Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2024

Schedule Of Financial Performance By Reportable Segment

The following tables present our financial performance by reportable segment for the periods indicated (in millions):


	Wholesale - North America		Europe		Specialty		Self Service		Eliminations		Consolidated
Three Months Ended March 31, 2024
Revenue:
Third Party	$	1,500	$	1,644	$	422	$	137	$	—	$	3,703
Intersegment	—		—		1		—		(1)		—
Total segment revenue	$	1,500	$	1,644	$	423	$	137	$	(1)	$	3,703
Segment EBITDA	$	244	$	143	$	27	$	16	$	—	$	430
Total depreciation and amortization (1)	49		39		8		4		—		100
Three Months Ended March 31, 2023
Revenue:
Third Party	$	1,229	$	1,555	$	396	$	169	$	—	$	3,349
Intersegment	—		—		1		—		(1)		—
Total segment revenue	$	1,229	$	1,555	$	397	$	169	$	(1)	$	3,349
Segment EBITDA	$	252	$	151	$	31	$	22	$	—	$	456
Total depreciation and amortization (1)	19		34		8		4		—		65

(1) Amounts presented include depreciation and amortization expense recorded within Cost of goods sold, SG&A expenses and Restructuring and transaction related expenses.

Reconciliation Of Net Income to Segment EBITDA

The table below provides a reconciliation of Net Income to Segment EBITDA (in millions):


	Three Months Ended March 31,
	2024		2023
Net income	$	158	$	270




Adjustments:

Depreciation and amortization	100		65



Interest expense, net of interest income	61		33
Loss on debt extinguishment	—		1
Provision for income taxes	71		94


Equity in losses (earnings) of unconsolidated subsidiaries (1)	2		(3)
Gains on foreign exchange contracts - acquisition related (2)	—		(23)
Equity investment fair value adjustments	—		1


Restructuring and transaction related expenses (3)	30		18
Restructuring expenses - cost of goods sold (3)	8		—







Segment EBITDA	$	430	$	456

(1) Refer to Note 6, "Equity Method Investments" for further information.

(2) Refer to Note 2, "Business Combinations" and Note 13, "Derivative Instruments and Hedging Activities" for further information.

(3) Refer to Note 8, "Restructuring and Transaction Related Expenses" for further information.

Schedule Of Capital Expenditures By Reportable Segment

The following table presents capital expenditures by reportable segment (in millions):


	Three Months Ended March 31,
	2024		2023
Capital Expenditures
Wholesale - North America	$	21	$	20
Europe	38		33
Specialty	4		13
Self Service	3		4
Total capital expenditures	$	66	$	70

Schedule Of Assets By Reportable Segment

The following table presents assets by reportable segment (in millions):


	March 31, 2024		December 31, 2023
Receivables, net of allowance for credit losses
Wholesale - North America	$	497	$	470
Europe	733		580
Specialty	153		107
Self Service	9		8
Total receivables, net of allowance for credit losses	1,392		1,165
Inventories
Wholesale - North America	1,234		1,217
Europe	1,372		1,390
Specialty	477		475
Self Service	40		39
Total inventories	3,123		3,121
Property, plant and equipment, net
Wholesale - North America	641		644
Europe	626		642
Specialty	116		118
Self Service	110		112
Total property, plant and equipment, net	1,493		1,516
Operating lease assets, net
Wholesale - North America	617		615
Europe	481		494
Specialty	81		84
Self Service	135		143
Total operating lease assets, net	1,314		1,336





Other unallocated assets	7,948		7,941
Total assets	$	15,270	$	15,079

Schedule Of Tangible Long-Lived Assets By Geographic Area

The following table sets forth our tangible long-lived assets by geographic area (in millions):


	March 31, 2024		December 31, 2023
Long-lived assets
United States	$	1,488	$	1,496
Germany	324		324
United Kingdom	299		295
Other countries	696		737
Total long-lived assets	$	2,807	$	2,852