follows:


Year Ended
December 31, 2025	December 31, 2024	December 31, 2023
12.9%	11.9%	11.8%

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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