Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company's reportable operating segments are as follows: Banking and Retail. Segment operating profit as disclosed herein is consistent with the segment profit or loss measure used by the CODM and does not include corporate charges, amortization of acquired intangible assets, amortization of intangible assets recorded with fresh start accounting, asset impairment, restructuring and transformation charges, the results of the held-for-sale European retail business, or other non-routine, unusual or infrequently occurring items, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance.

Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses directly attributable to the segments. The Company does not allocate to its segments certain operating expenses which are managed at the headquarters level; that are not used in the management of the segments, not segment-specific, and impractical to allocate. Segment operating profit reconciles to consolidated Profit (loss) before taxes by deducting items that are not attributed to the segments and which are managed independently of segment results. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment.

The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated Profit (loss) before taxes:

	Successor				Predecessor
	Three months ended		Period from		Period from
	September 30, 2024		08/12/2023 through 09/30/2023		07/01/2023 through 08/11/2023
Net sales summary by segment
Banking	$	690.6	$	409.0	$	253.2
Retail	236.5		181.1		97.2
Held for sale non-core business(7)	—		1.7		1.2
Total revenue	$	927.1	$	591.8	$	351.6
Segment operating profit
Banking	$	136.9	$	59.3	$	29.3
Retail	33.4		31.3		15.1
Total segment operating profit	$	170.3	$	90.6	$	44.4
Corporate charges not allocated to segments(1)	$	(66.9)	$	(47.0)	$	(26.3)
Impairment of assets(2)	(1.6)		(1.1)		(0.6)
Amortization of fair value assets(3)	(18.8)		—		(6.1)
Restructuring and transformation expenses(4)	(31.8)		(5.1)		(4.8)
Refinancing related costs(5)	(2.1)		0.3		(0.1)
Net non-routine income (expense)(6)	(2.7)		0.2		(4.7)
Held for sale non-core business(7)	—		(1.0)		(1.3)
	(123.9)		(53.7)		(43.9)
Operating profit (loss)	46.4		36.9		0.5
Other income (expense)	(36.7)		(59.4)		2,244.1
Profit (loss) before taxes	$	9.7	$	(22.5)	$	2,244.6

(1)    Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources.

(2)    Impairment in the 2024 Successor period relates to assets identified in the Middle East with a carrying value significantly over market value, impairment in the 2023 Successor period relates to German and Indian facilities and impairment in the 2023 Predecessor period primarily relates to leased European facilities closures.

(3)    The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance.

(4)    Refer to Note 9 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM.

(5)    Refinancing related costs are fees earned by our advisors that have been accounted for as period expense.

(6)    Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance.

(7)    Held for sale non-core European retail business represents the revenue and operating profit of a business that had been classified as held for sale in the Predecessor period and sold in September 2023.

	Successor				Predecessor
	Nine months ended		Period from		Period from
	September 30, 2024		08/12/2023 through 09/30/2023		01/01/2023 through 08/11/2023
Net sales summary by segment
Banking	$	2,046.8	$	409.0	$	1,511.0
Retail	715.4		181.1		610.0
Held for sale non-core European retail business(7)	—		1.7		10.9
Total revenue	$	2,762.2	$	591.8	$	2,131.9
Segment operating profit
Banking	$	387.8	$	59.3	$	211.6
Retail	103.8		31.3		86.2
Total segment operating profit	$	491.6	$	90.6	$	297.8
Corporate charges not allocated to segments(1)	$	(196.1)	(47.0)		(159.8)
Impairment of assets(2)	(1.6)		(1.1)		(3.3)
Amortization of fair value assets(3)	(59.5)		—		(41.8)
Restructuring and transformation expenses(4)	(79.1)		(5.1)		(38.4)
Refinancing related costs(5)	(14.0)		0.3		(44.7)
Net non-routine income (expense)(6)	(0.4)		0.2		(7.4)
Held for sale non-core European retail business(7)	—		(1.0)		(7.9)
	(350.7)		(53.7)		(303.3)
Operating profit (loss)	140.9		36.9		(5.5)
Other income (expense)	(100.1)		(59.4)		1,458.3
Profit (loss) before taxes	$	40.8	$	(22.5)	$	1,452.8

(1)    Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources.

(2)    Impairment in the 2024 Successor period relates to assets identified in the Middle East with a carrying value significantly over market value, 2023 Successor period relates to German and Indian facilities, and impairment in the 2023 Predecessor period primarily relates to leased European facilities closures.

(3)    The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance.

(4)    Refer to Note 9 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM.

(5)    Refinancing related costs are fees earned by our advisors that have been accounted for as period expense.

(6)    Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance.

(7)    Held for sale non-core European retail business represents the revenue and operating profit of a business that had been classified as held for sale in the Predecessor period and sold in September 2023.

The following table presents information regarding the Company’s segment net sales by service and product solution:

	Successor				Predecessor
	Three months ended		Period from		Period from
	September 30, 2024		08/12/2023 through 09/30/2023		07/01/2023 through 08/11/2023
Segments
Banking
Services	$	400.5	$	228.4	$	173.0
Products	290.1		180.6		80.2
Total Banking	690.6		409.0		253.2
Retail
Services	141.2		76.0		66.7
Products	95.3		105.1		30.5
Total Retail	236.5		181.1		97.2
Held for sale non-core European retail business
Services	—		1.1		0.9
Products	—		0.6		0.3
Total revenue	$	927.1	$	591.8	$	351.6

	Successor				Predecessor
	Nine months ended		Period from		Period from
	September 30, 2024		08/12/2023 through 09/30/2023		01/01/2023 through 08/11/2023
Segments
Banking
Services	$	1,188.6	$	228.4	$	954.3
Products	858.2		$	180.6	$	556.7
Total Banking	2,046.8		$	409.0	$	1,511.0
Retail
Services	418.6		$	76.0	$	335.2
Products	296.8		$	105.1	$	274.8
Total Retail	715.4		$	181.1	$	610.0
Held for sale non-core European retail business
Services	—		$	1.1	$	5.5
Products	—		$	0.6	$	5.4
Total revenue	$	2,762.2	$	591.8	$	2,131.9